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Insurance Sector Update: A better quarter by Kotak Institutional Equities A better quarter Life insurers will likely report mixed APE trends, with product mix-led margin expansion driving better VNB growth. Base effect and product strategies are key drivers, while pickup in agency momentum is monitorable. Non-life companies remain marred by low momentum in the auto business, early onset of monsoon driving health claims and distortion in financials due to the 1/n rule. PB’s growth will likely moderate yoy but remain high. Better VNB growth in 1Q We e...
Insurance Sector Update: A better quarter by Kotak Institutional Equities
Insurance Sector Update: A better quarter by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-07-09 05:52:06 pm
Chemicals Sector Update : Mixed results amid continued industry-wide challenges by Kotak Institutional Equities Mixed results amid continued industry-wide challenges While the overall supply-demand scenario in the world chemical industry remains unfavorable, some companies will likely report significant yoy improvement in results, supported by an easy base, front-loading of customer orders and ramp-up of specific growth projects. However, there is a risk that earnings growth decelerates in the coming quarters as these tailwinds fade away. We see maximum risk to earnings estimates for UPLL and ARTO. ...
Chemicals Sector Update : Mixed results amid continued industry-wide challenges by Kotak Institutional Equities
Chemicals Sector Update : Mixed results amid continued industry-wide challenges by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-07-09 05:44:15 pm
Real Estate Sector Update : Starting on a strong note from Kotak Institutional Equities. Starting on a strong note Residential developers under coverage will have a record 1QFY26 with pre-sales in excess of Rs400 bn, beating the previous peak of Rs342 bn in 3QFY25. DLF and Prestige will lead from the front with pre-sales in excess of Rs100 bn on the back of strong launch activity during the quarter, ably backed by Godrej Properties and Lodha, which will likely sustain their strong growth momentum. Our coverage universe is targeting ~20% yoy increase in cumulative pre-sales to ...
Real Estate Sector Update : Starting on a strong note from Kotak Institutional Equities.
Real Estate Sector Update : Starting on a strong note from Kotak Institutional Equities.
Source: Kotak Institutional Equities
2025-07-09 05:43:47 pm
Defence Sector Updat : Q1FY26 Quarterly Results Preview by Choice Broking Ltd Structural upcycle intact - strong execution, policy momentum, and export tailwinds to drive resilient growth. India’s defence sector continues to operate within a strong structural upcycle, propelled by increased capital allocation, accelerating indigenization, and growing global trust in India as a strategic defence partner. For Q1FY26, we expect companies across the value chain from DPSUs like HAL, BEL, and BDL to agile, private players to post healthy revenue growth, largely in t...
Defence Sector Updat : Q1FY26 Quarterly Results Preview by Choice Broking Ltd
Defence Sector Updat : Q1FY26 Quarterly Results Preview by Choice Broking Ltd
Source: Choice Broking Ltd
2025-07-09 12:28:10 pm
Auto Sector Update : Q1FY26 Quarterly Results Preview by Choice Broking Ltd Premiumisation and New Launches Support Growth, But Global Headwinds Continue to Persist We maintain our sector view to Neutral due to rising global uncertainties that are beginning to impact both costs and supply chains. One of the biggest concerns right now is China’s recent restrictions on the export of rare earth magnets, which are crucial for making electric motors used in EVs and advanced auto components. With many Indian OEMs dependent on these imports, this move is increasing...
Auto Sector Update : Q1FY26 Quarterly Results Preview by Choice Broking Ltd
Auto Sector Update : Q1FY26 Quarterly Results Preview by Choice Broking Ltd
Source: Choice Broking Ltd
2025-07-09 12:20:00 pm
Banking Sector Update : Sequential movement in NII/NIM are monitorables by Prabhudas Lilladher Ltd Sequential movement in NII/NIM are monitorables Banks under our coverage are likely to see a weak quarter due to seasonality as core earnings (ex-IIB) may fall by -2.6% QoQ/+2.0% YoY to Rs577bn (-2.4% QoQ in Q4FY25). Loan/deposit growth is expected at +1.0%/+0.6% QoQ and 10.6%/11.7% YoY (+3.7%/+5.0% QoQ in Q4FY25). LDR may rise sequentially by 26bps to 83.3%. While reported NIM might fall by 10-15bps QoQ owing to repo rate reduction, calculated NIM may remain flat QoQ at 3.32% vs 3.53% a y...
