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Banking Sector Update : Working through a period of uncertainty and high volatility by Kotak Institutional Equities Working through a period of uncertainty and high volatility Given the uncertainties that we are currently surrounded with, it is likely that we may have to rely on two probable paths: (1) valuation and (2) charting the probable course of action but having a flexible view on the possible range of outcomes. In this report, we shall give a perspective on how we are looking at the issues at hand. Valuation, if inexpensive, can obliterate near-term business performance In an u...
Banking Sector Update : Working through a period of uncertainty and high volatility by Kotak Institutional Equities
Banking Sector Update : Working through a period of uncertainty and high volatility by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-04-24 03:10:14 pm
NBFC Sector Update : RBI draft on gold loans: Stricter norms ahead By JM Financial Services On 9th Apr’25, the RBI released new draft guidelines (Link) which intend to harmonize guidelines for gold loans across regulated entities (banks, NBFCs, UCBs etc.) and also to address various lending practice related concerns as highlighted by the RBI earlier. Comments on draft directions are invited till 12th May’25. We believe that though these guidelines are beneficial over the long-term, it is likely to impact gold loan growth for lenders (especially NBFCs/mid banks) in the ne...
NBFC Sector Update : RBI draft on gold loans: Stricter norms ahead By JM Financial Services
NBFC Sector Update : RBI draft on gold loans: Stricter norms ahead By JM Financial Services
Source: JM Financial Services Ltd
2025-04-18 12:53:30 pm
Hotels Sector Update : 4Q Preview: Strong quarter led by buoyant demand By JM Financial Services With sustained momentum in demand, the hotel industry recorded a robust Feb’25 as panIndia RevPAR grew c.20% YoY to INR 7,446. Occupancy was up 200-400bps YoY to 72- 74%, while ARR grew c.15% YoY to INR 10,200 (source: HVS Anarock). As demand remains bouyant, we expect a strong quarter for our hospitality coverage universe led by low-to-mid double digit RevPAR growth and stable occupancies. We have marginally reduced estimates for IHCL to align them with our 4Q numbers, and for SAMHI we...
Hotels Sector Update : 4Q Preview: Strong quarter led by buoyant demand By JM Financial Services
Hotels Sector Update : 4Q Preview: Strong quarter led by buoyant demand By JM Financial Services
Source: JM Financial Services Ltd
2025-04-18 12:48:39 pm
Consumer Durables Sector Update : 4Q Preview: Large appliances and C&W to drive growth By JM Financial Services The consumer durables sector is expected to post a steady performance in 4QFY25, led by strong growth in Cables & Wires and Large Appliances segments. In Cables & Wires, demand is improving due to channel restocking, better execution of infrastructure projects, and the impact of higher raw material prices. Cooling products like air conditioners and refrigerators are also seeing healthy traction, supported by early summer conditions and active inventory build-up by dealers. While deman...
Consumer Durables Sector Update : 4Q Preview: Large appliances and C&W to drive growth By JM Financial Services
Consumer Durables Sector Update : 4Q Preview: Large appliances and C&W to drive growth By JM Financial Services
Source: JM Financial Services Ltd
2025-04-18 12:44:55 pm
Infrastructure Sector Update : Diversified EPC companies to report strong earnings By JM Financial Services Execution is likely to be a mixed bag, with diversified EPC players such as KPIL and KEC International expected to deliver strong performance, while highway companies like KNR Constructions, PNC Infra and Ashoka Buildcon may face headwinds due to lower executable order backlogs. We expect KNR/PNC’s revenue to decline sharply by 24%/22% YoY while KPIL is likely to post 16% YoY revenue growth led by strong order backlog. Order inflows have been robust for diversified companies but relativ...
Infrastructure Sector Update : Diversified EPC companies to report strong earnings By JM Financial Services
Infrastructure Sector Update : Diversified EPC companies to report strong earnings By JM Financial Services
Source: JM Financial Services Ltd
2025-04-18 12:41:36 pm
Automobiles Sector Update : YoY margin compression for most companies By Elara Capital We expect revenue of our Auto OEM universe (ex-Tata Motors) to improve ~10% YoY and ~3% QoQ in Q4FY25E. Driven by low single-digit production growth across most segments (except CVs), we expect ancillary companies under our coverage to see a revenue growth of 7% YoY and 3% QoQ. Despite a moderation in demand, major PV OEMs undertook price hikes in January 2025 across vehicle range to offset escalating input and operational cost. Overall demand remained muted in Q4FY25 with limited retail e...
