India’s equity markets are undergoing a fundamental structural recalibration as transparency-driven regulatory shifts and valuation concerns redefine the profile of foreign capital. The era of ‘treaty shopping’ is yielding to a more transparent regime; foreign portfolio investment (FPI) flows from the United States (US) now account for 44% of equity assets, up from 34% a decade ago, while Mauritius-domiciled holdings have collapsed from 20.5% in 2015 to a mere 4.1%. This migration is a direct consequence of the 2017 amendment to the India-Mauritius tax treaty and the Securities and Exchange Board of India’s (SEBI) stringent beneficial ownership disclosures. However, transparency has not insulated the market from volatility. In 2025, foreign investors withdrew a record US$18.8bn (billion) from Indian equities—the sharpest exit in Asia—driven by rich valuations and single-digit earnings growth. As capital gravitates toward more predictable jurisdictions, like Ireland and Norway, the Indian market must now reconcile its high-growth narrative with the reality of moderated corporate earnings.
In Geoeconomics, the proposed ‘Sanctioning Russia Act of 2025’ threatens India with tariffs of at least 500% on exports to the US, targeting nations involved in Russian energy trade. This looming friction is already reflected in the 1.8% contraction of exports to the US which fell to US$6.9bn in December 2025.
Regional instability in West Asia is exacting a tangible toll on Indian commerce, manifesting in frozen capital for exporters and soaring operational overheads for carriers. Basmati rice exporters are currently facing a liquidity crunch, with ₹2,000 crore in payments delayed due to civil unrest and internet blackouts in Iran. This uncertainty is compounded by a potential 25% US tariff on Iranian trade partners which has already contributed to 7% drop in domestic wholesale rice prices. Beyond goods, the closure of Iranian airspace has forced Air India and IndiGo to adopt circuitous routes over Afghanistan, significantly increasing fuel costs and forcing service suspensions to destinations like Baku.
The shadow of ‘Section 232’ tariffs from the US—imposing 25% tax on auto-components—is dampening investment sentiment. The Automotive Component Manufacturers Association (ACMA) warns that, while exports to the US rose 9.3% to US$12.1bn in H1FY25-26, the industry’s thin margins cannot absorb sustained protectionist duties. This uncertainty has already flipped India's auto-component trade balance from US$150mn (million) surplus to US$180mn deficit.
The luxury segment remains starkly bifurcated, reflecting a ‘K-shaped’ recovery in high-end consumption. BMW India reported its best-ever performance with 14% growth (18,001 units) in 2025, driven by aggressive launches and its electric vehicle (EV) portfolio. In contrast, market leader Mercedes-Benz saw its first volume decline in five years, with sales dipping 3% to 19,007 units. Mercedes executives cited currency-driven price hikes and a refusal to join entry-level ‘price wars’ as the primary reasons for the slip. Meanwhile, the SUV mania shows no signs of cooling; Mahindra & Mahindra recently recorded 93,689 consolidated bookings for its new XUV 7XO and XEV 9S models within hours, representing a massive booking value of over ₹20,500 crore. As the industry enters 2026, its future rests on whether domestic ‘GST 2.0’ tailwinds can outweigh the escalating costs of disrupted global supply chains and a deteriorating rupee.
The Delhi High Court’s reinstatement of a ban on specific diabetes medications highlights a growing judicial trend: prioritising public health and expert regulatory oversight over corporate commercial interests. By reversing a prior decision that allowed the sale of fixed-dose combination (FDC) drugs containing Glimepiride, Pioglitazone and Metformin, the Court reaffirmed the government’s power under the Drugs and Cosmetics Act to prohibit therapies lacking scientific justification. This ruling serves as a stark reminder to firms like Lupin and Intas Pharma that, in the absence of robust clinical data, the judiciary will defer to the drug technical advisory board’s (DTAB’s) safety assessments.
