Crisil Report

Emerging diversified construction firms set for stable FY26 growth: Crisil

Emerging diversified construction firms are expected to witness stable growth in 2025-26, with revenues projected to rise by 9-11 per cent, Crisil Ratings said on Tuesday. Healthy order books, driven by the timely execution of projects, supporting their credentials, have resulted in the continued scale-up of operations, it said. "Emerging diversified construction companies will continue to see steady growth this fiscal, with revenues growing 9-11 per cent compared with a 15 per cent compounded annual growth rate in the five fiscals through 2025," it said in a statement. However, limited ability to pass on the impact of sharp commodity price fluctuations and stronger competition will limit the operating margins to 10-11 per cent. While the working capital requirements of emerging construction companies will be higher on-year, it will be funded mainly by better cash flows and risk management practices, thus limiting fund-based working capital bank borrowings. Timely execution of a ..

Shrimp export volume growth to stay flat in FY26 due to US tariffs: Crisil

Indian exporters are expected to face stronger competition in low-value-added segments like raw, frozen, and peeled frozen shrimp, according to the Crisil report

Fund Pick: UTI Aggressive Hybrid Fund outperforms in peer category

The category's average allocation to large, mid, and smallcaps was 48.09 per cent, 12.63 per cent and 9.34 per cent, respectively

Auto parts sector to grow 7-9% in FY26, driven by 2W, PV demand: Crisil

A moderate recovery in commercial vehicles and tractor sales, which contribute around 17 per cent to overall revenue, is also expected to support growth

Cost of home-cooked thalis declines in April as food prices cool

Vegetarian and non-vegetarian thalis became cheaper in April due to lower prices of onion, potato and broiler, although oil and LPG costs curtailed a deeper drop

PV industry to hit record 5 mn domestic, export units in FY26: Crisil

Passenger vehicle industry in India is expected to touch a record cumulative domestic and export volume of 50 lakh units this fiscal despite the annual growth rate slowing down to 2-4 per cent, according to Crisil Ratings. However, penetration of electric vehicles (EVs) is seen at a moderate 3-3.5 per cent despite new launches and declining battery costs due to high prices, modest charging infrastructure and range anxiety, restricting the market to urban users as a second car option, the insights-driven analytics firm said in a statement. The growth in the EV segment has slowed after doubling last year on a low base, it added. "India's passenger vehicle (PV) industry is set to scale a fresh high this fiscal with domestic and export volume cumulatively crossing 5 million units even as the annual growth rate slows to 2-4 per cent," Crisil Ratings said. This marks the fourth consecutive year of record sales, although momentum has significantly eased from the 25 per cent surge in fisca

India Inc revenue growth flat in Q4, but margins to widen: Crisil

India Inc's revenue growth will remain flat at about 5-6 per cent in the March quarter, but profitability will widen, a domestic rating agency said on Thursday. Crisil Ratings said the operating profit margins are seen at 8 per cent, a widening of up to 0.60 per cent, when compared with the year-ago performance. The agency analysed over 400 companies accounting for over 50 per cent of NSE's market capitalisation to arrive at its estimates. Some companies, especially in the information technology sector have already announced their earnings. Improved showing by the consumer-driven sectors excluding staples will be a key contributor for the topline growth, while the bottom line will benefit from a mixed set of aspects which are unique to a sector, it said. Crisil Intelligence's director Pushan Sharma said consumer discretionary products, services and staple services segment is expected to see 8-9 per cent on-year increase in revenue. "This would be led by an expected 15 per cent sur

Tractor sales likely to hit record high in FY26 on monsoon, MSP hike

Pre-buying ahead of TREM V norms, rising construction activity to fuel demand; margins remain stable

Tractor sales in FY26 to hit record 975K units, ₹4K cr capex likely: Crisil

Higher minimum support prices for key cash crops, better replacement and construction demand amid hopes of above-normal monsoon are likely to drive domestic tractor sales to hit an all-time high of around 9.75 lakh units in 2025-26, growing at 3-5 per cent, according to Crisil Ratings. A strategic capex cycle worth Rs 4,000 crore is around the corner in the Indian tractor industry with capacity utilisation nearing optimal levels of 75-80 per cent and the push for cleaner technologies under TREM V, the analytics firm said in a statement. The emission norm of 'TREM V' is expected from April 1, 2026, pre-buying towards fiscal-end may also provide a fillip to volume, it added. "As a result, tractor sales this fiscal year are expected to surpass the peak of 9.45 lakh units achieved in fiscal 2023, sustaining the back-to-back volume growth seen during fiscal 2019," it noted. There was a healthy 7 per cent increase in sales in FY25, Crisil Ratings said. The Indian Meteorological Departme

Crisil Ratings downgrades United India Insurance rating from AA to AA-

Reaffirms rating for New India, National Insurance

Commercial vehicle sales may touch 1 mn mark in FY26 after 7 yrs: Crisil

LCVs to account for 62% of volumes

Securitisation volumes jump 24% to hit new record of ₹2.35 trn in FY25

Securitisation volumes in FY25 increased 24 per cent to hit the highest level of Rs 2.35 lakh crore, a report said on Monday. The volumes of securitisation, which involves passing on future receivables on a loan to address upfront liquidity needs, were lower in the fourth quarter at Rs 58,000 crore as against Rs 63,000 crore and Rs 70,000 crore recorded in the preceding two quarters, as per the report by rating agency Crisil. The jump in FY25 volumes was driven by large deals originated by private sector banks and also non-bank finance companies, it said. Largest private sector lender HDFC Bank has been very active on issuances in FY25 in order to improve its credit-deposit ratio after merging mortgage major parent HDFC into it. The Crisil report said number of issuers increased to 175 in FY25, from 165 entities in the year-ago period. The share of securitisation by banks increased sharply to 26 per cent in FY25 from 5 per cent in FY24 as a few banks used securitisation to manage