Automobiles Sector Update : YoY margin compression for most companies By Elara Capital
Automobiles Sector Update : YoY margin compression for most companies By Elara Capital
Source: Elara Capital
2025-04-18 11:29:30 am
Infrastructure Sector Update : Slower than usual Q4 By Elara Capital The Infrastructure sector is seeing signs of pick-up – Capex by the central government is up 48% YoY, state capex has normalized with increased focus on irrigation/water supply (rise in new project announcements by Andhra Pradesh and Maharashtra) and initial signs are brewing of a rise in capacity enhancements by large conglomerates indicating potential business for engineering and construction plays. In international markets, projects from the Middle East are buoyant. New awarding witn...
Infrastructure Sector Update : Slower than usual Q4 By Elara Capital
Infrastructure Sector Update : Slower than usual Q4 By Elara Capital
Source: Elara Capital
2025-04-18 11:08:59 am
Metals & Mining Sector Update : Raw material prices continue to ease by By Elara Capital We expect near-term domestic steel demand to be driven by rising infrastructure activity, seasonal uptick in white goods demand, and reduced imports. The proposed 12% safeguard duty on flat steel products may further support domestic prices in the short term. However, upcoming capacity additions could weigh on the sustainability of price hikes. In the medium term, concerns around oversupply —domestic and global — and slowing global GDP amid tariff uncertainty, and the possible dev...
Metals & Mining Sector Update : Raw material prices continue to ease by By Elara Capital
Metals & Mining Sector Update : Raw material prices continue to ease by By Elara Capital
Source: Elara Capital
2025-04-18 10:58:53 am
Transports and Logistics Sector Update : Volume growth to continue in the slow lane By Elara Capital We expect overall volume growth across the sector to slow, led by disruption in global trade, demand weakness across auto, FMCG, apparels, footwear, & sugar industries and downward reset in growth rates in the eCommerce sector (platforms as well as direct to consumer [(D2C]). With Skymet predictions of a normal Monsoon and expected pickup in consumption, we remain hopeful of better volume pickup in FY26. At ports, clarity on tariffs and global supply chain would drive volume. For Q4, we e...
Transports and Logistics Sector Update : Volume growth to continue in the slow lane By Elara Capital
Transports and Logistics Sector Update : Volume growth to continue in the slow lane By Elara Capital
Source: Elara Capital
2025-04-18 10:53:29 am
NBFC Sector Update :Tale of two giants By Elara Capital Back in August 2024 in our report titled ‘Top-up loans–ticking time bomb’, we had underscored credit risk concerns in unsecured retail lending, recommending investor prudence. We are now building in a more optimistic stance, driven by favorable lead indicators. While risk-adjusted growth is on a rebound with fresh delinquency flows being arrested, peak asset quality stress is on the horizon (between Q4FY25 and Q1FY26) for consumer financiers. Such a scenario bodes well for B...
NBFC Sector Update :Tale of two giants By Elara Capital
NBFC Sector Update :Tale of two giants By Elara Capital
Source: Elara Capital
2025-04-18 10:43:38 am
Chemical Sector Update : US tariffs on chemicals - More bark, less bite by Kotak Institutional Equities More than 70% of specialty chemicals by value imported into the US are exempt from reciprocal tariffs. We expect China to continue to export these to the US undisturbed. In the remaining c.30%, other countries could gain market share from China, but increased Chinese aggression outside the US could then exacerbate pricing pressure on these products. Overall, we do not see any reason for optimism around the industry’s near-term prospects.   Over 70% of specialty chemicals impo...
Chemical Sector Update : US tariffs on chemicals - More bark, less bite by Kotak Institutional Equities
Chemical Sector Update : US tariffs on chemicals - More bark, less bite by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-04-15 12:57:33 pm
Electronic Manufacturing Sector Update : Component PLI - Healthy incentives offered across segments by Kotak Institutional Equities The Indian government has notified the Electronics Component Manufacturing Scheme. Incremental details include the incentives offered to different categories (ranging from 10% for multi-layer PCBs in the 1st year to 1% on display module sub assembly in the 6th year and 25% capital subsidy). We see both Dixon and Amber as favorably placed to achieve the turnover and capex targets and revise Dixon’s FV to Rs15,320 and Amber’s FV to Rs7,900. Based on our analysis, even if we include ...
Electronic Manufacturing Sector Update : Component PLI - Healthy incentives offered across segments by Kotak Institutional Equities
Electronic Manufacturing Sector Update : Component PLI - Healthy incentives offered across segments by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-04-15 12:35:19 pm
Pharma Sector Update : IPM pulse - the fiscal concludes on an encouraging note by Kotak Institutional Equities IPM reported growth of 9.3% yoy in March 2025, driven by improved growth across both acute and chronic. IPM growth in MAT Mar 2025 stood at 8.0% yoy versus 7.5% yoy growth in MAT Mar 2024, exhibiting slight improvement despite lower NLEM price hikes. We highlight that volume traction in the endmarket is still a bit sluggish, with pricing contributing the bulk of the growth. IPM sales in 4QFY25 grew by 7.3% yoy and 9.7% qoq. While organic domestic growth for most companies would remain in mid-...
