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Business Standard
14 hours ago
- Business
- Business Standard
ICRA forecasts muted growth for mining and construction industry in FY26
The Indian mining and construction equipment (MCE) industry is set to report muted growth of 2–5 per cent in 2025-26, as domestic demand remains under pressure due to a combination of erratic monsoons, delayed infrastructure project awards, and rising equipment costs following regulatory changes, ICRA said in a statement. 'Early onset of monsoons and unseasonal rains in some regions of the country disrupted construction and mining activities in Q1 FY2026 (April-June),' said Ritu Goswami, Sector Head at ICRA. The impact was visible in Coal India's flat production figures and the sluggish activity in major infrastructure schemes such as the Jal Jeevan Mission (JJM), she added. From 1 January 2025, the sector transitioned to CEV (Construction Equipment Vehicle) Stage-V emission norms and mandatory safety features for wheeled equipment. 'This has led to increased prices for compliant machines, which are likely to be passed on to the customer (partly or fully) over the next few quarters,' Goswami said. These cost escalations, combined with weak project awarding activity and the seasonal sales slowdown during the monsoons, will collectively subdue demand in the first half of the fiscal, she added. Data from the Indian Construction Equipment Manufacturers Association (ICEMA) shows a 1 per cent year-on-year decline in overall industry volumes in Q1 FY2026. Domestic volumes fell by 4 per cent, but a robust 31 per cent growth in exports cushioned the dip, driven by backhoe loaders, excavators, and skid steer loaders, which together made up 76 per cent of export volumes. Despite current headwinds, ICRA remains optimistic about a demand revival in the latter half of the fiscal, supported by a government capital outlay of ₹11.2 trillion for initiatives such as JJM, Pradhan Mantri Gram Sadak Yojana (PMGSY), and Pradhan Mantri Awas Yojana-Gramin. 'Continued emphasis on sectors including transportation, water supply and sanitation, and irrigation is anticipated to result in an increase in new project awards and execution, thereby supporting domestic MCE demand,' said Goswami. Industrial and warehousing construction demand is also expected to remain steady due to a strong domestic market focus. Meanwhile, the export outlook remains positive, even as the industry awaits clarity on a potential 26 per cent reciprocal tariff by the US. 'Opportunities in alternate markets continue to offer significant diversification potential,' ICRA noted. Financially, OEMs saw only single-digit revenue growth in Q1 FY26, with margins under pressure from higher steel and compliance costs. However, the credit profiles of most players are expected to remain stable due to low leverage and healthy liquidity buffers.
Hans India
a day ago
- Business
- Hans India
Indian mining and construction industry sees 2-5 pc growth in Q1: Report
New Delhi: The Indian mining and construction (MCE) industry experienced a year-on-year (YoY) volume growth of 2 to 5 per cent in the first quarter of FY26, according to a report released on Tuesday. The volumes are expected to range between 1.43-1.47 lakh units, which is a marginal decline of 1 per cent YoY in Q1 FY2026 as per the initial data released by the Indian Construction Equipment Manufacturers Association (ICEMA), an ICRA report said. While the domestic volumes contracted by 4 per cent YoY, a strong 31 per cent YoY growth in exports supported the overall sales during this period, the report noted. ICRA anticipates an acceleration of new award activity in the second quarter of FY2026, especially by the government. Going forward, industries will witness continued industrial and warehousing construction demand, which will support the growth in MCE volumes, the report said. Similarly, higher costs engendered by the construction equipment vehicles (CEV)-V norms are likely to dampen demand and squeeze OEM margins. 'Early onset of monsoons and unseasonal rains in some regions of the country disrupted the construction and mining activities in Q1 FY2026, which is also reflected in the flattish production data reported by Coal India Limited during this period," said Ritu Goswami, Sector Head, Corporate Ratings, ICRA. The tepid new award activity and slowdown in road construction and Jal Jeevan Mission (JJM) projects have also hampered demand for the earthmover segment, which constitutes a bulk of the Indian MCE sector demand, Goswami added. In Q1 FY2026, the growth of 31 per cent in exports was led by backhoe loaders, excavators and skid steer loaders, which cumulatively accounted for 76 per cent of the total exported volumes and saw a 34 per cent YoY growth, the report added. The United States is one of the top two MCE markets globally and ranks among the top five export destinations for India-manufactured MCEs and related components. The government has allocated Rs. 11.2 lakh crore for capital expenditure in FY2025-26, with major initiatives such as the JJM, PM Gram Sadak Yojna (PMGSY), and PM Awas Yojna-Gramin (PMAYG) receiving renewed focus, which will accelerate activities in upcoming quarters, the report said.
