IDBI Capital Broker Research reports

Foreign equity flows reversed sharply in March 2026, with FPIs recording net outflows of Rs1,177.74bn, the largest monthly outflow in 24 months. The selling was broad-based, with heavy outflows across key sectors....

Demand conditions remain steady but cautious, with clients taking longer to make decisions. While BFSI and Technology sectors are seeing some recovery in discretionary spending, segments like Manufacturing, Automotive, and Communications continue to stay weak, affecting overall growth. Deal wins remain healthy, but most are focused on cost saving and vendor consolidation rather than new digital projects, which is limiting near-term revenue growth. Concerns around GenAI disruption especially from companies like Anthropic etc are also slowing decision-making as clients assess returns and risks. At the same time, AI presents a strong long-term opportunity, with the AI...

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...

India's affordable housing finance sector is entering a structural growth phase, supported by favorable macroeconomic conditions, low mortgage penetration and sustained policy impetus. With mortgage-to-GDP at ~16.6%, materially below global benchmarks, the sector offers significant headroom for long-term expansion. Structural drivers including urbanization, rising income levels, financial formalization and continued government support through schemes such as Pradhan Mantri Awas Yojana (PMAY) are expected to underpin housing demand. We initiate coverage on select Affordable Housing Finance Companies...

Credit card spends saw a recovery in Feb'26, rising to 1.78L Cr from 1.68L Cr in Feb'25. Spends declined ~10.9% MoM (vs ~2.7% decline in Jan'26), while YoY growth moderated further to ~6.0% (vs ~8.1%), reflecting continued normalisation in consumption trends. Cardsin-force stood at ~117.6 Mn, up ~7.6% YoY with broadly stable sequential growth. Net new card additions picked up to ~10.2 lakh (vs ~8.4 lakh in Jan'26), led by HDFCB (~11`.5 lakh), AXISB (~1.6 lakh) and SBI (~0.7 lakh). Transaction volumes declined ~8.6% MoM (vs flat trend in Jan'26) but remained strong at ~24% YoY (vs ~25%), indicating some moderation in usage...

Zinc: Zinc prices decreased by 6.5% WoW to $3,042/tonne. Indian HRC: Indian HRC prices increased by 0.9% WoW to Rs 56,800/tonne, as steelmakers announced price hikes amid constrained fuel and gas availability, further supported by geopolitical...

Indian HRC: Indian HRC prices increased by 2.4% WoW to Rs 56,300/tonne, as steel mills announce price hikes amid rising energy and freight costs due to the Iran - Israel war. Material availability...

Punjab National Bank has confirmed a breakout from a well-defined rounding bottom pattern on the weekly timeframe, signaling a potential medium-term trend reversal. After a prolonged phase of base formation and gradual accumulation, the stock has decisively moved above the key neckline resistance zone around 133134, supported by steady volumes. This pattern typically reflects a shift from distribution to accumulation, indicating improving market sentiment and...

Central Mine Planning and Design Institute Limited (CMPDI) offers consultancy and support services for the entire spectrum of coal, mineral exploration, mine planning and design services. The services also include infrastructure engineering, environmental management, geomatics, specialized technology services, and management systems, primarily for the coal industry as well as for other minerals. CMPDI is the largest coal and mineral consultancy in India and is the preferred consultant for Coal India. CMPDI was incorporated on November 1, 1975 as a wholly owned subsidiary of CIL. The company was conferred the status of Mini Ratna (Category II) company in 2009 and was further upgraded...

The month of February and Mid-March saw an uptrend in chemical prices with all except Acrylic Acid and Maleic Anhydride registering a de-growth of 1% and 2% respectively. The Ref Gas prices regressed slightly as the Ref-Gas Index declined by about 1% MoM. The elevated ref-gas prices are expected to have a positive effect on the results of our coverage companies, NFIL and SRF, which...

BUY ICICIPRULI BETWEEN 660-670 STOPLOSS- 642 TARGET- 715 (RETURN POTENTIAL-7%) ICICI Prudential Life Insurance Company Ltd has confirmed a symmetrical triangle breakout on the daily timeframe, signaling the end of the recent consolidation phase and the potential start of a fresh directional move. The pattern breakout occurred near the 660-665 zone, accompanied by improving price structure and bullish candle formations. Symmetrical triangles typically represent volatility contraction followed by expansion, and the current breakout...

During Feb-26, Indian steel prices increased by 1% MoM to Rs54,000/tonne, remaining at a 52-week-high on seasonal tailwinds. Chinese steel prices declined by 1% MoM to $465/tonne, owing to the increase in production amid weak demand. Coking coal prices decreased by 13% MoM to $186/tonne, as operations normalized following weather disruptions. In Jan-25, Indian steel production increased by 2.0% MoM to 15.1 mn tonnes, while estimated Chinese steel output rose 10% MoM to 75mn tonnes as mills resumed operations after maintenance shutdown. CISA mills also reported a 20% YoY increase in inventory levels, indicating weak demand during festive holidays. Global...

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 February, 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). After a good start on ADR front last month, this month reported improved ADR in the selected markets. Apart from planned events (AI Summit in Delhi), overall demand has been encouraging across the key markets. Post Q3FY26 results, the management commentary has been positive on the industry growth, primarily supported by healthy...