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 90 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

Micro, small and medium enterprises (MSMEs) lending of over Rs 15 trillion, accounted for around 22% of corporate lending in India as of fiscal 2018. The segment continues to offer attractive business opportunities for financiers, especially with the Goods and Services Tax (GST) regime in place. The challenge lies in spotting the sectors and clusters that are likely to offer the desired risk-adjusted returns. And that entails tracking the performance and riskiness of sectors and clusters on a timely basis.


Our report addresses this by providing:


  • Insights and outlook on business and financial prospects across sectors and clusters
  • Industry and cluster attractiveness matrices to differentiate between sectors and clusters
  • An interactive business and financial tool to assist in benchmarking across clusters and sectors
  • A database of ~7,000 SMEs, along with key financial ratios of ~6,000 of these
  • A six-month monitoring mechanism for SME sectors and clusters
  • Views on asset quality sector-wise and cluster-wise


Benefits of the report:


  • Identification of sectors with strong growth opportunities to aid focused lending
  • Assessment of risks and factors influencing the competitiveness of SME units across sectors and geographies, to enhance risk-monitoring capabilities for existing portfolio
  • Selection of promising geographies to focus on within a sector, based on business and financial analysis
  • Tools and databases for prospecting
  • Effective review and monitoring with introduction of six-month surveillance dashboard
  • Gauging the asset quality risk sector-wise and cluster-wise


Coverage of the report


  1. Outlook on 73 manufacturing, services and trading industries that have a large SME presence
    • Placement in industry attractiveness matrix
    • Industry size, structure, SME presence
    • Demand-supply scenario and forecasts
    • Impact analysis of implementation of GST on the relevant sectors and SMEs
    • Growth drivers
    • Key risks for SMEs
    • Financial performance of SMEs
    • Ratings distribution of CRISIL-rated companies
  2. Outlook from SME perspective (profiles of ~157 clusters across 73 industries)
    • Placement in cluster attractiveness matrix
    • Cluster snapshot (size, product profile, number of units, historical growth)
    • Comparison of financial performance of companies in a cluster vis-à-vis in the industry
    • Cluster competitiveness
    • Key risks faced by companies in a cluster
    • Ratings distribution of CRISIL-rated companies in the cluster
    • Outlook for the cluster from SME perspective
    • Voices from the industry
  3. Asset quality sector-wise
    • Views on asset quality sector-wise
    • Benchmarking a cluster’s asset quality with overall sector
  4. List of Around 7,000 SMEs
    • Location
    • SME/NSIC Rating
    • Constitution
    • Key financial parameters (select companies)
  5. Six-month surveillance dashboard
    • Demand/ supply sentiment over the past six months
    • Trend in key raw material movement
    • Impact of regulatory change/ new developments
    • Any reason for change in business potential/ financial strength
    • Any cluster severely impacted with reasoning
    • Ratings upgrade to downgrade ratio
    • Financial performance update
  6. Tools
    • Interactive tools to assist in benchmarking across clusters and sectors.
      • Financial tool to facilitate comparison on the basis of the past three years’ financial information, within sectors and clusters, and between sectors and clusters
      • Business tool offering information related to main products, capacities, plant locations, key clients, key risks, future capital expenditure plans, exports presence, etc. across ~6,000 SMEs rated by CRISIL
  7. Latest news and analysis
  8. SME related CRISIL releases
  9. Annexures
  10. Revenue cut-wise financials (provided on request basis only)
    • Rs 0-250 million
    • Rs 250-750 million
    • Rs 750-1250 million
    • Rs 1250-1750 million
    • Rs 1750-2500 million

NBFC Report

Non-banking finance companies (NBFCs) have been gaining market share across major asset classes, despite increasing competition from banks, which have sharpened focus on retail loans.


What are the factors driving this trend, and is it sustainable? Are NBFCs taking on more risk? Will their earnings growth trajectory be better? What will be the capital that they will need over the next 1-2 years? What will separate the winners from the losers? Where are the opportunities for growth?


CRISIL Research's NBFC Report, 2018 delves deep into the fast-changing industry landscape to come up with the answers. The report contains CRISIL Research's perspective on growth prospects, competitive scenario and the attractiveness of the 12 segments in which NBFCs operate.


Product segments covered
Housing finance Low cost housing finance
Infrastructure finance MSME finance - secured (including LAP) and unsecured
Auto finance Wholesale finance
Micro finance Gold loans
Consumer durables finance Construction equipment finance
Education loans  




Overview For each of the segments covered
Outlook on yields and spreads in fiscals 2019 and 2020 Overall growth in the industry
Relative attractiveness of the NBFC segments based on growth and profitability outlooks Market share of NBFCs vs banks
Competitive positioning of NBFCs across key segments Growth outlook for NBFCs
Outlook on asset quality in the NBFC industry Profitability of NBFCs: Review & outlook
View on the borrowing mix of NBFCs Asset quality: Review & outlook
Capital-raising requirement in the medium term Key growth drivers and challenges


The coverage also includes:


  • Outlook on growth and delinquencies, credit costs by segment
  • Segment-wise profitability outlook, considering business growth, resource profile and asset quality
  • Detailed assessment of competitive scenario with banks and market share of NBFCs in various segments
  • Perspective on regulatory direction in each segment
  • Financial and operational benchmarks across various segments
  • Profiles of over 200+ NBFCs, detailing key operational and financial parameters
  • Details of fund-raising in various NBFC segments
  • Level of digital medium usage in origination and appraisal process


For further queries please contact Ms. Anjali Jagtiani 9867478226 / 022 3342 8035

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


For further queries please contact Ms. Karishma Shetty 99672 37936 / 022 3342 8391


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