Industry Research

CRISIL industry research covers 86 sectors and is known for its rich insights and perspectives. Our analysis is supported by inputs from our large network sources, including industry experts, industry associations and trade channels. Delivered through an innovative web-based platform, our views, commentaries and reports help our clients take informed lending, investment and strategic decisions.

Our rich portfolio includes

Sectoral Research

 

We analyse millions of data points using a large network of primary data sources to provide our clients with long-term and short-term future outlook on 86 core sectors in India including automobiles, consumer products, construction and capital goods, infrastructure, metals,  and others. We also provide an in-depth analysis of the factors that affect the performance and profitability of these sectors.
 

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Industry Risk Scores

 

We capture the influence of industry variables the extent of positive/negative impact on the cash flows and debt repayment ability of companies in an industry over a 3-4 year horizon. The risk score for an industry is arrived at by aggregating the scores assigned to the relevant parameters like demand supply outlook, cost structures, competition and financial performance.
 

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Real Estate Research

 

We provide a clear understanding on residential, commercial, and retail markets across 103 micro-markets in 10 Indian cities. 
 

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Sectoral Research 

We analyse millions of data points using a large network of primary data sources to provide our clients with long-term and short-term future outlook on 86 core sectors in India including automobiles, consumer products, construction and capital goods, infrastructure, metals,  and others. We also provide an in-depth analysis of the factors that affect the performance and profitability of these sectors.

 

Our sectoral research covers the following areas:

  • Outlook: demand-supply, prices, and an update on the industry’s performance among other parameters
  • Researched information: actionable insights on everything from capacities and exports to industry structure, technology, regulations, and player profiles
  • Premium tools and analysis (Research+): Our tools include ratings information, credit analysis, and financials for 1,100 listed entities

Our analysis and views are delivered nearly real-time through a web based platform, that allows our clients to understand regional dynamics of industries, apply multiple scenarios to help in credit evaluation, get access to emerging trends in niche industries, interact with sectoral experts, among others.

 

Based on market feedback and emerging trends, we provide special reports on Indian economy including SME, NBFC, agriculture and emerging sectors. These reports cover our views on the growth prospects, competitive scenario & attractiveness of these segments.

 

Features of our research delivery platform

  • What if analysers - for sensitivity analysis by creating multiple scenarios of an industry, thus helping better credit evaluation
  • Video clipping of industry experts - 2-3 minute video clippings of our experts covering topical issues on the industry and demand drivers for quick understanding of impact of changes
  • Analyst presentation - for quick reference, an entire report is condensed into a few slides
  • Discovery - interactive tool for understanding regional dynamics of industries
  • Thematic reports - analysis of new areas/concepts/trends across industries and coverage on niche industries
  • Ask the Analyst - interact with our sectoral experts for any analytical queries, clarifications, or additional data requirements

 

Special segments we deep-dive into

SME Report

The SME segment contributes enormously to the country's economic growth: accounting for 45 per cent of manufacturing output, 40 per cent of exports and over 12 per cent of GDP. SMEs offer a huge opportunity for Banks, NBFCs, PEs and VCs.

 

A special report from CRISIL Research - ' SMEs: Amidst difficulty lies opportunity' - analyses the relative attractiveness of 50 SME-dominated sectors, and provides information on 104 clusters and more than 7,000 SME units. Collectively, the 50 sectors account for more than 65 per cent of the SME portfolio of banks. The report will enable financiers to identify attractive sectors and clusters, realign their portfolios and more precisely identify potential customers for profitable growth

 

The report covers:
 

Outlook on 50 SME dominated sectors        

  • Industry size, structure, SME presence
  • Demand-supply scenario and forecasts
  • Growth drivers
  • Key risks for SMEs
  • Financial performance of SMEs
  • Ratings distribution of CRISIL-rated companies
  • Outlook from SME perspective.

