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Consumer Sector Update : Improving demand marred by rising competitive intensity by Prabhudas Liladhar Capital Ltd Improving demand marred by rising competitive intensity We conducted channel checks of paint dealers across regions. Our interaction suggests that 1) 1Q has seen decent demand with QoQ improvement, however recovery remains slow 2) demand outlook remains positive led by lower inflation, interest rate cuts, tax reductions and normal monsoons. Asian Paints is experiencing a year-on-year decline in the West and South regions, sales in the East remained flat while north India sales trends sh...
Consumer Sector Update : Improving demand marred by rising competitive intensity by Prabhudas Liladhar Capital Ltd
Consumer Sector Update : Improving demand marred by rising competitive intensity by Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 01:55:59 pm
Banking Sector Update : RBI measures: a shot in the arm for banks by Prabhudas Liladhar Capital Ltd RBI measures: a shot in the arm for banks Based on recent RBI actions to boost liquidity and credit growth, we expect system loan growth for FY26/27E to be higher by 100bps each to 12.0% led by the pick-up in NBFC (60-65bps) and PL/CC (35-40bps). Incremental loan growth may be funded by surplus liquidity; hence, we trim aggregate liquidity by 154/204bps to ~29% and increase LDR by 121/173bps to 82.6%. Contrary to usual expectations of a cut in NIM following higher repo rate reduction due t...
Banking Sector Update : RBI measures: a shot in the arm for banks by Prabhudas Liladhar Capital Ltd
Banking Sector Update : RBI measures: a shot in the arm for banks by Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 12:34:55 pm
Information Technology Sector Update : Strong execution, but disappointed on bookings… by Prabhudas Liladhar Capital Ltd Strong execution, but disappointed on bookings… Quick Pointers: * FY25 revenue guidance narrowed to 6-7% YoY CC from 5-7% earlier * Bookings declined by 6% YoY in USD during the quarter followed by 3% decline in last quarter Accenture’s (ACN: NYSE) performance in Q3 came above consensus estimates and at top end of the guidance despite the underlying challenges. The growth was driven by managed services, attributed to FS & Americas, a positive read through for Indi...
Information Technology Sector Update : Strong execution, but disappointed on bookings… by Prabhudas Liladhar Capital Ltd
Information Technology Sector Update : Strong execution, but disappointed on bookings… by Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 12:30:41 pm
Monthly Cement Sector Update : Early monsoon & heatwaves impacting demand By Prabhudas Liladhar Capital Ltd Early monsoon & heatwaves impacting demand Quick Pointers: * Cement prices rose by Rs8–10/bag in the North, South and East in May’25, but remained flat in the West, and declined Rs5/bag in Central region. All-India average price rose ~Rs5/bag MoM. * Dealers expect prices to remain flat in Jun’25 with the onset of the monsoon. We interacted with cement dealers across regions in India to assess the demand and pricing scenario in May’25. Our discussions in...
Monthly Cement Sector Update : Early monsoon & heatwaves impacting demand By Prabhudas Liladhar Capital Ltd
Monthly Cement Sector Update : Early monsoon & heatwaves impacting demand By Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 12:11:29 pm
Automobiles & Components Sector Update : Weak trends persist by Kotak Institutional Equities Weak trends persist The auto sector reported weak prints across domestic PV, CV and 2W segments amid muted retail trends. The tractor segment witnessed a high single-digit yoy growth amid positive farm sentiment with expectations of a normal monsoon. PV, 2W and CV segments witnessed low-to-mid-singledigit yoy increases in retail demand, whereas wholesale numbers witnessed inventory correction. The export segment remained strong, especially across 2Ws and PVs. MM, TVS and EIM reported stron...
Automobiles & Components Sector Update : Weak trends persist by Kotak Institutional Equities
Automobiles & Components Sector Update : Weak trends persist by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-07-05 09:47:54 am
Capital Goods Sector Update : Inflows jump 18%; Summer not so hot in Q1 By Elara Capital Inflows jump 18%; Summer not so hot in Q1 Capital goods (CG) companies (ex-L&T) posted 18% YoY growth in order inflows in Q1FY26 (excluding large High Voltage Direct Current [HVDC] order for Bhadla-Fatehpur won by BHEL-Hitachi for which value is not quantified) with defence inflows growing 15% YoY. Our capital goods coverage universe is set to clock in 6% sales growth (unadjusted Siemens Energy in base) while consumer durables may see a decline, constricting robust growth in electrical...
Capital Goods Sector Update : Inflows jump 18%; Summer not so hot in Q1 By Elara Capital
Capital Goods Sector Update : Inflows jump 18%; Summer not so hot in Q1 By Elara Capital
Source: Elara Capital
2025-07-05 09:38:22 am
Ports & Logistics Sector Update : Port operators ahead of surface transporters By Elara Capital Port operators ahead of surface transporters Within Elara Logistics universe, we expect port operators to outperform surface transporters, led by healthy YoY growth in EXIM cargo and consolidation of past acquisitions. For B2B and B2C surface transportation, demand is expected to be slow due to seasonality in the business and high competitive intensity. We believe volume growth is likely to improve, led by good monsoons and rate cut-led boost to consumption. Amid slow demand, expect networ...