Pharma Sector Update : IPM pulse - the fiscal concludes on an encouraging note by Kotak Institutional Equities
Pharma Sector Update : IPM pulse - the fiscal concludes on an encouraging note by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-04-15 12:26:40 pm
Moving Average Distribution - Axis Securities How to read the Chart This chart provides a sector-wise distribution of stocks that are trading above specific Exponential Moving Averages (EMAs). EMAs are commonly used indicators that give more weight to the most recent prices, making them more responsive to new information. The chart includes the 5-, 20-, 50-, 100-, and 200-day EMAs.   Sectors and Percentages Each row represents a sector, and the information across columns shows what percentage of the sector’s member...
Moving Average Distribution - Axis Securities
Moving Average Distribution - Axis Securities
Source: Axis Securities Ltd
2025-04-15 12:19:55 pm
NBFC Sector Update : Golden age for gold financiers behind by Elara Capital Per our comprehensive analysis of Reserve Bank of India (RBI) guidelines on gold lending, issued on 9 April 2025, expect significant impact on gold financiers, with potential implications for business growth, market share, operating models and compliance and risk management systems. Post these guidelines, we analyze the growth forecast scenario, the base-case of which indicates that the INR 7,100bn (FY24) organized gold lending market may grow at a 12.1% CAGR through FY24-27E, down from the e...
NBFC Sector Update : Golden age for gold financiers behind by Elara Capital
NBFC Sector Update : Golden age for gold financiers behind by Elara Capital
Source: Elara Capital
2025-04-14 04:16:02 pm
NBFC Sector Update : Q4 Preview - A balanced quarter by Emkay Global Financial Services We expect Q4FY25 to be a better quarter in terms of growth, disbursement, and credit cost. The key expectations in Q4 results will be: 1) Despite some QoQ growth acceleration, AUM growth (YoY) is expected to remain moderate and settle at a lower level due to slower disbursements. 2) A marginal improvement in the cost of funds on a sequential basis should support NIM + Fees as a percentage of AUM is likely to remain stable or witness a slight improvement. 3) The Opex ratio should remain broadl...
NBFC Sector Update : Q4 Preview - A balanced quarter by Emkay Global Financial Services
NBFC Sector Update : Q4 Preview - A balanced quarter by Emkay Global Financial Services
Source: Emkay Global Financial Services
2025-04-14 02:55:05 pm
Transports and Logistics Sector Update : GST E-way Bill Volumes Up 20% YoY in Q4FY25, Boost for B2B Firms by Emkay Global Financial Services We expect quarterly results to be a mixed bag for logistics companies under our coverage, with seasonality partially offsetting the elevated competitive intensity faced by organized players. GST e-way bill volumes have grown 20% YoY in Q4FY25, suggesting a strong uptick in volumes for B2B operators. Accordingly, we bake in Delhivery’s PTL segment reporting 20% YoY revenue growth, followed by Blue Dart Express (10% revenue; +12% volume). We downgrade TCI Express to REDUCE from Add and sl...
Transports and Logistics Sector Update : GST E-way Bill Volumes Up 20% YoY in Q4FY25, Boost for B2B Firms by Emkay Global Financial Services
Transports and Logistics Sector Update : GST E-way Bill Volumes Up 20% YoY in Q4FY25, Boost for B2B Firms by Emkay Global Financial Services
Source: Emkay Global Financial Services
2025-04-14 11:09:53 am
Oil & Gas Sector Update : Autofuel excise hiked amid weak oil prices; OMCs in sweet spot by Emkay Global Financial Services As Brent prices plummeted to USD65/bbl owing to US-led global tariff wars and OPEC+ accelerating reversal of output cuts, the GoI raised petrol and diesel excise duties by Rs2/ltr each, wef 8-Apr-25, with OMCs absorbing the same. The Petroleum Minister announced a further Rs50/cyl hike in domestic LPG prices and reiterated that LPG compensation for FY25 under-recoveries (amounting to Rs413.4bn) should also come. Autofuel price cuts could be taken if crude stays or falls below USD60/bbl, thoug...
