Layer two — exposure vector, eight coefficients
hover for source in filingsLCY revenue share~65% INR
Segment note+ stress
Export shareRefined product, USD
Revenue by destination− hedge
FX-denominated debtLarge but matched
Debt noteneutral
Import content of COGSCrude, dollarised
Procurement disclosure+ stress
Intercompany vs externalMostly external
Related-party noteneutral
Trapped cashNone material
Cash restrictions note− hedge
Inventory + rcv daysCrude and retail mix
Working capital schedulesneutral
Wage baseDiversified
Employment noteneutral
Sign convention matters as much as magnitude — an exporter with hard-currency receivables gains from the same move that destroys an importer.
Layer three — diagnosis
Dollar export revenue against dollar debt and crude is broadly matched. The mandate is scale execution — capital markets and cross-border cash — rather than exposure repair.
Country signal in force
CPI YoY
4.6%
Policy rate
6.50%
USD/INR
88.1
Parallel prem.
n/a
Reserves
$690b
Sov. spread
112bp
Ranked lead set
3- 01Spread windowMulti-currency capital markets
Benchmark issuance across USD and INR at compressed spreads.
DCMLargest ticket - 02NowCross-border cash management
Single global structure across the export and retail footprint.
TTSAnnuity - 03MonthlyCommodity and FX hedging
Crude, freight and currency around the refining calendar.
MarketsRecurring
Timing is the product: the pitch is strongest at computable moments — the quarter a coefficient breaches a threshold, and the month the policy window reopens.