ICRA

India's passenger vehicle industry growth is expected to moderate to 4-6 per cent in FY27, largely due to the high base and evolving macroeconomic conditions, ratings agency ICRA said on Friday. For FY26, the industry is estimated to report wholesale volume growth of around 7-9 per cent, supported by strong festive demand, GST rate cuts and multiple new model launches, ICRA said in a statement. "The industry continues to witness structural shifts, with utility vehicles accounting for nearly 67 per cent of overall sales, reflecting sustained premiumisation trends," it said. Further, rising penetration of alternative powertrains such as CNG and electric vehicles is aiding demand diversification, ICRA said. Despite the anticipated moderation in growth, passenger vehicle original equipment manufacturers (OEMs) are expected to continue with significant capital expenditure towards new product development and electric vehicle platforms, while tractor manufacturers are likely to benefit fr

Rating agencies flag moderation in upgrade-downgrade ratios in FY26, with the West Asia conflict likely to test corporate balance sheets and margins in FY27

The power sector has led rating upgrades in the fiscal year 2025-26 on improved execution as well as stable operations, said rating agency ICRA on Wednesday. The power sector emerged as one of the key drivers of rating upgrades in FY2026, supported by improved project execution, stable operating performance and strengthening parent profiles, according to the ICRA statement. The sector witnessed a significant improvement in credit metrics during the year, with its credit ratio rising to 5.2 in FY2026, compared to 3.4 in FY2025 and 2.9 in FY2024, indicating a sustained increase in upgrades relative to downgrades. This improvement reflects easing project risks, stabilisation of operations for commissioned assets and steady cash flow generation. Rating upgrades in the sector were driven by factors such as project completion, track record of stable operating performance and strengthening of parent credit profiles. The sector also benefited from continued policy support, infrastructure p

The cement industry is expected to grow by 7- 8 per cent in the current fiscal year, supported by sustained demand from housing and infrastructure sectors, a report by rating agency ICRA said. Profitability, however, will remain under pressure due to rising input costs and geopolitical tensions affecting fuel and freight. In 2025-26 up to February, the cement industry posted a 9.2 per cent year-on-year increase in volumes, it added. According to ICRA, the cement industry witnessed healthy expansion in profits in the previous fiscal, following an 11-17 per cent expansion in OPBIDTA/MT (operating profits per unit of sales volumes) to Rs 900-950 per MT (metric tonnes). "The operating environment is now expected to moderate in FY2027 due to cost pressures," it said. The cement sector is also expected to face pressure on operating profitability in H1 FY2027 amid higher input costs, primarily fuel (petcoke and coal) and freight (diesel) amid ongoing geopolitical tensions in West Asia, i

Corporate credit profiles remained resilient in 2025-26, with rating upgrades significantly outpacing downgrades, reflecting healthy balance sheets, steady domestic demand, and continued policy support, ICRA said on Wednesday. During FY26, ICRA upgraded 388 entities compared to 124 downgrades, resulting in a strong credit ratio of 3.1 times, a notable improvement from 2 times in FY25 and 2.1 times in FY24. The overall credit quality remained benign, supported by stable operating performance across sectors and sustained infrastructure-led growth, it said, adding power, real estate, hotels, auto components and road sectors accounted for a significant share of rating upgrades. However, pockets of stress persisted in segments such as microfinance and select chemical players, contributing to some downgrades, ICRA said. ICRA Executive Vice President & Chief Rating Officer K Ravichandran said the alleviation of US tariff-related risks and the signing of the India-EU trade agreement had ..

ICRA expects India's power demand growth to slow to 1 per cent in FY26, the lowest in five years, citing a prolonged monsoon, weak demand and a high base effect

Ratings agency ICRA on Friday revised its outlook on the Indian aviation industry to negative from stable, citing disruptions in international airspace following escalation of geopolitical tensions in West Asia. The revision in outlook is also on account of a sharp depreciation of the rupee against the US dollar and an expected increase in jet fuel (ATF) prices, ICRA said. These factors are likely to significantly increase cost pressures for airlines, even as demand growth faces downside risks, it said. The ratings agency said it expects domestic air passenger traffic growth to be at 0-3 per cent for the ongoing fiscal year and international passenger traffic growth for Indian carriers at 7-9 per cent, indicating a relatively weak near-term demand environment. Prior to the West Asian crisis, ICRA had estimated domestic air passenger traffic growth at 6-8 per cent and international traffic growth for Indian carriers at 8-10 per cent for FY27. However, these projections now carry a

In the past seven trading days, the market price of Fino Payments Bank was down 33 per cent despite the bank denied any involvement in betting or gaming activities.

ICRA expects Sai Life Sciences to maintain strong growth momentum over the medium term on the back of a healthy growth outlook for the industry, good product mix and deepening customer engagement.

The bank has seen improvement in asset quality parameters with lower incremental slippages, leading to lower credit costs

After completing the Sanand project and the strong demand in domestic and overseas markets, the KEI management is hopeful to grow more than 20% CAGR in next 3 to 4 years.

ICRA says the new risk-based deposit insurance premium framework, effective April 2026, could reduce bank profitability by up to ₹12,000 crore a year, though stronger banks may see gains

Ratings agency says elevated growth in FY26 will give way to moderation next fiscal as higher base and normalising demand temper volumes across PV, two-wheeler and CV segments

The stock price of the commercial vehicles company hit a new high of ₹5,110 in Tuesday's intra-day trade, zooming nearly 400% from its 52-week low of ₹1,030.90 touched on February 28, 2025.

Wholesale inflation rose to a 10-month high of 1.81% in January, driven by higher food and core prices, with vegetable inflation turning positive and manufactured goods showing renewed price pressures

The POC stressed that excluding precious metals, underlying inflation pressures were muted and that barring volatility on account of gold and silver, core inflation was expected to remain range-bound

Aditi Nayar analyses the Budget's fiscal prudence, higher public capex via states, a 4.3 per cent deficit target, debt consolidation, and the impact of higher gross borrowings on bond yields

ICRA sees 5% growth in rail budget

Jindal Steel plans to double its structural steel manufacturing capacity to 2.4 MTPA by mid-2028, aimed at addressing the growing demand for heavy and ultra-heavy structural steel sections.

ICRA expects hospitals' revenue growth of 16-18% in FY26 on healthy occupancy and higher ARPOB, while projecting a stable pharma outlook led by domestic growth