Asia Pacific Equity Research: INDIA FIRST TO MARKET

Research evidence excerpt

Asia Pacific Equity Research: INDIA FIRST TO MARKET

Asia Pacific Equity Research

India First to Market 28 July 2026

Top Stories

India Financials (Anuj Singla)

Credit card spends and additions accelerate in June, unit economics improving

Jun ’26 credit card data shows some signs of recovery with industry spend growth improving to a seven-month high of 10%

y/y (vs 6.8% in May ’26) to reach Rs2tn+. Transaction volumes grew at an impressive 26.7% y/y, and the value per transaction

rose 2% m/m (-13% y/y) to Rs 3,467. The industry net added 1.13mn (+12% m/m) cards during Jun ’26, marking the second

consecutive month of more than 1mn+ new card additions, signaling a pick-up in sourcing with an improving risk appetite at

issuers, following improving AQ trends. On a per-card basis, average monthly spend came off slightly to Rs16,668 (+1% y/y, -

2% m/m). We will closely monitor new card additions as we see it as a leading indicator of spend and receivable growth

acceleration with potential scope for loan mix improvement (higher EMI, revolver), which has lagged expectations and driven

earnings cuts in the sector over the last 1-2 years .

India Real Estate (Gaurav Khandelwal, CFA)

Ground Realty: Volumes find their floor; demand holds firm through April-June ‘26

Housing sales value across the Top-7 markets in India rose 4% y/y in June-26 (35% in Jun-25; 13% May-26). Momentum held

up through the first quarter of FY27 (ending Jun-26), with 1QFY27 sales value up ~8% y/y despite an uncertain geopolitical

backdrop. This points to genuine underlying strength in end-demand. Annualised sales value (12-month rolling) moderated to

~8% y/y in Jun-26 from ~10% in May-26 (6.4% in Jun-25). This sits squarely within our 8-10% base-case range for the year, so