HCLTech delivered 3.7% YoY revenue growth despite a seasonal 0.8% sequential dip, driven by strong demand in technology, telecom, retail, and financial services, with solid performance in Europe and the Rest of the World. Operating margins declined to 16.3% due to lower utilization from early hiring, a client bankruptcy, and continued investments in GenAI and go-to-market capabilities. Services grew 4.5% YoY, while software revenue declined 3%YoY. Bookings totaled USD 1.8bn, with two large deals delayed to Q2, supporting confidence in near-term growth. Company deepened its AI-led strategy through partnerships...
Billet-Ex-Raipur: Billet prices remained flat WoW at Rs 36,800/tonne, amid muted demand in finished steel segment. Chinese HRC: Chinese HRC prices increased by 1.1% WoW to Rs 38,714/tonne, driven by speculations over significant property stimulus...
In Q1 FY26, TCS saw a 3.1% year-on-year drop in revenue in constant currency due to delays in discretionary spending caused by global economic and geopolitical issues. Operating margin was 24.5% (up 30bps; impact on utilization partially offset by 3rd party cost and currency). Despite short-term weakness, especially in banking and consumer sectors, TCS signed USD 9.4bn in deals TCV, up 13.2%YoY. Demand was strong in areas like Generative AI, cloud, and platform modernization. While North America and UK banking (Life & Pension) sector showed slight growth, delays in project ramp-ups and longer execution...
During Jun-25, Indian steel prices declined 1.4% MoM to Rs50,700/tonne, while Chinese steel prices fell by 2.2% MoM to $445/tonne. Coking coal prices dropped by 8.1% MoM to $136/tonne, amid subdued global demand. In May-25, Indian steel production rose by 4.7% MoM to 13.5 mn tonnes. Estimated Chinese steel output increased by 0.7% MoM to 87 mn tonnes, while global steel production expanded by 1.5% MoM to 158 mn tonnes. Chinese steel exports increased by 1.1% MoM and 9.9% YoY to 10.6mn tonnes, as Chinese domestic demand continues to struggle. Additionally, the USA announced a 50% tariff on steel,...
Indian HRC: Indian HRC prices decreased by 1.4% WoW to Rs 50,000/tonne, as buyers pushed for lower rates amid subdued demand, driven by the early onset of the monsoon, which dampened construction and transportation activities. Billet-Ex-Raipur: Billet prices decreased by 0.5% WoW to Rs 36,850/tonne, as prolonged weakness in the finished steel segment...
Due to geopolitical tensions owing to the Iran-Israel war, the price of crude shot up to $74 even touching $75 briefly. This has a direct effect on prices of chemicals. This reflected in June-25 data, where all the chemicals in our coverage universe exhibited minor uptick in prices, barring Acetone and Acetic Acid. Acetone and Acetic Acid are not linked in the production process; hence the downward trajectory could be due to weakening end-use demand. Acetonitrile prices showed the steepest jump of 8% MoM. This does not bode well for Li-Ion battery manufacturers as it is used as a solvent, particularly in high performance...
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 for June, 2025. We have analyzed pricing of 171 hotels with ~33,000 keys across 8 cities to understand the trend over last 24 months (Exhibit 18). After a healthy growth in ADR, the industry witnessed decline in ADR, primarily led by seasonality. Early monsoons in various parts of the country further dented travel plans and weighed on ADR. We anticipate the softness in ADR to continue for a couple of more months. However, we attribute this as a seasonal factor and overall positive momentum of the industry to continue led by demand-supply mismatch,...
Banking sector (non-food) credit growth stood at 9.6% as on 13 Jun'25 vs ~8.8% in May'25 (vs ~11% in FY25). The latest sectoral deployment data showed that credit growth moderated in agri, industry and services sectors in May'25, partly attributable to high base. Agri loans stood to 7.5% in May'25 vs 9.2% in Apr'25. Loans to industries moderated to 4.8% in May'25 vs 6.6% in Apr'25, due to slowdown in particularly large industries. Services sector growth too softened to 8.7% vs 10.5% YoY in Apr'25. Growth in loans to NBFCs declined to -0.3% YoY in May'25 vs +2.9% YoY in Apr'25. However, loan to retail segment slightly moderated...
Sambhv Steel Tubes (SSTL) is a strongly positioned structural steel pipe and tubes producer with an edge of complete backward integration of narrow-width HR coils through the secondary route. SSTL holds 2% market share in the domestic steel tube market. SSTL's recent foray in to value added products such as galvanized, Cold Rolled and Stainless Steel is expected to drive profitability, supported by inhouse production and strong pan India dealership distribution network. SSTL...
