CRISIL RATINGS
Rs 700 crore IndiQube IPO to open on July 23
IndiQube Spaces’ ₹700 crore IPO opens July 23, comprising ₹650 crore fresh issue and ₹50 crore OFS by promoters. Proceeds will fund expansion, debt repayment, and general corporate purposes. Anchor bidding begins July 22.
ICRA, CRISIL reaffirm rating on Vedanta
ICRA reaffirmed Vedanta's long-term rating at AA, while Crisil reaffirmed its long-term ratings of Crisil AAA for Hindustan Zinc Ltd and Crisil AA for Vedanta. Crisil also addressed a recent short-seller report, reaffirming Vedanta's ratings after independent evaluation.
Crisil upgrades Airtel, Bharti Telecom ratings on financial profile, market share
Crisil Ratings has improved Bharti Airtel and Bharti Telecom's ratings. This upgrade reflects Airtel's improved financial health and growing market share. Airtel's revenue and profit have increased significantly. The company's ARPU has also seen substantial growth. Crisil expects Airtel's operating profit to remain strong. Capex requirements are likely to decrease. Bharti Telecom benefits from dividends from Bharti Airtel.
Tyre industry to see 7-8% revenue growth this fiscal year on replacement demand: Report
The Indian tyre industry is poised for a 7-8% revenue growth this fiscal year, primarily fueled by replacement demand. While OEM offtake might be subdued, premiumisation will support realisations. However, trade tensions and potential dumping by Chinese producers pose challenges. Operating profitability is expected to remain steady, ensuring a stable credit outlook for the sector.
Embassy REIT to tap debt market with Rs 2,000 crore bond sale: Sources
Embassy Office Parks REIT is engaging with bankers to secure 20 billion rupees through the issuance of five-year corporate bonds. The real estate investment trust aims to finalize the funding round before the month concludes. This debt sale is expected to garner significant interest from mutual funds and insurance companies, supported by a 'AAA' rating from Crisil.
India's goods exports likely to face headwinds in fiscal 2026: CRISIL
CRISIL forecasts headwinds for India's goods exports in fiscal 2026 due to potential US reciprocal tariffs, with negotiations for a bilateral trade agreement underway. Global growth is expected to slow, impacting India's merchandise trade. However, a services trade surplus and remittances should keep the current account deficit at a manageable 1.3% of GDP.
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Net annual office leasing in India to hit all-time high of 50 million square feet in FY27
Crisil projects a robust 7-9% CAGR for Grade A office space net leasing in India, exceeding 50 million sq ft by fiscal 2027, fueled by reduced remote work and GCC demand. Vacancy is expected to decline to 15.5-16.0% by fiscal 2027.
Thermal power investments to double to Rs 2.3 lakh crore in 3 years
Investments in thermal power generation are projected to double to ₹2.3 lakh crore by 2027-28, driven by rising energy demand and the need for base load power. Private sector participation is expected to increase significantly, contributing nearly a third of the total investment.
India's Embassy REIT to tap debt market with Rs 2,000 crore bond sale, sources say
India's Embassy Office Parks REIT is in talks with bankers to raise 20 billion rupees ($232.79 million) via the issuance of five-year corporate bonds, three sources aware of the matter said on Wednesdarces say
Thermal power segment to attract Rs 2.3 lakh cr investments over three fiscals: Crisil Ratings
Crisil Ratings projects a doubling of investments in thermal power. This surge aims to meet India's escalating energy needs. Investments are expected to reach Rs 2.3 lakh crore by fiscal year 2028. Private companies will contribute a third of the investment. The government targets 80 GW of thermal capacity by fiscal year 2032.
CPI inflation to average 4% this financial year: Crisil
Crisil forecasts CPI inflation to average 4% this fiscal year, down from 4.6% last year, supported by favorable monsoon predictions and lower commodity prices. GDP growth is projected at 6.5%, though U.S. tariff policies pose a risk to exports. Softening inflation may prompt another repo rate cut by the MPC, but global uncertainties could impact capital flows and currency stability.
Edible oil players may see 2-3 pc decline in revenue this fiscal: Crisil Ratings report
Edible oil refiners in India are projected to experience a revenue decline of 2-3% in FY26 due to lower prices, despite a volume increase of 2.8-3%. This dip in revenue will squeeze operating margins by 30-50 basis points. Stable working capital and reduced capital expenditure are expected to maintain stable credit profiles for these companies, according to Crisil Ratings.
Edible oil refiners' revenue may fall 2–3% in FY26 as prices drop, Crisil warns of margin hit
Edible oil refiners in India are bracing for a slight revenue dip of 2-3% this fiscal year, despite volume growth, due to lower price realisations. Government policies, like reduced duties on crude oils, aim to protect domestic refiners but will further impact realisations. While profitability faces pressure from high-cost inventory, stable working capital and controlled capex should maintain credit profiles.
Baroda BNP Paribas Liquid Fund turns Rs 1 lakh investment to nearly Rs 3 lakh in 23 years, AUM crossing Rs 10,000 crore
Baroda BNP Paribas Mutual Fund marks 23 years with AUM crossing Rs 10,000 crore. Its Liquid Fund, delivering 7.09% annualised return, offers a safe, low-risk option for short-term surplus management amid market volatility and shifting investor sentiment.
How to mix assets like a mad scientist and get rich quietly
A diversified portfolio blending equity, debt, and gold can deliver higher returns with lower volatility, debunking the myth that more equity equals more risk. Strategic asset allocation and rebalancing, rather than speculation, drive long-term stability and growth—backed by real data, correlation benefits, and performance across market cycles.
