印度行业估值倍数报告（2025年第一、二季度）

Industry Multiples inIndia Q1 and Q2 CY 2025 July 2025 Table ofContents Foreword DearReaders, Wearepleasedtointroducethe27theditionofourIndustryMultiplesinIndiareport.ThisreportprovidesanoverviewoftradingmultiplesforvariouskeyindustriesinIndiaasofJune30,2025,usingconstituentsoftheStandardandPoor’s(S&P)BSELargeCap,S&PBSEMidCapandS&PBSESmallCapindices. AsPertheInternationalMonetaryFund’s(IMF’s)WorldEconomicOutlookreport,“ACriticalJunctureamidPolicyShifts,”theglobalgrowthisestimatedtofallfromanestimated3.3%in2024to2.8%in2025,beforerecoveringto3.0%in2026.Theregionalgrowthexpectationsareasfollows: •UnitedStates:Growth in2025is estimated to decline to1.8%,resulting ina 1.0%pointdrop from 2024.The downward revision reflectsincreasedpolicyuncertainty,ongoingtradetensionsandaweakerdemandoutlookduetoslower-than-expectedconsumptiongrowth.Growthin2026isanticipatedtoslowto1.7%,dampenedbytariffsandmodestlevelsofprivateconsumption. Umakanta Panigrahi •EuroArea:GrowthintheEuroareaisestimatedtodeclinemoderatelyby0.8%in2025,weigheddownbyrisinguncertaintyandtheimpactoftariffs.Amodestrecoveryto1.2%isexpectedin2026,supportedbystrongerconsumptiondrivenbyrisingrealwages. Managing Director,Valuation Advisory Services •EmergingandDevelopingAsia:EmerginganddevelopingAsiaisestimatedtohaveamoderategrowthof4.5%in2025and4.6%in2026,followingamarkedslowdownin2024.ThedecelerationreflectstheimpactofApriltariffs,whichhaveparticularlyaffectedASEANeconomies.Theregioncontinuestofaceheadwindsfromexternaltradepressuresandelevateduncertainty,weighingonitsnear-termgrowthprospects. AccordingtotheIMF’sWorldEconomicOutlookreport,globalheadlineinflationisestimatedtodeclineto4.3%in2025andto3.6%in2026.Advancedeconomiesareexpectedtoreturntotargetlevelsmorequickly,withinflationreaching2.2%by2026.Incontrast,emergingmarketsanddevelopingeconomiesareestimatedtoexperienceamoregradualdecline,withinflationeasingto4.6%by2026. Moody’shasprojectedIndia’sGDPgrowthat6.3%for2025,withmomentumexpectedtostrengthento6.5%in2026,aligningwiththeIMF’soutlookthatplacesIndiaastheonlymajoreconomytogrowabove6%in2025.Despiteglobaluncertainties,includingtradetensionsandgeopoliticalrisks,India’smacroeconomicfundamentalsremainresilient.Moody’sexpectsinflationtomoderateto4%in2025and4.3%in2026,providingroomfortheRBItoeaseinterestratesandsupportgrowth.TheRBIalsoforecasts6.5%GDPgrowthforFY2025-26. TheFinancialTimesStockExchange100increasedby2.1%betweenQ1CY25andQ2CY25,whereasDAXandEUROSTOXX50increasedby7.9%and1.0%,respectively,duringthesameperiod.Further,S&P500andMorganStanleyCapitalInternationalWorldIndexroseby10.6%and11.0%,respectively,betweenQ1CY25andQ2CY25.Meanwhile,theIndianstockindices,BSESensexandNifty50,roseby8.0%and8.5%,respectively,betweenQ1CY25andQ2CY25. Foreword–Continued Automobiles In 2025, the Indian automobile sector experienced varied performance across different segments. We observed that the market capitalization in theautomobile industry considered in our analysis increased by 10.7% between Q1 CY25 and Q2 CY25. The Nifty Auto Index increasedbyalmost 12.1%between Q1 CY25 and Q2 CY25. India’s auto exports rose 19.0% in FY25 to over 5.3 million units, driven by strong global demand.Electric three-wheelers hit record sales of 6.9 lakh units, making up 57.0% of total three-wheeler sales. Despite a slight dip in June domesticsales, two-wheelers heldstrong at 76.6%, signaling a resilient and evolving market. Metals and Minning We observed that the market capitalization of companies in the metals and mining industry in our analysis increased by 16.0%from Q1 CY25 to Q2CY25. As per media reports, this rally reflects growing investor confidence in India’s metal sector, which is gaining momentum due to strong domesticdemand and a surge in infrastructure development. As other countries like China, face higher tariffs, particularly from the U.S., global companies areincreasingly diversifying production into India, creating a positive spillover effect that further strengthens domestic demand and positions Indian metalfirms for sustained growth. Umakanta Panigrahi Managing Director,Valuation Advisory Services Chemicals We observed that the market capitalization of companies in the chemicals industry in our analysis increased by 19.3% from Q1CY25 to Q2 CY25. TheNifty Chemical Index increased by nearly 14.5% between Q1 CY25 and Q2 CY25. As per media reports, India holds a strategic advantage as globalchemical assets face rising energy costs and outdated infrastructure, making operations increasingly unsustainable. While Indiais also impacted, itscost-efficient and scalable manufacturing capabilities offer a compelling alternative for global producers seeking long-term growth. Banks We observed that the market capitalization of companies in the banking industry in our analysis increased by 21.7% from Q1 CY25to Q2 CY25. TheNifty Bank Index increased by nearly 11.1% between Q1 CY25 and Q2 CY25. The RBI has taken significant measures to enhance systemliquidity andea