Oil & Gas Sector Update : Autofuel excise hiked amid weak oil prices; OMCs in sweet spot by Emkay Global Financial Services
Oil & Gas Sector Update : Autofuel excise hiked amid weak oil prices; OMCs in sweet spot by Emkay Global Financial Services
Source: Emkay Global Financial Services
2025-04-14 10:59:00 am
Consumer Durables Sector Update : Cooling curve turning vertical by Emkay Global Financial Services We initiate coverage on the Indian Air Conditioner (AC) space, with BUY on both, Voltas – with TP of Rs1,600 (upside: 23%), and Blue Star (BLSTR) – with TP of Rs2,400 (upside: 19%). We believe the RAC category offers the best longterm/secular growth play, led by benign penetration levels (~14% vs ~208% in China; refer to China Case Study), improving affordability/falling TCOs, rising finance penetration, and improving power availability. Summer 2024 appears to have been a pivotal ...
Consumer Durables Sector Update : Cooling curve turning vertical by Emkay Global Financial Services
Consumer Durables Sector Update : Cooling curve turning vertical by Emkay Global Financial Services
Source: Emkay Global Financial Services
2025-04-14 09:41:40 am
NBFC Sector Update : Gold-lending guidelines: Harmonization of LTV norms; nothing disruptive by Motilal Oswal Financial Services Ltd Gold-lending guidelines: Harmonization of LTV norms; nothing disruptive * The RBI has issued revised draft guidelines on gold lending, which will not disrupt or tighten gold-lending activities. It is instead intended to harmonize the guidelines for regulated entities (REs) in gold lending and provide a level playing field for all classes of lenders in this product segment. * The revised guidelines aim to: 1) establish a harmonized and uniform regulatory framework, 2) address concerns re...
NBFC Sector Update : Gold-lending guidelines: Harmonization of LTV norms; nothing disruptive by Motilal Oswal Financial Services Ltd
NBFC Sector Update : Gold-lending guidelines: Harmonization of LTV norms; nothing disruptive by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-13 05:16:01 pm
Cement Sector Update : Price hikes announced, sustainability remains key by Motilal Oswal Financial Services Ltd Price hikes announced, sustainability remains key Cement spread increase led by pricing tailwinds Our channel checks suggest that the industry announced price hikes in Apr’25. The average price increased by INR40/bag MoM in the South region and by INR20/bag MoM in the East region. In other regions (North, West and Central), the average price increased in the range of INR8-15/bag. The price hikes should alleviate the concern of lower margin for the past few quarters. We estimate th...
Cement Sector Update : Price hikes announced, sustainability remains key by Motilal Oswal Financial Services Ltd
Cement Sector Update : Price hikes announced, sustainability remains key by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-13 12:46:01 pm
Infrastructure Sector Update : NHAI awarding picks up in 4Q, ends below target in FY25 by Motilal Oswal Financial Services Ltd NHAI awarding picks up in 4Q, ends below target in FY25 * NHAI’s project awarding in FY25 stood at 4,080km, below the 5,000km target, mainly due to general elections in 1QFY25 and subdued activity until 3QFY25. Awarding picked up in 4QFY25, with ~2,600km awarded during the quarter. The overall muted awarding has impacted order inflows for several road construction companies. NHAI exceeded its highway construction target of 5,150km and built 5,614km in FY25. * FASTag toll collectio...
Infrastructure Sector Update : NHAI awarding picks up in 4Q, ends below target in FY25 by Motilal Oswal Financial Services Ltd
Infrastructure Sector Update : NHAI awarding picks up in 4Q, ends below target in FY25 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-13 10:52:11 am
Oil & Gas Sector Update : Central government focuses on ensuring sustainable returns for OMCs Central government focuses on ensuring sustainable returns for OMCs   * The central government on 7th Apr’25 increased 1) excise duty on petrol (MS) and diesel (HSD) by INR2/lit, and 2) the price of domestic LPG cylinders by INR50. The increase in excise duty will affect OMCs’ marketing margins, though we do not expect any impact on our earnings estimates as the current marketing margins, averaging above ~INR10/lit, are significantly above our assumption of INR3.3/lit f...
Oil & Gas Sector Update : Central government focuses on ensuring sustainable returns for OMCs
Oil & Gas Sector Update : Central government focuses on ensuring sustainable returns for OMCs
Source: Motilal Oswal Financial Services Ltd
2025-04-13 09:50:52 am
Diet Report : Pharmaceuticals - Pharma Tariffs - Can India escape? by Elara Capital Late night on April 8, US President Donald Trump announced that tariffs on pharmaceutical product imports will be announced soon. The products have been exempted from the tariffs announced to date (Source: ANI News) The key question is whether India can be exempted from the pharma tariffs, given the better relationship between the countries and the critical nature of India’s generic drug supplies to the US healthcare system.   Country-specific exemption for India unlikely ...
