PVC pipe makers set for robust 10-12% volume growth this fiscal
The polyvinyl chloride (PVC) pipes industry is set to score a hat-trick of double-digit volume growth of 10-12% on-year in fiscal 2025 after ~15% and ~24% in fiscals 2024 and 2023, respectively.
Indian airlines to carry half of country's international traffic by FY28
The share of Indian airlines in international passenger traffic originating from, terminating in, or transitioning through India is seen surging 700 basis points (bps) to ~50% by fiscal 2028 from 43% in fiscal 2024.
For sunflower oil refiners, volume to wilt 8-10% in 2025
Indian refined sunflower oil volumes are expected to decline 8-10% in fiscal 2025, with domestic consumers shifting back to soybean oil amid a price correction on back of a healthy soy harvest. Profitability of sunflower oil refiners, however, will expand 50-60 basis points (bps) on stable prices, hedging policies and the government’s announcement of continuing duty-free imports.
For large residential developers, growth momentum stays strong
Continuing premiumisation, favourable affordability1 along with rising per capita incomes should help large, listed residential developers2 build 10-12% volume growth this fiscal after an estimated growth of ~14% on a high base in fiscal 2024.
CP volume buoyant as NBFCs seek funding diversification
The Reserve Bank of India mandate to increase risk weights on bank loans given to higher-rated non-banking financial companies (NBFCs) is spurring funding diversification among the latter. Consequently, quarterly commercial paper (CP) issuances by NBFCs1 hit a ~four-and-a-half-year high of ~Rs 1.2 lakh crore in January-March 2024, a level last seen in July-September 2019. However, this is still lower than the highs of ~Rs 3.1 lakh crore seen in July-September 2018 (see chart in annexure for details).
Aveek Datta
Associate Director - Corporate Communications
+91 99204 93912
aveek.datta@crisil.com