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Roads & Highways Sector Report : State Tolling - The Next Frontier for Monetisation by SBI Capital Market Executive Summary National Highway award and construction activity moderated in FY25, hope alive for a better FY26 Awarding and construction pace for National Highways moderated on year in FY25 due to excellent monsoons and elections. Despite a rainy Q1 which likely suppressed construction activity, large greenfield alignments are expected to conclude in FY26 which will add to the construction pace. Awarding activity is set to see a fillip with Rs. 5 trn tenders likely in FY26, which is...
Roads & Highways Sector Report : State Tolling - The Next Frontier for Monetisation by SBI Capital Market
Roads & Highways Sector Report : State Tolling - The Next Frontier for Monetisation by SBI Capital Market
Source: SBI Capital Market
2025-07-18 05:27:34 pm
Pharma Sector Update : 1QFY26 Preview: gRevlimid pricing pressures + late IPM surge By Emkay Global Financial Services Ltd 1QFY26 Preview: gRevlimid pricing pressures + late IPM surge We expect the 1QFY26E US performance for our coverage companies to be exposed to pricing pressures in gRevlimid, with all players rushing to book sales ahead of Jan-26 in a bid to avoid shelf price adjustments. On the domestic front, IPM saw a late surge in Jun-25, with growth during the quarter (8.6% YoY) primarily being driven by cardiac, respiratory, CNS, and anti-diabetic therapies. We believe that the 1Q performance of Sun P...
Pharma Sector Update : 1QFY26 Preview: gRevlimid pricing pressures + late IPM surge By Emkay Global Financial Services Ltd
Pharma Sector Update : 1QFY26 Preview: gRevlimid pricing pressures + late IPM surge By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services
2025-07-17 12:26:39 pm
NBFC Sector Update : Private Banks showing resilience in fresh loan yields by Motilal Oswal Financial Services Ltd Private Banks showing resilience in fresh loan yields PSBs witness a sharper decline in outstanding and fresh loans * The Weighted Average Lending Rate (WALR) on fresh loanssurprisingly increased for PVBs by 7bp MoM in May’25, as banks have adjusted their spreads in loans, while for PSBs, it decreased 8bp MoM. As a result, sectoral-level fresh rupee loan yield declined 6bp MoM (vs a decline of 5bp/9bp in Mar’25/Apr’25). * WALR on O/S loans for the system declined ma...
NBFC Sector Update : Private Banks showing resilience in fresh loan yields by Motilal Oswal Financial Services Ltd
NBFC Sector Update : Private Banks showing resilience in fresh loan yields by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-17 11:01:20 am
Telecom Sector Update : Expert call on Satellite internet - potential to disrupt telcos? By JM Financial Services Expert call on Satellite internet - potential to disrupt telcos? We hosted an expert call to discuss a) economics, viability and target market of satellite internet in India; b) potential of satellite internet to disrupt telcos’ home broadband and wireless business; and c) technical challenges in direct-to-cell technology and their potential resolution. The expert highlighted that providing satellite internet pan-India will require capex of ~INR 80bn (to launch 700-750 LEO satellites...
Telecom Sector Update : Expert call on Satellite internet - potential to disrupt telcos? By JM Financial Services
Telecom Sector Update : Expert call on Satellite internet - potential to disrupt telcos? By JM Financial Services
Source: JM Financial Services Ltd
2025-07-16 12:29:15 pm
Monthly Healthcare Sector Update : Acute therapy witnesses healthy revival by Motilal Oswal Financial Services Ltd Acute therapy witnesses healthy revival * The India pharma market (IPM) grew at a strong rate of 11.5% YoY in Jun’25 (vs. 7% in Jun’24 and 6.9% in May’25). * The growth was driven by a strong show in Respiratory/Cardiac/CNS/Pain therapies, which outperformed IPM by 740bp/330bp/30bp/30bp YoY in Jun’25. * Acute therapy growth stood at 11% in Jun’25 (vs. 7% in Jun’24 and 5% May’25) owing to seasonality. Notably, Anti-infectives showed considerab...
