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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...
All-India average price remained flat MoM to Rs322/bag. Dealers expect prices to improve meaningfully from April onwards due to sharp increase in input costs. We interacted with cement dealers across regions in India to assess demand and pricing trends in Mar'26. Our discussions indicate that demand remained broadly decent, despite higher dispatches and stocking activity ahead of year-end. While underlying demand was uneven with some slowdown observed post Holi and in select markets due to labour issues and weak retail activity. Pricing trends were largely weak...
In the 2-W pack, TVS motors continued with its healthy growth and outperformed its peers growing ~24.5% at 4.98 lakh units (with 23% YoY growth in exports). While Eicher Motors (Royal Enfield) reported healthy growth of 11.2% YoY at ~1.1 lakh units. In PV space, demand was healthy tracking positive momentum post GST 2.0 reform. Maruti Suzuki reported volume growth of ~17% YoY at 2.2 lakh units while M&M saw a healthy growth of 25% at ~60k units. Tata Motors PV EV volumes stood at 9,494 units (up ~77% YoY) amidst an overall...
4QFY26 is expected to be soft and slightly discouraging in an otherwise progressive quarter, after Q3 seasonality and furloughs overhang. Beyond the continued macro softness in few pockets, the cloud of Geo-political conflicts is affecting enterprise spending decisions for few names within our coverage universe. The Middle East tension is directly or indirectly impacting industries around Travel, Transport, Logistics, Energy, O&G and few adjacent areas. The smaller short-burst deals see execution deferrals and delayed closures, leading to elongated sales cycle and slower revenue conversion. We expect median revenue growth of 1.0% QoQ in CC terms & 1.2% QoQ...
The AI driven build-out of global technology infrastructure is structurally elevating demand for specialty chemicals companies, making them integral across semiconductor fabrication and data center ecosystems. The data center specialty chemicals market is expected to scale from ~$11.8bn in CY25 to ~$27.4bn by CY32 (12.8% CAGR), led by GPU-intensive AI workloads and hyperscale expansion. The segment remains highly attractive given its stringent purity requirements (99.999%+), high chemical intensity (~280kg per kg of silicon), and recurring consumption nature, enabling premium pricing and margins....
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...
QSR demand remains intact Westlife, RBA/JUBI all in positive SSG, world cup helps sustain demand. LPG disruptions are a near term challenge, most players have...
The Nifty IT index has witnessed a sharp correction over the past few months, declining ~25% YTD, primarily driven by rising concerns around the potential impact of Generative AI (Gen AI) on the long-term business model of IT services companies, along with macro and geopolitical uncertainties. Large-cap and midcap IT stocks have corrected meaningfully despite relatively stable operating performance and continued deal wins, as investors reassess near-term growth...
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...
Government estimates that achieving this target will require an investment of approximately INR 19,000 billion by 2047. We visited Tarapur Atomic Power Station (TAPS) in Palghar district of Maharashtra. Discussions at the plant centered on types of reactor technologies, status of small module reactors (SMRs), and safety measures followed at the site. The Sustainable Harnessing of Advancement of Nuclear Energy for Transforming India (SHANTI) Bill, 2025, is a positive long-term policy signal for India's nuclear value chain (developer, EPC, component manufacturer), as it opens the sector to private participation and...
Accenture's (ACN: NYSE) CC revenue growth exceeded street estimates and came near the top end of its guidance. The impact of the US Federal business on revenue growth was relatively higher; excluding the US-Fed business, the Americas segment grew 6% YoY in CC terms (vs. 3% YoY CC reported). The evolving AI landscape is perceived as an enabler, accelerating enterprise integration architecture even faster amid expectations of rising workloads. Management believes small and mid-market clients will increasingly adopt technology as costs decline, thereby expanding the addressable market through new verticals and geographic presence. With improving...
The US-Israel-Iran war has made the Strait of Hormuz a narrow sea passage in the Persian Gulf too dangerous for normal commercial shipping. About ~20% of the world's entire oil and gas supply passes through this strait every single day. When it becomes unsafe, that supply disappearsfrom global markets almost immediately.