Time of India
a day ago
- Business
- Time of India
MCE sector growth seen at 2–5% in FY26, Q1 domestic volumes down 4%: Report
New Delhi: The Indian mining and construction equipment (MCE) industry is expected to post a subdued year-on-year volume growth of 2–5 per cent in FY2026, translating to total sales of 1.43–1.47 lakh units, rating agency ICRA said on Tuesday. In the first quarter of FY2026, industry volumes declined marginally by 1 per cent, as per initial data from the Indian Construction Equipment Manufacturers Association (ICEMA). Domestic sales fell 4 per cent year-on-year during the quarter, while exports surged by 31 per cent, driven by strong demand for backhoe loaders, excavators and skid steer loaders. Monsoon onset, weak project pipeline affect early FY26 performance 'Early onset of monsoons and unseasonal rains in some regions of the country disrupted the construction and mining activities in Q1 FY2026, which is also reflected in the flattish production data reported by Coal India Limited during this period vis-à-vis a year ago,' said Ritu Goswami, Sector Head, Corporate Ratings, ICRA. According to Goswami, muted new project awards and a slowdown in road and Jal Jeevan Mission (JJM) construction have weighed on earthmoving equipment demand, a key segment of the MCE industry. 'Given the observed weakness in domestic demand during Q1 FY2026—which is expected to persist into Q2 as monsoon conditions impact the construction sector—industry recovery hinges on the improved traction in H2 FY2026,' she said. Government capex, public schemes to drive recovery in H2 The Government of India has allocated ₹11.2 lakh crore for capital expenditure in FY2025-26. Flagship infrastructure schemes such as the JJM, PM Gram Sadak Yojana (PMGSY), and PM Awas Yojana-Gramin (PMAY-G) are expected to support new project awards. 'Continued emphasis on sectors including transportation, water supply and sanitation, and irrigation is anticipated to result in an increase in new project awards and execution, thereby supporting domestic MCE demand. While certain private sector capital expenditure decisions may be deferred due to global headwinds, most industries are expected to experience continued industrial and warehousing construction demand because of domestic market focus,' Goswami said. ICRA has retained its volume growth forecast for FY2026 at 2–5 per cent, corresponding to 1.43–1.47 lakh units. New norms, rising steel prices exert cost pressure on OEMs From January 1, 2025, the transition to Construction Equipment Vehicle (CEV) Stage V emission norms and mandatory safety feature compliance for wheeled equipment has increased machine prices. ICRA expects these costs to be passed on to customers partly or fully over the next few quarters. 'This, coupled with seasonality in sales (generally slow during rainy season) and subdued awarding activity for infrastructure projects, will weigh on the domestic demand sentiments for the MCE industry during H1,' Goswami added. On the cost front, compliance-related cost hikes and the Government of India's safeguard duty on flat steel products (announced in April 2025) are expected to impact margins, with most OEMs expected to take staggered price hikes. Revenue growth for the sector is projected to have moderated to single digits in Q1 FY2026, due to flattish volumes. However, the credit profiles of OEMs are expected to remain stable, supported by low leverage and comfortable liquidity. Exports grow 31% in Q1; US tariff concerns not expected to hurt Exports in Q1 FY2026 were led by backhoe loaders, excavators, and skid steer loaders, which together accounted for 76 per cent of total export volumes and grew by 34 per cent year-on-year. The United States is among the top five export destinations for Indian MCEs and related components. Although uncertainty surrounds a proposed 26 per cent reciprocal tariff by the US on Indian MCE exports, ICRA said the impact is not likely to be material as OEMs continue to tap alternate markets with strong diversification potential.>
Hindustan Times
5 days ago
- Entertainment
- Hindustan Times
I'd rather wait for right opportunities than do things I don't feel passionate about: Shahana Goswami
New Delhi, Actor Shahana Goswami says she doesn't like to settle for less in life and would rather wait for the right opportunities than do something mediocre just for the sake of it. I'd rather wait for right opportunities than do things I don't feel passionate about: Shahana Goswami It has been a journey of patience and grit for Goswami, who started out in the late 2000s with supporting parts in films such as "Yun Hota Toh Kya Hota", "Rock On!!", " and "Heroine". In recent years, she has been praised for performances in films and shows such as "Gali Guleiyan", "Bombay Begums" and most recently in Sandhya Suri's Indo-British production "Santosh", which received rave reviews from critics at the Cannes Film Festival in 2024. "I don't like settling for less. I'd rather wait. I'd rather live life. I'd rather travel. I'd rather spend