Banking Sector Update : Sequential movement in NII/NIM are monitorables by Prabhudas Lilladher Ltd
Banking Sector Update : Sequential movement in NII/NIM are monitorables by Prabhudas Lilladher Ltd
Source: Prabhudas Lilladher Ltd
2025-07-09 11:38:31 am
Education Sector Update : Operating performance remains muted by Prabhudas Lilladher Ltd Operating performance remains muted Education companies under our coverage are expected to report 8.5% YoY growth in top-line in Q1FY26E. DOMS IN is likely to sustain the growth momentum driven by Uniclan’s consolidation. Nonetheless, fall in syndication revenue is likely to suppress SCHAND IN’s top-line, while NELI IN’s struggle for growth would stem from rising usage of second-hand books and falling realization in the domestic stationery market. On the operating perform...
Education Sector Update : Operating performance remains muted by Prabhudas Lilladher Ltd
Education Sector Update : Operating performance remains muted by Prabhudas Lilladher Ltd
Source: Prabhudas Lilladher Ltd
2025-07-09 11:33:25 am
Cement Sector Update : Steady prices amid sequential volume dip by Prabhudas Lilladher Ltd Steady prices amid sequential volume dip We expect our cement coverage universe to report YoY Revenue/EBITDA/PAT growth of ~11%/43%/51% (-5%/-2%/-14% QoQ) in Q1FY26 on improved pricing despite muted volume growth. Cement pricing was strong in the first 2 months of the quarter, supported by government infrastructure spending, which aided demand to some extent. However, overall demand remained mixed across regions, mainly due to extreme heatwaves affecting labor availability and early monsoo...
Cement Sector Update : Steady prices amid sequential volume dip by Prabhudas Lilladher Ltd
Cement Sector Update : Steady prices amid sequential volume dip by Prabhudas Lilladher Ltd
Source: Prabhudas Lilladher Ltd
2025-07-09 11:27:22 am
Metals & Mining Sector Update : Volume disappoints amid best pricing conditions by Prabhudas Lilladher Pvt Ltd Volume disappoints amid best pricing conditions We expect our metals coverage universe to report mixed performance in Q1FY26, with revenue/EBITDA/PAT growth of 0%/9%/22% YoY (-9%/-3%/-6% QoQ). Benefits of higher domestic steel prices (aided by safeguard duty) and lower coking coal prices are getting negated by weaker set of volume numbers in H1FY26. Although domestic demand remains strong aided by GoI spending, Q1FY26 volume growth seems to have affected by early monsoon, heatwaves and mai...
Metals & Mining Sector Update : Volume disappoints amid best pricing conditions by Prabhudas Lilladher Pvt Ltd
Metals & Mining Sector Update : Volume disappoints amid best pricing conditions by Prabhudas Lilladher Pvt Ltd
Source: Prabhudas Lilladher Pvt Ltd
2025-07-09 11:23:32 am
Metals & Mining Sector Update : 1QFY26E preview: Mixed bag by Kotak Institutional Equities Price trends were a mixed bag for both ferrous and non-ferrous players during the quarter. Steel—we expect margins to improve by ~Rs2,370/ton for our coverage stocks, mainly led by front-ended price hikes and lower coal costs during the quarter. Base metal producers should see a weak quarter, mainly led by weaker commodity prices due to the ongoing tariff-related uncertainties. Zinc/aluminum/alumina prices declined by 7.3%/7.1%/32% qoq in 1QFY26. A sharp correction in alumina prices wou...
Metals & Mining Sector Update : 1QFY26E preview: Mixed bag by Kotak Institutional Equities
Metals & Mining Sector Update : 1QFY26E preview: Mixed bag by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-07-09 11:16:59 am
Oil and Gas Sector Update : PNGRB pipeline tariff reforms to benefit consumers; IGL gains by Emkay Global Financial Services Ltd The PNGRB has approved the Second Amendment to the Natural Gas Pipeline Tariff Regulations, 2025. The amendment entails relief to far flung customers, especially CGDs, through zonal realignment, besides gas cost optimization and a development reserve for pipeline players. The unified tariff (UFT) for Zone 3 has been eliminated, with CNG and domestic PNG to come under Zone 1, irrespective of the distance from the gas source, and pipeline operators are mandated to procure 75% of their SUG (syst...