FMCG sector can hope for revenue revival as urban demand returns: Crisil

The report says the FMCG sector should see revenue rebound by 100 to 200 basis points (bps) to 6-8 per cent in FY26 up from an expected 5-6 per cent in FY25 as volume rises 4-6 per cent

Cement demand to improve, US tariff impact seen for metal: Crisil

On the commodity sector, Crisil said, "especially metals, will continue to drag down growth due to prevailing pricing pressure"

Private capex unlikely to pick up despite high profitability: Crisil

Private sector capital expenditure is unlikely to pick up in a sustained way despite India Inc's profitability being near decadal high, domestic ratings agency Crisil said on Thursday. The profitability of India Inc is set to increase for the third year in a row in FY26 on the back of soft commodity prices, the agency said. An analysis of 800 companies excluding ones in the banking and finance and oil and gas sectors revealed that the pre-tax profit margins are set to widen to up to 20 per cent in FY26. It can be noted that the government is leading the investments in the economy for the last few years, and there have been calls for a revival in the corporate capex as well. However, rather than investing to create new capacities, India Inc has deployed money to retire debt and other measures rather than investing it even though the capacity utilisation levels are high. "Their (corporates') ability to invest is not matched by the willingness to invest at this juncture," the agency'

Homemade meals get dearer in Jan, non-veg thali pinches more: Crisil report

The cost of a homemade meal rose in January year-on-year due to a hike in the prices of potatoes, pulses and chicken, a report said on Thursday. A jump in the chicken prices led to a more pronounced jump in the non-vegetarian thali, the monthly roti, rice rate report by a unit of ratings agency Crisil said. The cost of a vegetarian meal increased to Rs 28.7 per plate from Rs 28 per plate in the year-ago period, on a 35 per cent growth in potato, 7 per cent in pulses and 17 per cent in vegetable oils, it said, adding that an 11 per cent drop in fuel costs helped temper the impact. When compared with the preceding month, the cost of a veg thali cooled from Rs 31.6 per plate on a 34 per cent fall in tomato prices, 16 per cent decline in potato and 21 per cent in onion prices, it said. In the case of non-veg thali, the cost of preparing a plate went up to Rs 60.6 each from Rs 52 a year ago on a 33 per cent jump in broiler, which accounts for 50 per cent weight in the overall price, it

Indian aircraft MRO sector to grow 50% in topline by FY26, says Crisil

The Indian aircraft maintenance, repair and overhaul (MRO)industry is expected to see a 50 per cent topline growth to Rs 4,500 crore in FY26 amid fresh demand triggered by airline operators' expanding fleet size, ratings agency Crisill said on Monday. The rating agency's study based on three MRO operators, which account for 90 per cent of the industry's revenue, also pointed out that reduction in GST on aircraft components and services not only positions domestic MRO players more competitively with their overseas competitors but also ease their working capital blockage. Indian MRO players typically provide three types of services -- line checks (undertaken before every take off), air frame checks (every 12-18 months which involves grounding the aircraft for 3-4 weeks) and redelivery checks (at the time of expiry of lease period of 6-7 years). "Revenue of the domestic aircraft maintenance, repair and overhaul industry will surpass Rs 4,500 crore in fiscal 2026, clocking an impressive

Crisil SME tracker: Govt move on exports to boost revenue for sugar SMEs

Last financial year, the industry witnessed a sharp 10 per cent growth in revenue, driven by an 8 per cent year-on-year (Y-o-Y) increase in sugar prices and a steady 2 per cent rise in consumption

Proposed duty on steel imports may lead to steep price hike in 2025: CRISIL

Steel prices in 2025 would be much higher than the last year if the proposed safeguard duty on steel imports is imposed by the end of next month, rating agency Crisil said on Wednesday. "Domestic prices are under pressure due to global steel price decline and are expected to remain soft in 2025. Prices have a 4-6 per cent upside potential hinged on implementation of the safeguard duty. "As mills ramp up production volume from the newly commissioned capacities, increase in supply will reduce flat steel prices, but will still be higher than average price of 2024. That said, intense competition among mills to gain market share could limit the upward movement," Vishal Singh, Director-Research at Crisil Market Intelligence and Analytics, said in a statement. The imposition of a safeguard duty proposed by the industry could be a positive here. Assuming it is implemented by the end of February, steel prices in 2025 would be much higher than 2024, with the impact more prominent in the first

Tomato, potato prices make home-cooked meals costlier in Dec: CRISIL report

Prices of home-cooked meals increased in December on dearer key kitchen staples like tomato and potato, a report said on Monday. The average cost of preparing a vegetarian thali was up 6 per cent at Rs 31.6 per plate in December when compared to the year-ago period's Rs 29.7, but was down from preceding November month's rate of Rs 32.7, the report by a unit of rating agency Crisil said. In the roti, rice, rate report which seeks to assess the common man's expenditure on food, Crisil found that a non-vegetarian thali cost was higher by 12 per cent on-year and 3 per cent on-month to Rs 63.3 in December. Explaining the reasons for the costlier food, the report said tomato prices were up 24 per cent at Rs 47 per kg in December, while potato surged 50 per cent to Rs 36 for a kg on a low base. A 16 per cent on-year increase in vegetable oil cost due to import duty hikes by the government aggravated it for the common man, it said. From an on-year perspective, an 11 per cent drop in LPG f