Monthly Healthcare Sector Update : Acute therapy witnesses healthy revival by Motilal Oswal Financial Services Ltd
Monthly Healthcare Sector Update : Acute therapy witnesses healthy revival by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-16 11:46:33 am
NBFC Sector Update - Asia roadshow takeaways - Blend of caution and optimism By Motilal Oswal Financial Services Ltd Asia roadshow takeaways: Blend of caution and optimism. We spent three days in Asia meeting with investors to discuss emerging themes and top ideas within the banking space. In this report, we highlight key insights and debates from the meetings, including sector trends, stock-specific discussions, and potential opportunities.   Earnings recovery, margins, and top picks – Is the banking sector heading for an earnings revival? * The consensus across meetings was that the...
NBFC Sector Update - Asia roadshow takeaways - Blend of caution and optimism By Motilal Oswal Financial Services Ltd
NBFC Sector Update - Asia roadshow takeaways - Blend of caution and optimism By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-15 03:33:37 pm
Life Insurance Sector Update: Industry`s individual APE growth continues to improve By Motilal Oswal Financial Services Ltd Industry’s individual APE growth continues to improve Private players grow in double digits; LIC growth tepid * In Jun’25, the individual weighted received premium (WRP) growth for private players improved to ~13% YoY from 7% YoY in May’25. This improvement fueled the industry growth to ~10% YoY in WRP terms, offset by only ~2% YoY growth reported by LIC. * Among listed players, MAXLIFE continues to grow the fastest for individual WRP (+22% YoY), while HDFCLIFE/SBIL...
Life Insurance Sector Update: Industry`s individual APE growth continues to improve By Motilal Oswal Financial Services Ltd
Life Insurance Sector Update: Industry`s individual APE growth continues to improve By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-07-15 02:40:23 pm
Sector Seasonality Report 15 July 2025 - Axis Securities Understanding The Insights Weekly Seasonality: Shows how each NSE sector has fared in the upcoming week based on its historical performance Look-Back period: 10 years of history Win %: Percentage times prices have rallied during the upcoming week Best: Largest jump (%) seen during the week in question Worst: Biggest drop (%) witnessed during the week Average: Average return during the week based on decade-long data Relative Strength: Shows the relative performance of indi...
Sector Seasonality Report 15 July 2025 - Axis Securities
Sector Seasonality Report 15 July 2025 - Axis Securities
Source: Axis Securities Ltd
2025-07-15 11:47:36 am
NBFCs Sector Update: Demand trends soft;seasonal weakness visible in asset quality By Motilal Oswal Financial Services Ltd Demand trends soft;seasonal weakness visible in asset quality Demand momentum exhibits mixed trends: We expect ~10% YoY growth in AUM for our coverage HFCs, including both affordable and large HFCs. Vehicle financers are projected to report ~18% YoY AUM growth. Gold lenders (despite the weakness in MFI growth) are likely to record ~29% YoY growth (primarily driven by ~43% YoY growth in MUTH). NBFC-MFI AUM is estimated to decline ~22% YoY, while diversified lenders are anticipated to delive...
NBFCs Sector Update: Demand trends soft;seasonal weakness visible in asset quality By Motilal Oswal Financial Services Ltd
NBFCs Sector Update: Demand trends soft;seasonal weakness visible in asset quality By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-07-14 04:24:15 pm
Consumer Sector Update: Steady overall demand with Jewelry outlier; soft margins By Motilal Oswal Financial Services Ltd Steady overall demand with Jewelry outlier; soft margins In our consumer coverage universe, all segments are expected to deliver revenue/EBITDA growth YoY in 1QFY26—staples +6%/+1%, paints & adhesives +3%/+2%, liquor +11%/+6%, innerwear +12%/+21%, QSR +11%/+10%, and jewelry +20%/+27%. *Ongoing revenue trends continue: In 1QFY26, demand trends across various categories continued to mirror recent historical quarters. Staple companies are likely to experience a similar trend due ...
