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Time of India
12 hours ago
- Business
- Time of India
Transformer sales to cross ₹40,000 crore by FY26 on T&D push: Report
New Delhi: Sales in India's domestic electric transformer industry are projected to rise 10-11% annually through next fiscal, taking the market size beyond ₹40,000 crore from an estimated ₹33,000 crore in FY25, CRISIL Ratings said on Tuesday. The growth will be driven by significant investments in transmission and distribution (T&D) infrastructure to meet the sharp rise in electricity demand, as installed generation capacity is expected to increase from 485 GW to 570-580 GW, while peak demand is likely to jump over 20 per cent to 296 GW in the same period. The National Electricity Plan (NEP) has targeted a 776,330 MVA increase in transformer capacity to 1,847,280 MVA by FY27, of which only 30% has been achieved till FY25, indicating the need for accelerated investments. 'The strong pipeline in power T&D is creating a revenue opportunity of ₹70,000-75,000 crore for the transformer sector through this and the next fiscal,' said Rahul Guha, senior director, CRISIL Ratings. 'Order books will swell to more than a year's sales from the current nine months, ensuring high sales visibility.' CRISIL noted that capacity utilisation will climb above 80%, pushing up working capital requirements and capex, estimated at ₹200 crore by next fiscal. Companies are expected to take on additional debt to fund this, but credit profiles should remain stable due to healthy balance sheets and rising cash flows. Replacement demand will also contribute, as units installed during 2000-05 reach the end of their average 25-year life. Operating margins are projected to hold at 8-10% with no aggressive bidding expected. 'Despite higher debt levels, our rated portfolio's gearing and interest coverage ratio will likely remain stable at 0.6x and 4x respectively through next fiscal,' said Nitin Kansal, director, CRISIL Ratings. However, the agency flagged timely payments, pace of order awards, and bidding aggression as key factors to watch.
Entrepreneur
6 days ago
- Business
- Entrepreneur
Thyrocare CEO Rahul Guha to Lead PharmEasy as Siddharth Shah Steps Down
Effective August 27, 2025, Shah will assume the position of Vice Chairman and Director at the parent company of PharmEasy and Thyrocare. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Siddharth Shah, Co-founder and current MD and CEO of API Holdings, is stepping down from his executive role later this month. Effective August 27, 2025, Shah will assume the position of Vice Chairman and Director at the parent company of PharmEasy and Thyrocare. Rahul Guha, presently the MD and CEO of Thyrocare, has been appointed as the new MD and CEO of API Holdings. The leadership change was disclosed in regulatory filings by Thyrocare on Wednesday. Guha will continue to oversee Thyrocare while taking on his new responsibilities at API Holdings. Guha brings significant experience to the role. Prior to his elevation, he served as President of Operations at API Holdings, where he led group-level integration and coordination efforts. PharmEasy had acquired a controlling 66.1 percent stake in Thyrocare in June 2021 for INR 4,546 crore. The leadership consolidation is seen as a strategic step by API Holdings to streamline operations amid ongoing financial challenges and long-term preparations for a potential public listing. API Holdings had earlier filed draft documents for an initial public offering in 2021 but withdrew due to unfavorable market conditions. The company has raised approximately USD 1.1 billion from investors such as MEMG, Prosus, and Temasek. In April 2024, it secured USD 216 million in funding at a significantly reduced valuation of USD 710 million. The transition follows the departure of PharmEasy's three cofounders earlier this year. The trio has since launched a new startup, All Home, which recently raised funding from Bessemer Venture Partners, valuing it at over USD 120 million. Shah has also invested in the venture.
Times of Oman
04-08-2025
- Business
- Times of Oman
Indian polished diamond exports to US face fresh hurdles amid tariffs, say Crisil officials
New Delhi: Exports of Indian natural polished diamonds to the US - contributing 35 per cent of total exports in fiscal 2025 - is set to face further headwinds following the tariffs and penalty announced by the US, said Crisil Ratings officials. An official of the ratings agency noted that the demand for natural diamonds in the US market has slowed already. "Added to this, reduced offtake by retailers post announcement of 10 per cent tariff on Indian exports in April 2025, brought down the share of the US in polished diamond exports to 24 per cent in the first quarter of this fiscal from 37 per cent for the same period last fiscal," said Rahul Guha, Senior Director at Crisil Ratings. "In the milieu, the revenue of Indian diamond polishers can decrease a further 20-25 per cent this fiscal to USD 10-11 billion," Guha added. Himank Sharma, Director, Crisil Ratings, said, "Natural diamond polishers, traditionally operating at thin margins of 4-5 per cent, will have limited ability to absorb the tariff-induced price rise. As a result, miners and retailers may need to step in to absorb some of the price shocks." In fiscal 2025, the export volumes of natural diamonds remained constrained by lower demand from China and competition from LGD in the US. Although polishers pushed sales in the fourth quarter to avoid tariffs, and price erosion was limited, revenues from natural diamond exports fell 17 per cent to USD 13.3 billion. India is the top global exporter of diamonds and the largest consumer of gold. Stakeholders of the Indian Gems and Jewellery sector expressed deep concern, warning of short-term disruptions, potential job losses, and rising prices for American consumers following the US announcement of a 25 per cent tariff on India, which was announced by US President Donald Trump on July 30. Trump also said India will face additional penalties for purchasing oil from Russia. However, business leaders also pointed to India's expanding trade ties, including recent Free Trade Agreements (FTAs) with the UK, Australia, and the UAE, as a buffer against the fallout, suggesting the long-term impact may hurt the US more than India.
