Q1FY27: Curtain Raiser
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The April to June 2026 quarter was defined less by domestic events and more by the world outside India's borders. Crude oil, always India's most consequential imported variable, became the dominant story of the quarter. As Israel-Iran tensions escalated sharply through May, Brent crude briefly surged towards USD 120 per barrel, a level that would have materially impacted India's current account deficit, currency and inflation simultaneously. The relief came faster than most expected: by June, geopolitical concerns eased, supply risk assesSMEnts were revised and crude corrected back to approximately USD 80 per barrel, ending the quarter at a level that most Indian businesses can manage reasonably well.
The April to June 2026 quarter was defined less by domestic events and more by the world outside India's borders. Crude oil, always India's most consequential imported variable, became the dominant story of the quarter. As Israel-Iran tensions escalated sharply through May, Brent crude briefly surged towards USD 120 per barrel, a level that would have materially impacted India's current account deficit, currency and inflation simultaneously. The relief came faster than most expected: by June, geopolitical concerns eased, supply risk assesSMEnts were revised and crude corrected back to approximately USD 80 per barrel, ending the quarter at a level that most Indian businesses can manage reasonably well.
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