Ports & Logistics Sector Update : Port operators ahead of surface transporters By Elara Capital
Ports & Logistics Sector Update : Port operators ahead of surface transporters By Elara Capital
Source: Elara Capital
2025-07-05 09:30:34 am
Monthly Auto Sales - June 2025 by ARETE Securities Ltd The June automobile dispatches reported a 6% YoY growth and 2% MoM decline. PV continued its five-month slide, dragged by urban caution and monsoon effects, with discounts likely on the horizon. CV grew 2% MoM, led by a 20% bus sales surge, though truck volumes softened seasonally. 2W eased 1% MoM but rose 10% YoY, with exports balancing domestic dips. Tractors climbed 27% MoM and 11% YoY, driven by Kharif sowing and monsoon strength. These divergent patterns reflect the subtle balance of urb...
Monthly Auto Sales - June 2025 by ARETE Securities Ltd
Monthly Auto Sales - June 2025 by ARETE Securities Ltd
Source: ARETE Securities Ltd
2025-07-04 05:50:36 pm
Oil & Gas and Aviation Sector Update : Q1FY26 preview: OMCs stellar, RIL steady, gas weaker By Emkay Global Financial Services Ltd Q1FY26 preview: OMCs stellar, RIL steady, gas weaker Marketing margins to drive earnings for OMCs; refining lends backup: Petrol marketing margins grew 28% QoQ to Rs12.8/ltr in Q1FY26, while diesel margins jumped to Rs9.2/ltr from Rs5.1/ltr QoQ, on account of lower crude oil prices amid frozen retail prices. Brent averaged at ~USD68/bbl in Q1FY26, 10% lower QoQ, and recorded a weak close at ~USD68/bbl, down by ~USD9/bbl between the two quarter ends. This decline is expected to result in re...
Oil & Gas and Aviation Sector Update : Q1FY26 preview: OMCs stellar, RIL steady, gas weaker By Emkay Global Financial Services Ltd
Oil & Gas and Aviation Sector Update : Q1FY26 preview: OMCs stellar, RIL steady, gas weaker By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services
2025-07-04 01:50:16 pm
Information Technology Sector Update : Jun-25 Naukri JobSpeak Index: Modest uptick in IT hiring By Emkay Global Financial Services Ltd Jun-25 Naukri JobSpeak Index: Modest uptick in IT hiring Naukri's JobSpeak Index grew 1.7% MoM and 10.5% YoY in Jun-25, primarily led by increased demand for AI/ML roles and freshers. The overall index and most key sectors holding steady points to a sustained momentum in overall hiring activity. The IT services segment saw an increase of 5.4% YoY and 1.9% MoM, indicating a reversal in the prevailing muted trend in IT index. The BPO/ITES/CRM/transcription segment grew 19.3% YoY and 2.5%...
Information Technology Sector Update : Jun-25 Naukri JobSpeak Index: Modest uptick in IT hiring By Emkay Global Financial Services Ltd
Information Technology Sector Update : Jun-25 Naukri JobSpeak Index: Modest uptick in IT hiring By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services
2025-07-04 01:45:27 pm
Consumer Staples : 1QFY26E preview - Status quo on demand by Kotak Institutional Equities 1QFY26E preview: Status quo on demand Our expectations: (1) Staples—marginal improvement in yoy revenue growth trends for select names; continued margin pressure owing to the consumption of high-cost RM inventory; and (2) Discretionary—robust growth print in JUBI, PIDI and TTAN, stability in cigarettes and footwear; continued weakness in paints and QSR (ex-JUBI); washout quarter for VBL (weak summer). We expect a decent 1Q print from JUBI, PIDI, UBBL, MRCO and TTAN, and a weak ...
Consumer Staples : 1QFY26E preview - Status quo on demand by Kotak Institutional Equities
Consumer Staples : 1QFY26E preview - Status quo on demand by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-07-04 12:49:01 pm
Banking Sector Update : Asset-quality issues are lower in our list of concerns by Kotak Institutional Equities Asset-quality issues are lower in our list of concerns The RBI’s FSR report shows that impairment ratios for Indian banks are still in a favorable position. Gross NPLs declined 30 bps to ~2.3% in 2HFY25. RoE is at a decadal high of ~14%, and RoA is comfortable at 1.4%. Several key portfolios within unsecured loans are showing an improving trend, suggesting that we may have a less worrisome outlook on asset quality for FY2026. Key issues ahead are primarily on growth and NIM, where we...
