Deborah Honig
Adelaide Capital

All right. Good morning or good afternoon, depending on where you’re dialing in from. Thanks for joining us today. We have a very exciting update with iFabric. They just put out their Q4 and full year 2025 numbers, which were fantastic and offered some guidance on Q1 ’26 as well.

With me today, I have Hylton Karon, CEO; Hilton Price, CFO; and Giancarlo Beevis, COO. We’re not going to work off a presentation. The format will be a quick overview of the company for anyone that’s new to the story, then we’re going to get right into the financial numbers and then open it up for Q&A. There is a Q&A box at the bottom of your screen, so feel free to use that. And even though we’re not working off a presentation, this session will contain forward-looking statements. If you’d like to know more about those, you can find them on the presentation on the company’s website.

With that out of the way, I’d like to introduce and hand the mic over to Giancarlo Beevis, who’s COO of the company and CEO of Intelligent Fabrics division.

Giancarlo Beevis
President & CEO of Intelligent Fabric Technologies (North America) Inc. and Director

Thanks, Deb, very much. Hi, how are you?

Deborah Honig
Adelaide Capital

I’m good, I’m good. Yes, why don’t you tell us a little bit about the company for people that are less familiar?

The brokerage notes that the recent macro-led selloff has dragged down Indian banks, NBFCs and affordable housing finance companies (AHFCs) alike, but contends that “beyond now-attractive valuations, we see several compelling reasons to turn constructive on the segment, driven by an impending inflection in both growth and asset quality.”

It adds that the current correction “is a favorable entry point” and reiterates its Outperform ratings on HomeFirst, Aadhar and Aptus, while maintaining Market-Perform on Aavas and PNB Housing Finance.

Bernstein flags that AHFCs have already undergone a sharp derating over the last 6-9 months, with stock price declines steeper than those of larger NBFC peers. Current price-to-earnings multiples are now at three-year lows despite comparable or superior earnings growth.

“The sharp derating has also meant that valuations are at the lowest point in the last three years, with PE multiples now significantly lower than those of larger NBFCs despite earnings growth being comparable or superior,” the report says, highlighting the valuation gap as a key part of the upside argument.

Live Events

On fundamentals, the analysts argue that both growth and asset quality are “now approaching an inflection point,” pointing to 3QFY26 data where disbursement growth showed sequential improvement and early-stage delinquencies (1+ DPD) began to stabilise or improve across most lenders. While AHFCs had earlier faced a slowdown in disbursements and a marginal rise in credit costs, Bernstein emphasises that return on assets has stayed above 3% for the segment, supported by improving net interest margins and stable operating expenses.
The report also underlines structural advantages that could help AHFCs ride out any prolonged macro stress. In an environment of tighter liquidity and higher inflation, “AHFCs are better positioned versus their larger NBFC peers,” it says, citing the secured nature of their loan books in both home loans and loan-against-property, and a funding profile marked by longer-tenor borrowings, a high floating-rate share, and access to National Housing Bank (NHB) funding.This combination, Bernstein argues, reduces the risk of sharp margin compression and insulates asset quality relative to unsecured-focused NBFCs.

At a thematic level, Bernstein reiterates that “the long-term thesis remains intact,” anchored in India’s still-low mortgage penetration as a share of GDP and the need for an operationally intensive, opex-heavy model to serve the mass-market borrower that many banks are reluctant to adopt.

The report notes that this model has translated into healthy earnings growth of around 20% and RoAs above 3% even in recent quarters, underscoring the medium-term potential of the affordable housing theme despite near-term volatility.

Top 2 stock picks

Within its coverage, Bernstein’s top picks are HomeFirst and Aadhar Housing Finance, which it describes as “the best franchises in this segment” thanks to diversified geographic presence and a proven ability to scale across markets.

It values HomeFirst using a 22x FY27 earnings multiple with a target price of Rs 1,430, and Aadhar at 20x FY27 earnings with a target of Rs 600, implying strong upside from current levels.

“While valuations are attractive across the sector, we continue to prefer HomeFirst and Aadhar,” the analysts say, adding that Aptus also looks attractive on low valuations, even as structural concerns keep them more cautious on Aavas and PNB Housing for now.

American homeowners around the country are feeling the squeeze of higher property taxes, with new data showing that the property tax burden rose last year.

Data from analytics firm ATTOM showed that the effective tax rate for single-family homes was 0.9% in 2025, up from 0.86% in 2024 and the highest level since 2020 when the national effective tax rate was 1.1%, according to a Realtor.com report.

