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Adani Green Energy Ltd (AGEL), India’s largest renewable energy company, reported robust financial and operational growth for the first half of fiscal year 2026, driven by aggressive capacity expansion and strong plant performance.

The company’s energy sales rose 39 percent year-on-year to 19,569 million units, underpinned by significant additions in renewable capacity and higher generation efficiency.

Revenue from operations grew 26 percent to ₹6,088 crore in H1 FY26, compared with ₹4,836 crore in the corresponding period last year.

EBITDA increased 25 percent year-on-year to ₹5,651 crore, surpassing the company’s entire annual EBITDA for FY23, while maintaining an industry-leading EBITDA margin of 91.8 percent.

Cash profit surged 17 percent to ₹3,094 crore from ₹2,646 crore in the previous year, highlighting AGEL’s strong cash flow generation and disciplined cost management.

In the second quarter alone, revenue from power supply increased 20 percent year-on-year to ₹2,776 crore, while quarterly EBITDA rose 19 percent to ₹2,543 crore.

Cash profit for the quarter grew 8 percent to ₹1,349 crore, underscoring the company’s steady financial momentum.

AGEL attributed this performance to its greenfield capacity additions, deployment of advanced renewable technologies, and strong operational execution.

During the first half of FY26, the company added 2,437 MW of new capacity, accounting for nearly three-fourths of its total capacity addition in FY25.

Over the last twelve months, AGEL’s greenfield additions totaled 5,496 MW, comprising 4,200 MW of solar capacity—of which 2,900 MW was in Khavda, Gujarat—491 MW of wind capacity, and 805 MW of hybrid capacity.

This expansion drove a 49 percent increase in AGEL’s operational capacity, which now stands at 16.7 GW, solidifying its position as India’s largest renewable energy player. The company’s generation during the period reached 19.6 billion units of clean energy, equivalent to the annual power consumption of an entire country like Croatia.

“Having already added 2.4 GW renewable capacity in the first half of FY26, we are on a firm path to achieve 5 GW capacity addition for the full year and remain on track to reach our 50 GW target by 2030,” said Ashish Khanna, CEO of Adani Green Energy Ltd. “Our progress in developing the 30 GW renewable energy plant at Khavda in Gujarat is a testament to our execution strength and commitment to India’s energy transition. We continue to adopt cutting-edge technologies and digital tools to enhance operational efficiency and safety across our assets.”

The company’s operations and maintenance framework, managed in partnership with Adani Infra Management Services Pvt Ltd, leverages advanced data analytics, artificial intelligence, and machine learning.

This digital integration has helped improve plant availability and reduce O&M costs, supporting AGEL’s industry-leading EBITDA margin.

The company’s electricity generation exceeded its power purchase agreement (PPA) commitments, achieving 57 percent of the annual target within the first half of the fiscal year.

A major driver of AGEL’s growth is the ongoing development of the world’s largest renewable energy plant at Khavda in Gujarat, spread over 538 square kilometers—five times the size of Paris.

The project, which will reach 30 GW capacity by 2029, currently has an operational portfolio of 7.1 GW of solar, wind, and hybrid installations. The site utilizes cutting-edge renewable technologies, including bifacial solar modules, smart trackers, and 5.2 MW onshore wind turbines—among the largest in India.

The company has also deployed waterless robotic cleaning systems, which eliminate water usage for module maintenance while enhancing generation efficiency.

AGEL’s sustainability leadership has been widely recognized. The company ranks first in India and seventh globally in the renewable energy sector in the latest ESG assessment by Sustainalytics.

It was also named “Energy Transition Company” and “Energy Company of the Year – Renewables” at the ET Energy Leadership Awards 2025.

Adani Green Energy Ltd currently operates a renewable portfolio of 16.7 GW across 12 Indian states and aims to achieve 50 GW by 2030 in alignment with India’s decarbonization goals.

Its portfolio is certified water positive, single-use plastic free, and zero waste-to-landfill—reinforcing its commitment to sustainable growth and leadership in the global clean energy transition.

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Harman International Industries, a subsidiary of Samsung Electronics, announced an investment of ₹345 crore (approximately US $42 million) over the next three years to expand its automotive electronics manufacturing facility in Chakan, Pune.

