The Research Compendium is a compilation of some of ICRA's key research reports released in the previous month.

ICRA’s sectoral outlook as of September 2026

Banking: Growth momentum to sustain at a healthy double digit; earnings profile remains adequate

Economy:Below-normal rainfall forecast for August-September 2026 portends 1-2% YoY fall in cumulative kharif sowing in 2026 season

Fertiliser: Urea capex cycle expected to take off; returns to remain comfortable although upside lower than NIP-2012

Exhibit: Housing credit* composition in India

Source: Financials/investor presentations of HFCs, RBI, ICRA Research; Amount in Rs. lakh crore; Growth is YoY and is on right hand side; *HDFC Limited included as part of HFCs till Jun 2023 and growth for Sep 2023, Dec 2023, Mar 2024 and Jun 2024 assumes HDFC Limited as part of banks instead of HFCs for Sep 2022, Dec 2022, Mar 2023 and Jun 2023