Card 2 | INR Record Low Redistribution

RupeeCase

Education . FX . 2 of 3

Sector sensitivity . 1 percent INR depreciation

Which line does the rupee touch?

Same FX print rewires earnings across the index. Revenue line exporters keep more after the move. Cost line importers keep less. The neutral middle does not care. The OMC retail block is the counter trade.

Bucket

Names on the line

EBITDA impact

Revenue line . exporter

Earns in USD. Spends in INR. Rupee weaker means more INR per dollar billed.

TCS INFY HCLTECH WIPRO CIPLA SUNPHARMA DRREDDY

+30 to 40 bpsper 1 pct INR move

Neutral core . domestic

Earns in INR. Spends in INR. Currency does not show up on either line.

HDFCBANK ICICIBANK SBIN NESTLEIND HINDUNILVR HDFCLIFE

near zerono first order touch

Cost line . importer

Inputs priced in USD. Pricing power lags. Rupee weaker means more INR cost for the same barrel or panel or pigment.

BPCL HPCL IOC INDIGO ASIANPAINT MRF APOLLOTYRE

-40 to 60 bpsper 1 pct INR move

The counter twist . OMC retail block

BPCL HPCL IOC live in the importer bucket on the input side. But marketing margins on retail fuel compress when crude rallies and the rupee weakens together because pump prices do not adjust fast enough. Treat the OMC line as a counter trade on Brent and INR, not a clean energy bet.