The following is the reproduced article from the July 18, 2026, edition of The Hindu BusinessLine:
Reliance Ind revenue jumps 25% in Q1 led by O2C and Jio
Mixed bag. Net profit drops 22% on effect of one-time gain last year; EBITDA at record ₹47,517 cr
Amit Vijay Mehra
Pallavi Sangani
Mumbai
Reliance Industries reported a robust set of Q1 FY27 earnings, with strong performance from its oil-to-chemical (O2C) and digital services businesses helping it surpass street expectations. While reported profit declined due to higher tax outgo compared to the same period last year, recurring profitability reached a record high.
Profit fell 22.4 per cent year-on-year (y-o-y) to ₹15,046 crore, largely because Q1 FY26 included a one-time gain from the sale of the company’s stake in Asian Paints (including ₹8,924 crore from the deal). Adjusting for this, profit for Q1 FY27 would have been 16 per cent higher. Higher interest costs and depreciation charges also weighed on the bottomline.
RECORD PAT
However, on a recurring basis, profit after tax before minority interest rose 6.1 per cent to an all-time high of ₹23,250 crore from an adjusted ₹21,889 crore a year ago. The reported profit figure was ahead of Bloomberg’s consensus estimate of ₹17,046 crore.
Mukesh Ambani, Chairman and Managing Director, RIL, said: “Reliance has made a strong start to FY27, with all businesses delivering robust operating performance even as the company witnessed continuing geopolitical tensions and volatile commodity markets”.
Gross revenue rose by 24.8 per cent year on year to ₹3.11 lakh crore, while EBITDA (earnings before interest, tax, depreciation and amortisation) from operations climbed 25.4 per cent to ₹53,850 crore from ₹42,931 crore in the corresponding quarter last year, exceeding Bloomberg’s estimate of ₹47,517 crore. Recurring EBITDA also hit an all-time high of ₹46,600 crore, up 15.7 per cent.
“Strong O2C margins and resilient Jio growth powered Reliance’s quarter, offsetting lingering pricing pressure in the upstream and retail segments,” said Sweta Jain, Head of Research at Equirus Securities.
O2C RECOVERY
The O2C segment delivered one of its strongest quarters in recent years. Revenue surged 30.4 per cent to ₹1.45 lakh crore in Q1 FY27, while EBITDA rose 17.2 per cent to ₹13,093 crore from ₹11,170 crore. The improvement was driven by a sharp recovery in refinery margins, particularly for diesel and jet fuel, along with downstream demand revival in Asia. Crude oil prices also stayed in the $75-80 a barrel range for three to four years. Higher refinery throughput also helped, even as the segment recovered from a planned maintenance turnaround.
JIO DIGITAL
Jio continued to execute well with subscriber additions, modest ARPU improvement and record-high EBITDA margins, reaffirming strength of its telecom franchise. EBITDA grew 15.1 per cent to ₹14,105 crore, with EBITDA margins expanding by 150 basis points to 53.5 per cent from 51.5 per cent.
Digital services revenue grew 20 per cent y-o-y, significantly ahead of the 11 per cent growth in the previous few quarters. Growth was driven by content, cloud computing, IoT (Internet of Things) and managed services, highlighting Jio’s diversification beyond traditional telecom operations. Average revenue per user increased to ₹215.6 from ₹200.8 in the year-ago quarter.
Retail remained a key weak spot, with margins contracting to a 10-quarter low amidst investment in scaling digital and e-commerce platforms. Retail revenue grew 7.4 per cent from Q1 FY26. However, EBITDA margins slightly fell to 6.3 per cent from 7.1 per cent, with gross margins contracting 80 basis points to 7.9 per cent from 8.7 per cent.
