Over 1,400 large companies have to refinance Rs 5 lakh crore next fiscal, but given their strong balance sheets and stable earnings, the ongoing global crisis following Russia's invasion of Ukraine in the form of rising inflation risks and the resulting likely spike in interest rates is unlikely to cause them any trouble, a report said.

According to India Ratings analysis, the top 1,423 non-financial, debt-heavy corporates will have to refinance up to Rs 5 lakh crore next fiscal year, but the refinancing risk is manageable despite a challenging environment due to tightening monetary policy, volatile commodity prices, and rising geopolitical risks.

The rating agency, the total refinancing demand in FY23 is expected to be Rs 5 lakh crore, up slightly from Rs 4.98 lakh crore in FY22, but the quantity will increase by 33 percent to Rs 6.6 lakh crore in FY23 based on a hazy-sky scenario. The blue-sky scenario expects higher revenue and operating margins, whereas the hazy-sky scenario assumes lower revenue and operating margins, as well as higher working capital requirements.

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