Banking Sector Update : Asset-quality issues are lower in our list of concerns by Kotak Institutional Equities
Banking Sector Update : Asset-quality issues are lower in our list of concerns by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-07-04 12:44:33 pm
Consumer Durables & Apparel : Durables: 1QFY26E preview by Kotak Institutional Equities Durables: 1QFY26E preview Trends that we expect in 1QFY26E: (1) Healthy revenue growth in the W&C space, led by an acceleration in domestic volume growth, partly offset by a lower pricing tailwinds and weak exports; (2) revenue declines in cooling categories (air coolers/RACs/fans), impacted by a disrupted summer and a high base; and (3) continued momentum in non-cooling categories, such as water purifiers and solar products. Overall, we expect another strong quarter from Polycab/Eurek...
Consumer Durables & Apparel : Durables: 1QFY26E preview by Kotak Institutional Equities
Consumer Durables & Apparel : Durables: 1QFY26E preview by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-07-04 12:37:26 pm
Telecom Sector Update : 1QFY26 preview: Healthy quarter led by steady ARPU growth and subs gains By JM Financial Services 1QFY26 preview: Healthy quarter led by steady ARPU growth and subs gains Bharti is expected to register 2.6% QoQ and 3.1% QoQ growth in its India wireless revenue and EBITDA respectively, led by robust MBB subs gains (at ~5.5mn) and as ARPU is likely to improve 1.6% QoQ (to INR 249) due to ongoing healthy upgrades to smartphone/post-paid plans and 1 more day QoQ in 1QFY26 (while Jul'24 tariff hike has completely passed through its ARPU by end-3QFY25). Similarly, BHL is expected to regi...
Telecom Sector Update : 1QFY26 preview: Healthy quarter led by steady ARPU growth and subs gains By JM Financial Services
Telecom Sector Update : 1QFY26 preview: Healthy quarter led by steady ARPU growth and subs gains By JM Financial Services
Source: JM Financial Services
2025-07-04 11:49:45 am
Consumer Sector Update : Paints - Competitive intensity to remain firm By JM Financial Services Paints: Competitive intensity to remain firm Competitive activity in the Indian decorative paint segment has been on the rise with entry of Birla Opus (investment of INR 100bn) and recent announcement of acquisition of Akzo Nobel India by JSW Paints (investment of INR 94bn). Phase 1 of execution from Birla Opus has been commendable & pace of scale up (thruput/store) will be key monitorable (targeting double digit market share in FY26) going ahead. On JSW Paints-Akzo, there are possible...
Consumer Sector Update : Paints - Competitive intensity to remain firm By JM Financial Services
Consumer Sector Update : Paints - Competitive intensity to remain firm By JM Financial Services
Source: JM Financial Services
2025-07-04 11:43:57 am
Capital Goods Sector Update : Comfortably placed by Motilal Oswal Financial Services Ltd Comfortably placed The capital goods sector is comfortably positioned, supported by: 1) strong order book providing healthy revenue visibility, 2) favorable commodity prices offering comfort to margins, 3) strong balance sheet that provides leeway for capex, and 4) favorable government policies, such as plans for emergency defense procurement, focus on renewables, and Make in India initiative. We will wait to see a broad-based revival in domestic and private capex, along with sustained mom...
Capital Goods Sector Update : Comfortably placed by Motilal Oswal Financial Services Ltd
Capital Goods Sector Update : Comfortably placed by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-07-04 10:43:16 am
IT Services Sector Update : Midcaps to outperform By Elara Capital Midcaps to outperform. Within our mid-cap IT universe, we expect COFORGE to post strongest sequential USD revenue growth to be aided by continued robust deal execution and partial numbers from the Sabre deal. PSYS, LTIM and MPHL are likely to post USD revenue growth in the range of 1.0-3.5%. Among large caps, except INFO, others are likely to post a sequential revenue decline in constant currency (CC) terms. Due to cross-currency tailwinds, they are likely to post USD revenue growth sans W...
IT Services Sector Update : Midcaps to outperform By Elara Capital
IT Services Sector Update : Midcaps to outperform By Elara Capital
Source: Elara Capital
2025-07-04 10:09:41 am
NBFC Sector Update : Margin pressure to weigh on earnings by Motilal Oswal Financial Services Ltd Margin pressure to weigh on earnings Loan growth muted; treasury remains the key profitability driver * Credit growth remains muted; expect recovery in 2HFY26: Systemic credit growth slowed to ~9.6% as of 13th Jun’25 amid demand moderation in the retail segment and a cautious growth strategy followed by banks in unsecured loans. With moderation in loan growth, the incremental CD ratio has eased to 74%, though the outstanding CD ratio remains elevated at ~79%. We expect credit grow...