Scorecard
| Metric | Q1 FY27 | Q1 FY26 | % Change |
|---|
| Gross revenue | 2,43,009 | 2,11,850 | 15.2 |
| EBITDA | 47,517 | 41,317 | 15.7 |
| PAT (reported) | 15,046 | 19,394 | -22.4 |
| EBITDA margin (%) | 17.1 | 19.5 | - |
| Net profit margin (%) | 6.2 | 10.9 | - |
(Note: Revenue and Profit figures in ₹ crore)
The following is the reproduced article from the July 18, 2026, edition of The Hindu BusinessLine:
FPIs exited, but foreign promoters raised stake in Nifty-500 firms in FY26
Sourabh Banerjee
Mumbai
Even as FPIs sold over ₹1.80 lakh crore of Indian equities in FY26, foreign promoters seem to have shown more faith in the Indian stock market.
A businessline analysis of Capitaline data shows that in the 486 companies in the Nifty-500 with foreign promoter holdings, 40 companies, or 27.4 per cent, saw a reduction in foreign promoter stake in FY26 compared with 53 companies (36.5 per cent) in FY25. At the same time, the number of companies witnessing an increase in foreign promoter holdings rose to 21 from 19 a year earlier.
FOREIGN INFLOW
The increase in foreign promoter stake in FY27 was concentrated in a handful of companies. AAWASH Financiers registered the largest increase in foreign promoter stake, as Apollo House bought a majority stake from WestBridge Capital and Partners Group.
Centindia Project, an infrastructure developer and operator, followed closely with an increase of 21.32 percentage points, after Adani Ports and Special Economic Zone’s holdings rose by 4.70 percentage points to 28.03 per cent. AWL Agri Business attracted a further 13 percentage points of foreign promoter investment, while Celance Life recorded a 7.39 percentage point increase.
BIGGEST EXITS
Only 5 companies have seen foreign promoters reduce their holdings by more than 10 per cent in FY26. Twenty companies have seen a marginal reduction at less than one per cent.
The sharpest reduction was seen in JSW Indus, where Imperial Chemical and Akzo Nobel Coatings completely exited their combined 74.76 per cent holding by March 2026. Berger Paints also saw a complete exit of foreign promoter holdings.
Aptus Value Housing Finance recorded the second largest decline, with foreign promoter ownership dropping 38.59 percentage points to 25.43 per cent. WestBridge Crosscut Fund and J.H. II. Anand Kavita continue to hold a 1.03 per cent stake in the company as of March 2026. Whirlpool India and Kraft Technologies also saw a notable decline, with holdings falling by 11.24 percentage points and 10.05 percentage points respectively.
Scorecard: Holding Pattern
- Companies in Nifty-500 with foreign promoters: 140
- Stake Increases (FY25 vs FY26): 19 companies → 21 companies
- Stake Decreases (FY25 vs FY26): 53 companies → 40 companies
Companies with the Largest Increase (March 2025 vs March 2026)
| Company | March 2025 (%) | March 2026 (%) |
|---|
| Aawas Fin | 22.4 | 44.8 |
| Centindia Project | 14.3 | 35.6 |
| AWL Agri | 2.1 | 15.1 |
| Celance Life | 6.2 | 13.6 |
(Data source: Capitaline / businessline analysis)
The following is the reproduced article from the July 18, 2026, edition of The Hindu BusinessLine:
As mithai finds a sweet spot globally, exports surge 10%
Rising overseas appetite boosts exports, innovation and investments across industry
G Naga Sridhar
Hyderabad
The world is developing a sweet tooth for Indian mithai, with the Indian traditional sweets and namkeen market no longer just a domestic one, but gaining a significant presence globally. The consumption is rapidly expanding beyond the Indian diaspora to foreign nationals.
“About 10 per cent of Indian sweets and namkeen produced in the country is exported and it is growing at over 10 per cent annually,” Feroz H Siyad, Director General, Federation of Sweets and Namkeen Manufacturers (FSNM), told businessline on the sidelines of the World Mithai and Namkeen Convention and Expo (WMNC) 2026.
Indian gulab jamun is now among the most popular desserts in the United Kingdom, while demand is also increasing in South East Asian countries, the US, and Europe.
SUGAR RUSH
Even consumers in Europe, where chocolate-based or fruit-based desserts are more prevalent, are developing a taste for Indian based sweets and namkeen products. The key markets include the US, Canada, the UK, Australia, Singapore, Japan, and South East Asian markets.
