Rs 38,800/tonne, as buying interest remained subdued amid weak demand in finished steel segment. HRC-Patra Spread: Primary HRC-Patra spread decreased by Rs100 WoW to Rs 14,700/tonne, trading at 62% premium over ~3-year historical average spread of Rs 9,099/tonne. Chinese HRC: Chinese HRC prices remained flat WoW at Rs 49,239/tonne, as the domestic market remained under pressure from...
Bandhan Bank has recently witnessed a decisive breakout from a prolonged consolidation range on the weekly chart, signalling a positive shift in the overall trend. The stock has also broken above a long-term falling trend line, indicating the end of the previous corrective phase and the potential beginning of a fresh uptrend. Adding further strength to the setup, the stock has surpassed its 200-Week Exponential Moving...
FY27 Real GDP growth revised to 6.6%: Real GDP for FY27 is projected at 6.6% (earlier: 6.9%), with Q1FY27 at 6.6% (earlier projected at 6.8%), Q2FY27 at 6.3% (earlier projected at 6.7%), Q3FY27 at 6.5% (earlier projected at 7.0%), and Q4FY27 at 6.8% (earlier projected at 7.2%). Domestic activity has remained broadly steady since the conflict, with private consumption resilient and services sector robust. However, elevated energy prices, global supply chain disruptions, projected deficiency in the south-west monsoon, and weak global demand weigh on the...
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 May, 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). May month, which is a seasonally weak period for hospitality due to extreme heat wave in the country, further witnessed muted demand amid global chaos. Increasing airfare cost is keeping occupancy under pressure, leading ADR correction in key markets. FTAs have come in lately, which is further deteriorating the situation. The management...
We initiate coverage on Brigade Hotel Ventures Ltd. (BHVL) with a BUY rating and TP of Rs86, valuing it at 14x EV/EBITDA on FY28E. BHVL has a portfolio of 9 operating hotels with 1,604 keys at the end of FY26. We like BHVL considering 1) its strong foothold in key Southern markets; 2) active asset management, which will drive operational efficiencies; 3) strong parentage of Brigade Group; 4) aggressive expansion plan in high growth markets; and 5) lucrative valuation at current level. We forecast net sales/EBITDA CAGR of 22.8%/28.3% over FY26-28E and we believe the long-term growth is more promising given majority of the...
NMDC Limited is witnessing a constructive setup on the weekly timeframe and is on the verge of a consolidation breakout. The price action continues to hold firm within a broad range, indicating steady accumulation. Despite intermittent volatility, the structure remains intact with higher base formation,...
During May-26, Indian steel prices remained largely stable at Rs58,500/tonne, as demand continued to be subdued amid need-based purchasing and rising inventory levels. In contrast, Chinese steel prices increased by 3% MoM to $520/tonne, supported by higher input and logistics costs amid geopolitical tensions in the Middle East. In Apr-26, Indian steel production declined 9.8% MoM to 13.8mn tonnes. Estimated Chinese steel output also fell 3.9% MoM to 84mn tonnes, while estimated global steel production dropped 4.1% MoM to 153mn tonnes. Chinese steel exports rose 4% MoM to 9.5mn tonnes amid weak domestic demand and seasonal slowdown in China as mills...
Relaxo Footwears Ltd.'s (Relaxo) Q4FY26 result was above our estimates on key parameters. While the external operating environment remained dynamic due to inflationary pressures and geopolitical uncertainties, consumer demand showed positive volume momentum exiting the fiscal year. In response to input cost inflation and higher labor wages, the company successfully implemented calibrated price increases while sustaining its focus on back-end optimization and operational efficiencies. These initiatives, along with a robust recovery in the general trade channel and continuous growth in e-commerce and retail, positively impacted the...
Lemon Tree Hotels Ltd.'s (LTH) Q4FY26 result was in-line with our estimates on key parameters. Despite intermittent global headwinds including renewed geopolitical tensions in the Middle East, aviation disruptions and GST changes during the year, FY26 was the best year in Lemon Tree's history across key operational parameters. Further, Q4FY26 turned out to be the best 4th quarter till date for LTH. The management guided that the GST impact will decrease year on year as the numbers of customers paying a rate below Rs7,500 keeps reducing in the medium term with ARR growth. The reiterated that the Indian...
Apeejay Surrendra Park Hotels Ltd.'s (ASPHL) Q4FY26 result was below our estimates on key parameters. Though on YoY, ADR increased by 3%, on a sequential quarter it was lower by 3% to Rs9,165. The management contributed the sequential softness and lower growth to significant room cancellations in Delhi and Hyderabad triggered by geopolitical tensions and the Middle East conflict. On a positive note, The Park Kolkata maintained its record of worldleading occupancy, achieving 100% occupancy for both the quarter and FY26. The management provided long-term guidance to more than double its hotel portfolio from 42 current properties to 85 by FY30. This expansion plans to...
Coking Coal: Coking coal prices increased by 5.7% WoW to $185/tonne, driven by supply concerns as several mines across China were suspended for safety inspections following the fatal mine explosion in Shanxi's Qinyuan County. The shutdowns are expected to tighten domestic coal...
We interacted with the CFO of Greenpanel Industries in a roundtable meeting with sell-side analysts to understand industry outlook and company positioning. Management highlighted that the Indian MDF industry is still in a nascent stage and continues to witness robust structural growth, driven by increasing adoption of modular furniture and organized retail demand. Industry demand is growing at a healthy pace of ~15-18%, with supply being concentrated among a few large players. Management believes Greenpanel is well positioned to capitalize on this opportunity supported by (a) its available capacities, (b) focus...
Finolex Industries' (FIL) Q4FY26 result beat our estimates on margins front. The management guided that the agricultural volume was subdued in Q4 because farmers anticipated softening prices amid market volatility, alongside delayed monsoons, though agricultural pipe demand began showing initial recovery indicators during the month of May. The company is gradually diversifying its product mix to reduce agri-dependence, with the agricultural segment share declining from 67% in FY25 to 63% in FY26, while the non-agricultural segment continues expanding. Further, the management noted that the fittings segment...
IRCTC delivered a strong Q4FY26 performance with revenue growing 15% YoY to INR 1,460cr, driven by healthy traction across catering, tourism and internet ticketing businesses. FY26 revenue reached an all-time high of INR 5,215cr, up 11.5% YoY, reflecting resilient passenger demand, strong digital adoption and operational efficiency. However, Q4 profitability remained lower as PAT declined to INR 447cr due to exceptional items including higher CSR provisioning, expected credit loss provisions and absence of legacy income booked in Q4FY25. EBITDA margin for Q4 stood at 27.3%. Catering revenue grew sharply by 27% YoY in Q4 supported by rising...
Ather Energy has delivered a decisive breakout from a 6-month symmetrical triangle formation on the daily time frame, indicating the end of a prolonged consolidation phase and the start of a potential trending move. The breakout has occurred with a strong bullish candle, reflecting conviction among buyers. Structurally, the stock has been forming higher lows while facing resistance near the falling trend line, and the current move confirms a shift in...