NBFC Sector Update : Margin pressure to weigh on earnings by Motilal Oswal Financial Services Ltd
NBFC Sector Update : Margin pressure to weigh on earnings by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-07-04 09:27:59 am
Telecom Sector Update : Robust subs addition by Jio, muted addition by Bharti By JM Financial Services Robust subs addition by Jio, muted addition by Bharti TRAI’s May’25 subscriber (subs) data shows steady net subs addition for the overall industry at 2.1mn (vs. subs gain of 1.9/2.9/2.8/0.6/2.0mn in Apr’25/Mar'25/Feb'25/Jan'25/Dec'24; and vs. cumulative subs loss of 21.9mn in the 5 consecutive months prior, i.e., Jul-Nov'24 due to SIM consolidation in the lower-ARPU segment on account of the Jul’24 tariff hike). Jio/Bharti added 2.7mn/0.3mn net s...
Telecom Sector Update : Robust subs addition by Jio, muted addition by Bharti By JM Financial Services
Telecom Sector Update : Robust subs addition by Jio, muted addition by Bharti By JM Financial Services
Source: JM Financial Services
2025-07-03 03:52:19 pm
Utilities & Power Equipment : Interaction with Mr RP Singh, IAS; An energy policy expert By JM Financial Services Interaction with Mr RP Singh, IAS; An energy policy expert We had the privilege of hosting the highly respected energy policy expert, Mr Raj Pratap Singh, IAS. He is the former Chairman of the UP Electricity Regulatory Commission, has served as the Private Secretary to the Prime Minister, and is currently the Election Commissioner of Uttar Pradesh. India will require a huge quantity of energy to become a developed nation by 2047; the ask rate for electricity per capita is 5,000-6,000kWh fr...
Utilities & Power Equipment : Interaction with Mr RP Singh, IAS; An energy policy expert By JM Financial Services
Utilities & Power Equipment : Interaction with Mr RP Singh, IAS; An energy policy expert By JM Financial Services
Source: JM Financial Services
2025-07-03 02:40:30 pm
Internet Sector Update : QC - Amazon unlikely to make immediate meaningful inroads By JM Financial Services Media reports suggest Amazon has formally launched its quick commerce (QC) service, Amazon Now, after piloting it for ~6 months. Though the service is currently limited to just three pincodes in Bengaluru, the development suggests that the QC market will now be a contest among at least seven large players. While expanding competition is concerning for early adopters in our coverage (namely Eternal-owned Blinkit and Swiggy-owned Instamart), we reiterate that their medium-term growth ambitions ...
Internet Sector Update : QC - Amazon unlikely to make immediate meaningful inroads By JM Financial Services
Internet Sector Update : QC - Amazon unlikely to make immediate meaningful inroads By JM Financial Services
Source: JM Financial Services
2025-07-03 02:05:22 pm
Oil and Gas Sector Update : Iran disruption may add $5-10/bbl, but Brent capped at $80/bbl amidst oversupply By JM Financial Services Brent crude price has risen by a sharp ~7% to ~USD 74/bbl driven by fears of a significant disruption in Iran’s crude oil exports of 1.5-2.0mmbpd out of its total crude oil output of ~3.4mmbpd via: a) attacks on Iranian energy infrastructure; and/or b) tightening of US sanctions on Iranian oil exports (and China agreeing to comply with the same, as it is buying 80-90% of Iranian crude exports). Disruption of Iran’s crude oil exports by 0.5-1mmbpd can add USD 5-10/bbl to crude pric...
Oil and Gas Sector Update : Iran disruption may add $5-10/bbl, but Brent capped at $80/bbl amidst oversupply By JM Financial Services
Oil and Gas Sector Update : Iran disruption may add $5-10/bbl, but Brent capped at $80/bbl amidst oversupply By JM Financial Services
Source: JM Financial Services
2025-07-03 01:52:13 pm
IT Services Sector Update : TCS and INFO AR: Gen to a-Gen-tic AI and more By JM Financial Services TCS and INFO AR: Gen to a-Gen-tic AI and more TCS and INFO’s annual reports, despite their comprehensive quarterly disclosures, offer trove of additional data/information. We therefore pored over their latest annual reports to compare and contrast their a) AI-readiness and strategy; b) supply-side interventions (wage/pyramid); c) key subsidiaries’ performance; d) revenue visibility (remaining performance obligation or RPO) to name a few. Both the companies have adopted a platfo...
IT Services Sector Update : TCS and INFO AR: Gen to a-Gen-tic AI and more By JM Financial Services
IT Services Sector Update : TCS and INFO AR: Gen to a-Gen-tic AI and more By JM Financial Services
Source: JM Financial Services
2025-07-03 01:49:32 pm
Telecom Sector Update : Bharti/Jio: FCF growth story on track amidst tariff hikes & capex normalisation By JM Financial Services Bharti/Jio: FCF growth story on track amidst tariff hikes & capex normalisation We continue to expect telcos’ ARPU to grow at ~12% CAGR in the next 3-5 years given the consolidated industry structure, to ensure a ‘3+1’ player market and higher ARPU requirement for Jio not only to justify its significant 5G capex but also given its potential listing plans. Hence, we expect the industry ARPU to grow at ~12% CAGR to INR 290-320 by FY28 (via tariff hikes, MBB upgrades, po...