It also found that while the estimated value for a single-family home was down 1.7% year over year in 2025, it was still one of the highest recorded readings for single-family home values because 2024’s values were higher than those that preceded it.

“Property taxes in 2025 demonstrate that tax bills reflect more than just home values,” said ATTOM CEO Rob Barber. “Even with a slight dip in prices, higher tax bills combined with declining home values led to an increase in effective tax rates, underscoring the role of local government costs and shifting tax policies.”

NEWSOM RENEWS CLAIM TEXAS, FLORIDA ARE ‘HIGH-TAX’ STATES, CRITICS DISPUTE FRAMING

Homes in the Queens borough of New York City. (Lindsey Nicholson/UCG/Universal Images Group via Getty Images)

The effective tax rate for property taxes varies by state and the report found that the states with the highest effective tax rates for single-family homes tended to be located in the Northeast.

New Jersey led the way with an effective tax rate of 1.58% and a median home price of $544,450. It was followed by Vermont, which had a 1.4% effective tax rate, and Connecticut at 1.36%, both with median home prices at roughly $500,000.

New Hampshire’s effective tax rate was 1.29% based on a $587,450 median home price, while New York had a 1.23% effective tax rate along with a $672,000 median home price.

MAJOR US CITY OFFERS CASH INCENTIVES TO SPARK GROWTH, ATTRACT NEWCOMERS

Some states with lower median home prices also faced higher relative property tax burdens. (Angus Mordant/Bloomberg via Getty Images)

Several states with lower median home prices also made the rankings for the highest effective property tax rates. Ohio’s was 1.32%, while Iowa at 1.25%, Pennsylvania at 1.24%, and Nebraska at 1.24% rounded out the top 10 with median home prices ranging between $272,000 and $345,000.

States with the lowest effective tax rates tended to have notable differences in terms of the median home price for a given state.

Hawaii had the lowest effective tax rate at 0.33% with a median home value of $747,545, while other Western states had similarly low effective tax rates with higher home prices.

HOUSING MARKET GAINING MOMENTUM AS SPRING SEASON BEGINS

States in the West tended to have lower relative property tax burdens. (Saul Loeb/AFP via Getty Images.)

Idaho (0.39%), Wyoming (0.4%), Arizona (0.43%), Utah (0.48%) and Nevada (0.52%) were among the states with the lightest property tax burdens and had median home prices ranging between $444,000 and $575,000.

Two Southern states with lower relative property tax burdens included Alabama with a 0.43% effective tax rate and $333,675 median home price, while Tennessee (0.5%) with a $425,250 median.

Delaware’s 0.48% effective tax rate and its location in the Northeast made it a regional outlier among the ranks of the states with lower property tax burdens, with a median home price just shy of $500,000.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

West Virginia also had a 0.48% effective tax rate with the lowest median home price of $249,750.

World oil prices plunged Thursday as a U.S.-brokered two-week ceasefire between the United States, Israel and Iran triggered a sharp unwinding of geopolitical risk premiums, sending Brent crude below $100 a barrel for the first time in weeks after it had spiked above $110 amid fears over disruptions in the Strait of Hormuz.

Brent crude futures fell as much as 15% in early trading before paring some losses to trade around $96.84 per barrel by midday in London on April 9. West Texas Intermediate crude dropped similarly, hovering near $97 per barrel. The dramatic reversal followed President Donald Trump’s announcement of the conditional truce, which includes Iran’s commitment to reopen the critical shipping chokepoint that carries about one-fifth of global oil supplies.

The ceasefire, described as fragile and conditional on de-escalation steps including resumed tanker traffic through the Strait of Hormuz, provided immediate relief to energy markets that had been on edge for weeks. Oil had surged dramatically in March and early April as tensions escalated, with Brent briefly topping $111 and WTI crossing $112 — levels not seen in nearly four years — amid reports of attacks, blockades and supply concerns in the Persian Gulf.

Analysts described Thursday’s move as one of the largest single-day drops since the early days of the COVID-19 pandemic, reflecting the rapid removal of a “panic premium” that had built up as traders priced in potential prolonged disruptions. However, prices remained well above pre-conflict levels of around $70-$80 per barrel, signaling that underlying risks and a baseline risk premium persist even as immediate fears subside.