According to industry experts, improvements in shelf-life and innovation in taste have helped the industry overcome one of the principal export challenges. Advancements in MAP-based packaging (Modified Atmospheric Packaging) have helped in maintaining the product quality for longer periods to reach distant markets.
CAPACITY EXPANSION
Rising demand is also prompting companies to create dedicated production units for exports. Badri Vadula is setting up an exclusive export-oriented facility, which is expected to be commissioned shortly to undertake large-scale production of makhana laddu for the overseas market, according to its Managing Director, Rajesh Dadul.
Hyderabad-based Dada Dadu is also experimenting with chocolate-based sweets and dry fruit combinations, which are gaining popularity in the Gulf countries and Europe.
Ahead of the festival season, the WMNC-2026 has brought together over 300 manufacturers, retailers, and process and technology providers from the mithai, namkeen, bakery, and allied food sectors. The convention features discussions on the industry’s supply chain—from raw materials, dry fruits, and ingredients to processing, machinery, packaging, automation, and gifting solutions.
The following is the reproduced article from page 6 of the July 18, 2026, edition of The Hindu BusinessLine:
The precarity of living in urban slums
LAST MILE DISCONNECT. Field visits reveal urban social infrastructure has improved, but does not deliver effectively. This is because citizens are not involved in governance.
AMARJEET SINHA
SHAGUN SURYAM
Teaching a course on ‘Evolution, Development and Democracy’ at two institutions recently offered an opportunity to engage with young minds on governance and human development challenges at the last mile. After classroom discussions, students were assigned field visits to observe the realities of urban governance on the ground. Their visits — to schools, Anganwadi centres, health centres, municipal offices, and colonies, mostly in informal settlements and slums in Delhi — revealed an important paradox. While physical and social infrastructure has expanded, but quality and outcomes remain uneven.
The students visited a large urban settlement on the outskirts of Delhi, marked by large industrial activity. The challenge at the urban last mile is in access to services, which is often fragmented accountability, and the absence of meaningful community engagement.
Many workers do reach uncovered areas. Yet, the absence of fixed timings for water supply means women often spend hours with large cans, leading to significant and serious health issues. Infrastructure; sustainability of its quality and upkeep remains a challenge. Dirty toilets, ill-maintained drinking water tanks, and dark, dingy classrooms without teachers, anchors classrooms, all point towards the same malaise. There is a need for a call for collaborative community action and institutional accountability to address the infrastructure challenges of unsatisfactory and overcrowded living conditions in informal settlements and secondary schools.
While schools are available, they remain inaccessible to many children. Even for those who attend, the children beyond schooling hours, particularly from migrant families, face excessive non-teaching responsibilities like household chores, cooking, and learning. At the same time, many instances where teacher accountability is being questioned, the schools and Anganwadis are providing an important childcare support for families which makes them inadequate and supply-led.
Public-private partnerships in water and electricity seem to have bettered multiple opportunities, often supported by technology-oriented monitoring systems. Here too, sustainability is a challenge as private partners are unsure of returns.
In slums grappling with poor housing, lack of livelihood opportunities, and water availability, the presence of a local dispensary and diagnostic services is a strong feel-good. Otherwise, even minor illnesses lead to a trudge to distant secondary or tertiary hospitals.
Urban localities with migrant populations have occupational health risks, poor housing conditions, and heightened susceptibility to communicable diseases. Fear of losing a day’s wages often deters treatment and diagnosis, aggravating the health conditions. A new approach to primary care is indeed needed. There is a need to embed public health trust into communities through decentralized collaborative citizen-centric governance.
FILLING INSTITUTIONAL GAPS
The field visits revealed the importance of local enthusiasm. It must become of the local communities. It became clear that for a car with this much internal responsibilities and made an integral part of the planning and implementation of services. In many slums, many of the last mile challenges in scaling digital and e-commerce can further be enhanced with the support of professionals and dedicated civil society organisations working with communities at the last mile.
Women's collectives in a rural-urban settings presented some of the most positive examples encountered during the visits. Self-help groups (SHGs) have enabled savings, access to loans, and support during moments of crisis, while also creating space for trust, solidarity, and collective support for women. Further, participation in SHGs has increased women’s confidence, mobility, and leadership within the community.