With this additional capital, the cumulative investment at the site will reach ₹554 crore (aboutUS$67 million) since operations began in 2014.

The expansion is part of a broader push by Harman to strengthen India’s position in its global manufacturing network for connected vehicle technologies.

The Pune plant, already a hub for the production of infotainment systems, car audio components and telematics control units (TCUs), will see its capacity increase by more than 50 percent.

By 2027, the site is expected to produce around four million audio parts, 1.4 million infotainment units and 0.8 million telematics units annually.

The investment is divided into two phases: approximately ₹45 crore is earmarked for immediate expansion, which includes the addition of 71,500 square feet of built-up area, with a new 45,000 square foot production floor and four new surface-mount technology (SMT) lines, as well as module and speaker manufacturing.

The remaining ₹300 crore will be allocated over the next three years toward development of advanced telematics and connectivity modules, including 4G and 5G TCUs.

Harman’s Pune facility supplies major Indian automakers such as Tata Motors, Maruti Suzuki and Mahindra & Mahindra, and also exports to Europe and North America.

The company aims to manufacture locally its “Harman Ready Connect” platform, co-developed with Samsung, which includes features such as over-the-air updates, vehicle diagnostics and vehicle-to-network connectivity.

Beyond capacity expansion, the initiative also emphasises sustainability and job creation.

The plant is set to create roughly 300 new jobs in Pune over the next two years.

It already generates over 317,000 kWh of electricity annually via its solar installations and aims to achieve 100 percent renewable electricity usage by 2030, having phased out diesel generators and optimised production lines for lower energy use.

Industry analysts see the move as a strategic indicator of India’s growing importance in the global automotive supply chain—particularly in connected vehicle electronics.

By locating development, manufacturing and export capability in India, Harman is reinforcing the country’s “Make in India, for the World” narrative and ensuring stronger localisation of advanced vehicle electronics.

The key challenge will be delivering on the projected capacity and component volumes amid intensifying global competition and supply-chain pressures.

Nonetheless, the expansion positions the Chakan facility as a critical node for manufacturing next-generation automotive electronics, particularly as automakers increasingly prioritise connectivity, telematics and smart vehicle architectures.

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Renault India has officially confirmed that the iconic Duster SUV will make its return to the Indian market, with a formal unveiling scheduled for January 26, 2026.

This announcement marks a key point in the company’s renewed product strategy for India and revives one of the most recognized nameplates in the country’s SUV segment.

First launched in India in 2012, the original Duster played a defining role in shaping the country’s mid-size SUV category.

The model’s success helped fuel the growth of a segment that today represents a substantial share of India’s passenger vehicle market.

Renault’s relaunch indicates the company’s ambition to re-engage with that market opportunity.

Under its broader “International Game Plan 2027” strategy and its local transformation initiative dubbed “Renault. Rethink.”, the company views the new Duster as a cornerstone for revitalizing its presence in India.

The SUV’s comeback is therefore more than a product launch—it is a strategic statement of intent.

While Renault has not yet disclosed full technical specifications or pricing details for the India-spec model, reports indicate that the new Duster will be built on the CMF-B platform. It will offer a modern design, enhanced connectivity and safety features, and petrol powertrains compliant with the latest emissions norms.

Earlier international versions of the Duster have featured turbo-petrol and mild-hybrid powertrains, and the India version is expected to be localized to ensure competitiveness.

The relaunch schedule begins with a waiting-list registration program already open in India, allowing interested buyers to sign up for updates and notifications ahead of the official reveal.

The January 26 date aligns with Republic Day, signaling Renault’s intent to make a high-visibility impact as it reintroduces one of its most successful models.

Industry analysts view the decision to bring back the Duster as a calculated move by Renault to reclaim relevance in a segment that has grown fiercely competitive, with domestic and international rivals offering feature-rich SUVs across multiple price bands.

By resurrecting a nameplate that still holds strong brand recall, Renault is aiming to leverage its legacy while updating the model for contemporary expectations.

The new Duster is expected to play a critical role in Renault’s effort to rebuild its market share in India, which has seen steady erosion in recent years due to limited product offerings.

The company’s leadership has emphasized that its future India portfolio will focus on globally proven products adapted for local conditions, with the Duster leading the charge.