 

Profile of 104 clusters across the 50 industries covered

  • Cluster snapshot (background, size, product profile, number of units, historical growth)
  • Cluster competitiveness
  • Cluster risks
  • Financial comparison across clusters within each sector and vis-a-vis in the industry
  • Ratings distribution of CRISIL-rated companies in the cluster
  • Outlook for the cluster from SME perspective
  • Key monitorables, voices from the market

 

List of more than 7,000 SMEs

  • Company name
  • Industry which the company belongs to
  • Location of the company
  • Rating assigned to the company by CRISIL
  • Key financial parameters (select companies).

 

Key Questions Answered in the report

  • Growth prospects of the major SME-dominated sectors
  • Relatively attractive or unattractive sectors
  • Benchmarking the financial performance of companies in a cluster with that of the sector
  • The key opportunities, risks, prospects and aggregate financial performance of each cluster in a sector
  • Financials for select companies in each cluster/sector

NBFC Report

We have conducted a deep-dive analysis of the NBFC landscape to arrive at its opinion on the growth prospects, competitive scenario and attractiveness of different segments within the NBFC space. The report seeks to answer questions such as:

  • Have the non-performing assets of the NBFCs peaked?
  • Will NBFCs see an improvement in AUM growth?
  • How is the competitive positioning of NBFCs in each segment likely to change?
  • How will changing regulations impact the asset quality and profitability of NBFCs?
  • Will sectors like housing finance, microfinance and unsecured business loans continue to perform well?

 

Benefits of subscribing 

  • Independent outlook on growth prospects and risk assessment for each segment
  • Segment-wise outlook on profitability, taking into account business growth, resource profile and asset quality
  • Detailed assessment of competitive positioning and market share in each segment
  • Perspectives on evolving regulatory landscape in each business segment
  • Player profiles for 67 NBFCs, comparing key operational and financial parameters

 

Segments covered in this report

  • Infrastructure finance
  • Loan Against Property
  • Auto finance
  • Construction equipment finance
  • Housing finance
  • Unsecured Small business loans
  • Gold loans
  • Microfinance

 

Coverage of the report

Overview For each of the six segments
Structure and classification of NBFCs Overall growth in the industry
Share of NBFCs in systemic credit Market share of Banks vs. NBFCs
Regulatory environment for NBFCs Growth outlook for NBFCs
Competitive positioning of NBFCs across key segments Profitability of NBFCs - Review & Outlook
Relative attractiveness of NBFC segments based on growth and profitability outlook Asset quality - Review & Outlook
Current and projected asset class-wise distribution of NBFC segments Underlying asset dynamics
  Regulations
  Key growth drivers and challenges
  Player profiles

 

Agriculture Report

Despite a mere 18% contribution to India's GDP (as per the new GDP series), agriculture remains a paramount factor in rural consumption and has an indirect impact on the industry. In addition, it helps widen the job market.

 

With limited scope to increase area under cultivation, in recent times the focus has shifted to productivity improvement by deploying modern techniques such as the use of hybrid or genetically modified seeds, fertilisers, pesticides, bio-pesticides, bio-fertilisers, and micro-irrigation. These areas provide tremendous growth opportunity, and have attracted significant interest of lenders and investors in the last few years. However, in many of these areas there is still a dearth of high quality information, insightful research and competitive intelligence.

 

The report also covers government initiatives such as the recent decision to enhance compensation by 50 per cent to farmers facing crop loss, or the change in classification and targets of priority sector lending by the Reserve Bank of India.

 

This report covers

  • Agri-credit
    • Assessment of state-wise opportunity and risks (top 15 states)
    • Pre and post-harvest perspective
  • Role of NBFCs in agri financing
  • Agri insurance market: Structure and coverage
  • Key agri inputs
    • Current market size (2015-16)
    • Growth outlook for next 3 years (2016-17 to 2018-19)
    • Key agri input segments and sub-segments
    • Industry structure (including import-export trends)
    • State-wise emerging trends
    • Competitive scenario
    • Outlook on profitability
    • Regulatory framework and government policies 
  • Total of 950 data tables, including data points across 10 key parameters for 400 districts encompassing agricultural credit, seed and pesticides usage, farm equipment ownership, and irrigation penetration 
  • Profile of 250 companies

