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China Slows, India Rises: The New Face of Luxury

China Slows, India Rises: The New Face of Luxury

Introduction 

In the rarefied world of Swiss luxury watches, time is money. For decades, China was the golden hour. However, in April 2025, the Swiss are setting their sights firmly on India. 

According to the Federation of the Swiss Watch Industry (FH), India’s imports of Swiss watches increased by 18.5% year-over-year in 2024, making it the fastest-growing primary market globally. Brands like Rado, Omega, and Tissot are making a decisive pivot towards India, indicating a profound shift in the global luxury landscape.

Why Are Swiss Watchmakers Turning to India?

1. China’s Luxury Slowdown

China, once the growth engine for luxury goods, is experiencing a sharp decline in growth. The post-pandemic recovery has been uneven, burdened by high youth unemployment (exceeding 14% according to China’s National Bureau of Statistics) and a real estate crisis that has impacted discretionary spending. Brands like Rado, part of the Swatch Group, have reported sluggish sales in China, pushing them to look elsewhere (Source: Livemint).

2. India’s Rising Wealth and Aspirations

India, in contrast, is booming. With a GDP growth rate projected at 6.5% for FY26 (World Bank estimates), rising disposable incomes, and an expanding upper-middle class, India is emerging as a luxury powerhouse. According to Bain & Company, India’s luxury market is expected to reach $200 billion by 2030, up from $8.5 billion in 2022.

3. Changing Consumer Behavior

Indian consumers are not only becoming wealthier; they are also becoming more brand-conscious. Luxury is no longer about necessity or tradition — it’s about status, self-expression, and social media validation. A survey by Statista reveals that 52% of Indian millennials consider owning luxury products as a symbol of success.

Data Snapshot: Swiss Watch Exports to India

YearValue of Swiss Watch Imports to India (in CHF million)
202092.2
2021136.3
2022188.5
2023223.7
2024265.0 (estimated 18.5% YoY growth)

(Source: Federation of the Swiss Watch Industry)

Case Study: Rado’s Big Bet on India

Rado, known for its sleek ceramic watches, has declared India its most significant market globally, surpassing China (Source: Economic Times). 

Rado’s CEO, Adrian Bosshard, announced plans for an aggressive expansion, including the opening of exclusive boutiques in Tier II and Tier III cities. This reflects a strategic shift: luxury is no longer confined to Delhi and Mumbai — cities like Jaipur, Surat, and Chandigarh are becoming essential hubs.

Macro Trends Fueling the Shift

  • Demographic Dividend: Over 65% of India’s population is under 35 years old (Source: UN Population Report), a prime age group for aspirational luxury purchases.
  • Urbanization: India adds 10 million urban dwellers annually, expanding the consumer base for premium brands.
  • Digital Influence: E-commerce penetration in luxury retail is growing, with platforms like Tata Cliq Luxury reporting a 40% YoY growth.
  • Global Brand Entry: Louis Vuitton, Cartier, and newer entrants like Panerai are expanding their footprint in India, encouraged by improving infrastructure and ease of doing business rankings.

The “China Plus One” Strategy in Luxury

Just as manufacturers diversified from China to Vietnam and India to enhance supply chain resilience, luxury brands are now diversifying their consumer markets. The “China Plus One” strategy isn’t just for factories anymore — it’s also for storefronts, boutiques, and brand expansions.

A Jing Daily report notes that many luxury brands anticipate “modest” growth in China for the foreseeable future and are actively seeking to boost their exposure in India, Vietnam, and Indonesia.

Swiss Brands Doubling Down

Beyond Rado, other Swiss giants are also recalibrating:

  • Omega: Launching new boutiques focused on experience-led shopping.
  • Tissot: Partnering with Indian celebrities to strengthen brand recall.
  • Tag Heuer: Rolling out India-exclusive limited editions.

Even ultra-high-end brands like Patek Philippe and Audemars Piguet, traditionally cautious, are evaluating deeper engagements in the Indian market.

Challenges Ahead

While the Indian market is booming, challenges persist:

  • High Import Duties: Luxury watches attract nearly 36% duty, inflating prices.
  • Counterfeit Market: Estimated at 30% of luxury watch sales in India.
  • Consumer Education: First-time luxury buyers often need more brand education.

However, industry players believe these are “good problems” compared to stagnant or declining growth in other sectors.

