Fitch warns of rising risks to Indian firms from higher US tariffs
Fresh tariff measures
The US imposed 25 per cent 'reciprocal' tariffs on Indian goods from August 7, 2025, followed by an additional 25 per cent levy tied to oil imports from Russia, effective August 27. Fitch noted that while India's direct automotive exports to the US are small, the broader outlook for the auto sector has weakened.
Samvardhana Motherson International Ltd (SAMIL), which derives about 20% of its sales from the US, largely through production bases in the US and Mexico, could see limited upside in its credit profile. Fitch revised its outlook on SAMIL to Stable from Positive in May, citing tariff-driven uncertainty in the global auto market.
Pharma and chemicals vulnerable
The US remains a critical market for Indian pharma. Biocon Biologics Ltd earns nearly 40 per cent of its revenues from the US, with products manufactured in India and Malaysia. Fitch warned that fresh tariffs on pharma products, if imposed, would hit Biocon's operating performance and erode its ability to pass on higher costs.
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