IDBI Capital Broker Research reports

Banking sector credit growth strengthened in May'26, with gross credit rising 17.7% YoY and 1.4% MoM to Rs215.2 tn. Non-food credit accelerated to 17.4% YoY, led by broad-based growth across industry, services and agriculture. Agriculture credit grew 14.9% YoY, while industrial credit remained robust at 17.5% YoY, supported by strong lending to MSMEs and large corporates. Services credit accelerated to 20.4% YoY, driven by NBFCs, commercial real estate and trade. Retail loan growth remained healthy at 15.4% YoY, supported by vehicle and housing loans, while gold loans continued to witness exceptional growth of 105.5% YoY. Looking ahead, credit...

Zinc: Zinc prices decreased by 2.0% WoW to $3,483/tonne. Indian HRC: Indian HRC prices remained flat WoW at Rs 58,200/tonne, as buyers continued with need-based purchases and avoided inventory build-up amid weak market sentiment, driven by...

Credit card spending activity improved in May'26, recovering from the seasonal moderation witnessed in April. Total industry spends increased to Rs2.03trn from Rs1.98trn in Apr'26, registering 2.8% MoM growth, while YoY growth stood at 6.8%. Cards-in-force continued to witness healthy traction, reaching 120.45 million, up 8.47% YoY and 0.8% MoM. Net new card additions stood at 9.95 lakh, led by SBI (1.8 lakh), HDFC Bank (1.4 lakh) and ICICI Bank (1.6 lakh). Transaction volumes rebounded to 5.91bn, increasing 6.3% MoM and 26.2% YoY, indicating continued strength in card usage and consumer spending. The recovery in spends and transaction volumes suggests normalisation after the post year-end slowdown witnessed...

Incorporated in November 2020, Waterways Leisure Tourism Limited is one of India's leading domestic ocean cruise operators, offering luxury cruise experiences focused on Indian culture, hospitality, entertainment, and cuisine. The company operates the cruise vessel MV Empress, which sails to destinations including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, Puducherry, and select international destinations such as Sri Lanka, Thailand, Singapore, and Malaysia. The company held approximately 79% market share by value in India's domestic ocean cruise industry in FY25. The company's net...

The global chemical industry remained caught between two opposing forces: persistent oversupply from China and periodic supply disruptions/tight inventories across select product chains due to the Iran-Israel war. Overall demand recovery has been gradual, with construction, automotive and consumer durables remaining mixed across regions. The key theme has been margin pressure in commoditized chemicals, while specialty segments and...

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...

We recommend adding longs buying range 390-395 with a stop loss below 356 levels for 1st target at 444 levels...

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...