Crisil

India’s growth story strengthened in the first half of fiscal 2026, with real GDP expanding at 8% and prompting an upward revision of our full-year forecast to 7%. A strong pickup in private consumption, along with robust manufacturing and services activity, helped offset the effects of a low deflator and modest nominal growth. Yet, the narrowing gap between real and nominal GDP brings its own implications, from slower tax collections to potential pressure on corporate earnings and credit growth. Our Chief Economist, Dharmakirti Joshi, breaks down the drivers behind the stronger-than-expected real GDP print, the tailwinds supporting near-term momentum, and why softer nominal growth and upcoming base revision warrant careful tracking. #Crisil #GDP #PrivateConsumption #Manufacturing #CreditGrowth

Asset reconstruction companies (ARCs) have reported sustained strong recoveries across corporate and retail pools amidst constrained supply of distressed assets keeping AUMs under pressure. However, some nascent opportunities in specific segments are presenting ARCs with a chance to recalibrate their strategies and capitalize on emerging trends.   Join us for our webinar on ‘Rebuilding resilience through higher recoveries and newer opportunities’, where our experts will decode recovery performance, AUM outlook, new opportunity areas, and the potential structural reforms in the ARC ecosystem. 📅 4 December 2025 | 🕒 3 PM onwards Register now: https://lnkd.in/d_wJXHPz #CrisilRatings #Webinar #AssetReconstructionCompany #AUM

The conversations shaping India Inc.’s next chapter are coming to NCR. From the pulse of domestic demand to the surge in infrastructure investment and the global shifts influencing both; the Crisil Ratings Conclave: The NCR Chapter will bring together the voices that matter to decode what’s ahead for corporate India. Save the Date: December 9, 2025 More details coming soon. Stay tuned. #CrisilRatings #NCRConclave2025 #IndianEconomy #CorporateOutlook #CXOInsights

India’s LPG landscape is undergoing a important shift. Even as imports continue to meet 55–60% of national demand, the India–US LPG agreement marks a meaningful step toward supplier diversification and reduced dependence on the Middle East.   Our latest SectorVector breaks down what this means for the market, from evolving landed cost dynamics for oil marketing companies to the demand drivers reshaping consumption across households, commercial users, and industrial clusters. Sehul Bhatt | Jaydeep Dattani | Jay Prajapati | Heena Fatwani #CrisilIntelligence #SectorVector #LPGImports #MiddleEast

The 10th Crisil Ratings NBFC Summit concluded on November 25th and it offered a deep, thoughtful exchange on how the sector is evolving. Bringing together leading voices from across the NBFC ecosystem, the summit unpacked how the sector is preparing to navigate the growth-risk-funding trifecta in an environment shaped by policy momentum, evolving credit dynamics, and shifting funding conditions. From macro perspectives to segment-specific discussions, the summit covered it all. And the energy in the room underscored one thing: NBFCs remain central to India's credit story and the next chapter will demand agility, discipline, and clarity. A big thank you to all our speakers and participants for making the 10th edition a success. Rajiv Sabharwal | Sudipta Roy | Nirmal Jain | George Alexander Muthoot | Thomas John Muthoot | Ramesh G | Gagan Banga | Manish Shah | Ravi Narayanan | Ravi Subramanian | Rajiv C. Lochan | Raul Rabello | Sachin Pillai | Arvind Kapil | Samrat Gupta | Presha Paragash | Amit Gainda | Peeyush Misra | Deepak Mendiratta | Krishnan Vishwanathan | Krishnan Sitaraman | Viral Malia | Anand Agarwal | Ajit Velonie | Hemant Bilay | Megha Agrawal | Dolly Parmar | Deepak Chugh | CA Arihant Dudhodia | Danish Jamali | Deep Shikha Singh | Tanu Mittal Sharma | Subha Sri Narayanan | Malvika Bhotika #CrisilRatings #10thEdition #NBFCSummit2025 #NBFCSector

Crisil Foundation has been honoured with the SHRM Award for Excellence in Community Impact; a recognition that celebrates our ongoing work in strengthening financial literacy and advancing environmental stewardship in the communities we serve. As the leading platform for HR excellence, SHRM’s recognition highlights something truly powerful: our people. This award is shared by every colleague who has stepped up to volunteer, guide, and support our on-ground initiatives with conviction and care. It reflects years of steady, hands-on effort, and reinforces our belief in applying our expertise where it creates meaningful value, beyond business and closer to society. A big thank you to every colleague who contributed, directly or indirectly. Your dedication continues to shape the impact we deliver. Let’s keep the momentum going and deepen our community impact together. Maya Vengurlekar | Pooja Mirchandani, Chartered MCIPD | Umanath Mishra #CrisilFoundation #SHRMAward #Community #HRExcellence

The Crisil Ratings 10th Annual NBFC Summit convened a discussion on specialised NBFCs, featuring a panel of prominent industry figures, including Deepak Mendiratta, Amit Gainda, Presha P, Peeyush Misra, Krishnan Vishwanathan, moderated by Ajit Velonie. Below are the key takeaways from the session: 1. The growth of unsecured market has moderated due to overleveraging and asset quality concerns. 2. On the other hand, secured market growth is contingent on competitive intensity as it has been witnessing pricing pressure in higher ticket size. For lower ticket size, credit quality has worsened. 3. For education loan, however, credit cost is behaving better than secured asset class. #CrisilRatings #10thEdition #NBFCSummit2025 #NBFCSector

The Crisil Ratings 10th Annual NBFC Summit featured a discussion on vehicle financiers, providing insights from industry leaders including Rajiv C. Lochan, Raul Rebello, Sachin Pillai, Arvind Kapil and Samrat Gupta moderated by Somasekhar Vemuri.   Here are the takeaways from the panel discussion: 1) Vehicle finance is expected to see strong growth in second half of this fiscal riding on the tailwinds of policy measures. 2) Given the inherent cyclicality in some sub-segments especially CV and tractor, financiers will continue their diversification journey towards non-vehicle segments. #CrisilRatings #10thEdition #NBFCSummit2025 #NBFCSector

The Indian residential real estate sector has transitioned into stabilization phase, marked by steady sales (value) growth amid flat demand (volume) trends, following a period of rapid expansion. Premium and luxury units continue to lead new launches, large and established developers are strengthening their market share, and credit metrics remain healthy on the back of strong cash flows and deleveraged balance sheets. At ‘Navigating the Stabilisation Phase’, our experts will deep-dive into sales (value) and demand (volume) dynamics, affordability, premiumisation trends, and the evolving credit outlook for developers. 📅 26 November 2025 | 🕒 3 PM onwards Register now: https://lnkd.in/d2yCCc2N Sanjay Chauhan | Keyur S Shah | Dilip Agarwal | A. Srinivasa Rao | Hanuman Joshi #CrisilRatings #RealEstate #Residential #CreditOutlook

The outlook for mortgage financiers' session came into focus with three clear themes.    Affordable housing and LAP are set to drive the next wave of growth. Innovation and technology will play a pivotal role in sharpening underwriting and strengthening risk management. And as the sector scales, NHB funding will continue to be a key enabler.   A well-rounded discussion that highlighted the opportunities and essentials shaping the future of mortgage finance. Viral Malia | Ravi Narayanan | Gagan Banga | Ramesh G | Manish Shah | Ravi Subramanian #CrisilRatings #10thEdition #NBFCSummit2025 #NBFCSector