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Broker Research reports: Sector Updates
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The pain for agrochemical focused companies is expected to persist, with margins to remain under pressure in the near term. Chinese companies continue to remain a significant competitive threat to Indian chemical manufacturers. In CY24, chemical production in China grew by 9.1% now constituting 86% of global chemical production, substantially outpacing India's growth of just 1.5%. However, with several anti-dumping investigations currently underway by the DGTR, we expect several domestic chemical companies to benefit once these duties are implemented. Companies with...
Indian HRC: Indian HRC prices decreased by 1.4% WoW to Rs 50,000/tonne, as buyers pushed for lower rates amid subdued demand, driven by the early onset of the monsoon, which dampened construction and transportation activities. Billet-Ex-Raipur: Billet prices decreased by 0.5% WoW to Rs 36,850/tonne, as prolonged weakness in the finished steel segment...
The Indian auto industry witnessed a divergent performance in Q1FY26, with strong traction in the two-wheeler and tractor segments, while the passenger vehicle (PV) and commercial vehicle (CV) categories grappled with demand moderation, elevated inventory, and fragile retail sentiment.
(Cu up 3.5%/3.9% & Al up 2.9%/3.9% in May'25/Jun'25). Cables are expected demand, though realizations were impacted by raw material price fluctuations to outpace wires in Q1FY26 due to stronger demand from industrial and infrastructure segments. We estimate Havells/ Polycab /KEI/RR Kabel to see...
of 50% and 30%, respectively. Profitability is set to improve sharply, with margin expansion across the board driven by increasing exposure to high- their strategic focus on higher margin sectors and orders, which should further support margin expansion in the coming quarters. We expect our EMS universe to register sales/EBITDA/PAT growth of 7.5%/73.5%/59.1% YoY in Q1FY26, on the back of robust order execution and margin improvement led by cost rationalization and increased contribution from high-margin segments. We continue our positive view on EMS companies...
Oil prices decline, LPG under-recovery improves: A slew of concerns over trade tariffs and global GDP combined with increased supply of 1.2mnbopd resulted in Brent diving to below USD60/bbl for a while and then picking up subsequently to average USD68/bbl during the quarter, a decline from USD75.7/bbl in Q4FY25. Decline in oil prices would result in falling realizations of ~8% QoQ for ONGC and Oil India. Decline in oil prices would aid gross marketing margins on petrol and diesel sequentially from Rs10.4/6.4/lit to Rs12/10/lit respectively. Decline in benchmark LPG prices would also reduce...
Due to geopolitical tensions owing to the Iran-Israel war, the price of crude shot up to $74 even touching $75 briefly. This has a direct effect on prices of chemicals. This reflected in June-25 data, where all the chemicals in our coverage universe exhibited minor uptick in prices, barring Acetone and Acetic Acid. Acetone and Acetic Acid are not linked in the production process; hence the downward trajectory could be due to weakening end-use demand. Acetonitrile prices showed the steepest jump of 8% MoM. This does not bode well for Li-Ion battery manufacturers as it is used as a solvent, particularly in high performance...