Diet Report : Pharmaceuticals - Pharma Tariffs - Can India escape? by Elara Capital
Diet Report : Pharmaceuticals - Pharma Tariffs - Can India escape? by Elara Capital
Source: Elara Capital
2025-04-13 09:49:57 am
IT Sector Update : Liberation Day and Indian IT: Breaking point or turning point? by Motilal Oswal Financial Services Ltd Liberation Day and Indian IT: Breaking point or turning point? * The fallout from the Liberation Day tariffs has wreaked havoc on Indian IT service stocks, pushing the sector into the eye of the storm. While the full impact will take time to unfold, discretionary spend is likely to be put on hold again. We expect the next 3-6 months to bring negative news flow—including earnings cuts and potential pullbacks in FY26 guidance. In this note, we break down short-term risks across vertica...
IT Sector Update : Liberation Day and Indian IT: Breaking point or turning point? by Motilal Oswal Financial Services Ltd
IT Sector Update : Liberation Day and Indian IT: Breaking point or turning point? by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-13 09:16:14 am
Healthcare Sector Update : Healthy YoY growth in Mar`25 after soft Feb`25 by Motilal Oswal Financial Services * The India pharma market (IPM) grew 9.3% YoY in Mar’25 (vs. 1% in Mar’24 and 4.1% in Feb’25). * Considering a CAGR of 20% in Mar’24 over Mar’22, YoY growth of 9.3% in Mar’25 seems healthy. * The growth was driven by strong outperformance in Cardiac/Gastro/Urology therapies, which outperformed IPM by 340bp/280bp/780bp. * Acute therapy growth stood at 8% in Mar’25 (vs. -1% in Mar’24 and 3% Feb’25) owing to seasonality. * For the...
Healthcare Sector Update : Healthy YoY growth in Mar`25 after soft Feb`25 by Motilal Oswal Financial Services
Healthcare Sector Update : Healthy YoY growth in Mar`25 after soft Feb`25 by Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services Ltd
2025-04-12 05:24:43 pm
Automobiles Sector Update : Uneventful quarter by Motilal Oswal Financial Services Ltd Uneventful quarter Weak domestic outlook; global outlook marred with uncertainty * Auto OEMs within our coverage universe are expected to deliver ~6% YoY volume growth in 4QFY25. However, the end-market demand in 4Q has been weaker than the headline number suggests. Overall, growth was largely driven by new launches from MM, TVS and RE, while HMCL, BJAUT, HMI and MSIL posted subdued growth. CVs continued to witness weak demand. * For our OEM coverage universe (excl. JLR), we expect r...
Automobiles Sector Update : Uneventful quarter by Motilal Oswal Financial Services Ltd
Automobiles Sector Update : Uneventful quarter by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-12 11:08:19 am
Capital Goods Sector Update : Awaiting a broad-based activity revival by Motilal Oswal Financial Services Ltd Awaiting a broad-based activity revival During 4QFY25, Defense and Transmission emerged as key growth drivers for order inflows in the sector. However, a broad-based revival in order inflows was notably absent, especially from central government and private sector players. Defense sector approvals from the Defence Acquisition Council (DAC) and continued focus from the Ministry of Defence (MoD) emphasized the intent of the government on the Make-in-India initiative and expedited finalizatio...
Capital Goods Sector Update : Awaiting a broad-based activity revival by Motilal Oswal Financial Services Ltd
Capital Goods Sector Update : Awaiting a broad-based activity revival by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-12 09:50:47 am
ESG: ICM progresses with carbon offset plan by Kotak Institutional Equities The recent notification of the detailed procedure for the offset mechanism and eight methodologies represents a major advancement in the operationalization of the Indian Carbon Market (ICM) by mid-2026. The proposed MRV process under the offset mechanism is poised to ensure accuracy and integrity. However, for its effective implementation, the adoption of a nimble and transparent approach will be crucial, in our view.   Offset mechanism to incentivize climate action by non-obligate...
ESG: ICM progresses with carbon offset plan by Kotak Institutional Equities
ESG: ICM progresses with carbon offset plan by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-04-11 02:57:12 pm
Banking Sector Update : Repo cut to hurt NIMs; other measures seem bank positive by Emkay Global Financial Services Ltd In its Apr-25 monetary policy review, RBI cut repo rate further by 25bps to 6%, and changed policy stance to ‘Accommodative’ from ‘neutral’. This raises hopes for more rate cuts, albeit contingent on evolving macro-economic dynamics amid ongoing tariff wars. Separately, RBI released guidelines to allow stressed asset securitization, expanded co-lending arrangement between banks and even for non-PSL category, partial credit enhancement (PCE) by regulated entities to sup...
