India Ratings

India's pharma market grows 7.8% in April, led by chronic therapies

Chronic therapies and price increases drove 7.8 per cent growth in India's pharma market in April 2025, with cardiac and gastrointestinal segments showing double-digit value gains

Microfinance defaults stay elevated in Q4FY25, says India Ratings

Credit costs to touch 9.6% for FY25; sustained recovery in collection only from H2FY26

General insurance industry likely to grow 13% in FY26: India Ratings

Growth has varied across standalone health insurers (SAHI), which Ind-Ra expects to grow 21 per cent Y-o-Y in FY26

Trillionloans Fintech secures 'IND BBB+' rating from India Ratings

The non-banking financial company (NBFC) plans to leverage BharatPe's merchant network with a base of over 18 million customers

Credit-deposit growth gap likely to dip sharply in FY26: India Ratings

Rating agency says this would be in wake of sharp moderation in incremental LDR in February

Private investments may drop below 11% of GDP, says India Ratings

Private investment likely to fall further after hitting three year low in FY24, says India Ratings

Housing prices to moderate at 3-4% in FY26 on high base effect: Ind-Ra

Housing prices are likely to rise 3-4 per cent next fiscal on high base effect and better supply, according to India Ratings and Research (Ind-Ra). The rating agency expects the housing price rise to taper in the 2025-26 financial year. Ind-Ra expects property prices to increase 5-6 per cent year-on-year (YoY) in 2024-25 fiscal, then moderate to 3-4 per cent YoY for 2025-26, due to base effects and new launches. Prices surged 21 per cent YoY in 2023-24 with old stock cleared and existing inventory largely liquidated, the agency said. Ind-Ra has maintained a neutral outlook for the residential real estate sector for the next fiscal. "Growth in bookings is likely to reduce significantly due to the high base, high prices and a likely slowdown in the luxury segment," it said. The residential real estate market is expected to register a strong performance in 2024-25, where the sales growth will be around 17 per cent YoY in terms of area sold (square feet of area sold) and around 15 pe

India Ratings maintains neutral outlook for auto ancillaries in FY26

Despite these challenges, Ind-Ra expects several factors to help sustain margins in the auto ancillary sector

Broad-based corporate capex recovery unlikely in FY26: India Ratings

Amid multiple headwinds and weak macroeconomic and microeconomic conditions, a sustained easing of banking system liquidity is necessary, the agency added

Banks' profitability at inflexion point, to moderate in FY26: India Ratings

The rating agency said in a release that banks' rapid improvement in financial metrics seen over financial years 2021 to 2024 is likely to have peaked and will see an "inflexion point" in 2024-25

Oil and gas demand likely to remain strong in FY26: India Ratings

India's oil and gas demand is likely to remain strong in the next financial year even as weak global demand will drive down refining margins, India Ratings and Research (Ind-Ra) said on Thursday. The agency expects the credit profile of downstream companies to remain stable during the year, driven by healthy demand for petroleum products and healthy marketing margins that would offset compressed Gross Refining Margins (GRMs), yielding healthy overall EBITDA. Credit profile may see an addition of debt on account of under-construction refinery expansion projects for all the major oil marketing companies (OMCs). The credit profile of upstream oil companies shall remain dependent on crude oil prices, Ind-Ra said in the FY26 Oil and Gas Outlook. EBITDA generation for upstream companies may fall with a moderation in oil prices and a reduction in production from legacy fields. However, the impact of low crude oil prices is expected to be offset by the removal of special excise on the ...

Nuclear Power Corp raises Rs 4,600 cr at 7.14% through 15 year bonds

IIFCL is planning to mop up Rs 3,000 crore in two tranches with varying maturities

Unsecured business loans showing early signs of stress: India Ratings

While the denominator effect played out over most of FY24, the need to recognise rising delinquencies, provide for them, and write them off has increased credit cost pressures since Q4 FY24

Time for fintech NBFCs to revisit business models, says India Ratings

Tight liquidity, signs of stress weighs on business

Alphabet-backed NBFC Aye Finance to launch Rs 2k cr IPO in a year: Report

Focused on small and medium enterprises, Aye Finance has roped in four arrangers for its upcoming IPO

Steel ministry knocks on finance ministry's door for RINL support

The request to finance ministry is to help RINL continue as a going concern

Ind-Ra to monitor MTNL as interest payment default triggers govt guarantee

In July 2023, MTNL raised Rs 2,480 crore ($296.97 million) through 10-year government-guaranteed bonds at a semi-annual coupon of 7.59 per cent and the interest payment is due on July 20

India Ratings downgrades state-owned RINL's term loans to default grade

RINL's liquidity is poor because of low-to-negative EBITDA generation against its significantly high debt repayment obligations

Steel demand expected to grow in range of 9-12% in FY25: Ind-Ra report

The steel demand is expected to grow in the range of 9-12 per cent during the ongoing 2024-25 fiscal, according to India Ratings and Research (Ind-Ra). The demand will be supported by steady growth in the end-user industries such as automobile and infrastructure sectors, the rating agency said in a report on Tuesday. The agency forecasts the steel demand growth in the range of 9-12 per cent year-on-year for FY25, it said. "Raw material and finished goods prices are expected to be range-bound on a moderate recovery in global demand. "Domestic players are likely to see stable credit metrics, due to higher profitability and improved operating cash flows amid debt-led capex," Rohit Sadaka, Director and Head, Materials and Diversified Industrials at Ind-Ra, said. The agency further said that it expects the global steel demand to be steady with some moderation in China demand due to its transition to low carbon initiatives and moderate demand from the European Union (EU) but supported b

S&P Global will likely raise India's rating within 2 years, says Citi

S&P raised India's sovereign rating outlook to 'positive' from 'stable' on Wednesday, citing the country's strong economic fundamentals. It, however, kept the rating itself at 'BBB-'