 

Benefits for investors/lenders

  • Opportunity - Risk matrix by state to aid portfolio planning
  • Sizing of overall Agri lending segment by key segments of pre and post harvesting
  • Assessment of opportunities and risks across 8 Agri input segments
  • Financial and operational benchmarking on 250 companies
  • Continuous tracking of mandi prices and arrivals for key crops by states to aid portfolio assessment

 

Benefits for corporates

  • Sizing of Key Agri Input segments along with forecast until 2018-19     
  • State wise trends emerging for key input segments       
  • District-level data points to aid in planning and business development        
  • Financial and operational benchmarking with peers        
  • Key government policy and regulations impacting the segments

Emerging Sectors

While core industries battle the throes of low or stagnant growth, new less-explored segments are emerging that offer significant scope for lending or investing. But how sustainable is the growth? Is the industry attractive for a new entrant? CRISIL Research's "Super-16" reports help you answer such questions and much more.

 

These reports cover:

  • How the sectors operate; their inherent strengths and risks
  • The size of the sectors, their key growth drivers
  • Growth in the past, and the forecast for growth over the next 3 years
  • Typical cost structure and margins Indicators of profitability, and the key success factors for sustainable profits
  • Business models and their impact on sector growth and profitability
  • Aggregate financial performance of the sector
  • Government policies; technological developments
  • Investment and funding opportunities over the next 3 years
  • Profiles of key companies.

 

 

List of 16 industries covered

 

Auto Dealership City Gas Distribution
Consumer foods Dairy and milk products
Diagnostic centers Digital Education
E-commerce Glass
Micro Finance Non-alcoholic beverages
Packaging Pesticides
Poultry Quick service restaurants
Rice Sea food/Fisheries

 

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Industry Risk Scores

We capture the influence of industry variables the extent of positive/negative impact on the cash flows and debt repayment ability of companies in an industry over a 3-4 year horizon. The risk score for an industry is arrived at by aggregating the scores assigned to the relevant parameters like demand supply outlook, cost structures, competition and financial performance. 

 

We have developed and regularly update scores on about 154 industries that are provided to banks as critical inputs for their risk assessment models. The scores also help banks:

  • Identify 'positive and negative' industries and set industry-wise exposure norms
  • Take more informed strategic decisions by focusing on industries that are likely to perform well and reduce exposure in below-investment-grade industries
  • Assess the borrower risk through an accurate assessment of industry risk
  • Monitor industries proactively and on a continuous basis

We also have the SME Industry Risk Scores on 129 industries capture the impact of variables on SMEs and on their cash flows and debt repayment ability over a 1-2 year period. The risk score is arrived at by aggregating scores assigned to relevant parameters. Each parameter factors regional opportunities and challenges in the clusterr

 

Scale: The Industry Risk Scores have been graded on a six-point scale, with 1 indicating high risk and 6 indicating low risk. Relative risk scores are calculated by considering various business and financial parameters.

 

List of 154 industries

Risk Scores A- G

Abrasives
Air conditioning
Airline services
Airport Infrastructure
Automobiles - Commercial Vehicles
Automobiles - Motorcycles
Automobiles - Passenger Cars
Automobiles - Scooters, Mopeds
Automobiles - Tractors
Automobiles - Utility Vehicles
Automotive components
Banking
Batteries
Bearings
Biopharmaceuticals
Branded foods
Breweries
Broadband
Budget Hotels
Business schools
Carbon Black
Castings & Forgings
Cement & Cement Products
Ceramics & Sanitaryware
Chemicals - Organic
Chlor Alkali
Cigarettes
Coffee
 