However, the success of the revived Duster will depend on execution. Renault will need to deliver a compelling value proposition, ensure efficient local manufacturing, and position the SUV competitively amid rising input costs.

The company will also have to stand out in a crowded market dominated by players such as Hyundai, Kia, Mahindra, and Tata Motors.

With its unveiling set for January 26, 2026, the automotive industry will be closely watching how Renault updates its legacy SUV for modern drivers and whether it can successfully reclaim its place in one of the world’s most dynamic car markets.

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Milky Mist Dairy Food Ltd (MMDF), the Tamil Nadu–based manufacturer of value-added dairy products, has received regulatory approval from the Securities and Exchange Board of India (SEBI) to raise up to ₹2,035 crore through an initial public offering (IPO) — marking the largest public issue in India’s dairy industry to date.

The IPO comprises a fresh equity issue of up to ₹1,785 crore and an offer-for-sale (OFS) of shares worth up to ₹250 crore by promoters T. Sathish Kumar and Anitha S.

The company, headquartered in Erode, Tamil Nadu, is known for its premium value-added dairy products including paneer, cheese, curd, yogurt, ice cream, butter, and ghee — a business model that allows for higher margins compared to liquid milk operations.

According to the company’s draft red herring prospectus, proceeds from the fresh issue will be used to repay borrowings of about ₹750 crore and to expand and modernize its manufacturing facility at Perundurai with an investment of ₹414 crore.

The expansion will include new production lines for whey protein concentrate, yogurt, and cream cheese.

Additionally, ₹129 crore will be allocated for retail equipment such as visi-coolers, ice-cream freezers, and chocolate coolers, while the remaining funds will go toward general corporate purposes.

Milky Mist has demonstrated strong financial performance over the past few years.

Its revenue grew from ₹1,394 crore in FY23 to ₹2,349 crore in FY25, representing a compound annual growth rate of nearly 30 percent.

The company reported an EBITDA of around ₹310 crore in FY25 with a margin of 13.2 percent.

Milky Mist sources milk from over 67,000 farmers across Tamil Nadu and operates one of India’s most technologically advanced dairy processing facilities.

The company stated that new product launches contributed ₹511 crore to its FY25 revenue, while its core products — paneer, curd, yogurt, ghee, and butter — accounted for over 75 percent of total revenue.

It also operates one of India’s largest paneer production lines, with a capacity of 150 tonnes per day.

Industry analysts view this IPO as a milestone for the Indian dairy sector, reflecting investor interest in branded, value-added dairy and FMCG companies.

The offering’s scale underscores the growing convergence between dairy and consumer packaged goods, driven by rising demand for high-quality, branded dairy products among urban consumers.

However, market experts caution that Milky Mist’s ability to sustain profitability amid fluctuating milk prices and increasing competition from established FMCG and dairy giants will determine its long-term success.

With SEBI’s approval now secured, Milky Mist is set to move forward with its public issue, signaling a major shift in the scale and ambition of India’s homegrown dairy companies.

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Ola Electric on Monday announced the launch of its “HyperService” platform, an initiative that opens its previously closed after-sales service network to independent garages, fleet operators, and direct customers across India.

The company said the move will allow users to procure genuine spare parts, access diagnostic tools, and receive technician training through its customer app and website—marking a major shift from a dealer-dependent model.

In the first phase of HyperService, Ola Electric has made available parts such as batteries, control modules, and drive belts for its e-scooters for direct purchase by customers and third-party service providers.

The company said this will reduce service turnaround times and costs while improving transparency and trust by cutting out intermediaries.

Later this quarter, Ola plans to expand the platform to include diagnostic software, service manuals, and certification programs for mechanics.

These additions will allow independent service shops to become certified to repair Ola vehicles, thereby expanding the company’s service ecosystem across the country.

“Ola Electric has built our service ecosystem from first principles, using technology to make it fast, transparent, and efficient,” said Bhavish Aggarwal, Chairman and Managing Director of Ola Electric. “With HyperService, we are opening this capability to everyone. Every garage, fleet, and customer can now access the same high-quality tools, parts, and systems that power Ola’s own network.”

Industry analysts see the launch as part of Ola Electric’s broader strategy to enhance profitability by scaling its high-margin parts and accessories business alongside its growing vehicle sales.