Backed by the Tata group, IHCL is set to acquire a 51% stake in Brij Hospitality Private Limited for up to ₹225 crore, a move specifically designed to dominate the high-margin boutique leisure segment. The acquisition grants IHCL ownership of the Brij brand, adding 22 boutique hotels (11 operational and 11 under development) comprising 440 keys across marquee destinations like Varanasi, Jaipur and Dharamshala. Brij Hospitality operates on a capital-light model—relying on management contracts and revenue-share leases—which generated a turnover of ₹62.31 crore in FY24-25.The deal, expected to close by 31 March 2026, involves a primary capital infusion of ₹105 crore-₹140 crore and an equity share purchase of ₹85 crore. This individual transaction mirrors an accelerating macro-trend within the Indian market. Furthermore, the entry of global institutional capital suggests that the sector is no longer viewed as a merely cyclical bet but as a long-term yield play. This is evidenced by high-profile joint ventures (JVs), such as the partnership between Singapore's sovereign wealth fund, GIC, and SAMHI Hotels, aimed at expanding premium hotel assets. With projections suggesting India could attract US$1bn in hospitality investment by 2028, the industry's future will be defined by strategic consolidation, platform-level acquisitions and a shift toward professionally-managed boutique experiences
Indian manufacturers are poised for a margin recovery as beneficiaries of China’s strategic retreat from low-margin, high-volume exports. The Indian plastic pipes sector has endured a gruelling year characterised by 23% average decline in polyvinyl chloride (PVC) prices. However, a significant policy shift from Beijing is expected to provide a critical reprieve for domestic players such as Prince Pipes, Supreme Industries and Astral. China’s ministry of finance has announced the withdrawal of value-added tax (VAT) export rebates on suspension-grade PVC (S-PVC), effective April 2026. This move is designed to curb domestic oversupply and discourage the ‘dumping’ of low-margin products into global markets—a practice that currently accounts for 60%-65% of India’s S-PVC imports, totalling approximately 1.5MT (million tonnes) in the first seven months of FY25-26.
Industry leaders like Supreme Industries forecast that as Chinese supply tightens, global PVC prices could rise by 10%-20% over the next two years. Domestic manufacturers are expected to reclaim market share as the cost advantage of imported Chinese resin diminishes. Rising prices, typically, allow pipe-makers to benefit from ‘inventory gains’, potentially stabilising margins that have been pressured by subdued short-term growth, currently hovering around 15%.Despite this optimistic outlook, the path to sustained profitability remains fraught with regulatory hurdles. The industry must navigate the looming imposition of anti-dumping duties on PVC resin and increasingly stringent domestic regulations, including quality control orders (QCO) from the bureau of Indian standards (BIS). While the Chinese retreat offers a structural tailwind, Indian firms remain wary of potential raw materials cost fluctuations and the broader volatility of global trade policies through the 2026-27 period.
NTPC has committed ₹10,000 crore toward a coal-to-synthetic natural gas (SNG) facility in Chhattisgarh, utilising high-ash domestic coal from its captive mines. Developed in partnership with Engineers India Ltd, the project represents a strategic ‘green coal’ initiative aimed at advancing carbon capture. While the cost of production is estimated near US$12/mmBtu (million British thermal units), the investment serves as a hedge against future carbon taxes and a critical test for India’s energy transition.
The trends of the major indices in the course of the week's trading are given in the table below:
News
Alembic Pharmaceuticals received tentative US food and drug administration (US FDA) approval for its Bosutinib tablets, 400mg (milligram) (sANDA). The drug is equivalent to Bosulif 400mg and treats Ph+ chronic myelogenous leukaemia (CML). Alembic already holds approvals for 100mg and 500mg strengths. This expands its oncology portfolio and US generics market positioning.
Maruti Suzuki India Limited approved the acquisition of land at the Khoraj Industrial Estate in Gujarat to expand its manufacturing capacity, marking a key milestone in its long-term growth roadmap aligns with rising domestic demand and the company’s ambition to strengthen its export base. Currently, Maruti Suzuki operates plants in Gurugram, Manesar, Kharkhoda and Hansalpur, with a fully utilised annual capacity of about 2.6mn vehicles. The proposed expansion at Khoraj is expected to add up to 1mn units per year, reinforcing the company’s position in India’s growing automobile market.
Indian Oil Corporation Limited and Maruti Suzuki India Limited (+0.49%) have signed an MoU (memorandum of understanding) to expand vehicle service facilities at select Indian Oil fuel stations nationwide. Under this partnership, authorised Maruti Suzuki service centres will be set up at fuel stations, enabling customers to access scheduled maintenance and minor repairs alongside refuelling. The initiative creates a one-stop solution for car-owners, combining fuel and after-sales service in a single visit. Leveraging Indian Oil’s 41,000+ fuel stations and Maruti Suzuki’s 5,780+ service touch-points, the collaboration aims to enhance accessibility and reduce turnaround time for routine vehicle care.