time with people I love than do some half-a** thing that I don't feel passionate about, that doesn't stir my creative juices. "I don't want to work like that. I'm too idealistic in my passion to want to do something for the sake of it or for money," the actor told PTI in an interview. Goswami, who currently appears in the Indo-Australian series "Four Years Later", said she can live with "less money" and feels comfortable with the "fluctuations of life". "So that perhaps then makes room for the right kind of thing to come. When your energy aligns to being decisive of what it doesn't want and what kind of direction it wants to go, then those things start coming your way because you are staying true to your calling and feel pulled towards it." In "Four Years Later", a romance drama show created by Mithila Gupta, the actor features alongside Akshay Ajit Singh. They essay the roles of Sridevi and Yash, a newlywed couple who navigate an arranged marriage that is interrupted when Yash leaves for a four-year medical trainee-ship in Australia. "What begins with hope slowly unravels into silence, emotional distance, and isolation. As Sridevi shoulders mounting responsibilities at home, Yash grapples with identity and belonging in a foreign land," read the official logline. What was most interesting about the show was that it looked at relationships from a perspective that was more nuanced and realistic, the actor said. "It tells you about the problems of modern-day relationship building in a really realistic way, not in a hyper dramatic way, not in a twists-and-plots kind of way. It was much more natural," she added. According to the actor, "Four Years Later" also addresses how patriarchy exists in both men and women but it's "so subtle that it's unrecognizable to them". For Goswami, the character of Sridevi came across as a relatable presence, especially in terms of her desires and aspirations as a modern day woman. "The one big difference between her and me is that for her love and a relationship and partnership is such a central desire and aspect of her life, which is not my leaning. I'm much more into a larger idea of love, which is friendship, community... there is no distinction between friendship and family, lover, partner and nature. To me, it's all the same." Goswami said the character taught her to be "truly loving" even if the other person doesn't always meet her expectations. "I'm a very emotional person, and when I was younger, I thought a little bit too much. I cared too much about things and people... And when I get hurt, my heart shuts down... "And I think that's something that Sridevi really doesn't have. Her heart never shuts down, she's able to be truly loving through every situation. That's something that I learned from her to be unconditional in a sense. To really keep the focus on being loving," she said. "Four Years Later", which also stars Kate Box, Taj Aldeeb, Roy Joseph, and Luke Arnold, started streaming on Lionsgate Play from Friday. This article was generated from an automated news agency feed without modifications to text.
Time of India
6 days ago
- Time of India
1st batch of Kailash Mansarovar pilgrims crosses Lipulekh Pass, enters Tibet
Pithoragarh: The first batch of pilgrims undertaking the successfully crossed the Lipulekh Pass in Pithoragarh on Thursday morning, entering the Tibet Autonomous Region, home to the sacred Mount Kailash and Mansarovar Lake. Tired of too many ads? go ad free now The pilgrimage, organised by the ministry of external affairs, has resumed after a five-year pause due to the Covid-19 pandemic. According to Pithoragarh district magistrate Vinod Goswami, the group comprised 45 pilgrims, including 13 women, who began their journey from Delhi on July 4. "All pilgrims started from Nabhidhang on Thursday morning and reached the Lipulekh Pass by 8 pm, where they were received by Chinese personnel," Goswami said. He added, "All pilgrims are in good health. Medical check-ups were conducted at Gunji, and all participants were declared fit for the high-altitude journey. The group also visited Adi Kailash and Om Parvat en route." The yatra had faced a temporary setback earlier in the week when a heavy landslide blocked the Dharchula-Lipulekh road at Tawaghat. The first batch, which had reached Dharchula from Tanakpur on Saturday, was scheduled to leave for Gunji on Sunday morning. However, the landslide forced a delay. The route was cleared later in the day, allowing the pilgrims to resume their journey. Border Roads Organisation (BRO) commander Prasant Singh noted that this year's yatra is entirely road-based. "The BRO is enhancing road connectivity and upgrading the 119 km stretch from Baluwakot to Lipulekh to ensure a smoother journey for pilgrims," he said. Meanwhile, the second batch of pilgrims comprising 48 members, including 14 women, reached Gunji on Thursday. They departed from Delhi on July 8 and will spend the next four days at Gunji and Nabhidhang for acclimatisation before crossing the Lipulekh Pass on July 14, Goswami said.
