Credit card spending activity moderated in Aug'26, with industry spends declining to Rs2.02 tn, down 2.8% MoM but up 5.9% YoY. Cards-in-force continued to witness healthy traction, reaching 124.05 mn, up 10.27% YoY and 1.0% MoM. Net new card additions eased to 1.20 mn from 1.27 mn in Jul'26, led by SBI (0.19 mn), ICICI Bank (0.14 mn) and HDFC Bank (0.12 mn). Transaction volumes continued to improve to 632.45 mn, growing 4.5% MoM and 28.1% YoY. This indicates sustained card usage even as average ticket sizes declined (7% MoM). The divergence between rising volumes and softer spends points to a shift towards lower-value transactions, while...
Repayment/ pre-payment, in full or in part, of all or certain outstanding borrowings and accrued interest thereon availed by Covertek Ceramica Pvt.Ltd. and Varmora Sanitarywares Pvt. Ltd, and of the...
The domestic chemical pricing environment continued to firm up through August and into September 2026, with almost every chemical tracked, posting a sequential gain alongside a sharp year-on-year increase. Much of the recent price strength is attributable to the West-Asia conflict, firmer crude, and...
Retail and agriculture supported NBFC credit growth: Retail loans accelerated to 21.4% YoY from 13.7% a year ago, led by gold loans (+68.5% YoY), consumer durables (+51.5%), vehicle loans (+15.1%) and housing (+11.9%), while agriculture credit accelerated to 18.0% YoY from 5.4% a year ago. Services growth moderated and industry remained subdued: Services credit grew 15.2% YoY vs 24.5% a year ago, despite strong commercial real estate growth of 22.3% YoY. While Industrial credit grew 7.4% YoY, with infrastructure credit at 6.2% YoY, reflecting continued moderation in the segment....
Incorporated in 2008 and headquartered at Manipal, Karnataka, Manipal Payment and Identity Solutions Limited ("MPISL") is part of The Manipal Group and supplies payment solutions, identification solutions, secure solutions and smart tagging and IoT solutions to banks, fintechs, NBFCs and governments. It was among the largest manufacturers of payment cards globally and in India in FY26, with an estimated 36.4% share of credit card issuance and 30.9% of debit card issuance in India, having billed 13.54mn credit cards and 72.66mn debit cards (F&S). Operations run from 10 facilities across 11 cities, including 14 personalisation bureaus and five cheque printing facilities. Revenue compounded at only...
During Aug-26, Indian HRC prices increased by 7.5% MoM to Rs62,000/tonne, backed by strong seasonal recovery creating a multi-year high. Chinese HRC prices increase by 1% MoM to $500/tonne, driven by increase in raw material prices. In Jul-26, Indian steel production increased by 2.1% MoM to 14.4mn tonnes. Estimated Chinese steel output decreased by 8.1% MoM to 77mn tonnes, while estimated global steel production...
Healthcare continued to attract inflows at Rs59.31bn, easing from Rs77.55bn in July. IT & Services held broadly steady at Rs58.86bn versus Rs57.62bn in July. Consumer Durables inflows moderated to Rs39.03bn from Rs73.42bn....
Indian HRC: Indian HRC prices increased by 3.8% WoW to Rs 62,000/tonne, reaching multi-year high. Driven by improving demand expectations from infra and auto sectors coupled with rising raw material costs and reported inventory replenishment in the channel. Billet-Ex-Raipur: Billet prices decreased by 1.8% WoW to Rs 41,800/tonne, amid subdued market activity and lower buying interest in the semi-finished steel segment. HRC-Patra Spread: Primary HRC-Patra spread increased by Rs2,650...
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...