The open-ecosystem approach is designed to create a scalable nationwide service network while leveraging the company’s supply-chain strength and digital infrastructure.

The launch comes at a crucial time for India’s electric-two-wheeler market, where limited service access and spare-parts shortages have been major challenges.

By giving direct access to genuine components and certified repair options, Ola Electric hopes to address long-standing customer concerns over delayed repairs and reliability.

For independent garages and fleet operators, HyperService represents a new business opportunity.

Participating workshops will gain access to Ola’s training modules, diagnostic tools, and franchised-grade components, allowing them to become certified partners within Ola’s growing service ecosystem.

The company expects this to strengthen India’s EV servicing infrastructure while creating new employment opportunities for mechanics and small service operators.

From a customer standpoint, the direct-to-consumer model means faster access to parts, fewer dependencies on service centers, and more control over repairs. Ola has clarified that installing parts purchased through the official platform, as per company guidelines, will not void existing vehicle warranties—a move expected to boost user confidence in the system.

While the initial rollout covers key scooter components, the true measure of the program’s success will depend on the speed and efficiency of future phases, especially in extending access to diagnostic tools and technician certification.

Even so, industry observers say the HyperService initiative represents a turning point for the Indian EV industry—potentially setting new standards for openness, affordability, and after-sales reliability.

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Adani Energy Solutions Limited (AESL), India’s largest private power transmission and distribution company, reported a robust financial performance for the second quarter and first half of fiscal year 2026, marked by strong profit growth and continued progress in its smart metering and transmission projects.

The company posted an adjusted profit after tax (PAT) growth of 42% year-on-year (YoY) for the first half of FY26, reaching ₹1,096 crore, while profit before tax (PBT) rose 34% YoY to ₹1,404 crore.

For the second quarter, adjusted PAT increased 21% to ₹557 crore and PBT expanded 25% YoY to ₹745 crore.

Total income stood at ₹13,793 crore for the first half, up 16% from a year ago, and ₹6,767 crore in Q2FY26, up 6%. EBITDA reached a record ₹4,144 crore in the first half, rising 13% YoY, and ₹2,126 crore in the second quarter, 12% higher YoY.

Smart Metering and Transmission Fuel Growth

AESL’s strong performance was driven by its expanding smart metering business and operational gains in the transmission and distribution segments.

During the first half, the company installed 4.24 million new smart meters, taking its cumulative total to 7.37 million. AESL said it remains on track to cross the milestone of 10 million smart meters by the end of the fiscal year.

The company’s under-implementation smart metering pipeline now stands at 24.6 million meters, translating to a revenue potential of over ₹29,519 crore.

AESL also commissioned three transmission projects—Khavda Phase II Part-A, Khavda Pooling Station-1 (KPS-1), and Sangod transmission—during the first half.

Its total transmission network expanded to 26,705 circuit kilometers with system availability exceeding 99.6%, generating incentive income of ₹30 crore in the quarter.

The company’s aggregate transmission under-construction pipeline currently stands at ₹60,004 crore, reflecting a solid growth outlook supported by a national tendering opportunity worth nearly ₹96,000 crore.

Steady Distribution Performance

AESL’s Mumbai-based distribution arm, Adani Electricity Mumbai Ltd (AEML), saw a 2% increase in energy volumes to 2,650 million units, driven by higher commercial and industrial demand.

Distribution losses were among the lowest in the sector at 4.36% during Q2FY26. The company’s regulated asset base grew 13% YoY to ₹9,412 crore.

AEML also repurchased $44.66 million worth of bonds from its $300 million 3.867% issue due 2031, as part of a broader effort to reduce capital costs and extend average debt maturity, now at 7.5 years. AESL’s leverage position remains healthy, with a net debt-to-EBITDA ratio of 4.4x.

ESG and Sustainability Progress

AESL reported major improvements in its environmental, social, and governance (ESG) performance.

The company’s Sustainalytics ESG risk score improved to 19.9 (“Low Risk”) in September 2025 from 25.1 (“Medium Risk”) in July, outperforming the global electric utility average of 36. AESL also maintained its certification as a “Zero Waste to Landfill” company across all transmission sites, becoming the only Indian transmission player with a 100% waste diversion rate.

The company’s CSRHub score rose to 93%, significantly above the industry average of 51%.

