Icra

Net office absorption in 6 major cities to hit record high in FY26: Report

The top cities are Bengaluru, Chennai, Delhi National Capital Region (NCR), Hyderabad, Mumbai Metropolitan Region (MMR), and Pune

Festive demand and GST relief to drive India Inc's Q3 FY26 growth: ICRA

ICRA expects India Inc. to post 8-10% year-on-year revenue growth in Q3 FY26, supported by festive and rural demand, GST rationalisation and easing costs

India's solar module sector faces shake-up as overcapacity looms: Icra

Bifacial modules can absorb sunlight via both front and rear surfaces, while modules made with TOPCon cells have improved electron flow and lead to lower losses

Icra projects India's GDP growth to ease to 7% for September quarter

Rating agency ICRA on Tuesday projected GDP growth to moderate in July-September period of FY26 to 7 per cent, from 7.8 per cent in the previous quarter, amid lower government spending. ICRA said while the services and agriculture sectors would lose some momentum in the second quarter, industrial performance would be strong propelled by manufacturing, construction and favourable base effects. This is expected to underpin the quarter's economic activity. The rating agency in a statement said it expects GDP growth to ease to 7 per cent year-on-year in Q2 (July-September) from 7.8 per cent in Q1 (April-June) FY2025-26. Indian economy had expanded 5.6 per cent in the Q2 (July-September) of 2024-25 fiscal. The National Statistics Office (NSO) is slated to release the official data on FY26 Q2 GDP growth estimates on November 28. ICRA chief economist Aditi Nayar said a lower YoY rise in government spending is likely to weigh on the pace of the GDP and GVA growth in Q2 FY2026 compared to

ICRA raises FY26 bank credit growth forecast on GST-led demand uptick

ICRA expects bank credit growth at 10.7-11.5% in FY26, aided by higher retail and MSME demand following GST rationalisation. Corporate lending remains muted, with ECL impact pegged below 1.5%

PLI incentive schemes: achieving ambitions, but timelines and progress vary

ICRA estimates that around Rs. 2.5 trillion capex will be incurred by March 2026, which is 60-65 per cent of the total estimated capex

Number of GCCs to rise to over 2,500 by 2030 from current 1,700: ICRA

Rating agency ICRA has estimated that the number of Global Capability Centers (GCCs) in India will increase to more than 2,500 in the next five years, creating huge demand for office space. In 2024-25 fiscal, GCCs leased a record 24 million sq ft of Grade A office space across the top six cities, with their share in total leasing rebounding to 37 per cent from a low of 27 per cent in FY23, the rating agency said in a statement. ICRA projected that GCCs would take on lease 50-55 million square feet of Grade A office space during FY26 and FY27, potentially contributing 38-40 per cent to the total office space demand in the top six markets- Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai Metropolitan Region (MMR) and Pune. ICRA expects "the number of GCCs to rise from about 1,700 currently to more than 2,500 by 2030, generating over USD 100 billion in revenue and scaling workforce capacity by 1.5-2 times." Anupama Reddy, Vice President and Co-Group Head, Corporate Ratings, ICRA, said

Motilal Oswal shares gain 4% after ICRA rating upgrade; check details here

Motilal Oswal share price climbed 3.63 per cent to hit an intra-day high of ₹1,002.40 per share on the BSE after the company announced an update on a credit rating upgrade

Securitisation volumes rise to ₹73,000 crore in Q2 FY26: ICRA report

NBFCs led issuances while bank-originated deals slowed; ICRA and Crisil see steady demand from microfinance and corporate transactions in Q2 FY26

India's road construction likely to slide to 5-year low in FY26: Icra

Road construction in the country is estimated to drop to a five-year low of 25-26 km per day in FY2025-26, domestic rating agency Icra said on Tuesday. Icra attributed the decline to lower execution due to extended monsoon periods and a decline in project awarding over the past two years. The rating agency said India will achieve an execution of over 9,000 km of roads in FY26 or 25-26 km per day, which represents a "significant slowdown". This represents a downward revision from an earlier forecast of 9,500-10,000 km of execution in FY26, Icra said in a statement. The slowdown in FY26 will be on top of a 14 per cent decline in the previous fiscal, the rating agency said, pointing out that 10,660 km of road building was achieved in FY25 and 12,349 km in FY24. Project awarding by the Ministry of Road Transport and Highways in FY25 is estimated to be flat year-on-year at 8,000-8,500 km, which is significantly lower than the awards seen between FY21 and FY23, it said. In FY26, the pr

India adds record 20.1 GW renewable capacity in Apr-Aug, 123% jump YoY

India added 20.1 GW renewable capacity in April-August FY26, a 123 per cent rise from last year, with ICRA projecting over 35 GW additions this fiscal supported by strong demand

Airport passenger traffic likely to hit post-Covid low in FY26: Icra

The ratings agency revised its full-year projection to 5-7 per cent year-on-year from its earlier estimate of 7-9 per cent

