Margins have not peaked yet; see opportunity for margin expansion in nearly 27 sectors: Elara Securities
Of the 38 sub-sectors under coverage, Elara estimates that margins are projected to improve in 27 sector. Internet, Agro Chemicals, Cement and Construction Materials, Real Estate, Utilities, and Hotels and Travel show the strongest momentum into FY27E, reflecting scale benefits, easing cost pressures, and tighter operating discipline.