Telecom Sector Update : Bharti/Jio: FCF growth story on track amidst tariff hikes & capex normalisation By JM Financial Services
Telecom Sector Update : Bharti/Jio: FCF growth story on track amidst tariff hikes & capex normalisation By JM Financial Services
Source: JM Financial Services
2025-07-03 01:44:08 pm
Cement Sector Update : Ear to Ground - Seasonal breather in the near term By JM Financial Services Ear to Ground: Seasonal breather in the near term Our channel checks suggest that pan-India cement prices have taken a breather in May’25 (after a sharp hike in Apr’25) with prices broadly flat MoM/ up ~7-8% YoY at INR 388/bag. The current prices are the highest in the past 15-17 months. QTD, pan-India average prices are up ~4% sequentially mainly led by South (up 10-11% QoQ) and East (up 4-5% QoQ). Industry demand is likely to have been flat YoY in May’25 as the initial ...
Cement Sector Update : Ear to Ground - Seasonal breather in the near term By JM Financial Services
Cement Sector Update : Ear to Ground - Seasonal breather in the near term By JM Financial Services
Source: JM Financial Services
2025-07-03 12:27:27 pm
Oil and Gas Sector Update : India’s Apr`25 gas demand down 7% YoY, post 4% YoY fall in 4QFY25 By JM Financial Services India’s Apr’25 gas demand down 7% YoY, post 4% YoY fall in 4QFY25 India’s gas demand was 7% lower YoY in Apr’25 at 184mmscmd, following the 4% YoY decline in 4QFY25, on elevated spot LNG prices, weak demand from power sector and industries switching to relatively cheaper liquid fuels after the recent weakness in crude price. India’s LNG demand was 13% lower YoY in Apr’25, following 4.6% YoY decline in 4QFY25, due to elevated spot LNG prices, led by decli...
Oil and Gas Sector Update : India’s Apr`25 gas demand down 7% YoY, post 4% YoY fall in 4QFY25 By JM Financial Services
Oil and Gas Sector Update : India’s Apr`25 gas demand down 7% YoY, post 4% YoY fall in 4QFY25 By JM Financial Services
Source: JM Financial Services
2025-07-03 12:24:21 pm
IT Services Sector Update : 4QFY25 Review: A Tarrific quarter By JM Financial Services 4QFY25 Review: A Tarrific quarter IT Services’ 4QFY25 results were weak, as anticipated. Top-6’s revenues declined 0.6-3.5% cc QoQ, with five out of the six missing estimates. Elevated uncertainty towards quarter-end compounded an already weak set-up – lower working days, higher third-party items in the base etc. Players’ outlook, at the time of earnings, came against the backdrop of unprecedented tariff-war. Unsurprisingly, they cited limited near-term visibility, ...
IT Services Sector Update : 4QFY25 Review: A Tarrific quarter By JM Financial Services
IT Services Sector Update : 4QFY25 Review: A Tarrific quarter By JM Financial Services
Source: JM Financial Services
2025-07-03 10:02:55 am
Utilities & Power Equipment Sector Update : 10 POWER points; A weekly roundup on power & utilities By JM Financial Services 10 POWER points; A weekly roundup on power & utilities We have curated a list of ten significant developments that occurred during the week, both within India and internationally, which may have implications for the Indian utilities including renewable sector in the future. Below is the weekly roundup on utilities/Power/RE for 12 – 18 May’25 comprising 10 key sector events during the week.   1. Avg daily energy/ max peak demand during week was 5,047 MU (3% YoY, 1...
Utilities & Power Equipment Sector Update : 10 POWER points; A weekly roundup on power & utilities By JM Financial Services
Utilities & Power Equipment Sector Update : 10 POWER points; A weekly roundup on power & utilities By JM Financial Services
Source: JM Financial Services
2025-07-03 09:13:39 am
Banking Sector Update : Sprints turn into marathon By Elara Capital Sprints turn into marathon The Reserve Bank of India (RBI), in its latest print for May 2025, continues to report soft overall loan growth of ~9% YoY (single-digit growth reported since March 2022). Within segments, agriculture grew 7.5% YoY, services 8.8% YoY, retail 11.1% YoY and industry 4.8% YoY. Retail growth, although still in the double digits, has cooled markedly from >20% levels in FY23. With this, the retail share currently forms ~33% of system credit, up from 19% in FY15, whi...
Banking Sector Update : Sprints turn into marathon By Elara Capital
Banking Sector Update : Sprints turn into marathon By Elara Capital
Source: Elara Capital
2025-07-03 08:45:38 am
Sector Report : Muted quarter; select mid-caps to maintain growth momentum By Emkay Global Financial Services Ltd We expect IT Services companies to commence the year on a subdued note in FY26, owing to weak discretionary spending, slower decision making, and cautious approach by clients, amid the macro and geopolitical uncertainty and AI-led tech disruption. Muted sequential revenue growth in Tier-1 companies is expected to result in a slowdown, to low single-digit growth or even a decline on YoY basis, in CC terms. The BFSI recovery trend continued in Q1. The imposition of reciprocal tariffs by the US ...
