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We met with the management of Can Fin Homes (CANF) and visited branches in Bangalore to assess demand trends, underwriting practices and sourcing dynamics in Karnataka. Our interactions indicate strong growth in disbursals, largely driven by selfconstruction activity and company remains confident of meeting its FY27 target of Rs ~130 bn. We build a loan growth of 14% in FY27E factoring new branches/ manpower addition and e-khaata resolution giving boost to KA/TL run-rate. While larger NBFCs (LIC HF, Bajaj Housing Finance) are key competitors offering lower interest rates, CANF is focusing on direct marketing activities, builder tie-ups, branch expansion and faster TAT to drive growth. Expect FY27/ FY28E NIM to trend in-line with guidance at...
The U.S. Department of Defense (Pentagon) has added WuXi AppTec to its Section 1260H "Chinese Military Companies" (CMC) list, alleging that the company has links to China's military.
Our channel checks indicate Q1FY27 pre-sales across our coverage and non-coverage universe a mix bag reporting. Strong launch momentum was witnessed across companies like Prestige Estate (PEPL IN), Godrej Properties (GPL IN), and SOBHA Ltd (SOBHA IN). Overall, they launch GDV worth of ~INR 276bn in Q1FY27. Our channel checks indicate strong response across these new launches underscoring healthy absorption and EoI conversions in well-located projects, alongside continued pricing power in premium micro-markets. In case of PEPL, pre-sales driven by Golden Grove and a sold-out Gardenia Estate Phase 2, GPL pre-sales aided by Vanantara and Samaris...
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...
Accenture's (ACN: NYSE) Q3FY26 revenue growth came in below consensus estimates, while bookings were weaker than anticipated due to delayed closure of large deals amid disruptions caused by the Middle East conflict. Management highlighted a ~US$100mn revenue impact in Q3FY26 from the Middle East conflict, with continued disruption expected in Q4FY26, leading to a 100bps reduction in the upper end of its FY26 revenue growth guidance. The impact was also visible in bookings, particularly within Managed Services, where several large deals were deferred into FY27, highlighting elongated decision-making cycles. The company also...
Expect under recovery of Rs7/10/ltr for MS & HSD in Q1FY27 Restoration of excise duty remains a key risk After 3.5 months of one of the worst energy shocks in recent history, we see some positivity as the US-Iran ceasefire deal finally gets signed, although uncertainty remains, especially over the nuclear deal. Brent crude dropped below ~USD80/bbl, its lowest level since Mar'26, providing a positive respite for OMCs. Q1FY27 is expected to weigh sharply on profitability, impacting earnings for the full year. We expect an under-recovery of Rs7.0/ltr and Rs10/ltr in Q1FY27, after considering a Rs10/ltr excise...
West & South witnessed good demand East remained disrupted till mid may, post elections demand recovers Demand momentum remains healthy, which will enable paint companies to report midteens value growth in 1QFY27. Primary sales continue to outpace secondary demand on dealer stocking ahead of price hikes. Trade channels don't rule out some consumer deferment in repainting amid inflationary pressures, although no material signs are visible so far. Competitive intensity remains elevated, driven by sustained market share push by Birla Opus and JSW Akzo. We estimate Q1FY27 Sales/EBITDA/PAT for APNT & KNPL to grow by 16.5%/17.9%/18.2% & 13.5%/8.6%/1.3%...
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...
Indicators point to falling liquidity, rising CPI and repo hike Higher corporate/MSME share to affect PSBs/MidCs Rate hike to benefit PVBs due to higher retail/EBLR exposure RBI could hike the repo rate in Oct'26 as CPI, which is rising, may firm up to ~6% in Q3FY27. Tight liquidity over Dec'25 to May'26 led to increase in bulk TD rates by 60144bps. As G-Sec to NDTL ratio for system fell to 27% in Mar'26 (H2'25: 30%), RBI has limited headroom to shore up liquidity. While the FCNR scheme may cushion interest rates, system loan growth may decline to 12-13% YoY in Mar'27 from 15-16% in Mar'26. In a tighter credit cycle exposed to growth/asset quality shocks, PSBs/MidCs are more...
In May, CPI inflation rose 3.9% from 3.5% last month. WPI inflation jumped 9.7%, driven by elevated fuel and power costs amid Middle East tensions.
The World Bank raised India’s FY27 growth forecast to 6.6% from 6.5% earlier, citing lower US tariffs and expected gains from upcoming free trade agreements. It said these factors are likely to offset the impact of weaker external demand due to the ongoing Middle East conflict. GDP growth is projected to rise to 7.2% in FY28 and 7% in FY29.
We interacted with sanitaryware and faucetware dealers across key regions in India to assess demand trends, competitive intensity, pricing dynamics, and channel sentiment. Our discussions indicate that demand remains healthy across most markets, with project demand generally outperforming retail demand. However, competitive intensity continues to remain elevated, with customers increasingly gravitating toward established brands with stronger brand recall, wider product portfolios, better pricing, and deeper engagement with architects and influencers. While product quality is largely perceived to be comparable across leading players,...
The RBI and government launched a three-part capital attraction package: The RBI will absorb full currency hedging costs so banks can offer NRIs 150-200 bps higher rates on 3-5 year dollar deposits;
Industry undertook 5-12% price hikes driven by BEE revisions and commodity inflation We interacted with 31 dealers across states to assess demand momentum, pricing trends, the impact of recent BEE revisions, and brand-level feedback in the RAC segment, particularly in the context of ongoing summer season and expectations of incremental demand. Our interactions suggest demand remained healthy through post 15th Apr'26 and early May'26, but softened toward the end of May due to expected onset of monsoon. Most brands implemented price hikes to offset higher input costs...
The RBI’s Monetary Policy Committee held the repo rate at 5.25% unchanged on June 5th,2026. This signals an end to the 125 bps easing cycle that ran from February 2025 to December 2025. While maintaining a neutral stance, the balance of risks has shifted to the upside.
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...