The volatility underscores oil’s sensitivity to Middle East geopolitics. The Strait of Hormuz had faced effective disruptions or heightened threats, prompting rerouting of tankers, insurance spikes and temporary shut-ins of production in the region. Saudi Arabia and other Gulf producers reportedly set record premiums for their flagship crudes as buyers scrambled for alternative supplies. U.S. oil premiums also hit records as global markets hunted for barrels.

OPEC+ responded to the earlier tensions with measured production adjustments. In March, the group of eight key members — including Saudi Arabia, Russia, Iraq and the UAE — agreed to increase output by 206,000 barrels per day starting in April, gradually unwinding some voluntary cuts from 2023. The move aimed at market stability amid low inventories and steady economic signals, even as conflict risks loomed. Earlier in the year, the alliance had paused further hikes during the first quarter due to seasonal factors.

With the ceasefire news, attention shifted quickly to fundamentals. The International Energy Agency and U.S. Energy Information Administration have projected global oil supply growth outpacing demand in 2026, with non-OPEC+ producers — led by the United States, Brazil and Guyana — adding significant volumes. World oil supply is forecast to rise by roughly 2.4 million to 2.5 million barrels per day this year, potentially building surpluses once Hormuz flows normalize.

Demand growth forecasts have been tempered. The IEA sees global consumption rising by only about 640,000 to 930,000 barrels per day in 2026, down from prior estimates, partly due to higher prices curbing usage in March and April along with economic uncertainties. The EIA similarly lowered its 2026 demand growth projection to around 0.6 million barrels per day. Non-OECD countries, particularly in Asia, are expected to drive nearly all the incremental demand.

Longer-term outlooks from analysts like J.P. Morgan point to Brent averaging around $60 per barrel later in 2026 once surpluses materialize and any conflict-related disruptions fully unwind. Goldman Sachs had raised its near-term forecast amid the Hormuz risks but sees easing later in the year. S&P Global Ratings adjusted its 2026 assumptions higher to $75 WTI and $80 Brent to account for prolonged flows issues, though the ceasefire could alter that trajectory.

U.S. shale production remains a key buffer. Output has stayed resilient, with forecasts for record levels around 13.6 million barrels per day. American producers benefit from higher prices but also stand ready to ramp up as geopolitics stabilize.

Gasoline and diesel prices at the pump, which had climbed in response to crude spikes, are expected to ease in coming weeks if the truce holds, though the lag in retail adjustments means drivers may not feel immediate relief. Broader market reactions were positive, with global stocks surging on reduced uncertainty and lower input costs for energy-intensive industries.

Still, caution dominates. The two-week ceasefire is short-term and conditional, with reports of cracks emerging over issues like Lebanon and ongoing tanker navigation challenges. Any resumption of hostilities could quickly reverse Thursday’s losses and send prices spiking again. Analysts warn that full normalization of Hormuz traffic could take time even under a sustained peace, as shipping schedules, insurance and confidence rebuild slowly.

OPEC+ faces a delicate balancing act. The group has signaled willingness to adjust output further based on market conditions, but sustained high prices could encourage more non-OPEC supply while curbing demand. Saudi Arabia, as de facto leader, has historically stepped in with cuts or increases to prevent extreme volatility.

For consumers and businesses worldwide, the wild swings highlight energy’s vulnerability. Airlines canceled flights in the region, chemical and fertilizer producers faced higher costs, and industries dependent on stable fuel prices braced for pass-through effects. Renewable energy advocates noted that prolonged high oil prices could accelerate the shift away from fossils, though the current drop may temper that momentum in the short run.

Thursday’s trading reflected choppy conditions as investors weighed relief against lingering risks. Brent settled around the mid-$90s after the initial plunge, while WTI showed similar patterns. Volume was elevated as hedge funds and speculators adjusted positions rapidly.

Looking ahead, the next OPEC+ meeting in June will be closely watched for any signals on further production unwinding. In the meantime, traders will monitor on-the-ground developments in the Gulf, satellite data on tanker movements and inventory reports from the EIA and others.

The episode serves as a reminder of oil’s dual nature as both a physical commodity tied to supply-demand balances and a financial asset heavily influenced by geopolitics and sentiment. Even with the ceasefire providing breathing room, structural factors — rising non-OPEC supply, moderating demand growth amid efficiency gains and the energy transition — suggest downward pressure on prices over the medium term.

For now, the market has exhaled. Whether the relief proves temporary or marks the start of a sustained de-escalation will determine if oil returns to the $60-$80 trading range many forecasters envision for late 2026 or remains elevated by persistent uncertainties.