Banking Sector Update : Repo cut to hurt NIMs; other measures seem bank positive by Emkay Global Financial Services Ltd
Banking Sector Update : Repo cut to hurt NIMs; other measures seem bank positive by Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2025-04-11 02:41:21 pm
Metals & Mining Sector Update : Q4FY25 preview - Expect a mixed quarterly performance by Emkay Global Financial Services Ltd We expect the Metals & Mining sector to see a mixed performance in Q4FY25. The ferrous segment is likely to see sequential improvement in earnings, primarily driven by lower coking coal costs, project ramp-ups, and sequentially stable realizations. On the other hand, the non-ferrous segment is expected to be flat-to-slightly weaker, impacted by a 23%/7% drop in alumina/zinc prices offset by a modest 2% QoQ increase in aluminium prices. We update our commodity price forecasts, key being lo...
Metals & Mining Sector Update : Q4FY25 preview - Expect a mixed quarterly performance by Emkay Global Financial Services Ltd
Metals & Mining Sector Update : Q4FY25 preview - Expect a mixed quarterly performance by Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services
2025-04-11 02:32:42 pm
Chemical Sector Update : Selective recovery signs in Q4 by Elara Capital Within Elara Chemicals universe, we have a positive stance on refrigerant companies (SRF, FLUOROCH and NFIL) as also on those companies which are dependent on raw material that are derivatives of crude oil (DN and SCHI). Commentaries by global chemical companies suggest a gradual recovery in volume in CY25 but recovery in prices is less predictable due to Chinese oversupply. However, some relief may materialize, subject to a recovery in the Chinese economy and normalization of the agriculture...
Chemical Sector Update : Selective recovery signs in Q4 by Elara Capital
Chemical Sector Update : Selective recovery signs in Q4 by Elara Capital
Source: Elara Capital
2025-04-11 02:19:38 pm
Q4 earnings preview report from Equirus Securities Autos: 2W wholesales rose 6% YoY with strong export growth and PV wholesales grew 10% YoY led by strong growth in M&M, Kia, and Skoda. MHCV is expected to grow 8% YoY but LCV may decline 2%. OEM and tyre company margins are likely to stay flattish amid higher commodity cost pressures. Domestic auto ancillaries serving 2W and PVs are expected to perform well YoY. Building Materials: Demand generation for late-stage Building materials like Ceramic Tiles and Bathware + Wood panel, from ne...
Q4 earnings preview report from Equirus Securities
Q4 earnings preview report from Equirus Securities
Source: Equirus Securities
2025-04-10 05:28:03 pm
Aviation Sector Update : Strong earnings amid Maha Kumbh by Elara Capital We are positive on the Aviation sector as demand is set to strengthen (at a 12% CAGR in FY25E-28E) versus FY26 levels due to the addition of new airports in Delhi and Mumbai by Q1FY26 (source: Mint; The Times of India). InterGlobe Aviation’s (INDIGO IN) Pratt & Whitney engine-fitted aircraft are returning to operations and terminals will expand in Bengaluru, Chennai, Ahmedabad and Kolkata by FY27-28. Margin and demand for the airlines would get a boost due to a dip in crude oil pric...
Aviation Sector Update : Strong earnings amid Maha Kumbh by Elara Capital
Aviation Sector Update : Strong earnings amid Maha Kumbh by Elara Capital
Source: Elara Capital
2025-04-10 02:11:43 pm
Oil & Gas Sector Update : Weaker earnings YoY across sector by Elara Capital For FY26E, we have a positive view on oil marketing companies (OMCs) in the Oil & Gas sector, as weakening of international crude oil prices to <USD 60/bbl would add ~INR 900bn cumulative EBITDA to OMCs in FY26E over that at USD 75/bbl crude oil price. As per our estimates, OMCs’ FY26E EPS would be positively impacted by 93-123% at current crude oil prices – Bharat Petroleum (BPCL IN) by INR 37 or 123%, Hindustan Petroleum (HPCL IN) by INR 64 or 120% and Indian Oil (IOCL IN...
Oil & Gas Sector Update : Weaker earnings YoY across sector by Elara Capital
Oil & Gas Sector Update : Weaker earnings YoY across sector by Elara Capital
Source: Elara Capital
2025-04-10 02:08:29 pm
Utilities Sector Update : Generation picks up with seasonal demand by Elara Capital Power companies in our coverage are likely to report strong earnings in Q4. Key drivers include growth in regulated equity from capacity expansion, addition in new transmission lines, pick-up in power demand and sustained volume growth in the short-term market, as also contributions from solar EPC and rooftop installation. We retain our positive outlook on NTPC, driven by increased regulated equity from addition in thermal capacity. We are also positive on CESC and NLC given the strategic shi...