Lloyds Engineering Works Limited announced that it has signed a purchase and licensing agreement with The Material Works Limited, a Delaware-based firm, to globally manufacture and sell acid-less steel-pickling technology. The deal covers the advanced EPS Gen‑4 cells, developed and patented over 15 years, enabling Lloyds to design, manufacture and sell the technology worldwide, with exclusions for China, Macao, Hong Kong, Taiwan and a 350‑mile radius around Red Bud, Illinois. Under the licensing model, Lloyds will make annual cash payments and pay earn-out fees for a specified period, while The Material Works will provide design upgrades, technical training, marketing materials and sales support.
NBCC (India) Limited announced that its subsidiary, HSCC (India) Limited, has signed a strategic collaboration MoU with Bharat Electronics Limited (BEL). The partnership will focus on healthcare manufacturing and services, covering areas such as medical devices, healthcare IT and digital solutions, consultancy, project execution, joint procurement, AMC, warranty support and advisory services.
Rallis India Limited launched Idea2Impact™, an open innovation ecosystem to accelerate farmer-first and sustainable agri-solutions. The platform connects farmers, researchers, start-ups, academic institutions and small enterprises with Rallis’ scientific expertise, R&D infrastructure, and pan-India reach. It aims to integrate external ideas and field insights with rigorous testing and validation. The initiative comes amid rising challenges in Indian agriculture, including climate variability, sustainability pressures and regulatory shifts.
Larsen & Toubro (L&T) clarified that the reported US$8.7bn Kuwait oil project tenders under possible cancellation are not part of its current order-book, meaning the company’s business pipeline remains unaffected. The clarification was issued after media reports triggered a sharp fall in L&T’s share price.
An accident at a Bharat Coking Coal Limited open-cast mine in Asansol, West Bengal has raised concerns after a collapse during alleged illegal coal extraction. Debris from the cave-in may have trapped several individuals, though official confirmation is awaited. BCCL officials and Kulti police rushed to the site, launching rescue operations. Heavy equipment, including JCB machines, is being deployed to clear the debris. Authorities stressed that efforts are focused on safety while searching for survivors.
Bharat Petroleum Corporation Limited (BPCL), via subsidiary Bharat PetroResources , announced a fresh oil discovery in Abu Dhabi’s Onshore Block 1 through Urja Bharat Pte Ltd. The find at the XN 76 well in the unconventional Shilaif play flowed oil after hydro-fracking, confirming reserves. This marks a major upstream milestone, backed by US$166mn investments since the 2019 concession award.
Tata Consultancy Services (TCS) announced a strategic collaboration with AMD to accelerate enterprise-scale adoption of AI and generative AI, moving firms from pilots to full-scale production. The partnership combines TCS’s domain expertise and systems integration strength with AMD’s high-performance CPUs, GPUs, and AI accelerators, creating a robust platform for next-gen digital transformation.
Orders
Aurionpro Solutions bagged a ₹150-crore multi-year order from Delhi Metro Rail Corporation (DMRC) to implement advanced automated fare collection (AFC) systems for the Bhopal and Indore Metro projects. The initiative, part of DMRC’s collaboration with Madhya Pradesh Metro Rail Corporation Limited (MPMRCL), will deploy standardised AFC infrastructure to enhance commuter convenience, efficiency and interoperability. Aurionpro will supply, implement and maintain open loop EMV card and QR code-based solutions, with comprehensive operations and support over five years.
KP Green Engineering secured its largest-ever order win, receiving advance work orders worth ₹819 crore (including GST) from Bharat Sanchar Nigam Limited (BSNL) under the Government of India’s 4G saturation project. The contracts are split across two clusters—₹483 crore for Cluster-C (Maharashtra & Goa) and ₹336 crore for Cluster-J (Jammu & Kashmir, Ladakh, Uttarakhand, Himachal Pradesh)—covering diverse terrains from urban to hilly regions. As an infrastructure service-provider, KP Green will handle tower supply, erection, allied telecom infrastructure and long-term operation and maintainence (O&M) for five years, extendable by another five.
Solex Energy announced it has secured a ₹289.84-crore work order (inclusive of taxes) for supply of advanced solar photovoltaic modules. The order, awarded by a renowned independent power producer (IPP), covers N-Type TOP Con 615Wp and 620-Wp glass-to-glass (G12R) solar PV (photovoltaic) modules.
JTL Industries announced that it has secured a significant order from Punjab State Transmission Corporation Limited (PSTCL) for the manufacture, fabrication and galvanisation of 220kV (kilovolt) transmission tower material and substation structures. The one‑time order will be executed within FY25-26 and does not fall under related-party transactions.