Icra cuts FY26 domestic air growth to 4-6%, August traffic stagnates

Icra lowered FY26 domestic air growth forecast to 4-6 per cent from 7-10 per cent, citing global tensions, accident-related hesitancy, and weak demand, as August passenger traffic stagnated

Domestic two-wheeler sales growth estimated at 6-9% in FY26: Icra

Two-wheeler sales in India are estimated to grow by 6-9 per cent in FY26 as compared to the previous fiscal, riding on the recent GST rate reduction, which is anticipated to support affordability and stimulate demand, besides steady replacement demand, urban recovery and healthy rural incomes driven by a normal monsoon, ratings agency ICRA said on Tuesday. Domestic wholesale volumes grew by 7.2 per cent on a YoY basis in August 2025 to 18 lakh units, as OEMs maintained healthy dispatches ahead of the festive season, ICRA said in a statement. Retail sales, however, grew by a marginal 2.2 per cent YoY, with growth constrained by excess rains and some purchase deferment linked to the GST rate cut; a pick-up is expected during the upcoming festive season, it added. ICRA further said it estimates two-wheeler domestic volumes to grow by 6-9 per cent YoY in FY2026. "This projection is supported by steady replacement demand, an expected urban demand recovery, healthy rural incomes driven

Domestic pharma firms expected to post 7-9% revenue growth in FY26: Icra

Revenue of leading domestic pharmaceutical companies is set to expand by 7-9 per cent in the current fiscal even as global headwinds and regulatory uncertainties cast a shadow over its largest export market, the US, as per rating firm Icra. Revenue for the sample set of companies is projected to expand by 7-9 per cent in FY2026, supported by 8-10 per cent growth in the domestic market and 10-12 per cent growth in Europe, it stated. However, performance in the US market is expected to moderate, with year-on-year growth slowing to 3-5 per cent, from nearly 10 per cent in FY2025, Icra said. The operating profit margins (OPM) of ICRA's sample entities are expected to remain resilient at 24-25 per cent in FY2026, broadly in line with 24.6 per cent in FY2025, aided by favourable raw material prices, improved operating leverage, and a rising share of speciality products, it added. Research and Development (R&D) spending is projected to remain steady at 6-7 per cent of revenues, with ...

Indian pharma faces US revenue slowdown amid scrutiny, tariffs: ICRA

ICRA projects Indian pharma firms' US revenue growth to slow due to price erosion, USFDA scrutiny and tariff risks, while high dependence on Chinese APIs persists despite PLI

US tariffs to hit 8% of India's auto component output: Icra report

High US tariffs are expected to affect close to 8 per cent of India's overall auto component production, ratings firm Icra said on Wednesday. Indian auto component exporters are at a relative disadvantage compared to most other Asian exporting nations, highlighting the importance of concluding an India-US bilateral trade agreement, it added. Auto component exports contribute nearly 30 per cent to the industry's revenues, with the US alone accounting for 27 per cent of this share. "As a result, close to 8 per cent of India's overall auto component production is expected to be directly affected by the recently announced tariffs," Icra stated. The imposition of a 50 per cent tariff on Indian goods places Indian auto component exporters at a disadvantage compared to their Asian counterparts, as countries such as China, Japan, Vietnam, and Indonesia face lower tariffs of 1530 per cent, it pointed out. Further, manufacturers in Mexico and Canada remain exempt under the United ...

Housing sales in top 7 Indian cities likely to dip by 0-3% in FY26: Icra

Icra projects housing sales in top seven cities to fall up to 3 per cent in FY26, even as new launches recover and listed developers consolidate market share

ICRA downgrades SATYA Microcapital to 'BBB', outlook revised to 'Negative'

ICRA has downgraded SATYA Microcapital's ratings to BBB with a negative outlook, citing rising NPAs, weak collections, high credit costs and limited capital buffers

Tractor industry volumes likely to post 4-7% growth in FY26: Icra

Tractor industry volumes are expected to grow in the range of 4-7 per cent in the current fiscal, backed by a favourable monsoon, rating agency Icra said on Monday. Following a growth of 7 per cent in FY2025, tractor industry volumes are expected to report a growth of 4-7 per cent in FY26, supported by a favourable monsoon, it said in a statement. Pre-buying ahead of the TREM V emission norms, proposed to take effect from April 1, 2026, could further aid volume growth, it added. The tractor demand remained strong in July 2025, with wholesale and retail volumes rising by 8 per cent and 11 per cent year-on-year (YoY), respectively. According to ICRA, a favourable monsoon is expected to further support agricultural activities and industry volumes. The India Meteorological Department (IMD) has forecast above-normal precipitation at 106 per cent of the long-period average (LPA) during the current monsoons, as per its second long-range forecast. Additionally, the third Advance Estimate