Utilities Sector Update : Generation picks up with seasonal demand by Elara Capital
Utilities Sector Update : Generation picks up with seasonal demand by Elara Capital
Source: Elara Capital
2025-04-10 11:11:08 am
Sugar Sector Update : Signs of improvement by Elara Capiatal Domestic volume of the sugar industry has been flat YoY in Q4FY25 to INR 6.8mn tonne, driven by demand normalization. In the base quarter, high demand prevailed because of the General Elections. The government also has allowed export of 1.0mn tonne of sugar, which should drive growth for the industry in H1CY25. Post the announcement of sugar exports, the industry witnessed ~10% increase in ex-mill price and the current price stands at INR 40-41 ex-mill in North India. Prices are likely to sta...
Sugar Sector Update : Signs of improvement by Elara Capiatal
Sugar Sector Update : Signs of improvement by Elara Capiatal
Source: Elara Capital
2025-04-10 10:45:33 am
NBFC Sector Update : Strong seasonality missing in the quarter by Motilal Oswal Financial Services Ltd Strong seasonality missing in the quarter Seasonality notwithstanding, collection and demand trend remained rather muted * Demand momentum remained weak in 4QFY25: We expect ~9% YoY growth in AUM for our coverage HFCs, including both affordable and large HFCs. Vehicle financers are projected to report ~20% YoY AUM growth. Gold lenders (including non-gold products) are likely to record ~29% YoY growth. NBFC-MFIs are estimated to post a decline of ~15% YoY in AUM, while diversified lender...
NBFC Sector Update : Strong seasonality missing in the quarter by Motilal Oswal Financial Services Ltd
NBFC Sector Update : Strong seasonality missing in the quarter by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-10 10:42:50 am
Banking Sector Update : Connecting the dots of provisional business updates by Kotak Institutional Equities We reiterate that the explanatory power of provisional business updates (a set of closely tracked disclosures) is mixed. On one hand, the relationship between NII growth and business growth has weakened after the introduction of EBLR and a higher share of retail loans. On the other hand, the disclosure on collection efficiency does provide some early indication about slippage trends. Hence, we look at these disclosures selectively when drawing an inference on the profitability performance of ...
Banking Sector Update : Connecting the dots of provisional business updates by Kotak Institutional Equities
Banking Sector Update : Connecting the dots of provisional business updates by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-04-10 10:32:26 am
Automobiles Sector Update : Tariff-led turbulence ahead by Kotak Institutional Equities The recent tariffs are set to raise the landed costs, pressuring margins across global auto suppliers. The competitive intensity may increase, as global peers with US plants gain an edge, especially for Sona Comstar. Demand slowdown in US autos may indirectly weigh on SAMIL, BHFC and SONACOMS. Sona Comstar faces added pressure from a weakening EV outlook and customer concentration risk. Overall, we believe that near-term headwinds remain across cost, pricing and demand dynamics, leading to ra...
Automobiles Sector Update : Tariff-led turbulence ahead by Kotak Institutional Equities
Automobiles Sector Update : Tariff-led turbulence ahead by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-04-10 10:21:25 am
Cement Sector Update : Defensive play during global tariff turbulence Choice Broking Ltd The current global economic uncertainty amidst the tariff war could be a prolonged one. The cement sector’s first-order demand drivers are completely domestic in nature, and hence, the sector remains insulated from the ongoing global uncertainty. Any global linkages on the cost side (petcoke) will be favorable during times of a global risk off mode. We have seen in the past that during times of external uncertainty, the Indian government would focus increasingly on driving domestic dema...
Cement Sector Update : Defensive play during global tariff turbulence Choice Broking Ltd
Cement Sector Update : Defensive play during global tariff turbulence Choice Broking Ltd
Source: Choice Broking
2025-04-10 10:20:53 am
Healthcare Sector update : A fine quarter in store by Kotak Institutional Equities We expect healthy sales and profitability in 4QFY25 for our pharma and hospitals coverage. For pharma companies, we expect continued traction across most markets to drive ~11%/~17% yoy growth in overall sales/EBITDA in 4QFY25, with sluggish domestic growth in January and February being the only chagrin. We also bake in a healthy ~16/~20% yoy growth in overall hospitals sales and EBITDA, largely led by higher footfalls and a slight increase in ARPOB. In diagnostics, we expect steady volume tra...