Krystal Integrated Services announced a new work order worth about ₹111 crore from the Vasai Virar City Municipal Corporation. The contract covers door–to-door collection, segregation and transportation of municipal solid waste, along with street cleaning and delivery to designated sites, in line with the Solid Waste Management Rules, 2016.The order will be executed over a five-year period.
TANFAC Industries signed a long-term export contract with a Japanese customer for the supply of 7,500 metric tonnes of fluorinated chemicals annually. The deal is valued at ₹337.5 crore per year and totals about ₹2,362.5 crore over seven years (exclusive of GST).
Man Industries has secured fresh pipe supply orders worth about ₹550 crore. The contracts, spanning both domestic and international customers, are expected to be executed within the next six months.
Shakti Pumps (India) Limited secured a letter of award (LoA) from Karnataka Renewable Energy Development Limited (KREDL) for the supply, installation and commissioning of 16,780 stand‑alone off‑grid DC solar photovoltaic water pumping systems (SPWPS) across Karnataka. The order, awarded under component-B of the PM‑KUSUM scheme, marks a major milestone in promoting solar energy adoption in agriculture, replacing diesel pumps, boosting farmer income and advancing sustainable irrigation practices.
Larsen & Toubro (L&T) secured a ‘significant’ order (₹1,000 crore–₹2,500 crore range) for its transportation infrastructure business in West Bengal. The project involves constructing a 2+2 lane, 3.2-km extradosed cable-stayed bridge over the Muri Ganga River, linking Kakdwip with Sagar Island. It secured a ‘large’ order (₹2,500 crore–₹5,000 crore range) from Torrent Energy Storage Solutions Pvt Ltd for the construction of India’s largest pumped storage project, the 3,000MW (megawatt) Saidongar 1 facility in Raigad. The project will feature ten units of 300MW each, making it the biggest pumped storage installation in the country. L&T’s scope covers design, engineering and execution of all civil and hydro-mechanical works, underscoring its expertise in complex hydroelectric and energy storage infrastructure.
VA Tech Wabag won order from BPCL ranging between ₹250 crore and ₹600 crore. for its Bina refinery expansion in Madhya Pradesh. The scope includes a Raw Water Treatment Plant (RWTP), Reverse Osmosis Demineralisation Plant (RODMP), and Zero Liquid Discharge Plant (ZLDP). This comprehensive water block package will support BPCL’s petrochemicals and refinery operations.
Waaree Renewable Technologies received a Letter of Award (LOA) for a 25MWac / 35MWp ground-mounted solar project, along with 50MW evacuation infrastructure, strengthening its utility-scale EPC portfolio. The ₹102.75 crore domestic order was awarded by one of India’s largest pig iron, castings, and seamless tube manufacturers. Scope includes: turnkey EPC execution—design, procurement, construction and evacuation systems.
Investment/ Acquisition / Stake Stale
Indian footwear and lifestyle brand RedTapeis exploring a potential stake sale, with promoters considering divesting a majority or entire holding. The Mirza family, which owns about 71.8%, has appointed Ernst & Young (EY) as exclusive adviser to manage the process. According to a Reuters report, EY has approached global private equity firms Blackstone and KKR & Co to gauge interest and seek non-binding indicative offers, signalling a possible large-scale ownership transition.
Omaxe announced a ₹500 crore investment in Ludhiana with the launch of Omaxe Chowk, a modern mixed-use development. Positioned as a high street destination, it aims to integrate retail, lifestyle, and residential spaces. The project is strategically located at Ghumar Mandi, a hub for jewellery, fashion and wedding shopping.
Firstsource Solutions acquired 100% ownership of Jaye Inc (TeleMedik) through its step-down subsidiary, strengthening its foothold in the US healthcare services market. The deal, valued at up to US$3mn, including earn outs, was completed making TeleMedik a subsidiary of Firstsource HPHS. TeleMedik, based in Puerto Rico, has nearly three decades of experience in healthcare and telehealth outsourcing, serving providers and payers across the US ecosystem.
Earnings
ICICI Prudential Life Insurance delivered a steady Q3 performance, highlighting profitable growth and disciplined execution. APE (annualised premium equivalent): ₹2,525 crore, up 4% year-on-year (y-o-y). VNB (value of new business): ₹615 crore, rising 19% y-o-y. VNB Margin: expanded to 24.4% from 21.2% last year.
Bank of Maharashtra posted Q3FY25-26 net profit of ₹1,779 crore, up 26.5% y-o-y. NII rose 16.3% y-o-y to ₹3,422 crore, reflecting stronger core income. GNPA improved y-o-y to 1.60% from 1.72%, while NNPA (net non-performing assets) fell y o y to 0.15% from 0.18%. Gross NPAs (GNPA) stood at ₹4,388 crore y o y, net NPAs at ₹413 crore y-o-y.