However, the limitations imposed by the patriarchy are starkly evident even within these collectives. The emancipatory potential of SHGs continues to face challenges in economic mobility, and functional autonomy of women even when they have financial approval within households. Many women often have to seek permission from husbands to attend meetings, travel to banks, or engage in economic activities. Their agency remains conditionally rather than fully autonomous.
The students also observed many instances of citizen’s participation in service delivery. While this is a positive development, the field visits highlighted that in the absence of hand-holding at the community level and by treating technology as an end rather than a means to an end, inclusion becomes a challenge even when the inclusion is the intent. Once again, a deeper community connect through collaborative governance will be essential in identifying solutions to the challenge.
THE ACCOUNTABILITY DEFICIT
These observations point towards a larger institutional problem: urban governance structures remain administratively present but distant from the communities most dependent on public services.
The larger challenge, however, lies in the structure of urban governance itself. The current institutional framework is distant from bustee or slums where communities on the fringe reside. Also, the wards are too large for meaningful collaborative action. The distance from the last mile results in a lack of both effective oversight and trust. It’s time that governance is devolved and leaders at the local level. It is essential to strengthen and devolve powers of governance to create community-managed urban public services.
What emerged from the field visits was not an absence of citizen willingness to engage, but a lack of governance structures capable of nurturing and sustaining such participation.
Collectively, the field visits reconfirmed the precarity of living in India’s informal urban slums. There is a need for an alternative paradigm of multi-centric collaborative governance. Devolved units of resources, professional support at the community level, and stronger voice and agency for women are essential.
Are citizens are more than ready; is the state willing to recast its role? That is the question.
The writers are retired IAS officers. Suryam was formerly with the World Bank. Sinha is currently a visiting professor at NIUA. The views expressed are personal.
The following is the reproduced article from page 10 of the July 18, 2026, edition of The Hindu BusinessLine:
FPOs want to be treated like farmers, not corporates
Prabhudatta Mishra
New Delhi
Even as FPOs are waiting to get declared “deemed mandis”, they want to govern them independently and carry out trade within its premises. At times, some of the representatives of these FPOs feel that the farmer collectives should at least be considered as “farmer-members”.
This is because the profit is shared among share-holder farmers unlike a private company, though registered under the Companies Act. Such a national policy will help them in multiple ways, such as tax and income tax.
Though some States have allowed free trading outside mandi premises, a few like Uttar Pradesh charge market fees from FPOs as they buy at the tune of 1.5 per cent on essentials like onion, tomato, potato, green chillies, garlic, and ginger in the fruits and vegetables category. “The fee is collected even if the trading happens outside the agriculture market yard,” said a source.
A WAY OUT?
“If FPOs are allowed exemption from mandi fees, they can directly sell outside the state and this will help farmers realise about ₹50 per quintal more on produce,” said Sanjay Gupta, CEO of Sahyadri FPO, Jhansi (Uttar Pradesh).
Nitin Puri, CEO of KisanKonnect, said most of the products his company eds [sic] sourcing from partner FPOs. But, instead of buying raw material in bulk, KisanKonnect has turned these FPOs into primary processors. “We have got them all necessary legal compliances like FSSAI and GST registration as a result we are not worried on mandi fee”.
But Bharat Singh of Sambhav Swarman Parota and other FPOs in western Uttar Pradesh said, the government should treat FPOs differently from any private company. Even for any subsidy, it is the same as what any private company receives.
“Mandi fees and other charges for all products should be made zero for FPOs when we directly collect farmers' produce and sell it and already some States have allowed this,” Kumar said and wondered why only essential fruits and vegetables in UP are taxed in the F&V category.
Sources said that market fee at 1 per cent and development cess at 0.5 per cent is levied on potato, onion, tomato, lemon, green chilli and ginger if they are sold within or outside mandis. Besides, 5 per cent charges are collected by commission agents when buying-selling happens in those six items inside the agriculture market yard.
