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 August, 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). ADR on MoM witnessed gradual recovery, aided by higher ADR across the industry around Independence Day weekend. Further, the industry is gearing up for travel related to festive and weddings season ahead, apart from pick up in corporate travel and increased MICE activities. The management commentary post Q1FY27 result was...
Mahanadi Coalfields Limited (MCL) is a wholly-owned subsidiary of Coal India Limited and is the largest coal producer in India, accounting for approximately 21.0% of the country's domestic coal production in Fiscal 2026. The Company's primary product is non-coking coal, supplied in various grades including washed and beneficiated coal, predominantly to the power utilities sector as well as to the sponge iron, cement, aluminium and paper industries. MCL's operations span approximately 33,508.79 hectares (inclusive of acquired and leased land) across the Talcher and Ib Valley coalfields, comprising 17...
Banking non-food credit growth remained strong in Jul'26, with gross bank credit rising 19.3% YoY and 2.6% MoM to Rs220.8tn, while non-food credit grew 19.1% YoY. Growth remained broad-based across key segments, with agriculture credit expanding 17.0% YoY, industrial credit accelerating to 20.0% YoY and services credit rising 22.9% YoY. Within industry, growth was led by MSMEs (+22.6% YoY) and Medium Industries (+30.5% YoY), while services growth was supported by NBFCs (+35.7% YoY) and trade (+19.8% YoY). Retail credit remained healthy at 16.2% YoY, driven by vehicle loans (+18.8% YoY) and continued strong growth in gold loans...
Incorporated in Mumbai in August 2015 and promoted by Abhishek Agarwal, Purple Style Labs Limited (PSL) owns and operates Pernia's Pop-Up Shop (PPUS), a multi-brand Indian luxury and occasion-wear platform selling through 14 Experience Centers (12 in India, one each in London and New York), a website and a mobile application. It sources from 1,109 Active Designer Brands across 208,490 SKUs as at 31 March 2026 and takes title to stock before sale, so revenue is recognised gross rather than as commission. Revenue from operations grew at a 5.17% CAGR over FY24-26 to INR 5,578.38mn while Total...
Incorporated in 2005 and based at Nashik, Maharashtra, ESDS Software Solution Limited is an AI-enabled provider of cloud, managed services, Data Centre infrastructure and software solutions. It is one of only two players in India offering the full spectrum from GPU-as-a-Service through cloud, managed services and Data Centre infrastructure to software, and is the larger of the two by FY26 revenue (Nexdigm). Operations run from five Tier-3 Data Centres at Nashik, Navi Mumbai, Bengaluru, Mohali and Noida spanning over 75,266 sq ft, three of which are operated on Software Technology Parks of India premises....
Credit card spending activity strengthened in Jul'26, while industry spends increasing to Rs2.08 tn, up 3.4% MoM and 7.4% YoY. Cards-in-force continued to witness healthy traction, reaching 122.86 mn, up 9.88% YoY and 1.0% MoM. Net new card additions accelerated to 1.26 mn from 1.13 mn in Jun'26, led by HDFC Bank (0.23 mn), SBI (0.18 mn) and ICICI Bank (0.17 mn). Transaction volumes also improved to 605.27 mn, growing 4.1% MoM and 24.5% YoY, indicating sustained card usage and consumer spending activity. The sequential recovery in spends, transaction volumes and card...
Coking Coal: Coking coal prices increased by 9.2% WoW to $213/tonne, driven by supply side disruption in China, as safety-related production restrictions in Shanxi led to inventory depletion, while seaborne...
Q1FY27 Results: Clean Science delivered a steady performance in the quarter. Revenue and PAT increased by 11% and 5% respectively while EBITDA declined by 3% on a YoY basis. Consolidated Revenue growth was majorly led by growth in...
Apeejay Surrendra Park Hotels Ltd.'s (ASPHL) Q1FY27 result was marginally below our estimates on key parameters. The company guided that Q1 results absorbed headwinds from West Asia geopolitical tensions, flat domestic air traffic, 10% decline in international air travel to India, high energy costs, and supply chain constraints. Food, beverage, nightlife, and lifestyle dining options contributed approximately 43% of total company revenue during the quarter. ASPHL plans to add 12 hotels (472 keys) during FY27,...
