As markets assess the impact of the West Asia conflict on Q1 earnings, input cost pressures remain the key concern for several sectors. However, Naveen Kulkarni, CIO, Axis Securities PMS, believes the worst of the crisis may already be behind us. While higher crude and gas-related costs could weigh on margins initially, Kulkarni sees FMCG as a potential dark horse. He notes that large FMCG companies can gradually pass on higher costs to consumers while benefiting from reduced competition from smaller, unorganized players. With supply disruptions largely contained, he expects Q1 to reflect the pain, but anticipates stronger earnings momentum returning from Q2 onward.