Crisil Ratings

Rare-earth relief to revive electric two-wheeler growth next fiscal

Improving magnet availability and cost economics support demand, even as competitive intensity accelerates consolidation

Duty hikes to dent cigarette volumes by 6-8% in FY27: Crisil Ratings

Crisil expects India's cigarette volumes to fall 6-8% next fiscal as higher excise duty and GST from February squeeze demand, especially in the mass segment

Securitisation volumes rise 5% to ₹1.87 trn in 9 months of FY26: Crisil

NBFCs posted strong year-on-year growth of 35 per cent in the third quarter, driven by robust volumes in gold and vehicle loan pools

Recoveries to double for stressed roads by FY27 on traffic: Crisil

Crisil said ARC recoveries from stressed highway assets could exceed 120% by FY27 as BOT projects turn viable after debt haircuts, higher traffic and faster resolutions via NHAI payments and IBC

NBFC vehicle-loan AUM to grow 16-17%, reach ₹11 trillion by FY27: Crisil

NBFCs' vehicle-loan AUM is seen growing 16-17 per cent annually through FY26-FY27 to Rs 11 trillion by March 31, 2027, with used-vehicle loans expected to outpace new loans, Crisil Ratings said

RBI overlap relief averts 2-6% hit to bank groups' advances, says CRISIL

CRISIL said RBI's final guidelines allowing overlapping lending within bank groups avert a 2-6 per cent hit to advances for 12 large groups, while keeping key NBFC and ARC proposals

State capital outlay to rise 4-6% but stays below long-term average: Crisil

Capital outlay of states is expected to grow from four per cent to six per cent in the current financial year touching approximately Rs 7.5 lakh crore, Crisil Ratings said in its report on Friday. This would be lower than seven per cent in the last financial year and well below the decadal average of 11 per cent as rising revenue deficits are limiting financial flexibility, the report said. Water supply and sanitation, including housing and urban development and irrigation, will continue to be the main drivers of the capital expenditure, the report said. The top 18 states will account for 94 per cent of capital outlay of the states. According to the report, rising revenue deficit of the states are due to slow pace of growth due to moderation in GST rates post rationalisation, slowing devolution from the Centre and lower nominal GDP growth driven by easing inflation. On the other hand, revenue expenditure is set to grow sharply by seven per cent to nine per cent, driven by committe

Reliance Industries hits 16-month high, rallies 8% in 1 month; here's why

Thus far in the calendar year 2025, RIL stock has rallied 27 per cent, as against a 8.4 per cent gain on the BSE Sensex.

NBFCs face funding pressure despite healthy outlook: Crisil Ratings

Crisil flags rising stress in early delinquency buckets, especially in vehicle finance, unsecured MSME loans and the LAP segment

Asahi India Glass hits new high on heavy volumes; up 27% against QIP price

Share price of Asahi India Glass hit a new high of ₹1,072.95, as they rallied 9 per cent on the BSE in Monday's intra-day trade amid heavy volumes.

Cement makers to invest ₹1.2 trillion over three years: Crisil Ratings

Capex during FY26-FY28 to be 50% higher than the previous three years; industry to add up to 170 MT of capacity amid strong demand, says Crisil Ratings

JSW Cement slips 4% ahead of results, hits all-time low on heavy volumes

Shares of JSW Cement hit a record low of ₹129, and traded at a 12 per cent discount compared to issue price of ₹147 per share.

GST cut on commercial vehicles to reduce fleet acquisition costs: Crisil

Crisil Ratings said post the rationalisation of GST on commercial vehicles, acquisition of new fleet by the operators would decline substantially. It said in a statement on Monday that GST on commercial vehicles has been reduced to 18 per cent from 28 per cent. "This will bring down the acquisition cost of fleet operators," it said. Domestic commercial fleet operators are expected to clock a revenue growth of eight per cent to ten per cent this financial year, according to the statement. Strong domestic demand and import-related fleet requirements will drive growth. Higher revenues and stable margins will result in improved cash flows, which will partially fund the incremental working capital requirement, the statement said. Dependence on external short-term debt will be limited, and operators will undertake additions to their fleets funded by long-term loans. Increased fleet utilisation will ensure operating margins to remain stable between eight per cent to 8.5 per cent, accordi

Atlanta Electricals soars 10%, hits new high; Crisil upgrades credit rating

Shares of Atlanta Electricals hit a new high at ₹993.40, up 32 per cent against the issue price of ₹754 per share.

Falling CASA ratio, lower household deposits may hit stability: CRISIL

CRISIL warns that declining household deposits and a falling CASA ratio could impact funding stability and raise costs for banks over the medium to long term

New GST reforms unlikely to put major burden on govt revenue: Crisil

Crisil said that govt has estimated the revenue loss at ₹48,000 crore, which is modest in comparison to last year's ₹10.6 trillion collections

Adani Power hits 11-month high, rallies 6% in 2 days; here's why

In the past one month, Adani Power has outperformed the market by surging 12 per cent, as compared to 0.56 per cent rise in the BSE Sensex and 1.3 per cent decline in BSE Power index.

Cost of veg thali rises to 8-month high of ₹29.1 in August, says Crisil

Crisil said veg thali cost rose to an eight-month high of Rs 29.1 in August due to high tomato prices, while both veg and non-veg thali costs were lower year-on-year

Trump tariffs take the shine off Indian diamonds, expect 30% revenue cut

Crisil Ratings warns Indian diamond polishers face their worst year since 2007, with FY26 revenues projected to shrink to $12.5 billion after Trump's 50% tariff shock

Gautam Solar gets Crisil rating upgrade to 'A-/Stable' on strong growth

Renewal energy solutions provider Gautam Solar on Tuesday said Crisil has upgraded its long-term rating to 'A-/Stable' from 'BBB+/Stable' earlier. This achievement highlights the strong fundamentals of Gautam Solar and its solid growth trajectory, constantly strengthening its reputation as a reliable partner in the renewable energy market and a provider of preferred modules for large projects, a company statement said. According to the statement, Gautam Solar Pvt Ltd (GSPL), having 28+ years of experience in solar module manufacturing, has received the long-term rating of CRISIL A-/Stable and a short-term rating of CRISIL A2+, a recognition that signifies the company's financial strength, capability, longer-term reliability and bankability of its solar modules. Earlier, the firm had a CRISIL BBB+/Stable long-term and CRISIL A2 short-term rating. The major upgrade to CRISIL A- is a true measure of Gautam Solar's strengthened business profile, strong financials, and sustained track .