Consumer Sector Update: Steady overall demand with Jewelry outlier; soft margins By Motilal Oswal Financial Services Ltd
Consumer Sector Update: Steady overall demand with Jewelry outlier; soft margins By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-07-14 03:59:38 pm
Auto Sector: US-EU auto proposal puts focus on manufacturing footprint by Kotak Institutional Equities In order to offset the impact of 25% auto tariffs by the US on imported cars, the EU has proposed an export-credit mechanism, which will allow automakers with US manufacturing to offset tariffs on EU-made imports. This will create a divide, where BMW and Mercedes will benefit with strong US exports, while VW, Volvo and JLR will continue to face relatively higher duties. JLR has factored in some tariff relief from its EU plant exports in its FY2026E guidance, which may see a downside risk if t...
Auto Sector: US-EU auto proposal puts focus on manufacturing footprint by Kotak Institutional Equities
Auto Sector: US-EU auto proposal puts focus on manufacturing footprint by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-07-14 01:42:16 pm
Metals & Mining Sector Update : Q1FY26 Preview: expect a mixed bag show; d/g COAL to ADD By Emkay Global Financial Services Ltd Q1FY26 Preview: expect a mixed bag show; d/g COAL to ADD Q1FY26 performance of the Metals & Mining sector is expected to be a mixed bag. The ferrous segment would see sequential improvement in earnings, primarily driven by better realization and lower coking coal costs. In contrast, performance of non-ferrous players is expected to be weaker, impacted by 6.8%/34.1%/7.1% decline in aluminium/alumina/zinc prices. We downgrade COAL to ADD (lower TP ~10% to Rs425) as near-term volume growt...
Metals & Mining Sector Update : Q1FY26 Preview: expect a mixed bag show; d/g COAL to ADD By Emkay Global Financial Services Ltd
Metals & Mining Sector Update : Q1FY26 Preview: expect a mixed bag show; d/g COAL to ADD By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services
2025-07-12 11:41:38 am
Infrastructure Sector Update : Diversified EPC companies to post strong earnings By JM Financial Services Diversified EPC companies to post strong earnings Execution is likely to be a mixed bag, with diversified EPC companies such as L&T, KPIL, KEC International and Ahluwalia Contracts are expected to deliver strong performance, while highway companies like KNR Constructions, GR Infra and Ashoka Buildcon may face headwinds due to lower executable order backlogs. We expect KNR/GR’s revenue to decline by 21%/8% YoY while KPIL/Ahluwalia Contracts likely to post 20%/14% YoY revenue growt...
Infrastructure Sector Update : Diversified EPC companies to post strong earnings By JM Financial Services
Infrastructure Sector Update : Diversified EPC companies to post strong earnings By JM Financial Services
Source: JM Financial Services Ltd
2025-07-12 11:01:56 am
Internet Sector Update : Stabilising before potential rebound in the year ahead By JM Financial Services Stabilising before potential rebound in the year ahead Across the internet space, we expect mixed performance trends. Both Eternal and Swiggy would see their Food delivery (FD) GOV growing c.9% QoQ, while their Quick Commerce (QC) GOV could expand c.20% QoQ each. While Eternal should report margin improvement in both businesses, Swiggy will see margin improvement only in QC as FD margin could be under pressure. Nykaa sustained growth momentum in BPC with Fashion also showing sequential imp...
