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ICRA Research is based on our analysts' insights, gained from rating corporates and financial sector entities. The research reports are tailored to meet the requirements of banks, mutual funds, insurance companies, PEs or venture funds and corporates.

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Special Comments

Date	Sector	Reports	Category	Price
26 May 2026	Airlines	Muted start to FY2027 as domestic passenger traffic declines by 2.0% YoY in April 2026	Monthly Update	--
22 May 2026	Economic Outlook & Macro Trends	Mixed trends in economic activity in April 2026 amid spillover from West Asia conflict	Monthly Update	--
19 May 2026	Economic Outlook & Macro Trends	Early impact of West Asia crisis likely to pull down India’s GDP growth to 7.0% in Q4 FY2026; FY2027 baseline forecast pared to 6.2% from 6.5%	Quarterly Update	--
15 May 2026	Economic Outlook & Macro Trends	April 2026 merchandise trade deficit widened given sequential spike in crude and gold imports; FY2027 CAD to worsen to ~2.0% of GDP	Monthly Update	--
15 May 2026	Jewellery	GOLD JEWELLERY RETAIL INDUSTRY: Customs duty hike and moral suasion to weigh on earnings growth and temper store expansion	Thematic Report	--
14 May 2026	Economic Outlook & Macro Trends	WPI inflation soared to 8.3% in April 2026; set to cross 9% in May, amid continued pass-through of conflict-led energy price shock	Monthly Update	--
12 May 2026	Market Update	SDI norms to be aligned with RBI guidelines on securitisation of standard assets	Thematic Report	--
12 May 2026	Economic Outlook & Macro Trends	CPI inflation rose to milder-than-expected 3.5% in April 2026; may harden to ~4.1% in May 2026 amid West Asia conflict-led price pressures	Monthly Update	--
08 May 2026	Cross-sectoral trends and outlook	Monthly Research Compendium	Monthly Update	--
30 Apr 2026	Banking	RBI releases final ECL framework; impact on banks’ capitalisation profile likely to be moderate	Thematic Report	--
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Credit Perspective Reports

ICRA's 'Credit Perspectives' provide detailed analysis on ratings assigned. These reports broadly cover the following areas: Key rating considerations..

What's latest in CPR

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Rating Rationales

Date	Category	Report
26 May 2026	Corporate Debt Rating	National Fertilizers Limited: Ratings reaffirmed
26 May 2026	Corporate Debt Rating	Raghu Rama Rice Industry: Rating reaffirmed
26 May 2026	Structured Finance Rating	KEERTANA FINSERV LIMITED : Rating withdrawn for PTCs backed by a pool of micro enterprise loan receivables
26 May 2026	Corporate Debt Rating	Swastik Tradelink Private Limited: Ratings Withdrawn
26 May 2026	Financial Sector Rating	Infina Finance Private Limited: [ICRA]AA+ (Stable) assigned to non-convertible debentures; ratings reaffirmed and rated amount enhanced
26 May 2026	Corporate Debt Rating	Sree Kamakshi Raw And Boiled Rice Mill:Continues to remain under issuer non-cooperating category
26 May 2026	Corporate Debt Rating	SPDD INFRA PRIVATE LIMITED:Continues to remain under issuer Non-Cooperating category
26 May 2026	Corporate Debt Rating	Indraprastha Medical Corporation Limited: Ratings reaffirmed
26 May 2026	Corporate Debt Rating	TRW Sun Steering Wheels Pvt. Ltd.:Continues to remain under issuer non-cooperating category
26 May 2026	Corporate Debt Rating	TD Toll Road Private Limited:Continues to remain under issuer Non-Cooperating category