New Research Reports

In our monthly Hotels update we have summarized key events of the domestic hotel industry, new hotels signing/addition by key players during the month and pricing trend of key cities in March, 2026. We have analyzed pricing of 171 hotels with ~33,000 keys across 8 cities to understand the trend over last 24 months (Exhibit 1-8). The industry witnessed yet another month of surge in ADR over YoY, however, on MoM ADR weakened. We believe this could be owing to ongoing global turmoil, which has impacted overall travel cost as well as some caution on discretionary spending. There is no respite on war front yet and continuation of it will further deteriorate the industry...

Strong Volume Growth Across Segments Amid Near-Term Macro Pressures, with Long-Term Demand Intact

Asian markets are trading lower. The decline is driven by broad tech and auto sector losses due to Yen strength, cautious trading post-rally despite steel gains, and geopolitical tensions overriding early optimism. The Nikkei, Shanghai, and Hang Seng are trading lower by 1.23%, 0.03%, and 0.61%

Axis Intellect (AI) Score based Top Ideas

Stock Ideas with specific strategies

US-Iran Conflict: Impact on Consumption Sectors. Our Preferred Top Picks are: Nestle India, Avenue Supermarts

Newsletter

Sharp rise in DRAM/NAND prices has raised BOM costs by 1015%, posing volume risk in price-sensitive segments

This report reviews one year forward PE and market cap trends across major sectors in Mar'26, benchmarking current valuations against long term averages to assess sector positioning. Out of the 20 sectors analysed, 10 are currently trading below their long term averages. Overall, valuation patterns were mixed, with Automobiles, Cement, Chemicals, Consumer Durables, Defence, Metals & Mining, Oil & Gas, Pharma, Power Generation & Distribution and Textiles trading at or above their historical averages. Agro Chemicals, Auto Parts & Equipment, Building Materials, Capital Goods, FMCG, Hospitals, Hotels and IT remained slightly below long-term trends, while Real Estate and Retail continued to trade well below historical norms. Defence, Metals & Mining and Oil & Gas reflected the strongest premium multiples during the month. Agro Chemicals PE declined from 18 at the start of Mar'26 to 17 by month-end. Compared to the long-term average PE of 20, the current valuation...

In the 2-W pack, TVS motors continued with its healthy growth and outperformed its peers growing ~24.5% at 4.98 lakh units (with 23% YoY growth in exports). While Eicher Motors (Royal Enfield) reported healthy growth of 11.2% YoY at ~1.1 lakh units. In PV space, demand was healthy tracking positive momentum post GST 2.0 reform. Maruti Suzuki reported volume growth of ~17% YoY at 2.2 lakh units while M&M saw a healthy growth of 25% at ~60k units. Tata Motors PV EV volumes stood at 9,494 units (up ~77% YoY) amidst an overall...

The first ATF price revision after the start of the Middle East (ME) conflict saw high frenzy—OMCs (IOCL) initially hiked domestic/international rates by 115%/107% MoM to Rs207/USD1.7 per ltr, followed by announcement of domestic scheduled airlines’ rate revision by only ~25% to Rs105/ltr as GoI action was aimed at shielding domestic air travelers from high fares (international fares unchanged).

END OF DAY SUMMARY

Retail Research

MARKET SNAPSHOT

ARBP is accelerating its growth momentum by leveraging its extensive generic portfolio and expanding into high-margin specialty and injectable segments. The company is focusing on the US market with a mix of complex generics and unique products, which is expected to result in a more balanced revenue mix. Additionally, the development of injectable and specialty products is expected to unlock new growth opportunities as they enter the commercialisation stage. The company's...

CCL Products (India) Ltd., established in 1994, is a leading global coffee manufacturer and exporter with operations across India and a presence in over 100 countries. Its diversified product portfolio includes spray-dried and freeze-dried coffee, liquid concentrates, roast and ground coffee, coffee beans, and premixed blends. The company's international footprint is supported by key subsidiaries,...

*over or under performance to benchmark index Tata Motors Passenger Vehicles Ltd (TMPV), a leading automobile manufacturer in India, designs, manufactures and sells passenger vehicles (PVs). The company's revenue declined 25.8% YoY to Rs. 69,605cr in Q3FY26, impacted by...