INDIA FIRST TO MARKET

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INDIA FIRST TO MARKET

Asia Pacific Equity Research

India First to Market 13 July 2026

Top Stories

Global Data Watch: Asia (Sajjid Z Chinoy)

A double whammy of persistent inflation and FX depreciation in EMAX

EMAX: A double whammy of persistent inflation and FX depreciation

Headline inflation printed mixed in June - accelerating in Taiwan but softening across ASEAN - yet core inflation picked up

universally, as lagged cost pass-throughs broadened underlying price pressures. While lower house oil price assumptions

prompted downward CPI revisions for Thailand and the Philippines this week, the trajectory remains on a firm upward trend in

2H26. The rebound in crude oil prices and the ongoing FX vulnerability add to inflation risks at the start of 2H. Asian currencies

broadly depreciated against the USD this week, with the IDR and THB leading the cumulative decline since the June FOMC, a

dynamic that threatens to exacerbate imported inflation concerns.

India (Sajjid Z Chinoy)

• Government spending strong in April-May

• FY26 central government capex growth lower than revised estimates

• Rainfall deficit narrows to 15% from 40% in June

• Next week: CPI at 4.2%oya

India CRDMOs (Bansi Desai, CFA)

Expert call takeaways: Trust and tech led execution, China+1 shift visible by 2027 and peptide

complexities

We hosted three experts to discuss India’s CRDMO outlook; below are our takeaways on the shift towards a capability and

trust-led model, what could accelerate China+1 reallocation (with impacts potentially clearer around 2027), and why peptide

manufacturing in particular is defined by execution complexity and purification constraints. (detailed takeaways inside).

L&T Finance (Anuj Singla) (LTF IN, N)

First Take: Strong 1QFY27 despite NIM miss; focus on AQ delivery