Sector Report : Muted quarter; select mid-caps to maintain growth momentum By Emkay Global Financial Services Ltd
Sector Report : Muted quarter; select mid-caps to maintain growth momentum By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2025-07-02 03:21:15 pm
Consumer Goods Update : Weak Q1; earnings weakness hurts valuation By Emkay Global Financial Services Ltd The FMCG sector has seen steady de-rating amid weak earnings (Q1 to be 4 th consecutive quarter of muted earnings); forward P/E valuations (at 46x) are now trading below the last 5Y/10Y historical mean P/E (54x/50x). With tailwinds (low tax, liquidity easing, better monsoon, expected easing in select RMs) in place and given the low base, growth recovery ahead would be key. Any disruption that hurts growth recovery would have a bearing on valuations. In Q1FY26E, we see muted earnings across ou...
Consumer Goods Update : Weak Q1; earnings weakness hurts valuation By Emkay Global Financial Services Ltd
Consumer Goods Update : Weak Q1; earnings weakness hurts valuation By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2025-07-02 03:12:56 pm
Metal Sector Report : Healthier balance sheets than the previous cycles By Emkay Global Financial Services Ltd In the June edition of Emkay Metals Monthly, we look at how capital discipline by the company managements resulted in improved investor perception. One thing that changed for the better over the cycles is leverage. Following the 2015-16 global commodities downturn, companies shifted their focus on capital discipline—pruning their debt while continuing to grow volumes. In return, they got handsomely rewarded with greater resilience during downturns, less earnings volatility, and enhanced...
Metal Sector Report : Healthier balance sheets than the previous cycles By Emkay Global Financial Services Ltd
Metal Sector Report : Healthier balance sheets than the previous cycles By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2025-07-02 02:56:47 pm
Auto Sector Update : Jun-25 Volumes: Soft month overall, ex EIM, TVSL, exports By Emkay Global Financial Services Ltd Jun-25 Auto dispatches were generally muted, save for the strong performance sustained at EIM (Royal Enfield; RE), TVSL, and a generally strong exports show across players/categories. 2W industry retail growth sustained at a mid-single digit; domestic dispatches at RE/TVSL/HMCL grew ~16%/10%/7%, resp, with BJAUT underperforming (16% domestic decline); 2W exports grew 57%/18% for TVSL/BJAUT. M&M continued to outperform in PVs, with double-digit YoY growth, though sequential volumes fell 10...
Auto Sector Update : Jun-25 Volumes: Soft month overall, ex EIM, TVSL, exports By Emkay Global Financial Services Ltd
Auto Sector Update : Jun-25 Volumes: Soft month overall, ex EIM, TVSL, exports By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2025-07-02 02:21:45 pm
Defense Sector : The big-bang growth driver By Emkay Global Financial Services Ltd We interacted with the management of Solar Industries India. KTAs are 1) The defense segment is expected to be a major growth driver, given increasing defense budgets, led by geopolitical tensions and security concerns globally. 2) The strong focus on indigenization would further propel defense growth in the domestic market. 3) The recent strategic MoU with the Government of Maharashtra would enhance capacities and capabilities. 4) A pickup in infrastructure spend would drive industrial explo...
Defense Sector : The big-bang growth driver By Emkay Global Financial Services Ltd
Defense Sector : The big-bang growth driver By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2025-07-02 01:58:38 pm
Retail Update : Weakness persists; prefer JUBI, VBL, METROBR, SENCO By Emkay Global Financial Services Ltd Consumption trends remain muted in Q1FY26, with incremental growth moderation for jewelry retailers and summer-focused categories (Soft Drinks/Durables) that were hitherto reporting growth outperformance. Q1FY26 witnessed tailwinds from excessive heatwaves and election-related disruptions in the base quarter, albeit likely offset by the early onset of rains, significant increase in gold price, and geo-political challenges in the interim. Select pockets (like JUBI) are performing relatively be...
Retail Update : Weakness persists; prefer JUBI, VBL, METROBR, SENCO By Emkay Global Financial Services Ltd
Retail Update : Weakness persists; prefer JUBI, VBL, METROBR, SENCO By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2025-07-02 01:47:06 pm
Pharma Sector Update : Torrent, JB and the dynamics of the merger by Kotak Institutional Equities Torrent Pharma (TRP) has announced the acquisition of a controlling stake in JB at an equity valuation of Rs256.9 bn. The acquisition of KKR’s ~46% stake in JB will be followed by a mandatory open offer and then a merger of the two entities (ratio of 0.51:1). In the first phase, TRP will acquire a 46.39% stake for Rs119.2 bn (Rs1,600 per share) from KKR, followed by a mandatory open offer to acquire up to 26% of JB shares at an open offer price of Rs1,639.18 per share. As per IQVIA data...
