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During Feb-26, Indian steel prices increased by 1% MoM to Rs54,000/tonne, remaining at a 52-week-high on seasonal tailwinds. Chinese steel prices declined by 1% MoM to $465/tonne, owing to the increase in production amid weak demand. Coking coal prices decreased by 13% MoM to $186/tonne, as operations normalized following weather disruptions. In Jan-25, Indian steel production increased by 2.0% MoM to 15.1 mn tonnes, while estimated Chinese steel output rose 10% MoM to 75mn tonnes as mills resumed operations after maintenance shutdown. CISA mills also reported a 20% YoY increase in inventory levels, indicating weak demand during festive holidays. Global...
Demand for 2Ws remains robust aided by improved affordability Strong momentum in dispatches continued in Feb'26 ahead of festivities, amid ongoing wedding season and positive rural sentiments from robust crop cashflows, with sharper customer engagement and shift toward higher value models. PV growth is being driven by non-metro locations, although small car sales are seeing slower growth. Jan'26 inventory level of 32-34days vs. 3739days in Dec'25 indicate healthier channel discipline and efficient working capital. 2Ws remain strong with urban revival, although 350cc+ models see stagnation in volumes. CVs are on an upward trajectory from steady freight...
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 February, 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). After a good start on ADR front last month, this month reported improved ADR in the selected markets. Apart from planned events (AI Summit in Delhi), overall demand has been encouraging across the key markets. Post Q3FY26 results, the management commentary has been positive on the industry growth, primarily supported by healthy...
We prefer TVS Motors and Bajaj Auto in 2Ws (Eicher seems fully valued at CMP); M&M (non-coverage) as a play in the PV/LCV/tractor segment, followed by Maruti in PVs. We also like Ashok Leyland in the CV space, followed by a close watch on Eicher (VECV) for any market share gains.
Dealers expect prices to improve meaningfully from April onwards, as yearend volume push eases, while demand is expected to remain healthy. We interacted with cement dealers across regions in India to assess demand and pricing trends in Feb'26. Our discussions indicate that demand remained healthy across most markets, with steady offtake supported by infrastructure activities and seasonal construction momentum, though some regions witnessed temporary slowdown due to Holi and year-end adjustments. Pricing trends were mixed MoM, as aggressive volume push ahead of March closing led to price corrections in select North and South markets, while East and West...
Indian HRC: Indian HRC prices increased by 0.6% WoW to Rs 54,000/tonne, hitting a fresh 52-week-high. However, some slowdown in trading activity was reported ahead of festive season. Billet-Ex-Raipur: Billet prices decreased by 2.3% WoW to...
Banking sector non-food credit growth remained steady at 14.4% YoY, with sequential momentum moderating to 1% MoM in Jan'26. As per the latest sectoral deployment data, credit growth across agriculture, industry, personal loans and services continued to register healthy double digit YoY expansion during the month. Agriculture loan growth stood at 11% YoY in Jan'26, while credit to industries grew at 12% YoY. Services sector credit growth remained stable at 15% YoY in Jan'26, with lending to NBFCs witnessing strong traction at 18% YoY. Retail loan growth sustained at 15% YoY in Jan'26, led by unsecured loans at 12% YoY and a sharp surge...
demand. Jewellery players seem well placed due to high gold price inflation (80% YoY) and expected pressure on local and regional players. Food and grocery retailing is showing impact of rising competition from Quick commerce players as new players and scale benefit remain at play. Britannia and MRCO are preferred plays in staples, Pidilite in construction aids and Titan Company/ JUBI in Jewellery/ QSR/retail. Any spike in input costs and...
Waaree's US manufacturing capacity stands at 2.6GW and is projected to increase to 4.2GW by mid-CY26, driven by 1.6GW under construction in Texas and the acquisition of a 1GW HJT facility in Arizona. This expanded capacity is expected to adequately support the existing US order book, along with the...
In the international market, PVC resin prices have risen to USD 740/MT from USD 620/MT between 9 th Jan-26 and 20th Feb-26 (+19.4%), following China's announcement on VAT rebate removal and the closure of select global suspension PVC resin plants (including Westlake's Aberdeen PVC facility and one plant of Shin-Etsu). On a back-of-the-envelope calculation, current global PVC prices along with INR depreciation imply domestic PVC resin prices of ~Rs 81/kg based on historical trends, suggesting a further potential increase of ~Rs 3/kg. The Chinese policy announcement has already constrained PVC resin availability in the domestic market, leading to higher prices. This has impacted smaller and regional players in terms of resin procurement and volumes, ultimately benefiting organized players such as Astral and Supreme Industries through potential market share gains....
After a strong festive-led December, credit card spends moderated in Jan'26 to 1.99L Cr from 2.05L Cr in Dec'25. Spends declined ~2.7% MoM (vs ~8.4% growth in Dec'25), while YoY growth softened to ~8.1% (vs ~8.8%), reflecting both a high base and post-festive normalisation. Cards-in-force increased to ~116.56 Mn, up ~7.1% YoY and ~0.7% MoM. Net new card additions eased to ~8.4 lakh (vs ~8.9 lakh in Dec'25), led by HDFCB (~3.1 lakh), AXISB (~0.9 lakh) and SBI (~0.9 lakh). Transaction volumes remained largely stable, dipping marginally by ~0.1% MoM (vs ~7.2% growth in Dec'25), while sustaining healthy ~24.9% YoY growth (vs ~24.3%). Credit card spending growth moderated to ~8% in January, marking a...
W&C Sector Data centre led growth opportunity India's data center industry is witnessing strong capacity expansion, which is emerging as a meaningful growth driver for the cables segment within the wires & cables (W&C) industry. Based on data center EPC cost structures, electrical cables consistently account for around 10% of total cost per MW. With total EPC cost ranging from Rs200225mn per MW depending on project scale, cable...
In the span of a few months, India has gone from digital potential to digital powerhouse - and data centers are the linchpin of that transformation. At the recent India AI Impact Summit, global tech majors including Microsoft, Google, and Amazon collectively pledged tens of billions of dollars toward AI infrastructure, while domestic giants like Reliance Industries and the Adani Group announced multi-billion-dollar plans to build AI-ready, renewable-powered data center campuses across the country. Complementing this investment momentum, the Union Budget 202627 introduced a landmark tax holiday for data center operators, extending exemption from Indian income tax until 2047 for eligible foreign cloud service providers using India-based data center infrastructure to serve global workloads - a move designed to anchor high-value compute capacity domestically and provide decades of investment certainty....
China's continued expansion of chemical capacity and high-end production is fueling global oversupply, keeping operating rates and margins under pressure Declining demand, falling realizations and spreads, inventory de-stocking, and continued dumping combined with rising overcapacity across key chemical chains and weak visibility, have led to sharp downward revisions in consensus estimates for specialty chemical companies under our coverage. Such sharp EPS cuts have resulted in sliding stock prices, with a few names nearly halving over the past few quarters, along with de-rating. Since FY24-end, companies...
growth. PSB may continue to grow well till H1FY27, post which, PVB may outperform due to constrained deposit accretion and loan growth gap between them reversing. We prefer banks with (1) higher LCR/lower LDR, (2) faster...