It also received the Gold Award at the 34th Quality Concept Convention 2025 for innovations in theft prevention and bird safety, and a Platinum Award for productivity improvements at the CII National Low-Cost Automation Circle 2025.

CEO Outlook

Commenting on the results, AESL CEO Kandarp Patel said, “We are pleased to report another strong quarter. Effective on-ground execution and focused operations and maintenance are driving consistent progress across our project portfolio.

The energy transition in India presents significant growth opportunities backed by regulatory stability and reform momentum. We anticipate a substantial increase in AESL’s capex rollout and strong momentum in bid activity during the rest of the year.”

AESL invested ₹5,976 crore in capex during the first half—1.36 times higher than the previous year—demonstrating its commitment to growth across transmission and smart metering.

With its expanding infrastructure portfolio and disciplined capital management, the company said it remains well positioned to capitalize on India’s accelerating power sector transformation.

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Boeing’s defense workers in the St. Louis area have voted to continue their strike after rejecting the company’s latest contract proposal.

The vote, held on October 26, resulted in a narrow 51% to 49% decision against the five-year offer, marking the fourth time union members have turned down Boeing’s contracts since the strike began on August 4.

Approximately 3,200 members of the International Association of Machinists and Aerospace Workers (IAM) District 837, representing Boeing’s defense facilities in St. Louis, St. Charles, and Mascoutah, Illinois, are involved in the strike.

The union has criticized Boeing for offering terms they consider inadequate compared to agreements reached with commercial division workers in Seattle, who received a 38% wage increase and a $12,000 signing bonus last year.

The rejected contract included a 24% wage increase over five years, a $3,000 stock incentive, and a $1,000 retention bonus.

Union leaders contend that the offer fails to sufficiently address their demands for improved retirement benefits and bonuses comparable to those granted to commercial aircraft employees.

The strike has disrupted Boeing’s production of military aircraft, including the F-15EX and F/A-18 Super Hornet jets.

The U.S. Air Force has reported delays in aircraft deliveries, affecting operations at bases such as the Portland Air National Guard Base in Oregon.

Boeing has implemented contingency plans to mitigate production disruptions but has warned that the strike is financially harmful to workers and stated that no further increases in the contract’s overall value will be offered.

As the strike enters its 13th week, both sides remain at an impasse, with no immediate resolution in sight.

The union has filed an unfair labor practice charge against Boeing, alleging bad faith in negotiations.

The ongoing labor dispute highlights growing tensions between Boeing and its defense workforce, with potential implications for the company’s military operations and broader relations with aerospace labor unions.

Analysts suggest that the outcome of this strike could influence future contract negotiations and set a precedent for labor-management interactions in the sector.

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Amazon has surpassed $20 billion in e-commerce exports from India, achieving its 2025 goal ahead of schedule, the company announced.

Since the launch of its Amazon Global Selling program in 2015, the platform has empowered over 200,000 Indian entrepreneurs to sell more than 750 million “Made in India” products to customers across the globe.

The program, which now spans more than 18 international marketplaces, has seen seller participation rise 33 percent in the past year alone, with vendors from 28 states, seven union territories, and over 200 cities joining the global trade revolution.

The initiative reflects the growing role of Indian small and medium enterprises (SMEs) in international e-commerce.

Cities such as Karur in Tamil Nadu and Junagadh in Gujarat have emerged as standout performers, reporting exports of $147 million and $60 million respectively in 2024.

Other towns including Erode, Anand, Haridwar, and Panipat also recorded multi-million-dollar export figures, highlighting how regional artisans and manufacturers are increasingly accessing global markets.

Srinidhi Kalvapudi, Head of Amazon Global Selling India, emphasized that the milestone underscores the potential of India’s traditional strengths in categories such as health and personal care, beauty, toys, home apparel, and furniture.

Scaling Indian Entrepreneurship Globally

The Amazon Global Selling program has enabled Indian sellers to establish global brands while simplifying the complexities of cross-border trade.

Through technological tools, logistics solutions, and compliance support, Amazon has created an ecosystem that helps entrepreneurs manage payments, shipping, and regulatory requirements seamlessly.

Companies such as HomeMonde, a maker of sustainable jute rugs, have leveraged the program to expand internationally.

