Under the revised scenario, only 10 sectors are expected to witness a meaningful decline in profitability, compared with 22 sectors under the agency's earlier stress-case assumptions.
While wholesale inflation is expected to reflect the pressure first, Crisil cautioned that the impact may gradually reach household budgets as companies begin passing on higher costs to consumers.
The report notes that after a subdued performance last year, the soft drink industry is likely to return to its long-term growth trend of around 15% this fiscal.