New Delhi: The impact of the H-1B visa application fee hike to $100,000 is expected to be limited on the Indian IT services firms — given their reduced reliance on H-1B visas over the past decade through increased localisation and offshoring, a report said on Tuesday. The extent of impact could vary depending on a company’s US exposure, onsite workforce mix, and reliance on non-local talent. “As H-1B lotteries and petitions typically occur in Q4–Q1, the earliest material impact is likely to be reflected in FY27 petition cycles. India’s equity markets may experience some near-term volatility, but overall valuations remain broadly elevated versus historical averages. “While global risks – such as US tariffs – pose short-term challenges for export-driven sectors, India’s macroeconomic fundamentals continue to be resilient,” said the report.