Internet Sector Update : Stabilising before potential rebound in the year ahead By JM Financial Services
Internet Sector Update : Stabilising before potential rebound in the year ahead By JM Financial Services
Source: JM Financial Services Ltd
2025-07-12 10:49:46 am
Metals and Mining Sector Update : 1QFY26 preview: Steel prices, benign raw material costs to drive earnings By JM Financial Services 1QFY26 preview: Steel prices, benign raw material costs to drive earnings We estimate operating profits across our metals coverage universe to expand by ~3% QoQ in 1QFY26, driven by improved realisations and lower input costs. Indian steel prices improved sequentially in 1Q - flat product prices increased by ~INR3k/t while long product prices improved by INR0.6k/t. Steel companies have guided for a ~USD10-15/t reduction in coking coal consumption cost for 1QFY26. Consequently, spreads for ...
Metals and Mining Sector Update : 1QFY26 preview: Steel prices, benign raw material costs to drive earnings By JM Financial Services
Metals and Mining Sector Update : 1QFY26 preview: Steel prices, benign raw material costs to drive earnings By JM Financial Services
Source: JM Financial Services Ltd
2025-07-12 10:07:44 am
Buy Tata Consultancy Ltd For Target Rs. 3,950 By JM Financial Services Deal’ing with concerns TCS’ 1QFY26 revenues declined 3.3% cc QoQ, missing estimates (JMFe: -0.6%). BSNL rampdown contributed 85% (-2.8%) of the decline, explaining majority of the miss. International business, albeit down 0.5% cc QoQ, was steady, given the environment. Deal wins (USD 9.4bn; book-to-bill: 1.3x) remained a bright spot. That said, strong deals in the recent past (LTM book-to-bill: 1.3x) have not translated into growth, implying weak revenue conversion – a ke...
Buy Tata Consultancy Ltd For Target Rs. 3,950 By JM Financial Services
Buy Tata Consultancy Ltd For Target Rs. 3,950 By JM Financial Services
Source: JM Financial Services Ltd
2025-07-12 09:57:45 am
Building Materials Sector Update : Tepid quarter By JM Financial Services Tepid quarter The building materials sector witnessed subdued demand in 1QFY26 with June being further impacted by the early onset of the monsoon. We estimate that our coverage companies’ aggregate revenue/ EBITDA could grow by ~4%/ ~3% YoY; however, PAT may decline by ~3% YoY. We expect the tiles industry to have witnessed subdued demand in both domestic and exports. Additionally, higher competitive intensity could further weigh on realisation/ margins. In the wood panel segment, th...
Building Materials Sector Update : Tepid quarter By JM Financial Services
Building Materials Sector Update : Tepid quarter By JM Financial Services
Source: JM Financial Services Ltd
2025-07-12 09:42:27 am
Asset and Wealth Management Sector Update : 1QFY26 Preview: Strong markets to drive earnings growth By JM Financial Services 1QFY26 Preview: Strong markets to drive earnings growth 1QFY26 has been a strong quarter for equity markets with Nifty returning 8.5% and mid and small cap indices outperforming the Nifty. Resultantly, we expect the asset and wealth managers to report strong numbers. We expect AMCs under our coverage to report core revenues, operating PBT and PAT growth of 20%/23%/15% on YoY basis and 6%/5%/29% on QoQ basis. For wealth managers, we expect revenues/PAT growth of 20%/18% on YoY basis and 7%/...
Asset and Wealth Management Sector Update : 1QFY26 Preview: Strong markets to drive earnings growth By JM Financial Services
Asset and Wealth Management Sector Update : 1QFY26 Preview: Strong markets to drive earnings growth By JM Financial Services
Source: JM Financial Services Ltd
2025-07-12 09:30:56 am
Cement Sector Update : 1QFY26 Preview: Price-led margin revival By JM Financial Services 1QFY26 Preview: Price-led margin revival We estimate that the average EBITDA/tn for cement companies under our coverage witnessed a moderate sequential recovery (INR 56/tn) in 1QFY26, supported by QoQ improvement in realisation, partially offset by operating de-leverage. On a YoY basis, however, EBITDA/tn is expected to register a sharp increase of >INR 250/tn, driven by improved pricing and a lower volume base. Consequently, the aggregate EBITDA of coverage universe is likely to grow b...