Sales volume of used cars likely to grow 8-10 pc in FY26: Crisil Ratings
The used car market is set for expansion. Crisil Ratings projects an 8-10% sales volume increase by fiscal year 2026. Digital adoption and financing access are key drivers. Sales could reach six million units. The used-to-new car ratio has risen significantly. Organised players are investing heavily. They are expected to achieve operating profit breakeven soon.
Adani Green Energy shares in focus as operational capacity jumps 45% YoY in Q1 update
Adani Green Energy shares will be in focus after the company reported a 45% YoY jump in operational renewable energy capacity to 15.8 GW in Q1 FY26, along with a 42% rise in energy sales. The performance was driven by strong capacity additions, improved CUFs across its asset base, and global sustainability recognition.
Private ARC AUM may drop 4-6% as redemptions outpace acquisitions: Crisil Ratings
Crisil Ratings anticipates a further decline of 4-6% in private ARCs' AUM, reaching Rs 1.05 lakh crore this fiscal, driven by subdued acquisitions and healthy redemptions. The securitization of NPAs by RBI may disrupt the industry, pushing ARCs to explore alternative growth avenues. ARCs might leverage their expertise to become resolution managers, shifting towards fee-based models.
IndianOil-Adani Gas plans $161 million exchangeable-bond sale
IndianOil-Adani Gas Pvt. is planning to raise as much as 13.78 billion rupees ($161 million) from the sale of exchangeable bonds, according to people familiar with the matter, in what could be one of the largest such deals in India this year.
Fewer student visas for US & Canada prompt NBFCs to change lending game
NBFC education loan growth is slowing from 77% in FY24 to a projected 25% due to stricter US and Canadian visa policies. This shift prompts NBFCs to explore alternative international markets and domestic education segments. While asset quality is currently healthy, risks may increase as a significant portion of loans exit moratorium.
NBFCs’ education loan growth may slow sharply in FY26 amid US, Canada policy shifts
NBFC's education loan growth is projected to slow significantly due to policy changes in the US and Canada, impacting disbursements. While US loan share decreases, other countries like the UK and Germany are gaining traction. Despite global shifts, NBFCs maintain strong asset quality, exploring domestic loans and skill development funding.
Thali gets cheaper as veggie, chicken prices drop: Crisil
In June, the average cost of a vegetarian thali decreased by 8% year-on-year, while a non-vegetarian thali saw a 6% decline, Crisil reported. This drop was primarily due to lower vegetable and broiler chicken prices.
Cost of home-cooked thalis declines in June (YoY) but edges up on month-to-month basis: Report
Home-cooked meals became more affordable in June compared to last year, primarily due to significantly lower vegetable prices, according to Crisil Intelligence. Vegetarian thalis saw an 8% year-on-year price drop, while non-vegetarian thalis decreased by nearly 6%. However, month-on-month, both vegetarian and non-vegetarian thalis became costlier, driven by rising tomato and broiler chicken prices, indicating ongoing food inflation volatility.
Edelweiss Financial Services launches Rs 300 crore NCD issue with yield up to 10.5%
Edelweiss Financial Services has opened its Rs 300 crore secured NCD issue, offering yields of up to 10.49% annually. With 12 investment options across 24 to 120 months, the issue aims to repay existing debt and fund corporate needs. Allotment will be on a first-come, first-serve basis via BSE.
HDFC arranges Rs 532 crore for Adani Group SPV
HDFC Bank is acting as both arranger and anchor investor, contributing ₹159.6 crore, for Adani Group's transmission subsidiary WRSS XXI's ₹532 crore long-tenor bond issue. The AAA-rated debt, maturing in 2043, carries a 7.70% coupon and will refinance existing external commercial borrowing. Additionally, WRSS XXI raised ₹100 crore through Darashaw & Co.
Toll collection up 20% in June quarter to record Rs 20,682 crore
India's highway toll collection soared by 19.6% to ₹20,681.87 crore in Q1 FY26, driven by a low base from the previous year, increased toll charges, and the addition of new toll roads. The number of toll users also rose significantly, indicating increased road usage and economic activity. Sustained growth could push annual toll collection beyond ₹80,000 crore.
Gold loan sees fastest growth in overall securitisation volume in June quarter
Gold loan securitization surged to 11% of India's total securitization volume in the June quarter, reaching ₹5,390 crore, driven by eased regulations for a major lender. Overall securitization volumes rose 9% year-on-year, totaling ₹49,000 crore. Vehicle loan securitization remained steady at 41%, while mortgage-backed and microfinance loan securitizations declined to 21% and 11%, respectively, amid cautious lending approaches.
Crisil revises India's FY26 GDP growth to 6.5% on good monsoon, rate cuts, and rural support
Crisil has revised India's GDP growth forecast to 6.5% for the current fiscal year, buoyed by expectations of a strong monsoon, anticipated rate cuts, and government support for rural areas. The India Meteorological Department forecasts above-normal monsoon, which is expected to boost agricultural production and discretionary spending.
Residential sales to remain on a steady 10-12% growth path, Crisil Ratings
Residential real estate in key Indian markets is poised for stable growth, with demand expected to rise by 5-7% and average prices appreciating by 4-6%. While supply will likely exceed demand, leading to increased inventory, developers' strong collections and deleveraged balance sheets will maintain healthy credit profiles. The premium and luxury segments are expected to continue driving growth.
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