Oil and Gas Sector Update : PNGRB pipeline tariff reforms to benefit consumers; IGL gains by Emkay Global Financial Services Ltd
Oil and Gas Sector Update : PNGRB pipeline tariff reforms to benefit consumers; IGL gains by Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2025-07-09 11:05:42 am
Banking Sector Update : Select banks, SFBs better placed to play the MFI recovery story by Emkay Global Financial Services Ltd Over the past one year, the Microfinance sector has undergone a much needed reset with the imposition of MFIN guardrails which in turn led to higher NPAs, exposing sector vulnerability and pushing a few players almost toward existential crisis and others into losses. We believe that this reset is likely to push hard for geographic/product diversification, re-calibrate lending/collection strategies, and hopefully contingency buffers. We hereby highlight in detail the outlook on the MFI sector,...
Banking Sector Update : Select banks, SFBs better placed to play the MFI recovery story by Emkay Global Financial Services Ltd
Banking Sector Update : Select banks, SFBs better placed to play the MFI recovery story by Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2025-07-09 11:03:10 am
Consumer Goods Sector Update : Q1 business updates: GCPL, Marico better; Dabur weak by Emkay Global Financial Services Ltd We prefer GCPL and Marico due to better execution, which resulted in a relatively better topline for the companies. We expect Q1FY26E revenue growth for GCPL to be 12% and for Marico at 21%. Raw material headwinds are likely to have a bearing on margins and earnings. At the same time, we remain concerned with Dabur’s execution, which likely led to its weak topline in Q1. We see low single digit topline growth for Dabur in Q1FY26E. With weak operating leverage and raw material inflation,...
Consumer Goods Sector Update : Q1 business updates: GCPL, Marico better; Dabur weak by Emkay Global Financial Services Ltd
Consumer Goods Sector Update : Q1 business updates: GCPL, Marico better; Dabur weak by Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2025-07-09 10:52:42 am
Chemicals Sector Update : Demand recovery visible in certain pockets by Emkay Global Financial Services Ltd We expect Q1FY26 results to be better YoY for most companies (due to the lower base) and mixed QoQ, owing to multiple geopolitical events and tariff-led uncertainty—1) refrigerant business to continue to benefit from the higher-pricing environment globally and robust demand. 2) Generic/patented agrochemical players have shown resilience, amid China’s dumping pressure, and are expected to log decent volume growth YoY on completion of destocking and bottoming out of the agrochemical...
Chemicals Sector Update : Demand recovery visible in certain pockets by Emkay Global Financial Services Ltd
Chemicals Sector Update : Demand recovery visible in certain pockets by Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2025-07-09 10:45:14 am
NBFC Sector Update : Modest start in Q1; hope of a stronger H2 on improving macro by Emkay Global Financial Services Ltd We expect the overall NBFC sector to track a slower growth mode in Q1, amid weak vehicle sales that led to weaker growth in vehicle finance and a slower housing finance segment. The 100bps rate cut by the RBI from Feb to Jun-25 might drive a small moderation in cost of borrowings in Q1, while the full impact on NIMs will start reflecting in H2FY26, in our view. On the credit cost front, the Q1FY26 show will be typically weaker vs Q4FY25; we believe YoY credit cost too will be elevated. Howeve...
NBFC Sector Update : Modest start in Q1; hope of a stronger H2 on improving macro by Emkay Global Financial Services Ltd
NBFC Sector Update : Modest start in Q1; hope of a stronger H2 on improving macro by Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2025-07-09 10:37:43 am
Insurance Sector Update: Q1FY26 Preview: Slow start, as expected; likely revival in H2 by Emkay Global Financial Services Ltd The Insurance sector is likely to deliver a modest performance during Q1FY26, given that 1) APE growth for life insurance companies would see moderation owing to a high base effect of Q1FY25, the new surrender regulations impact playing till H1FY26, and potential slower push of high-ticket ULIP owing to geopolitical uncertainty around equity markets. However, VNB margins are expected to see YoY improvement, backed by sale of high-margin, non-par and protection products; 2) General Insurance s...
Insurance Sector Update: Q1FY26 Preview: Slow start, as expected; likely revival in H2 by Emkay Global Financial Services Ltd
Insurance Sector Update: Q1FY26 Preview: Slow start, as expected; likely revival in H2 by Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2025-07-09 10:34:13 am
Power Sector Update : 10 POWER points; A weekly roundup on power & utilities #15/FY26 by JM Financial Services Ltd We have curated a list of 10 significant developments that occurred during the week 30 Jun6 Jul’25, both within India and internationally, which may have implications for Indian utilities, including the renewable sector, in future. *  Avg daily energy/ max peak demand during week was 4,907 MU (5% YoY, -1% YTDFY26)/ 219 GW (4% YoY, -3% YTDFY26). *  Coal production from captive and commercial mines in June reached 15.57 MT (16% YoY), while coal dispatches were recorded at ...