Oriental Hotels reported Q3FY25-26 net profit of ₹20.7 crore, up 43.8% y o y from ₹14.4 crore. Revenue from operations rose 14.2% y o y to ₹139.3 crore versus ₹122 crore last year. Earnings before income, taxes, depreciation and amortisation (EBITDA) increased 20.7% y o y to ₹42 crore compared with ₹34.7 crore. EBITDA margin improved to 30%, up from 28.4% y o y. Indian Renewable Energy Development Agency (IREDA) reported good Q3FY25-26 performance. Total revenue rose to ₹2,139 crore, up from ₹1,698 crore in Q3FY24-25. Profit after tax (PAT) increased 38% y‑o‑y to ₹585 crore versus ₹425 crore last year. On asset quality, GNPA stood at 3.75% (vs 2.68% y‑o‑y) but improved sequentially. NNPA rose to 1.68% from 1.50% a year ago, reflecting some stress, despite overall growth.
Avenue Supermarts posted Q3FY25-26 performance with stand-alone revenue of ₹17,612.62 crore, up 13.2% y-o-y from ₹15,565.23 crore in Q3FY24-25. The company continued its expansion drive, closing the quarter with 442 stores after net additions across Andhra Pradesh, Karnataka, Gujarat, Rajasthan and Tamil Nadu.
KrishanaPhoschem posted a stellar Q3FY25-26 performance, with revenue from operations up 117% y‑o‑y to ₹659.11 crore versus ₹304.03 crore last year. Profit from continuing operations also came in strong, up 62% y‑o‑y at ₹33.32 crore compared with ₹20.53 crore in December 2024.
TCS Q3FY25-26 revenue rose 4.87% y‑o‑y to ₹67,087 crore. Net profit fell 13.92% y‑o‑y to ₹12,444 crore. Top-line growth was driven by demand resilience. Margins compressed, impacting profitability. Overall, revenue was up but earnings were under pressure.
Ajmera Realty & Infra India Limited posted Q3FY25-26 sales value of ₹603 crore, up 123% y-o-y, with sales area rising 59% y-o-y to 262,975sqft (square feet) and collections surging 99% y-o-y to ₹333 crore. The strong performance was driven by the launch of Ajmera Solis, Vikhroli, where 84% of phase-1 inventory was absorbed quickly, underscoring robust demand and execution strength.
Mangalore Refinery and Petrochemicals delivered a strong Q3FY25-26 performance with revenue of ₹29,720 crore, up around 16.1% y o y and total income of ₹29,759 crore. Expenses rose around 9.4% y-o-y to ₹27,545 crore, reflecting improved operating leverage. Profit before tax (PBT) surged around 368% y-o-y to ₹2,220 crore, while net profit jumped around 369% y o y to ₹1,451 crore.
HDFC Asset Management Company reported Q3FY25-26 net profit of ₹769 crore, up 19.8% y o y from ₹642.3 crore. Revenue from operations rose 15% y-o-y to ₹1,075 crore, compared with ₹934 crore in Q3 last year.
Groww reported Q3FY25-26 revenue of ₹1,216.1 crore, up 19.4% y-o-y, However, net profit fell 28% y-o-y to ₹547 crore versus ₹757 crore last year, impacted by higher operating costs and a base effect. The results highlight a revenue growth–profitability trade off as the platform scales operations.
Polycab India delivered a strong Q3 performance with revenue from operations at ₹7,636.13 crore, up 46.1% y‑o‑y, and total income rising to ₹7,686.58 crore. Net profit stood at ₹621.7 crore, reflecting a 35.7% y‑o‑y increase over ₹458 crore last year, underscoring robust growth in both top-line and profitability.
Central Bank of India reported Q3FY25-26 net profit of ₹1,262 crore, up 31.6% y‑o‑y from ₹959 crore, aided by lower credit costs and stable operations. Net interest income slipped 1% y‑o‑y to ₹3,503 crore, reflecting margin pressure.
Emmvee Photovoltaic Power Limited delivered a strong Q3FY25-26 performance with revenue at ₹1,152.25 crore, up 118.11% y‑o‑y, driven by higher execution and sales. Total income rose 116.92% y‑o‑y to ₹1,167.94 crore, while PBT surged 163.67% y‑o‑y to ₹321.80 crore, underscoring robust operational momentum and improved profitability.
Top gainers and losers of the major indices for the week are given in the table below:
