As India’s corporate earnings season continues, several major updates across industries have shaped investor sentiment. From ITC’s steady performance to government reforms in the power sector and rising gold investments, here’s a roundup of the top developments.
ITC Ltd Posts Steady Q2FY26 Performance Despite Revenue Dip
ITC Ltd reported a marginal 2.01% growth in net profit for Q2FY26 at ₹5,180 crore, even as revenues fell 2.4% to ₹19,382 crore. The company maintained profitability through strong EBITDA margins, which improved 185 bps to 35.1%.
The cigarette business saw 6.8% YoY growth in revenues at ₹8,723 crore, while the FMCG segment rose 6.9% to ₹5,964 crore. However, the agri-business faced a major setback, with revenues dropping 31.2% to ₹3,976 crore due to US tariff uncertainties. This segmental pressure offset gains from the company’s core businesses.
Gold Investment Demand Surges Amid Record Prices
According to the World Gold Council (WGC), global investment demand for gold crossed $10 billion (₹88,000 crore) during the September quarter. This surge reflects strong buying of gold bars and coins, excluding ETFs and gold funds.
Gold investment demand jumped 20% in volume (91.6 MT) and 67% in value terms, highlighting investor preference for gold as a safe haven. However, jewellery demand slumped 31% to 117.7 tons as record-high prices discouraged traditional buyers, marking a shift from ornamental to investment-driven demand.
Government Plans $12 Billion Bailout for State Power DISCOMs
In a major reform push, the Indian government has announced a $12 billion (₹1.06 trillion) bailout package for state power distribution companies (DISCOMs) to reduce their mounting debt burden.
However, the assistance comes with strict conditions — states must privatize their electricity utilities or list them on stock exchanges to qualify. These reforms aim to strengthen the weakest link in the power value chain and attract private capital for long-term efficiency and reliability in the sector.
CEA Predicts 7%+ GDP Growth for FY26
Chief Economic Advisor V. Anantha Nageswaran expressed optimism that recent tax and GST reforms could push India’s GDP growth to nearly 7% for FY26. The economy had already expanded 7.8% in Q1FY26, outperforming expectations.
Both the RBI and IMF have recently raised India’s growth forecast by 20–30 bps, citing strong domestic consumption. However, global headwinds and tariff concerns could pose short-term challenges to sustaining this pace.
Swiggy’s Losses Widen as Quick Commerce Expansion Burns Cash
Food delivery platform Swiggy reported a 74.4% wider net loss at ₹(1,092) crore for Q2FY26, even as net sales jumped 54.4% YoY to ₹5,561 crore. The losses stem from heavy investments in its quick-commerce business, which continues to burn cash amid intense competition.
Average monthly transacting users (MTUs) increased 34% to 2.29 crore, while gross order value (GOV) reached ₹8,542 crore. Rival Zomato also saw profits shrink 63% YoY, reflecting the high-cost battle for market share in Q-commerce.
India Grants Licences for Rare Earth Magnet Imports
In a strategic move to address supply chain bottlenecks, the Indian government has granted licences to three companies — Continental India, Hitachi, and Jay Ushin — to import rare earth magnets from China.
These materials are critical for electric vehicles, wind turbines, smartphones, and defence systems. While the move reduces India’s supply risk, it comes with restrictions: imports cannot be used for defence applications or re-exported to the US. China currently controls 90% of global production and processing of rare earth magnets, making this a significant policy step for India.
World Business Updates
General Atlantic Doubles Stake in PhonePe Ahead of IPO
US private equity major General Atlantic has invested $600 million in PhonePe, raising its stake from 4.4% to 9%. The investment comes ahead of PhonePe’s upcoming IPO in India, where the company plans to raise ₹12,000 crore through a 100% Offer for Sale (OFS).
The OFS will see Wal-Mart, Microsoft, and Tiger Global among the key sellers. This investment is seen as a valuation test before the formal public issue, marking one of the largest pre-IPO placements in the fintech space.
Indian Oil Firms Seek Alternatives to Russian Crude
With the US tightening sanctions on Russia, Indian refiners like IOCL and MRPL are diversifying their crude sources. IOCL is negotiating 24 million barrels of oil imports from the Americas, while MRPL has secured 2 million barrels of Abu Dhabi spot crude from Glencore.
This strategic shift aims to mitigate supply risks and maintain refinery operations, as Indian oil majors pause new Russian orders due to sanction-related uncertainties.
Conclusion
The end of October 2025 brought a blend of corporate resilience, policy reform, and shifting global dynamics. From ITC’s margin stability and the surge in gold investment to reforms in India’s power sector and evolving global trade alignments, these developments underline India’s ongoing economic transformation amid global volatility.
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