Pharma Sector Update : Torrent, JB and the dynamics of the merger by Kotak Institutional Equities
Pharma Sector Update : Torrent, JB and the dynamics of the merger by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-07-02 11:59:46 am
Commodity Chemicals: Consolidation begins - JSW Paints bets big with AKZO acquisition by Kotak Institutional Equities Consolidation begins: JSW Paints bets big with AKZO acquisition JSW Paints has signed a definitive agreement to acquire up to a 74.76% stake in Akzo Nobel India (ANI) from Akzo Nobel NV for Rs94 bn, valuing ANI at 22X FY2025 EV/EBITDA. The combined entity would have ~Rs59 bn sales (Deco: ~Rs37 bn, 6% market share | Industrial: Rs22 bn) and EBITDA margin of ~10% (FY2025 pro forma). The acquisition marks a USD1 bn+ commitment to decorative paints by yet another large building materials group...
Commodity Chemicals: Consolidation begins - JSW Paints bets big with AKZO acquisition by Kotak Institutional Equities
Commodity Chemicals: Consolidation begins - JSW Paints bets big with AKZO acquisition by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-07-02 11:42:47 am
Report on Power Sector July 2025 - Merchant Power - Can It Handle Bouncy Cooling Demand ? by SBI Capital Markets Power demand in Q1FY26 mellow in the shadow of early rains… cooling demand swing playing a large role Energy supplied is down by 1.5% y/y in Q1FY26 – the first decline seen in Q1 since FY16 (barring COVID-19 impacted FY21). This is as 60% of the days in Q1FY26 saw above normal rainfall, dipping the mercury. Conversely, there were only 12 days in which both maximum temperature and humidity were above normal levels. These trends point towards the halo of cooling requirement on p...
Report on Power Sector July 2025 - Merchant Power - Can It Handle Bouncy Cooling Demand ? by SBI Capital Markets
Report on Power Sector July 2025 - Merchant Power - Can It Handle Bouncy Cooling Demand ? by SBI Capital Markets
Source: SBI Capital Markets
2025-07-02 10:50:03 am
Automobiles Sector Update : 2Ws and CVs trail FY26 growth estimates by Motilal Oswal Financial Services Ltd 2Ws and CVs trail FY26 growth estimates Demand for two-wheelers (2Ws) seems to have revived to some extent in Jun’25, though demand for CVs and PVs remained weak. In PVs, except for MM, the other three listed companies—MSIL, TTMT and HMI—posted a decline in volumes in Jun’25. MM continued to outperform its peers and posted 18% YoY growth in UVs (down 10% MoM). In 2Ws, except for BJAUT, the other three listed players—TVS, RE and HMCL—posted double-digit g...
Automobiles Sector Update : 2Ws and CVs trail FY26 growth estimates by Motilal Oswal Financial Services Ltd
Automobiles Sector Update : 2Ws and CVs trail FY26 growth estimates by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-07-02 10:14:10 am
Technology Sector Update : Indian IT`s stop-start recovery by Motilal Oswal Financial Services Ltd Indian IT's stop-start recovery Growth remains uneven, but early signs of stability welcomed * 1QFY26 has been an uncertain, albeit better-than-expected quarter for IT services, in our view. While a host of geopolitical events as well as tariff uncertainty would have played spoilsport on notable deal signings, widespread client deferrals/ ramp-downs have largely been avoided. We expect 1Q numbers to reflect this reality: QoQ revenue and deal TCV across large-caps could be unexciting...
Technology Sector Update : Indian IT`s stop-start recovery by Motilal Oswal Financial Services Ltd
Technology Sector Update : Indian IT`s stop-start recovery by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-07-02 09:31:54 am
Capital Goods Sector Update : Genset demand improvement continues by Motilal Oswal Financial Services Ltd Genset demand improvement continues Genset channel checks Our genset channel checks indicate that demand momentum is building up and inquiry levels have increased from Apr’25 onwards. Volumes have improved by nearly 10-12% from 4QFY25 levels, though they remain lower 15-20% YoY on account of the genset industry’s high base in 1QFY25, fueled by pre-buying activities. 1QFY26 will be the last quarter impacted by the base effect of CPCB 2 gensets, after which it will be a like-t...
Capital Goods Sector Update : Genset demand improvement continues by Motilal Oswal Financial Services Ltd
Capital Goods Sector Update : Genset demand improvement continues by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-07-02 09:25:36 am
IT Sector Update : 1QFY26E preview: Not as bad as by Kotak Institutional Equities We believe that the quarter will be a mixed one, with mid-tier IT services companies reporting strong growth, while large IT companies and ERD names will disappoint. We expect in-line EBIT. Deal wins will be strong, although not necessarily net new for the industry. Coforge, in our view, will lead the growth, followed by Persistent, Hexaware and Mphasis. TCS, Wipro and ERD names will likely face cuts in EPS after results. Infosys, Tech Mahindra, Hexaware, Coforge and Indegene are our key pick...