HDB Financial Services is one of the leading diversified retail-focused NBFC with an AUM of Rs.1,073bn as of FY25. With a strong parentage of HDFC Bank, the non-bank lender primarily offers loans under 3 main verticals--Enterprise lending, Asset Finance and Consumer Finance. The company had 1,771 branches as of FY25, with over 80% of the branches outside India's 20 largest cities and over 70% are located in tier 4+ towns. Secured loans formed ~73% of the total gross loan portfolio of the company. The company primarily caters to underserved and underbanked customers in low to middle-income households...
Kalpataru Limited is a fully integrated real estate developer based in Mumbai, operating across the entire value chain; from land acquisition and design to execution, sales, and marketing. The company offers a diverse mix of luxury, premium, and mid income residential projects, as well as commercial, retail, township, gated community, and redevelopment developments. Its current portfolio includes 40 ongoing, forthcoming, and planned projects covering approximately 49.77mn square feet. Additionally, the company holds a leadership position in the Mumbai Metropolitan Region and Pune, and is expanding its...
Total Card Spends improved during May'25 (stood at Rs 1.90L Cr Vs Rs.1.85L Cr in Apr'25). Credit Card spends increased by ~3% MoM (v/s -8.6% in Apr'25), while it grew ~15% YoY vs ~18% in Apr'25. Total number of cards in force stood at ~111.2Mn as of May'25 (up by ~8% YoY and ~0.7% MoM). Net New Cards additions stood at ~7.6 lakhs (vs 5.5 lakhs in Apr'25), indicating an improved sentiment among lenders towards unsecured loan. New card issuances were majorly led by HDFCB (~2.8 lakhs), SBI (~1.3 lakhs), and AXIS (~1.1 lakh). Volume of transaction increased by ~4% MoM (vs. -2% in Apr'25), whereas it grew by ~29.7 % YoY (vs ~30.7% in Apr'25). We expect card spends to...
Indian HRC: Indian HRC prices decreased by 0.6% WoW to Rs 50,800/tonne, amid weak demand, indicated by a decline in sales inquiries and slower sales conversions. The market expects price support from mills to avoid significant losses. Billet-Ex-Raipur: Billet prices decreased by 1.1% WoW to Rs 37,400/tonne, as steel mills stick to needbased purchasing amid muted demand in the finished product segment. Chinese HRC: Chinese HRC prices remained flat WoW at...
The Monetary Policy Committee (MPC) reduced the policy repo rate by 50 bps to 5.5%. However, the MPC changed its stance to neutral' from accommodative'. After having reduced the policy repo rate by 100 bps in quick succession since February 2025, under the current circumstances, the monetary policy is left with very limited space to support growth which resulted in change in stance. The MPC also decided to reduce the cash reserve ratio by 100 bps to 3.0% to provide durable liquidity. The standing deposit facility (SDF) rate is reduced to 5.25% from 5.75%, and the marginal standing facility (MSF) rate and the Bank Rate is reduced to 5.75% from 6.25%. The stress...
During May-25, Indian steel prices declined 2.1% MoM to Rs51,400/tonne, while Chinese steel prices remained unchanged at $455/tonne. Coking coal prices fell by 2.0% MoM to $148/tonne, amid muted global demand. In Apr-25, Indian steel production declined by 6.5% MoM to 12.9 mn tonnes. Estimated Chinese steel output dropped 7.3% MoM to 86 mn tonnes, while global steel production contracted by 6.3% MoM to 156 mn tonnes. Chinese steel exports remained flat MoM but increased 13.4% YoY to 10.5mn tonnes, as global buyers showed resistance to higher prices offered by Chinese producers. Additionally, the recent...
JK Paper Ltd.'s (JK Paper) Q4FY25 result was broadly in-line with estimates on key parameters. The company reported improved performance on a sequential basis led by higher volume and cost optimization. However, on YoY basis the earnings were subdued, reflecting underline pain in NSR and raw material cost. The management attributed weak earnings to surge in imports at low prices and high wood cost. During Q4FY25, the Company acquired 60% of the Equity Shares of Radhesham Wellpack Private Limited (RWPL) and 62.14% of Equity Shares of Quadragen Vethealth Private Limited (QVPL). We have fine-tuned earnings...
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 for May, 2025. 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 had another month of healthy ADR growth on YoY basis. However, on MoM prices declined as a seasonal phenomenon. We anticipate moderation in ADR as Q1 is a soft quarter compared to rest owing to extreme summer in the country. However, we maintain our positive outlook on domestic...
