Microeconomic intelligence
An industry is a set of economic variables, not a label. Each state below is derived from the material events in the current window and links back to them.
Industry micro states
Demand · supply · pricing · costs · margins · competition · regulation
| Industry | Demand | Pricing | Costs | Margins | Regulation | Micro score |
|---|---|---|---|---|---|---|
| Defence manufacturing | Improving | Stable | Stable | Stable | Supportive | 64 |
| Private banks | Improving | Stable | Stable | Improving | Supportive | 59 |
| Passenger vehicles | Improving | Firming | Stable | Improving | Unchanged | 57 |
| IT services | Improving | Stable | Stable | Improving | Unchanged | 54 |
| Power transmission & renewables | Improving | Stable | Rising | Improving | Unchanged | 54 |
| Cement | Stable | Stable | Stable | Stable | Unchanged | 50 |
| Formulations pharma | Stable | Stable | Stable | Stable | Unchanged | 50 |
| Packaged FMCG | Stable | Stable | Stable | Stable | Unchanged | 50 |
Defence manufacturing
2 material events in the current window drive this state
- Demand86/100
Weight 25% · 50 is the neutral, no-event baseline
- Pricing50/100
Weight 20% · 50 is the neutral, no-event baseline
- Costs50/100
Weight 20% · 50 is the neutral, no-event baseline
- Capacity balance74/100
Weight 15% · 50 is the neutral, no-event baseline
- Competition50/100
Weight 10% · 50 is the neutral, no-event baseline
- Regulation66/100
Weight 10% · 50 is the neutral, no-event baseline
Private banks
1 material event in the current window drive this state
- Demand70/100
Weight 25% · 50 is the neutral, no-event baseline
- Pricing50/100
Weight 20% · 50 is the neutral, no-event baseline
- Costs50/100
Weight 20% · 50 is the neutral, no-event baseline
- Capacity balance63/100
Weight 15% · 50 is the neutral, no-event baseline
- Competition50/100
Weight 10% · 50 is the neutral, no-event baseline
- Regulation67/100
Weight 10% · 50 is the neutral, no-event baseline
Passenger vehicles
2 material events in the current window drive this state
- Demand67/100
Weight 25% · 50 is the neutral, no-event baseline
- Pricing64/100
Weight 20% · 50 is the neutral, no-event baseline
- Costs50/100
Weight 20% · 50 is the neutral, no-event baseline
- Capacity balance50/100
Weight 15% · 50 is the neutral, no-event baseline
- Competition50/100
Weight 10% · 50 is the neutral, no-event baseline
- Regulation50/100
Weight 10% · 50 is the neutral, no-event baseline
IT services
1 material event in the current window drive this state
- Demand65/100
Weight 25% · 50 is the neutral, no-event baseline
- Pricing50/100
Weight 20% · 50 is the neutral, no-event baseline
- Costs50/100
Weight 20% · 50 is the neutral, no-event baseline
- Capacity balance50/100
Weight 15% · 50 is the neutral, no-event baseline
- Competition50/100
Weight 10% · 50 is the neutral, no-event baseline
- Regulation50/100
Weight 10% · 50 is the neutral, no-event baseline
Commodity pass-through
Who benefits, who absorbs, and how much reaches the P&L
Crude oil
Crude oil → ATF / feedstock → Airlines, paints, chemicals → Operating cost → EBITDA margin
Producers / gainers on a price rise
- ONGC Realisations move with crude
- RELIANCE Upstream plus refining spread exposure
Consumers / cost exposure
- INDIGOModerate pass-throughATF is roughly a third of operating cost
- ASIANPAINTHigh pass-throughCrude derivatives in monomers and solvents
- SRFModerate pass-throughFeedstock linked specialty chemicals
- BPCLLow pass-throughMarketing margins compress when crude rises fast
Steel
Steel price → Auto and capital goods input cost → Gross margin → Pricing action
Producers / gainers on a price rise
- TATASTEEL Domestic realisation leverage
- JSWSTEEL Volume plus realisation leverage
- SAIL High operating leverage to realisations
Consumers / cost exposure
- MARUTIModerate pass-throughSteel is the largest bill-of-material line
- ASHOKLEYLow pass-throughCV pricing is competitive
- HAVELLSHigh pass-throughBrand strength supports price hikes
- BHARATFORGHigh pass-throughLargely pass-through contracts
Coal
Coal / pet coke price → Cement and power fuel cost → Cost per tonne → Operating margin
Producers / gainers on a price rise
- COALINDIA Direct realisation
Consumers / cost exposure
- ULTRACEMCOModerate pass-throughFuel is a fifth of cement cost
- AMBUJACEMModerate pass-throughFuel mix flexibility
- DALBHARATLow pass-throughRegional pricing dependent
- TATAPOWERHigh pass-throughRegulated pass-through in parts of the book
Copper & aluminium
Base metal price → Cable and durable input cost → Working capital → Margin
Producers / gainers on a price rise
- HINDALCO Aluminium realisation
- HINDZINC Base metal basket
Consumers / cost exposure
- POLYCABHigh pass-throughCopper is the dominant input; pricing is formula-linked
- HAVELLSModerate pass-throughMixed pass-through by product line
- CROMPTONLow pass-throughMass segment limits price hikes
Source: sample market data · Calculated metrics, not exchange feeds · Algorithm version phase5-micro-1.0.0 · Generated 31/8/2026, 1:45:49 pm. Educational analysis only — not investment advice, and no recommendation to buy or sell any security.
Phase 5 runs on an illustrative event corpus with full source metadata, not a licensed live news feed. Materiality, exposure and impact are computed by versioned rule engines (materiality v1.0.0, impact v1.0.0); confidence and unknowns are shown alongside every conclusion. Nothing here is investment advice.