Sarvesh Agarwal, the company’s founder, said Amazon’s platform has allowed them to connect with eco-conscious buyers and manage logistics efficiently, bringing authentic Indian craftsmanship to homes worldwide.

Building on this momentum, Amazon has set its sights on $80 billion in cumulative exports from India by 2030.

The company plans to continue innovating in technology, developing capacity-building programs, and forming ecosystem partnerships to make global selling more accessible for Indian businesses.

This aligns with broader government ambitions to increase India’s overall e-commerce export footprint to $200–300 billion by 2030.

Driving Global Demand from Tier 2 and Tier 3 Cities

The program’s success is not limited to metropolitan hubs. Entrepreneurs from smaller cities and towns are driving significant growth, reflecting the democratization of digital commerce in India.

Products from a wide range of Indian cities, including Delhi, Mumbai, Jaipur, Bengaluru, and Varanasi, are now reaching customers in more than 200 countries.

The program has also seen rising demand in major international markets such as the United States, United Kingdom, Germany, Canada, UAE, France, Italy, Spain, and Saudi Arabia.

As Amazon continues to expand its Global Selling program, it highlights how technology and strategic support can transform regional businesses into global players.

The success of India’s e-commerce exports underscores the country’s growing importance in global trade and demonstrates the potential for digital platforms to scale entrepreneurial growth from small towns to international markets.

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Vodafone Idea Ltd shares surged on Monday after the Supreme Court of India permitted the government to re-examine the telecom operator’s adjusted gross revenue (AGR) liabilities, offering potential relief in a long-running dispute that has weighed heavily on the company’s finances.

The stock, which opened more than 2 percent lower, reversed course, soaring about 11.4 percent to a fresh 52-week high of ₹10.52 on the National Stock Exchange. As of 12:20 p.m. the stock was at  ₹10.10, up about 5 percent.

The jump followed a bench led by Chief Justice B. R. Gavai, along with Justices K. Vinod Chandran and Vipul M. Pancholi, ruling that there was no reason why the Union government should be prevented from reconsidering the issue, which the court deemed a policy matter.

The judgment effectively opens the door for the Department of Telecommunications (DoT) to re-evaluate Vodafone Idea’s dues under the AGR framework — a metric used to calculate licence fees and spectrum usage charges owed to the government.

The Centre, represented by Solicitor General Tushar Mehta, told the court that the government held nearly 49 percent equity in Vodafone Idea following a debt-to-equity conversion, making it a direct stakeholder in the company’s future.

Mehta noted that the government was exploring ways to arrive at a viable solution, subject to judicial approval, acknowledging the company’s large subscriber base and strategic significance in India’s telecom market.

Vodafone Idea had filed a fresh plea challenging the DoT’s demand of ₹5,606 crore related to FY 2016–17, seeking a comprehensive reassessment in line with the “Deduction Verification Guidelines” issued in February 2020.

The company contends that the DoT’s computation included duplications and arithmetical errors, inflating its dues beyond what was legally justified. The telecom firm has repeatedly sought relief in the matter, maintaining that it faces existential pressure under the current liability structure.

The Supreme Court’s 2019 ruling on AGR had originally expanded the definition of revenue to include both telecom and non-telecom income, such as interest and asset sales.

In 2020, the court allowed telecom operators a ten-year window to pay their dues — which totaled ₹93,520 crore for the sector — mandating 10 percent payment by March 2021, with the remainder to be paid annually through March 2031.

However, the court also held that the DoT’s assessments were final and not subject to re-evaluation, rejecting pleas for correction of alleged calculation errors in 2021.

The latest order, while not altering that principle, allows the government to revisit the issue on its own accord given its equity stake and policy prerogatives.

Analysts said the decision marks a significant development for Vodafone Idea, offering a potential lifeline to a company struggling with debt and capital constraints.

The ruling is also expected to have positive spillover effects for infrastructure players such as Indus Towers, given Vodafone Idea’s status as a key tenant.

Still, the court emphasized that its decision applied only to the “peculiar facts and circumstances” of the case, making it clear that the underlying DoT demand remains legally valid for now.

The government’s next steps will be crucial in determining whether Vodafone Idea’s financial and operational outlook can improve meaningfully.

Investors and analysts alike are now watching closely to see how the DoT proceeds and whether a broader policy recalibration follows in India’s telecom sector.

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