New Delhi, April 9 -- The US-Iran ceasefire signals "the beginning of an off-ramp" after weeks of intense hostilities, but it does not mark a definitive end to the conflict or a structural turning point for India, cautioned global brokerage firm Bernstein in its recent report.

In its latest India strategy report, Bernstein said, "Is this the end of the conflict? Probably not. Is this the end of the crazy period of escalations? We think yes," indicating expectations of near-term de-escalation rather than lasting peace.

The report noted that both the United States and Iran have suffered significant losses, creating incentives for leadership on both sides to seek a pause while projecting domestic victories. This, it said, opens space for b...