Sector Updates

During Jun-25, Indian steel prices declined 1.4% MoM to Rs50,700/tonne, while Chinese steel prices fell by 2.2% MoM to $445/tonne. Coking coal prices dropped by 8.1% MoM to $136/tonne, amid subdued global demand. In May-25, Indian steel production rose by 4.7% MoM to 13.5 mn tonnes. Estimated Chinese steel output increased by 0.7% MoM to 87 mn tonnes, while global steel production expanded by 1.5% MoM to 158 mn tonnes. Chinese steel exports increased by 1.1% MoM and 9.9% YoY to 10.6mn tonnes, as Chinese domestic demand continues to struggle. Additionally, the USA announced a 50% tariff on steel,...

EPC companies, due to general elections held in Q1FY25, 2) recent geopolitical incidents leading to better performance out of defence companies, 3) strong domestic traction for product companies, and 4) strong YoY growth seen in the public capex for railways, defence, power, road transport and highways etc. in Q1FY26. The strong performance is anticipated despite cautious exports and tariff related uncertainties along with continued weakness in the consumable companies. Overall, we expect revenue/EBITDA growth of ~15.1%/15.5% YoY (~15.3%/14.9% YoY ex-L&T). Execution pace, domestic capex momentum and...

terror attack. However, the sector's pricing power remained resilient, with panIndia ARRs holding firm in the Rs7,3007,500 range, reflecting inherent pricing power. The aviation sector also witnessed a notable slowdown in traffic growth, with May-25 recording just 1.9% YoY pax growth, lowest in recent quarters, reaching 14.1mn passengers. As for the luggage sector, while it was relatively less affected by geopolitical developments, the overall environment remained challenging and competitive intensity continues to persist. Within our hospitality coverage universe, we expect RevPAR growth of 2%/16%/15% for CHALET IN, LEMONTRE IN and SAMHI IN respectively. As for INDIGO IN, we...

QoQ/10.0% YoY. Disbursal run-rate of LICHF/CANF is a key monitorable, given weak credit flow in the last few quarters. NIM for coverage HFCs could fall by 3bps QoQ to 3.13%. NII may remain flat QoQ and grow by 9.0% YoY to Rs27.8bn due to faster repricing of loans. Other income could reduce by 44.3% QoQ to Rs1.6bn owing to seasonality which would be partly offset by 20.2% moderation in opex to Rs5.56bn mainly led by fall in other opex (-28.2% QoQ). Hence, PPoP could be flat QoQ at Rs23.9bn. We see provisions inching up QoQ to 19bps from 15bps as Q1 sees slower...

service EBITDA margin of PTL division is likely to be at 10% (mirroring the performance of 4QFY25) versus 3.2% in 1QFY25. Even MAHLOG IN's operational performance is likely to be healthy led by EBITDA growth of 12.2% in standalone business and narrowing losses in the B2B express division....

Deo, Instant Noodles, Juices, oral care and mass skin care remains intense. seasonally important quarter partly disrupted by unseasonal rains and operation Sindoor. Food and grocery retail continue to remain highly...

12.0% due to higher A&P spends (new logo was unveiled in June-25). Entertainment: While headwinds in Kiddopia and Nodwin businesses persist, consolidation of Curve Games, Freaks 4U and Fusebox is likely to support the...

Q1FY26 Earnings Preview - Real Estate

Q1FY26 Earnings Preview - Automobile