Cement Sector Update : 1QFY26 Preview: Price-led margin revival By JM Financial Services
Cement Sector Update : 1QFY26 Preview: Price-led margin revival By JM Financial Services
Source: JM Financial Services Ltd
2025-07-12 09:22:02 am
Healthcare Sector Update : 1QFY26 Preview: Healthcare to outgrow pharma By JM Financial Services 1QFY26 Preview: Healthcare to outgrow pharma In 1Q, we expect Hospitals to lead the way in the Healthcare sector with 15%/21% Revenue/EBITDA growth. Despite 1Q being historically soft for the hospital sector, 1QFY26 is expected to be relatively robust due to organic bed additions and improvement in ARPOB, further bolstered by the integration of new hospital facilities, notably by Max Healthcare and KIMS. Pharma companies under our coverage are likely to report YoY growth of 13%/19%/29% Rev...
Healthcare Sector Update : 1QFY26 Preview: Healthcare to outgrow pharma By JM Financial Services
Healthcare Sector Update : 1QFY26 Preview: Healthcare to outgrow pharma By JM Financial Services
Source: JM Financial Services Ltd
2025-07-12 09:18:36 am
Logistics Sector Update : Q1FY26 preview: Divergent volume trends by Emkay Global Financial Services Ltd We expect a mixed quarter for logistics companies under our coverage, owing to seasonality and continued competitive intensity faced by organized players. Divergence between the trajectory of GST e-way bill volumes and our logistics universe continues, with e-way bills having grown 20% YoY in Q1FY26. For B2B operators, we expect volume growth of 14%/11% YoY for Delhivery’s PTL/Blue Dart Express, while volumes are likely to decline 12% for VRL and stay flat YoY for TCI Express. We model ...
Logistics Sector Update : Q1FY26 preview: Divergent volume trends by Emkay Global Financial Services Ltd
Logistics Sector Update : Q1FY26 preview: Divergent volume trends by Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2025-07-10 12:08:30 pm
Internet Sector Update : Quick Commerce – Expert roadshow KTAs by Emkay Global Financial Services Ltd We met 11 stakeholders in the Quick Commerce (QCom) space in Bengaluru over 2 days, to assess the opportunity in tier-2 cities, the competitive response from adjacent spaces, and the challenges in the business. Key takeaways: 1) Large modern trade retailers with QCom ambitions have achieved meaningful scale in terms of order per day, albeit with low fill rates and low AOV. 2) Ecommerce players are pivoting toward QCom, although regulations are slowing their growth. 3) Tier-2 cities are seeing...
Internet Sector Update : Quick Commerce – Expert roadshow KTAs by Emkay Global Financial Services Ltd
Internet Sector Update : Quick Commerce – Expert roadshow KTAs by Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2025-07-10 12:04:58 pm
Healthcare Sector Update : Sustained momentum for hospitals; rebound in diagnostics by Emkay Global Financial Services Ltd We expect Q1 to be another strong quarter for hospitals, while growth rebounds for diagnostics companies following a tepid Q4. We bake in 21%/25% growth in sales/EBITDA, respectively, for hospital stocks under our coverage, mainly on the back of volume growth (OBD up 22% YoY), while ARPOBs contract 1% YoY. Among our Healthcare universe, Rainbow is likely to report a tepid quarter (+8%/7% growth in revenue/EBITDA) owing to seasonality. For diagnostics companies, after the softness witnessed du...
Healthcare Sector Update : Sustained momentum for hospitals; rebound in diagnostics by Emkay Global Financial Services Ltd
Healthcare Sector Update : Sustained momentum for hospitals; rebound in diagnostics by Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2025-07-10 11:57:22 am
Banking Sector Update : Q1FY26E preview - Margin contraction to weigh on earnings by Emkay Global Financial Services Ltd We expect Q1FY26 to be another soft quarter for PVBs, mainly owing to slower credit growth and sharp margin correction due to the swift rate cuts recently. However, HDFCB and ICICIB are expected to report relatively better performances. PSBs, in general, are likely to report relatively better earnings resiliency vs PVBs, aided by lower margin contraction and higher treasury gains. Similarly, we expect SBI Cards to report a better margin, benefiting from the recent uptick in APR on revolver po...
