ICRA Limited

3.2%

N REPO RATE FISCAL DEFICIT EXTERNAL ACCOUNT Real Growth FY2026: 6.2*% CPI Inflation FY2026: 3.2% Nominal Growth FY2026: 8.5% WPI Inflation FY2026: : 1.1% Expect a final 25 bps rate cut i

8.5%

TERNAL ACCOUNT Real Growth FY2026: 6.2*% CPI Inflation FY2026: 3.2% Nominal Growth FY2026: 8.5% WPI Inflation FY2026: : 1.1% Expect a final 25 bps rate cut in August 2025 meeting, taking

1.1%

2026: 6.2*% CPI Inflation FY2026: 3.2% Nominal Growth FY2026: 8.5% WPI Inflation FY2026: : 1.1% Expect a final 25 bps rate cut in August 2025 meeting, taking the repo rate to 5.25% FD/GDP

25 bps

tion FY2026: 3.2% Nominal Growth FY2026: 8.5% WPI Inflation FY2026: : 1.1% Expect a final 25 bps rate cut in August 2025 meeting, taking the repo rate to 5.25% FD/GDP FY2026: 4.4% Current

5.25%

Y2026: : 1.1% Expect a final 25 bps rate cut in August 2025 meeting, taking the repo rate to 5.25% FD/GDP FY2026: 4.4% Current Account Balance FY2026: -0.6% of GDP *Downside risks posed by

4.4%

final 25 bps rate cut in August 2025 meeting, taking the repo rate to 5.25% FD/GDP FY2026: 4.4% Current Account Balance FY2026: -0.6% of GDP *Downside risks posed by the US tariffs and pen

0.6%

eting, taking the repo rate to 5.25% FD/GDP FY2026: 4.4% Current Account Balance FY2026: -0.6% of GDP *Downside risks posed by the US tariffs and penalties Sensitivitv Label : Confidential

rs,

ntiments would be key to support urban consumption. Source: ICRA Research Given the fiscal buffers, ICRA estimates that the GoI has space to boost capex growth to 14.2% in YoY terms in FY2026, whic

14.2%

search Given the fiscal buffers, ICRA estimates that the GoI has space to boost capex growth to 14.2% in YoY terms in FY2026, which augurs well for investment activity. However, the recent tariff-re

8.4%

cts CONSOLIDATED FINANCIAL PERFORMANCE 5 Growth across businesses (INR Cr) II Revenue 114.8 8.4% 124.5 II Profit after Tax 35.9 19.2% 42.8 I ICRA Q1 FY2025 Q1 FY2026 Q1 FY2025 Q1

19.2%

5 Growth across businesses (INR Cr) II Revenue 114.8 8.4% 124.5 II Profit after Tax 35.9 19.2% 42.8 I ICRA Q1 FY2025 Q1 FY2026 Q1 FY2025 Q1 FY2026 Segment Revenue Segment Results 1

10%

uncertainties: ICRA Indian aviation industry outlook remains stable, passenger traffic to grow 7-10% in FY26: ICRA Crude Price Dip To Squeeze Upstream Earnings, Boost Downstream Gains: lcra India

“78 - - - II ET EnergyWorld 19,021followen lmo • <S> India's electricity demand is set to rise by S.0-5.5% in FY2026, slightly trailing the GDP growth forecast of 6.5%.”

“Ai : Saur av Anand Read more at: https://lnkd.in/ dv8anBCA #lndiaEnergy #ElectrkityOemand #ICRA #Renewables #ThermalPower ~ 1 Electricity demand t o grow 5-5.S% in FY26; 44 GW Ll___~-i t capacity addition likely: ICRA- ET EnergyWorld ___ •"'- '9Y_-~_~_,m_•ct- •m•6 -md_,.,_,m_H.,_,m- - - - - - - -1 0 ETCFO J iu t • - ...”

Securities Broking Sector

1

Recalibrating the drive

1

Recalibrating the drive

support performance at a Auto components in a healthy level, despite sign changing landscape of deceleration Global trade war, US tariffs could cut bank profits b 25 b sin fY26: ICRA India lnc.'s strong balance sheets positioned to navigate global uncertainties: ICRA Indian aviation industry outlook remains stable, passenger traffic to grow 7-10% in FY26: ICRA Crude Price Dip To Squeeze Upstream Earnings, Boost Downstream Gains: lcra India-UK apparel, home textiles trade to double in 5-6 years under FfA: ICRA India to see timely kharif sowing on improved rain forecasl by IMO: ICRA lcra to acquire risk solutions la er Fintellix lcra retains India's GDP forecast for current fiscal year at 6.2% Tractor sales may see 4· 7% growth in FY26: lcra Sensitivitv Label : Confidential www.icra.in 88 Social listening Vlvek law e= • 2nd E:d,tor,nCh,~ln:lCnFOUfltWf Somplt>Hal 1mo •(S) Few people can demysbfy the l ttonomy like Aditi Nayar does! A must watch to understand where we are headed! Edetweiss