Power Sector Update : 10 POWER points; A weekly roundup on power & utilities #15/FY26 by JM Financial Services Ltd
Power Sector Update : 10 POWER points; A weekly roundup on power & utilities #15/FY26 by JM Financial Services Ltd
Source: JM Financial Services Ltd
2025-07-09 10:14:48 am
Insurance Sector Update: Public players lead June growth followed by SAHIs by JM Financial Services Ltd The general insurance industry reported a weak 5.2% YoY growth in premiums in Jun’25, reporting INR 234bn on an unadjusted (reported) basis. This follows a growth of 6.5%YoY in May’25. April growth was higher at 13.5% YoY due to the higher proportion of fire business, which has minimal impact of 1/n guidelines. Private multi-line players reported flat (-0.3% YoY) premiums in Jun’25, PSUs grew 15.4% YoY and SAHIs reported a growth of 10.5% YoY in Jun’25 – in line ...
Insurance Sector Update: Public players lead June growth followed by SAHIs by JM Financial Services Ltd
Insurance Sector Update: Public players lead June growth followed by SAHIs by JM Financial Services Ltd
Source: JM Financial Services Ltd
2025-07-09 10:04:32 am
Media Sector Update : Box Office Returns, Ads don`t By JM Financial Services Operating environment for broadcasters remains challenging. A still soft, albeit sequentially better, volume growth for FMCG players – as expected by our consumer team – is negated by likely cuts to their A&P spend (Exhibit 2). Residual benefit of Loksabha elections on TV adspend in the base quarter makes YoY comp even more unfavourable. We therefore expect 5- 15% YoY decline in Z/Sun TV’s TV ad-revenues. Subscription revenues could remain flattish too, as next phase of ...
Media Sector Update : Box Office Returns, Ads don`t By JM Financial Services
Media Sector Update : Box Office Returns, Ads don`t By JM Financial Services
Source: JM Financial Services Ltd
2025-07-09 09:56:32 am
Real Estate Sector Update : 1QFY26 Preview: Healthy start to the year by JM Financial Services Ltd The listed real estate universe had a healthy start to the year despite moderation in demand as rising home prices have made affordability a growing concern for buyers, which has impacted the performance of broader industry. 1QFY26 witnessed broad based launches from all key players, with Delhi-NCR being the most active market. It witnessed multiple launches from reputed developers and irrespective of the ticket size, the response has been very encouraging. DLF’s Privana and a township ...
Real Estate Sector Update : 1QFY26 Preview: Healthy start to the year by JM Financial Services Ltd
Real Estate Sector Update : 1QFY26 Preview: Healthy start to the year by JM Financial Services Ltd
Source: JM Financial Services Ltd
2025-07-09 09:52:19 am
Insurance Sector Update : 1QFY26 Preview: Slow but steadily improving by JM Financial Services Ltd Growth in 1Q26 was expectedly soft for life insurers on a YoY basis while general insurers performed relatively better, especially with fire segment firing with 16% YoY growth over April-May. On reported basis, we expect premium growth of <5% for both ICICIGI and Star Health, with COR of ~102% for both. With normalising investment income, we expect muted PAT growth of 3%/-12% YoY for ICICIGI/Star Health. For life insurers, growth on a two year CAGR was in line at 15%, hence, stocks have do...
Insurance Sector Update : 1QFY26 Preview: Slow but steadily improving by JM Financial Services Ltd
Insurance Sector Update : 1QFY26 Preview: Slow but steadily improving by JM Financial Services Ltd
Source: JM Financial Services Ltd
2025-07-09 09:47:59 am
Banking Sector Update : Rate cuts to bite banks; NBFCs a tad weak as well by Kotak Institutional Equities Rate cuts to bite banks; NBFCs a tad weak as well We should expect a relatively weak performance of banks, led by weak loan growth and NIM compression. 1QFY26 would be the first quarter where the recent rate cuts start to hurt revenue growth. Banks have fewer levers to offset this weakness, although trends in asset quality and consequently in credit costs should partially cushion this impact. Performance of NBFCs may be eclipsed by slowdown in disbursements and inch-up in delinquencies dur...
Banking Sector Update : Rate cuts to bite banks; NBFCs a tad weak as well by Kotak Institutional Equities
Banking Sector Update : Rate cuts to bite banks; NBFCs a tad weak as well by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-07-08 04:57:04 pm
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