NO FEE MANDIS
West Bengal, Rajasthan, Karnataka, Jharkhand, Gujarat, Chhattisgarh, Assam and Andhra Pradesh do not charge any fee in fruits and vegetables (F&V), when trading happens outside mandi premises. States such as Chhattisgarh, Assam, Jharkhand, Maharashtra and West Bengal do not levy any fee on F&V even on trading in any place within the state.
But Uttarakhand, Uttar Pradesh, Himachal Pradesh, Odisha, Madhya Pradesh, Kerala, Haryana, Gujarat and Andhra Pradesh have various fee ranging up to 2 per cent. In Uttar Pradesh, market fee on apple is 1 per cent and both within and outside mandi. Similarly, in Madhya Pradesh, bami and orange attract market fees.
The commission fee charged by commission agents and fixed by the State government varies between 2 per cent in Gujarat and Madhya Pradesh and 8 per cent in Maharashtra, Rajasthan and Delhi.
The following is the text of the letter to the editor titled "Attrition in private banks" from page 6 of the July 18, 2026, edition of The Hindu BusinessLine:
Attrition in private banks
With reference to the news report about the rising attrition in leading private sector banks, the banks should focus on motivating their workforces. Their excessive automation will improve customer service, but not employee morale. Higher compensation alone cannot retain talent if the work environment is high-stress and demanding. Banks must prioritise employee well-being to ensure long-term stability.
N S Venkataraman
Chennai
The following is the reproduced article from page 10 of the July 18, 2026, edition of The Hindu BusinessLine:
West Asia crisis hits orthodox tea exports from Kochi auctions
V Sajeev Kumar
Kochi
A subdued export demand continues to weigh on orthodox tea sales at the Kochi auctions, attributed mainly to the ongoing conflict in West Asia.
While the country specific currently limited to GCC and other West Asian countries, exports to Iraq and Iran have come to a standstill. Rising freight charges, shipment delays and uncertainty at ports have prompted exporters to go slow on buying, traders said.
The week-end sale 29, offered in sale 29, where more than 80 per cent of the offered quantity of 2,69,439 kg of orthodox tea remained unsold.
The average price also declined by ₹3 to ₹205 a kg. This is the first time in previous weeks, Auctioneers Forbes, Ewart & Figgis said average whole leaf teas witnessed strong demand, with prices appreciating by ₹10 in a big and, in some cases, by ₹15 a kg.
CTC leaf prices were firm to dearer, with 96 per cent of the offered quantity of 29,533 kg sold.
QUALITY BREWS
Anil George Joseph, President of the Tea Trade Association of Cochin, said the market continued to reflect stable demand for quality teas, but there was a trend of selective good auctions from some blenders.
Tea availability was limited to confirmed firm prices, which was seen in Kochi as grades feel resistance, reflecting a cautious approach by the trade and expert demand remained dormant.
The CTC dust market witnessed good demand, with all major blenders and popular Kerala marks ruling firm to dearer. In Sale 29, 9,53,453 kg offered, 86 per cent was sold.
The orthodox dust market was firm to dearer, with the entire offered quantity of 5,804 kg being sold. Retailers and local blenders were the principal buyers.
The following is the reproduced article from page 11 of the July 18, 2026, edition of The Hindu BusinessLine:
Gujarat tops in NITI’s Investment Friendliness Index
Ankita Upadhyay
New Delhi
Gujarat, Maharashtra, Tamil Nadu and Karnataka have emerged as the top performers in the Energy Economics and Environmental Foundation's (EEEF) Investment Friendliness Index, supported by strong economic fundamentals, sound fiscal management and a business-friendly governance. The Index is released by NITI Aayog.
Gujarat topped the overall rank in this assessment for the fourth year in a row, with the state scoring high on various parameters such as GSDP (Gross State Value Added) growth, fiscal prudence and its manufacturing prowess. The State also performed well on social indicators, maintaining a low fiscal deficit, low outstanding liabilities and lower interest payments as a percentage of its revenue. This is a testament to its prudent financial management. In addition, the State recorded the highest score in stakeholder feedback for its policies and scored well on the ease of obtaining permissions and redressing of business-related issues.
