The government’s draft National Steel Policy Vision 2047 targets 604 million tonnes of crude steel capacity and 505 million tonnes of finished steel demand by 2047. Today, India produces about 170 million tonnes with 220 million tonnes of installed capacity. The policy also flags that raw materials make up 65–70% of steelmaking costs, with India importing about 92% of its coking coal.
For Tata Steel, JSW Steel and SAIL, the policy mainly validates existing expansion plans. JSW Steel targets 62 million tonnes in India by FY32, SAIL aims for 35 million tonnes by 2030, and Tata Steel is expanding Kalinganagar, Neelachal and Maharashtra. Utilization is already high at JSW Steel and SAIL, so new volume needs new capacity. The risk is that rapid capacity build-out could weigh on utilization if demand lags or imports rise. On raw materials, the policy cannot quickly remove coking coal exposure. SAIL imports about 85% of its coal, and Tata Steel and JSW Steel are exposed to global prices. Captive iron ore and coal assets provide a cost cushion, but the policy’s levers—domestic mining, washery expansion and overseas assets—will take years to show up in costs. Transcript +4
On high-value steel, JSW Steel and Jindal Steel are furthest ahead. JSW Steel’s value-added and special products were 61% of Q1 FY27 sales, and Jindal Steel targets 50% high-EBITDA lines. Tata Steel has the largest headroom for repositioning. The policy supports this shift, but the margin impact depends on execution, not the policy itself. Investor Presentation +1
Avenue Supermarts (DMart) saw PAT margin contract from 4.10% to 3.78% in Q2 FY27 despite 17.8% sales growth. Costs grew 18.0%, slightly faster than sales, accounting for about 19 basis points of the 32 basis points dip. The rest likely came from below-EBITDA items like depreciation, finance cost or tax. Store area grew about 20%, but revenue per square foot was flat, so newer stores are still maturing. Management sees about 15% gross and 5% net margin as its “North Star”. Investor Presentation +2
Anand Rathi Wealth reported a 22% rise in adjusted consolidated PAT to ₹121.9 crore, with revenue up 16% to ₹356.6 crore. Assets under management (AUM) rose 18% to ₹1,08,377 crore, and net inflows hit a record ₹4,186 crore. Since trail revenue depends on AUM, AUM growth is the main driver. On a reported basis, PAT fell about 11% because of higher employee costs and excluded items. Investor Presentation
Waterways Leisure Tourism swung from a loss of ₹8.93 crore to a profit of ₹58.50 crore. Higher pricing and better occupancy lifted sales about 31%, but the profit swing is mostly not operational. Net profit is far above EBITDA, likely due to other income or exceptional items. Fuel costs rose sharply, but the prior-year quarter was a low-season loss, making the year-on-year comparison look stronger. Investor Presentation +1
The RBI raised the repo rate by 25 basis points to 5.50% and shifted its stance to “calibrated tightening”. For PNB Housing Finance, the hike does not automatically raise net interest margin (NIM). Funding costs rise first and loan yields follow with a lag, so NIM can squeeze before it improves. NIM was 3.50% in Q1 FY27, below the 3.55–3.65% guidance. Transcript +1
Shriram Finance raised fixed deposit rates by 15–40 basis points to stay competitive after the hike. Deposits are about 31% of borrowings, so the immediate cost impact is small. NIM is high at 9.04%, and management expects it to hold for two quarters. The AAA rating upgrade and cheaper new borrowing provide some cushion. Investor Presentation +2
RBL Bank has a lower CASA share at 25.2%, leaving it more reliant on term deposits that will reprice upward. The capital infusion and AAA rating give it a funding-cost edge over its own past, but by CASA share, it is not among the banks with the strongest liability franchises. Investor Presentation
Premier Energies commissioned a 7 GW TOPCon cell plant, taking cell capacity to 10.6 GW against 11.1 GW of modules. The order book is about ₹15,000 crore, with 40–45% expected to execute in FY28. Management targets 50–60% utilization by November and at least 70% by March. Revenue recognition follows ramp-up and certification, so meaningful volumes come through in FY28. Transcript +2
NTPC invited expressions of interest from commercial and industrial (C&I) entities to take 26% equity in co-generation projects. This could diversify revenue beyond state utilities and lock in long-term offtake, but tariffs and terms are unknown. It fits NTPC’s shift to an integrated energy major. Transcript
Adani Green Energy commissioned 481.9 MW of renewable capacity and 3,081 MWh of battery storage, taking total operational capacity to 20,763 MW and storage to 6,632 MWh. Storage improves economics through arbitrage and reduces curtailment, which cut EBITDA by 5–7% in Q1 FY27. The company targets over 10 GWh of additional storage in FY27 and 50 GWh over five years. Transcript +1
Infosys expects no material impact from the US suspension of its PERM green card applications. PERM affects long-term retention, not current delivery capacity. Infosys says it has invested in a strong local US workforce and technology hubs, and its onsite mix is falling. HCL Technologies says it needs only “a few hundred visas a year” and has one of the industry’s highest local talent ratios. The direct cost effect looks small for both, but attrition risk remains. Transcript +2
Adani Defence & Aerospace won the SIDM Champion Award 2026 for export performance. Its Kanpur ammunition plant has capacity of 300 million rounds a year to NATO standards. The award is a reputational positive but has no quantified effect on Adani Enterprises’ order book yet. Transcript
Tata Motors raised its offer for Iveco Group by €0.30 to €14.40 per share, citing delays in authorizations. The extra €81 million is funded by a new credit facility. The deal, excluding Iveco’s defence business, aims to create a global commercial vehicle platform with over 590,000 vehicles and €21 billion in revenue. Acceptances were only about 28.4% by the latest count, and the offer needs 80–95% shareholder support. The October 16 extraordinary general meeting is a key milestone. If the threshold is missed, the deal could stall. Other