Banking Sector Update : Q1FY26E preview - Margin contraction to weigh on earnings by Emkay Global Financial Services Ltd
Banking Sector Update : Q1FY26E preview - Margin contraction to weigh on earnings by Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2025-07-10 11:05:47 am
NBFC & Insurance Sector Update : Asia marketing: Hopes pinned on H2 revival amid soft ongoing performance by Emkay Global Financial Services Ltd We met with over twenty investors in Asia last week, to discuss NBFC, Insurance, and other financial services stocks. Key takeaways: 1) Easing of the regulatory environment in both—the NBFC and Insurance spaces, and growth impetus by the regulators and the government, set the platform for stronger performance in H2FY26. 2) Performance delivery in Q1 (and possibly in Q2) by NBFCs (in AUM growth, asset quality, and credit cost) and Insurers (in terms of growth) is not too encouraging. 3) ...
NBFC & Insurance Sector Update : Asia marketing: Hopes pinned on H2 revival amid soft ongoing performance by Emkay Global Financial Services Ltd
NBFC & Insurance Sector Update : Asia marketing: Hopes pinned on H2 revival amid soft ongoing performance by Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2025-07-10 11:00:39 am
Technology Sector Update : Q1FY26 Quarterly Results Preview by Choice Broking Ltd NEAR-TERM CAUTION; LONG-TERM OPPORTUNITY We expect IT companies globally to accelerate the integration of AI into their digital core to address technical debt & modernize legacy systems. This shift will likely drive increased client focus on cloud migration, data analytics, & AI-led services. We believe these areas will continue to drive near-term demand, led by vendor consolidation & technology transformation opportunities. Thus, the discretionary spending is also expected to ...
Technology Sector Update : Q1FY26 Quarterly Results Preview by Choice Broking Ltd
Technology Sector Update : Q1FY26 Quarterly Results Preview by Choice Broking Ltd
Source: Choice Broking Ltd
2025-07-10 10:48:35 am
Hospitals Sector Upadate : Q1FY26 Quarterly Results Preview by Choice Broking Ltd The hospital sector is booming, posting double-digit growth fueled by strong leverage Strong Q1FY26 Results expected: Healthcare companies under our coverage are set to begin the year on a strong note. We expect revenue growth averaging ~18% YoY, supported by favorable industry dynamics. Key drivers include a rising share of high-end specialties, an increase in operational bed capacity, and recovery in international patient footfalls. While ARPOB (Average Revenue Per Occupied Bed) growt...
Hospitals Sector Upadate : Q1FY26 Quarterly Results Preview by Choice Broking Ltd
Hospitals Sector Upadate : Q1FY26 Quarterly Results Preview by Choice Broking Ltd
Source: Choice Broking Ltd
2025-07-10 10:40:56 am
Pharma Sector Update : Q1FY26 Quarterly Results Preview by Choice Broking Ltd Pharmaceutical companies under our coverage are expected to report healthy revenue growth, averaging 11.9% YoY, driven by new product launches— particularly in the US—along with continued traction in the EU and Emerging Markets, and sustained outperformance vs. the IPM in the domestic market. We expect EBITDA to grow 14.3% YoY on average, supported by high-margin launches, improved product mix, favorable raw material pricing, and operational efficiencies across most companies. Tru...
Pharma Sector Update : Q1FY26 Quarterly Results Preview by Choice Broking Ltd
Pharma Sector Update : Q1FY26 Quarterly Results Preview by Choice Broking Ltd
Source: Choice Broking Ltd
2025-07-10 10:34:44 am
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