New Delhi, May 26 -- Zerodha Co-founder Nithin Kamath has cautioned that India could face a challenging inflation environment in 2026 if a weak monsoon driven by El Niño coincides with elevated crude oil prices amid the Iran conflict, a combination he believes could eventually push the Reserve Bank of India toward interest rate hikes.

In a post on X, the Zerodha founder described 2026 as "turning out to be a case of when it rains, it pours," while highlighting mounting concerns around weather disruptions and geopolitical tensions. Kamath said forecasts of below-normal rainfall this year could pose a major threat to food inflation and rural incomes.

"Every few years, the Pacific Ocean warms up abnormally, and that phenomenon is call...