IT Sector Update : 1QFY26E preview: Not as bad as by Kotak Institutional Equities
IT Sector Update : 1QFY26E preview: Not as bad as by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-07-01 04:34:03 pm
Hotels Sector Update : Still more room to go by Kotak Institutional Equities Still more room to go The Indian hospitality sector has started FY2026 on a strong footing, with 1QFY26 RevPARs seeing double-digit growth despite the Indo-Pak conflict impacting demand for some days in May 2025. Hoteliers remain confident in the sustenance of the current cycle, reflected in the record signings of 46k keys in FY2025. India added 14k keys last year, taking the branded inventory to 195k keys. We look to build on FY2025’s ARR of Rs8.6k/day (+7% yoy) and occupancy of 68%...
Hotels Sector Update : Still more room to go by Kotak Institutional Equities
Hotels Sector Update : Still more room to go by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-07-01 04:09:15 pm
Cement Sector Update : Early monsoon halts price uptick but pricing remains strong YoY - PL Capital Quick Pointers: * Cement prices declined by Rs 6–8/bag in the South, West, and East in Jun'25, while prices remained flat in the North and Central regions. The all-India average price fell by ~Rs 4/bag MoM. * Dealers expect prices to decline further in Jul’25 as the monsoon picks up. However, prices remain strong compared to FY25 and YoY prices are up significantly in Southern & Eastern regions. We interacted with cement dealers across regions in India to assess t...
Cement Sector Update : Early monsoon halts price uptick but pricing remains strong YoY - PL Capital
Cement Sector Update : Early monsoon halts price uptick but pricing remains strong YoY - PL Capital
Source: PL Capital
2025-07-01 10:25:24 am
Utilities & Renewables Sector Update : Generation up 2% YoY in April by Elara Capital Generation up 2% YoY in April In April 2025, power generation rose ~1.9% YoY to 159bn units (BU) despite high base of 10% YoY. Coal-based generation declined 3% YoY to 116BU while hydro and renewable generation grew 19% YoY and 33% YoY to 10BU and 23BU, respectively. Peak demand increased 5% YoY to 235GW, and the plant load factor (PLF) for coal-based plants dipped to 73.0% from ~76. 8% a year ago. As on March, total installed capacity stood at 475GW, with renewables accounting for 36%, in...
Utilities & Renewables Sector Update : Generation up 2% YoY in April by Elara Capital
Utilities & Renewables Sector Update : Generation up 2% YoY in April by Elara Capital
Source: Elara Capital
2025-06-29 05:23:23 pm
Metals & Mining Sector Report : Working capital cycle stable in FY25 By Emkay Global Financial Services Ltd In our monthly edition for May and with FY25 reporting drawing to a close, we evaluate the working capital cycle over time, for the sector. Working capital is often overlooked amid the volatility in commodity prices, though this is one function under management control and reflects a company’s efficiency in the way it is managed. In addition, working capital build-up/unwinding directly affects free cash flow generation. Non-ferrous companies structurally run a more efficient working cap...
Metals & Mining Sector Report : Working capital cycle stable in FY25 By Emkay Global Financial Services Ltd
Metals & Mining Sector Report : Working capital cycle stable in FY25 By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services
2025-06-29 12:39:46 pm
Automobiles Sector Update : BYD EV Self-drive experience in UK by Elara Capital BYD EV Self-drive experience in UK We rented a BYD Dolphin for self-drive in the UK during the JLR Investor Day visit recently. Some key takeaways are as follows: it had a 60Kwh battery pack with a 12.8- inch rotatable touchscreen. We got BYD Dolphin Design variant, which offers a range of 265 miles. It offers an LFP blade battery. The price of BYD Dolphin starts from GBP 26-31k, and it is a direct competitor to MG4 EV and is lower than in price to VW ID3. The UK version has modifications ...
Automobiles Sector Update : BYD EV Self-drive experience in UK by Elara Capital
Automobiles Sector Update : BYD EV Self-drive experience in UK by Elara Capital
Source: Elara Capital
2025-06-29 12:16:01 pm
Logistics Sector Report : Freight and cargo monthly By Emkay Global Financial Services Ltd We monitor monthly indicators for assessing freight and cargo movements across multiple modes of transportation. GST e-way bill volumes continued to track a healthy trajectory, growing 2.8%/19% MoM/YoY in May-25 (up 21% YoY on 3M rolling average basis). Truck freight rates saw a modest uptick (up 2% MoM) despite stable diesel prices, suggesting that operators are trying to pass on inflationary cost pressures; this bodes well for VRLL, which had hiked rates in Q2FY25. Major ports volume growth...
Logistics Sector Report : Freight and cargo monthly By Emkay Global Financial Services Ltd
Logistics Sector Report : Freight and cargo monthly By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services
2025-06-29 12:01:19 pm