Compressors
Construction - Erection and Commissioning ( E&C )
Construction Equipments
Construction equipment finance
Consumer durables finance
Copper cathode
Cosmetics & toiletries
Courier
Crude Oil
Cycles & Accessories
Dairy
Diesel Engines
Domestic Freight Transportation Services
Dry cells
Dyes & Pigments
Edible oil
Educational services
Electric Equipment
Engineering
Engineering colleges
Fasteners
Fertilizers-Nitrogenous
Fertilizers-Phosphatic
Gems and Jewellery
Glass
Gold loans

Risk Scores H-M

Hospitals
Hotels - Premium segment
Housing Finance
Industrial Explosives
Industrial Gases
Infrastructure Finance
Iron ore Mining
IT Enabled Services
IT- Hardware
IT Services
Leather

Lighting
Lubricants
Machine Tools
Media and Entertainment- Content production- Film
Media and Entertainment- Content production-Television
Media and Entertainment-Film exhibition
Media and Entertainment-Newspapers
Media and Entertainment-Television broadcasting
Medical institutes
Micro Finance

Risk Scores N-S

Natural Gas - Marketing
Natural Gas - Transmission
Natural Rubber
Non-Ferrous Metals - Zinc
NTC Fabric
Oil Exploration
Oilfield services
Oral Care
Organised Retailing
Packaging
Paints
Paper - Industrial
Paper - Newsprint
Paper - Writing and Printing
Pesticides/Agrochemicals
Petrochemicals
Petroleum - Refining and Marketing
Petroleum - Refining
Pharmaceuticals - Bulk Drugs
Pharmaceuticals Formulation-Domestic
Pharmaceuticals Formulation-Exports
Pig iron
Plastic & Plastic products
Ports - BOT
Poultry
Power - Transmission
Power distribution licensees

Power distribution - State Utilities
Power generation - Central Utilities
Power generation - Private
Power generation - State Utilities
Power-Cables
Primary aluminium
Pumps
Real estate - Commercial construction
Real estate - Residential
Refractories
Refrigerators
Retail Finance
Rice Mills
Roads - BOT
Ship Building
Shipping
Ship Breaking
Soaps & Detergents
Solar power
Sponge Iron
Stainless Steel
Steel - Alloy
Steel Flats- CR, GP/GC
Steel Flats- HR
Steel - Long products
Sugar

Risk Scores T-Z

Tea
Telecom - Equipment
Telecom - Mobile
Telecom - Fixed
Textile - Cotton Fabrics
Textile - Cotton Yarn
Textile - Man Made Fibers/yarn
Textile - Synthetic Fabrics
Textile - Worsted Fabric
Textile machinery
Textile-Blended Yarn
Textiles - Ready made Garments

Textiles - Denim
Textiles Fibre intermediates
Textiles - Jute
Textiles - Texturising
Textiles VFY
Textiles VSF
Textiles - Acrylic fibre
Transmission towers
Tyres
Washing machines
Wind energy
Wood & Wood Products

Real Estate Research

We provide an in-depth analysis on residential, commercial, and retail markets across 103 micro-markets in 10 Indian cities through our real estate research solution, City Real(i)ty. Our research is based on intensive primary sourcing through a series of interactions by our sector specialists with developers, real estate agents, market intermediaries and financing institutions. We leverage CRISIL's decades of research and understanding of demand-driving industries.

The cities covered under real estate research are Ahmedabad, Bangalore, Chandigarh, Chennai, Cochin, Hyderabad, Kolkata, Mumbai, NCR and Pune.

The following City Real(i)ty analysis is accessible on an annual subscription through a web based platform:

  • Three annual detailed analyses and three updates
  • Monthly price trends across micro markets in the residential, commercial, and retail space
  • City-specific real estate news
  • City-specific project launches
  • Video offering a market outlook for top 10 cities
  • Snapshot of key private equity and land deals
  • Impact analysis: real-time analysis of key regulations or policies impacting the real estate sector

Get a City Real(i)ty subscription now

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Questions?

  • Want to speak with our research analysts? Or have any query about our offerings? Please contact us at: 
    +91 22 3342 8035 researchhelpdesk@crisil.com