We characterize the changes in credit quality of a large sample of listed Indian corporates. Multiple indicators suggest that credit quality declines sharply between 2010 and 2015, creating a thick tail of vulnerable corporate debt. The stress is primarily due to a sharp contraction in aggregate corporate growth coupled with modest drops in profitability and imbalanced financing patterns with overreliance on debt. Default risk models suggest that state-owned banks bear the brunt of corporate stress. Reviving corporates is likely to depend on growth as well as successful restructuring and reallocation of assets in place. Remedies for banks pose more difficult choices.