Healthcare Sector update : A fine quarter in store by Kotak Institutional Equities
Healthcare Sector update : A fine quarter in store by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-04-10 10:16:19 am
Insurance Sector Update: Weak quarter for insurance by Kotak Institutional Equities 4QFY25E trends will likely remain weak for life and non-life players. The slowdown in ULIPs weighs in on growth for life players, while non-life players are impacted by the implementation of the 1/n rule. Trends in VNB margins are mixed, driven by product mix and base period adjustments. Weak VNB trends for most listed life insurers VNB trends will likely remain weak for most players in 4QFY25E, reporting (-)9% to +3% yoy growth. HDFC Life will likely remain an outlier, reporting strong...
Insurance Sector Update: Weak quarter for insurance by Kotak Institutional Equities
Insurance Sector Update: Weak quarter for insurance by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-04-10 10:08:52 am
Pharma Sector Update : Pharma Firms Steady Amid Tariff Turmoil Choice Broking Ltd Pharmaceutical companies under our coverage are expected to report healthy revenue growth, averaging 13.1% YoY, driven by volume expansion and price increases in the domestic market— enabling continued outperformance vs the IPM, new product launches in the US as well as sustained growth in the EU (Europe) and Emerging Markets. EBITDA growth is also expected to remain strong, with an average growth of 20.4% YoY, supported by a favorable product mix and improved operational efficiencies a...
Pharma Sector Update : Pharma Firms Steady Amid Tariff Turmoil Choice Broking Ltd
Pharma Sector Update : Pharma Firms Steady Amid Tariff Turmoil Choice Broking Ltd
Source: Choice Broking
2025-04-10 10:04:02 am
IT Sector Update : Muted Q4FY25 Expected; Read our Base Case & Bear Choice Broking Ltd India's IT sector is expected to face subdued performance in Q4FY25, with cautious near-term guidance expected by managements due to clients reassessing their businesses and reducing discretionary IT spends. As a result, revenue growth for IT and ER&D service providers may drop by 2- 3% in FY26. This shift stems from concerns over potential retaliatory tariffs under Trump, which could lead to a global slowdown or even a recession, especially in the US. While US tariffs don’t dir...
IT Sector Update : Muted Q4FY25 Expected; Read our Base Case & Bear Choice Broking Ltd
IT Sector Update : Muted Q4FY25 Expected; Read our Base Case & Bear Choice Broking Ltd
Source: Choice Broking
2025-04-10 09:42:06 am
Hospitals Sector Upadate : Safest sector with robust growth amid Trump tariff scenario by Choice Broking Ltd Strong Q4FY25 Results expected: Healthcare companies under coverage are expected to end the year on a good note and continue in FY26. We anticipate our coverage companies to report robust double-digit growth in revenues (~21% YoY on average), considering one of the best quarter for the industry, primarily driven by improved occupancy levels due to the execution of elective surgeries, capacity expansions, and improvement in the share from international patients. ARPOB (Average Revenue Per Occu...
Hospitals Sector Upadate : Safest sector with robust growth amid Trump tariff scenario by Choice Broking Ltd
Hospitals Sector Upadate : Safest sector with robust growth amid Trump tariff scenario by Choice Broking Ltd
Source: Choice Broking
2025-04-10 09:25:32 am
Q4FY25 Earnings Preview - Real Estate by Axis Securities Real Estate We expect companies under our coverage to show a 36% decline in pre-sales for Q4FY25 YoY. This is primarily due to the already high base established in the previous financial year's Q4. Companies like Man Infraconstruction and Arvind Smartspaces are set to report healthy growth for the year. Companies like Oberoi Realty, Prestige Estates, and Signature will report lower Q4 pre-sales numbers compared to the previous year. However, for the annual pre-sales (FY25), Signature G...
Q4FY25 Earnings Preview - Real Estate by Axis Securities
Q4FY25 Earnings Preview - Real Estate by Axis Securities
Source: Axis Securities Ltd
2025-04-10 09:14:27 am
Power Sector Update : Q4FY25E- Pick up in power demand to provide respite! by Axis Securities Ltd Cumulative all-India electricity demand over Jan-Mar'25 stood at 416 BU as compared to 400 BU for the same period last year. For Q4FY25, electricity demand has improved with the early onset of summer and peak demand reaching up to 238 GW during Q4FY25 in Feb’25 (vs. 224 GW during Q4FY24 in Jan '24). Improvement in demand is also reflected in improved merchant prices, as IEX DAM prices in Q4FY25 stood at Rs 4.4/KWH vs 3.7/KWH during Q3FY25. We expect a good quarter from all the c...
Power Sector Update : Q4FY25E- Pick up in power demand to provide respite! by Axis Securities Ltd
Power Sector Update : Q4FY25E- Pick up in power demand to provide respite! by Axis Securities Ltd
Source: Axis Securities Ltd
2025-04-09 02:38:11 pm