The report added that the high rank in investment is driven by its efficient port operations (around 40 per cent of India's major and non-major ports), low power tariffs and an efficient power sector, aided by competitive industries. The State also boasts well-connected and well-maintained roads and provides electricity to its power-intensive industries at lower power costs for below-median industrial usage.
The State has 1.24 lakh high-potential youth out of its 6.04 lakh population, which is 10 per cent higher than the average of other States. It was classified as a ‘Frontrunner’ State on all parameters of its performance as a percentage of its GSDP. The State is the highest-ranked State in the energy pillar. Gujarat ranked among the top 5 States on ease of doing business, after being ranked 1st in the ranking, 3rd in overall rank in 2019 and 2nd in 2018. The report also stands out as one of the top 3 high-investment destinations because it has the highest share of investment in GSDP (3.51 per cent) among the States surveyed, and which has been classified as ‘Frontrunner’ across all pillars. The state's investment friendliness is expected to reach 10 per cent of its GSDP by the end of fiscal 2024-25.
INVESTMENT FRIENDLY
The Index allowed NITI Aayog in August 2023 to prepare an investment-friendly charter comprising key policies, programmes and processes required to attract investments. Subsequently, NITI Aayog and EEEF announced the development of an Investment Friendliness Index to monitor the progress of States on investment friendliness and competitive and cooperative federalism by promoting reforms and featuring a conducive investment ecosystem.
The following is the reproduced article from page 12 of the July 18, 2026, edition of The Hindu BusinessLine:
Best box office year likely as gross collections grow to ₹6,398 cr in H1
Meenakshi Verma Ambwani
New Delhi
Indian box office collections have continued their strong growth in the January-June period. According to data for the corresponding period last year, it can easily beat the grossing first half of any year post Covid-19 pandemic, as the movie business continues to recover. Gross box office collections in the first half of 2026 reached ₹6,398 crore, compared to ₹4,398 crore in the first half of 2025.
RECORD YEAR
Grossing over ₹6,000 crore, 2026 is the highest grossing first half in the last five years in terms of gross collections, contributing nearly 20 per cent to the total Indian box office in the first half of the year.
Kalki 2898 AD, Manjummel Boys, Shaitaan, Munjya, Bade Miyan Chote Miyan, Premalu and The Goat Life are in the top 10 in terms of gross box office collections in the first half of the year.
This year, the cumulative box office for January-June releases reached ₹6,398 crore, making it the highest-grossing first half of any year post the pandemic, surpassing the ₹5,417 crore earned in H1 2025. Cumulative box office includes gross collections for movies released in 2025.
STEADY FLOW
In June alone, domestic box office collections stood at ₹1,038 crore, incited mostly by the speed of collections of June releases still running in theatres. Four out of six months in 2026 have crossed more than ₹1,000 crore, indicating a steadier flow of collections. Last year, the Ormax Media report noted, only one month emerged as the ten-grossing month.
With several big-ticket releases slated for H2 2026—including Pushpa 2: The Rule, Singham Again, The Greatest of All Time, Baby John, Bhool Bhulaiyaa 3, Welcome To The Jungle, Game Changer, Kanguva, Ramayana: Part 1, Stree 2 and Devara—the second half of the year is also anticipated to be robust.
“Over the last three years, 2026 is on track to cross the ₹15,000 crore mark, which will make it the best-ever year at the Indian box office. The current record stands at ₹11,395 crore in 2025,” the Ormax Media report stated.
FILM LANGUAGE
While there was a growth in the number of films that crossed ₹100 crore, the number of ₹100 crore films declined from 17 to 15.
Language-wise, Hindi cinema was the top contributor, as indicated by the increasing share of the box office. The top 15 films accounted for 64 per cent of the total collections in H1 2026 compared to 58 per cent in H1 2025.
THEATRE FOOTFALLS
Meanwhile, cinema footfalls reached an all-time high. Footfalls were estimated at 37.8 crore in H1 2026. This was because of decline and stagnation, particularly for Hindi cinema, driven primarily by Hindi and Marathi films,” the report added.
The record for highest annual footfalls was established in 2024 at 94.3 crore. With several big ticket films lined up, the report noted that 100 crore footfalls cumulatively in 2026 seems achievable.
