Research Reports

BANKINGMACRONIM

Indian Banks: NIMs Hit a Floor at 3.1%, But the PSB vs Private Divide Just Got Structural

RBI's 50bps cumulative rate cuts have compressed private bank NIMs to multi-year lows while PSBs absorb less pain via MCLR repricing lag — HDFC Bank's governance probe has created a 25% drawdown that may be pricing in too much fear.

6 Jul 2026

INFRACAPEXORDERBOOK

India Infra FY27: ₹11.1 Lakh Cr Government Capex, But Who Is Actually Executing?

Budget 2026-27 holds capex at ₹11.1 lakh cr, but Q4 FY26 showed a familiar pattern: back-loaded spending, execution gaps at L&T and KEC, and IRFC trading at a 37% discount to its 52W high.

29 Jun 2026

BANKINGRESULTSMACRO

India Banks: NIM Floor Is In, But The 40bps Rate-Cut Lag Is Hitting Private Banks Harder Than Anyone Expected

PSU banks' CASA funding advantage is cushioning RBI's 50bps cumulative cut cycle; private banks face 8-12bps NIM compression through Q2 FY27, creating a rare valuation divergence worth acting on.

22 Jun 2026

INFRACAPEXROADS

India Infra: ₹12.2 Trillion Budget Capex Looks Good on Paper — The Execution Gap Is Where the Money Is Lost

GoI has committed ₹12.2T in capex for FY27, but Q1 front-loading is weak and L&T/KEC order books mask a margin compression story most bulls aren't pricing in.

15 Jun 2026

India Specialty Chemicals: The ₹18,000 Cr Capex Cycle Is Finally Paying Off — But Three Cracks Are Widening

Post-tariff deal tailwinds and Japan-to-India sourcing shifts are real, but a ₹18,000 Cr sector-wide capex overhang and agrochemical channel destocking are compressing near-term ROCE to 12-15% vs historical 18-22%.

8 Jun 2026

India Specialty Chemicals: ₹18,000 Cr Capex Wave Meets a Demand Cycle That Isn't Ready Yet

India-US tariff rollback and China+1 tailwinds are real, but ₹18,000 Cr of sector capex hitting FY27-28 risks overshooting demand by 18-24 months.

1 Jun 2026

India Autos: Record Wholesale Headlines Are Hiding a ₹8,000 Cr Rural Two-Wheeler Problem

PV wholesales hit record highs in Feb 2026, but rural 2W demand is structurally lagging urban; EV share remains concentrated in 3 players with Tata and MG doing the heavy lifting.

25 May 2026

India Autos FY27 Opens at Record Wholesale: But EV Share at 6.2% Masks a Two-Wheeler Problem Nobody Wants to Say Out Loud

PV wholesales hit record highs in April FY27 but EV penetration stalls at 6.2% while rural 2W demand recovery remains 18% below pre-COVID peaks in volume terms.

18 May 2026

India Auto FY27: Wholesales Are Up, But 3 Numbers Suggest the Retail Story Is Murkier Than It Looks

April 2026 wholesale data looks strong, but inventory build, slowing rural 2W credit, and EV mix-shift are creating winners and losers inside one headline number.

11 May 2026

India Chemicals: The 18% Tariff Deal Opens a ₹40,000 Cr Export Window — But Three Companies Will Capture 70% of It

The US-India trade deal capping tariffs at 18% is a structural unlock for specialty chemicals, but margin recovery and CDMO order conversion — not the headline — will determine who wins.

4 May 2026

India Auto: FY26 PV Sales Hit Record 4.3M Units — But the FY27 Setup Is Uglier Than the Headlines Suggest

FY26 closed with record PV wholesales led by Maruti and Tata Motors, but ICRA's 3–5% FY27 growth call and West Asia supply chain stress are being ignored by the market.

27 Apr 2026

India Specialty Chemicals: ₹18,000 Cr in New Capex, But Only Two Companies Are Actually Converting It to ROCE

Post-tariff relief and China+1 tailwinds are real, but capex-heavy balance sheets at Aarti and Deepak are compressing returns — Navin and PI are the cleaner stories at current prices.

25 Apr 2026

CHEMICALSDISCOVERYCAPEX

Indian Specialty Chemicals: The Quiet Compounder Most Investors Are Missing

China+1 tailwinds, import substitution momentum, and under-appreciated domestic pricing power are creating a multi-year compounding opportunity in specialty chemicals — but not every name will win.

1 Apr 2026