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On 17 October 2026, NPPA capped trade margins at 30% on 137 non-scheduled anti-cancer drugs, including patented therapies, with revised MRPs effective 9 November 2026.
Q2FY27 marks a stronger recovery phase for Indian specialty chemicals, with aggregate revenue growth estimated at ~25–30% YoY, driven by volume normalisation, new capacity ramp-ups and improving fluorochemical and amine pricing.
India’s CPI inflation rose to 5.5% in September, up from 4.8% in August, driven by higher food inflation. Meanwhile, WPI inflation also surged to 11.4% amid rising fuel and commodity prices. The Super El Niño affected food prices and India’s rural economy, as the country recorded its lowest June–September rainfall in over a decade, impacting rain-fed agriculture and reservoir levels.
The IMF raised India’s FY27 GDP growth forecast to 7% from 6.4%, citing stronger-than-expected domestic demand and robust services activity that cushioned global disruptions.
We expect the sector to grow strong in domestic footprint led by combination of volume and value surge accompanied by product launches. The increasing share of the chronic therapies led by oncology (26%), anti-diabetics (18%), VMN (17%), and cardiac (16%).
We expect a steady Q2FY27 across our IT Services coverage, with aggregate revenue and PAT growth of 12.2% YoY and 12.6% YoY, respectively. INR growth is supported by the rupee's ~9% YoY depreciation.
NBFC credit growth accelerated to 15.8% YoY in Aug'26, compared with 10.0% a year ago, with outstanding credit rising 1.3% MoM to Rs60.6 lakh crore. The growth was led by retail loans (+22.0% YoY) and agriculture (+17.4% YoY), while services credit grew 16.2% YoY and industrial credit remained subdued at 8.4% YoY. Within retail, gold loans grew 69.1% YoY, while consumer durables (+56.4%), vehicle loans (+15.4%) and housing (+12.1%) also remained strong. Services growth was supported by commercial real estate (+21.8% YoY) and trade (+15.6% YoY), though trade growth slowed from 21.4% a year ago. On a sequential basis, overall NBFC credit increased 1.3%, led by retail lending (+1.6%...
During Sep-26, Indian HRC prices increased by 4% MoM to Rs64,700/tonne, trading at 4year-high levels. The prices were majorly driven by post-monsoon demand rebound and mill announced price hikes. Chinese HRC prices increased by 2% MoM to $510/tonne, driven by increase in raw material prices and limited production. In Aug-26, Indian steel production increased by 3% MoM to 14.8mn tonnes. Estimated Chinese steel output decreased by 3% MoM to 75mn tonnes, while estimated global steel production...
The MPC meeting held during October 57, 2026, unanimously voted to raise the policy repo rate under the LAF by 25 bps to 5.50% and changed the stance to calibrated tightening. Consequently, the SDF rate stands at 5.25%, while the MSF rate and the Bank Rate stand at 5.75%. The MPC noted that inflation is no longer benign, with headline CPI rising to 4.8% in August 2026 and projected at 6.0% in Q3FY27, 5.7% in Q4FY27 and 5.6% in Q1FY28. Core inflation rose to 4.2% in August and is projected at 4.4% for FY27, so the MPC considered a policy recalibration imperative. Growth remains resilient (Q1 GDP at 7.8%). Rate cuts are off the table in the near...
Q2 is normally a strong quarter for Indian IT companies, but this one will not be one. Large caps are a story of muted volumes and margin repair. Macro caution, pricing pressure and soft mega-deal conversion cap USD growth near 1%, so the weaker rupee and the reversal of wage-hike costs, no major demand uptick lift reported numbers. Infosys is the weak spot, with pricing pressure, pulling margin down, and Wipro still struggles for growth. We prefer HCLTech and TCS. HCLTech has the clearest operating momentum: Jaspersoft, the HPE telco business and seasonal strength drive the best sequential growth, margins recover with...
Bank credit growth remained healthy in Aug'26, with gross bank credit rising 19.1% YoY and 1.4% MoM to Rs223.9tn, while non-food credit grew 18.8% YoY. Growth stayed broad-based, agriculture credit expanded 17.2% YoY, industrial credit moderated to 18.2% YoY and services credit accelerated to 24.3% YoY. Within industry, growth was led by Medium Industries (+31.8% YoY) and MSMEs (+23.0% YoY), while services growth was supported by NBFCs (+37.5% YoY), commercial real estate (+22.5% YoY) and trade (+20.1% YoY). Retail credit improved to 16.9% YoY, driven by vehicle loans (+19.7% YoY) and continued strong growth in gold loans (+83.2% YoY), while credit card growth...