Relaxo Footwears Ltd.'s (Relaxo) Q1FY27 result was broadly in-line with our estimates on key parameters. Despite an evolving external environment, including elevated raw material prices and geopolitical uncertainties, the company maintained healthy operating performance during the quarter. Relaxo's continued focus on cost optimization, product mix improvement and operational efficiencies enabled it to deliver steady margin performance. Alongside the upgradation and modernisation of existing outlets, the company is...
Q1FY27 Results: Rolex Rings (Rolex) posted a healthy set of financials for the quarter. Revenue, EBITDA and PAT grew by 4%, 12% and 22% for the quarter. The revenue growth was majorly led by strong growth in the exports of auto components which grew by 30% YoY to Rs 1.18bn. The rest of the sub segments registered a decline in revenue on YoY basis primarily impacted by labour shortage in the quarter which is seasonal in nature. Strong Demand Outlook for Auto Components: Volumes from...
IRCTC delivered a mixed bag performance in Q1FY27. Revenue grew a healthy 18.1% YoY to INR 1,370cr, led by catering (+33.8%) and tourism (+13.5%), but EBITDA fell 2.8% YoY to INR386cr as margins compressed across three of four segments. Internet ticketing EBITDA margin slipped to 80.3% from 84.1% on higher tech spend (NGET platform upgrade, disaster recovery build-out). Catering margin fell to 9.3% from 10.4% due to oneoff gratuity/HR costs (~INR20cr) and proof-of-concept train losses and management has flagged these as transitory but...
Q1FY27 Results: Ador Welding (Ador) posted steady financial performance in Q1FY27. Revenue rose at healthy rate of 23% YoY driven by improved volume and realisations. Margins came in slightly softer at 11.5%, a function of higher input prices and...
Somany Ceramics Ltd.'s (SCL) Q1FY27 result was above our estimates on key parameters. Despite weak sales volume growth of mere 2.8% over Q1FY26, the company's impressive net sales growth of 24% was driven by improved NSR by 20.3%. SCL Passed through 16% to 17% price increases to compensate for monthly gas price increases. The company announced a new 9mn sq. meter plant in South India with a ~Rs220 crore outlay and Rs350 crore annual revenue potential, operational in 12 to...
Q1FY27 Results: Voltamp registered an operating performance in line with expectations for the quarter. Revenue, EBITDA and PAT rose by 28%,11% and 15% respectively. While Revenue and EBITDA came in line with our estimates, PAT was buoyed by higher other income of Rs 416 mn against the usual average other income...
PCBL's Q1FY27 performance was above our expectations. Carbon black sales increased by 20% YoY, driven by 20% YoY increase in NSR owing to rise in Brent prices and effective monetization of spot book, while volumes remained flat YoY. Domestic volumes increased by 15% YoY, driven by higher local consumption due to rising tire exports, while export volumes declined by 15% YoY as volumes were deliberately redirected to domestic market amid elevated ocean freight costs. Consolidated EBITDA margin...
Zensar delivered a mixed performance in Q1FY27; Revenue grew a modest 1.1% QoQ CC to USD 159.5mn, powered by BFSI (+8.3% QoQ) and early ramp-up of the ~USD 210mn mega deal, while HLS, MCS and TMT continued to bleed (-2.3% to -9.1%), extending a two-quarter pattern of broad-based softness outside financial services. Margins contracted 150bps on pre-staffing costs for the large deal and elevated SG&A/travel spend, with management guiding flattish margins through Q2/Q3 before recovery from Q3FY27. Order book...
Supreme Industries Ltd.'s (SIL) Q1FY27 result was below our estimates on key parameters. Volatile raw material prices led to de-stocking and decline in sales volume and weighed on Q1 earnings. Despite weak net sales growth, SIL reported expansion in operating margin, which was primarily driven by a favorable product mix. The management expects strong volume recovery in Q2 FY27 as channel inventory restocking occurs. Management is confident that despite the Q1 decline, the first half of the financial year will post positive YoY...
Home First Finance delivered another strong quarter with AUM growing 25.7% YoY to 16,938 crore, supported by 31% YoY growth in disbursements to 1,628 crore, led by higher home loan originations. Profitability remained healthy with PAT increasing 34.5% YoY to 160 crore, driven by 38.2% YoY growth in NII, while PPOP rose 32.9% YoY. The company maintained industry-leading profitability with RoA of 4.2% (+10bps QoQ) and RoE of 14.5% (+50bps QoQ). Liability repricing supported margin expansion with NIM improving to 6.0%, while...