Time of India
03-08-2025
- Business
- Time of India
Diamond trade feels tariff pinch: Indian exports might face 20–25% slump; margin hit may spread to miners, retailers, says Crisil analysis
AI-generated image The US market, which accounts for 35 per cent of Indian natural polished diamond exports in fiscal 2025, is expected to face additional challenges following recent US tariffs and penalties, according to Crisil Ratings. A slowdown in natural diamond demand has already been observed in the US market, officials noted. "Added to this, reduced offtake by retailers post announcement of 10 per cent tariff on Indian exports in April 2025, brought down the share of the US in polished diamond exports to 24 per cent in the first quarter of this fiscal from 37 per cent for the same period last fiscal," said Rahul Guha, Senior Director at Crisil Ratings, quoted by ANI. "In the milieu, the revenue of Indian diamond polishers can decrease a further 20-25 per cent this fiscal to USD 10-11 billion," Guha added. Meanwhile, Himank Sharma, Director, Crisil Ratings, said, "Natural diamond polishers, traditionally operating at thin margins of 4-5 per cent, will have limited ability to absorb the tariff-induced price rise. As a result, miners and retailers may need to step in to absorb some of the price shocks." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Learn More - How Affiliate Marketing Can Boost Your Income TheDaddest Undo During fiscal 2025, natural diamond export volumes remained restricted due to decreased Chinese demand and US competition from LGD. Despite fourth-quarter sales efforts to avoid tariffs and limited price reductions, natural diamond export revenues declined by 17 per cent to USD 13.3 billion. As the world's leading diamond exporter and primary gold consumer, India holds significant influence in the global market. The US announcement on July 30 by Trump of a 25 per cent tariff on India, along with additional penalties for Russian oil purchases, has caused significant worry amongst Indian Gems and Jewellery sector stakeholders, who anticipate immediate market disruptions, workforce reductions and increased costs for US consumers. Nevertheless, industry leaders remain optimistic, citing India's diversified trade relationships through recent FTAs with the UK, Australia, and the UAE as protective measures, suggesting the US might experience greater long-term consequences than India. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
Time of India
03-08-2025
- Business
- Time of India
Indian shrimp exporters brace for unprecedented challenge in US; volumes to drop 7-9%
Indian shrimp exporters are bracing for a tough time in the US market. This is due to new tariffs. These tariffs add to existing duties. Crisil Ratings anticipates a potential drop in export volume. Operating margins may also decline. Exporters are exploring alternative markets. The government supports the sector through schemes like PMMSY. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi:: Indian shrimp exporters will face a new, unprecedented challenge in US markets after the imposition of reciprocal tariffs on India, said Rahul Guha, Senior Director at Crisil Ratings "Indian shrimp exporters face an unprecedented new challenge in the US market, which contributes close to 48 per cent of their exports," Guha noted that with the proposed US tariff hike, additional financial penalties, the 5.77 per cent countervailing duty imposed last year, and existing anti-dumping duties, India is set to become one of the most heavily taxed major shrimp exporters in the US market."In contrast, Ecuador, the largest shrimp exporter globally, faces just a 10 per cent tariff and countervailing duties of 3-4 per cent in the US," Guha added."In this milieu, the shrimp export volume could potentially fall 7-9 per cent in this fiscal, even as players look for alternative markets to boost their exports," he to the Crisil Ratings Senior Director, the operating margin will also fall 50-100 basis points due to the added cost burden of tariffs and their gradual pass-through due to competition from Ecuador."Thus, the credit profiles of shrimp exporters, already under pressure, will witness further challenges," Guha the financial year 2023-24, India exported an all-time high volume of 17,81,602 MT of seafood worth Rs. 60,523.89 Products Export Development Authority (MPEDA), a statutory body under the Ministry of Commerce and Industry, promotes and regulates the export of marine initiatives by MPEDA for boosting shrimp exports are oriented towards production and processing, and not strengthen the export value chain, the government has sanctioned projects adjacent to major ports, namely, modernisation and upgradation of fishing harbour at Visakhapatnam, Chennai, Paradip, Cochin and Mumbai Port with 100 per cent financial assistance under PMMSY in convergence with Sagarmala at a total cost of Rs 651.14 government, under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) scheme, provides financial assistance to the state governments, Union Territories and implementing agencies for the construction of fishing harbours, fish landing centres, the modernisation/upgradation of existing fishing harbours and the maintenance dredging of the fishing the last five years from 2020-21 to 2024-25, Rs 3,490 crore have been allocated under the scheme provides for sustainable investment in infrastructure with the objective of enhancing production, productivity, exports and addressing key gaps, including the reduction of post-harvest losses in various components of the value chain.