Conclusion: It’s India’s Time

The Swiss watch industry is renowned for its meticulousness, taking pride in its precision and attention to detail. That they are now pivoting towards India with such urgency signals a structural, not cyclical, change. India isn’t just a stopgap; it is becoming a central pillar of the global luxury economy.

In the timeless world of Swiss watches, the hands move rapidly, pointing unmistakably to India.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

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IDBI Bank Share Price: All You Need to Know

High bad loans, weak risk management practices, and limited capital base caused IDBI Bank share price to underperform for a long time. However, prompt regulatory actions, timely capital infusion from the government, and LIC’s acquisition of a majority stake in the bank have brought stability. The bank is still in the process of regaining its financial footing and restoring investor confidence. 

IDBI Bank share price has more than tripled in the last five years, from ₹21 in April 2020 to currently trading near the ₹75 level. 

In this article, we will do a fundamental analysis of IDBI Bank share price to have a better understanding of the bank’s future growth potential.

IDBI Bank Business Overview

IDBI Bank was founded as a Development Financial Institution (DFI) in 1964 to provide credit and other financial assistance for industrial development. Back then, it was a subsidiary of the Reserve Bank of India. 

In 1974, the ownership was transferred to the Indian government. Its role was further expanded to include coordinating industry-related activities. In 2004, alongside its role as DFI, it started offering banking services to retail customers. 

IDBI Bank currently offers a wide range of services to individuals, corporations, small businesses, and people associated with agriculture. It has a pan-India presence with a network of over 2000 branches and 3,300 ATMs. 

As of 31st December 2024, total deposits with the bank stood at ₹2.82 lakh crore, and gross advances were at ₹2.14 lakh crores.

IDBI Bank Management Team

Mr Rakesh Sharma is the Managing Director and CEO of IDBI Bank. He is a seasoned banker with over 40 years of experience. Mr Sharma started his career with SBI and held various managerial roles. He then moved to Lakshmi Vilas Bank as MD & CEO and then to Canara Bank. 

Mr Jayakumar S. Pillai is the Deputy Managing Director of IDBI Bank and has over 32 years of experience in banking. Before joining IDBI Bank, he was with Canara Bank and has expertise in different facets of banking, like MSME lending and recovery, retail, and agriculture. 

Smt. Smita Harish Kuber is the Chief Financial Officer of IDBI Bank and was appointed in April 2023. She is a qualified chartered accountant with over 25 years of banking experience. 

Mr Anirudha Behera is the Executive Director and Chief Risk Officer of the bank. He has over 20 years with the bank and has held various roles including credit risk, budget & planning. 

IDBI Bank Shareholding Pattern

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IDBI Bank is jointly owned by the Government of India and LIC of India. 

LIC is a strategic investor in the bank and acquired shares in 2019. The bank’s free float is less than 5%.

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IDBI Bank Financials

Net Interest Income

The bank’s net interest income registered a growth of 24% year-on-year to ₹14,186 crores in FY24, compared to ₹11,431 crores in FY23

In the April to December period (9MFY25), the bank’s NII was ₹11,337 crores, which is around 8% higher compared to ₹10,499 crores recorded in the same period previous year. The bank non-interest income rose 6% during the same period to ₹2,867 crores.

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Net Profit

The bank’s net profit has surged 55% in FY24 to ₹5,634 crores, from ₹3,645 crores in FY23.

For the 9MFY25, the bank’s net profit increased by 36% to ₹5,464 crores from ₹4,006 crores recorded in 9MFY24.

AD 4nXfrQw BMqGz EbWTSa o3qlB0UhwmK0wm KaDwfwn220gT2KgpPwmdGDt4Giz5bQ3lT863TmYQtN6yN7zNoqW 3CYZ yP jfYs4JMiIojQ2FZbhBJ2e61ft5yolPWt1UG63YQlh3g?key=d019BkAwST gh6HfcK Mu QU

Net Interest Margin

Net Interest Margin or NIM is the operating margin for banks and financial institutions. Its the spread between, how much they are earning from loans and how much they are spending on deposits. 

IDBI Bank has recording a expanding in NIM on a consistent basis. From FY22, the bank’s NIM has increased from 3.73% to 5.17% at the end of December 2024. 

PeriodNIM (%)
FY223.73
FY234.52
FY244.93
9MFY255.17

Net Non Performing Asset (NPA)

The bank asset quality has improved significantly in the last few years. The bank’s Net NPA decreased from 1.36% in FY22 to 0.18% at the end of December 2024. 

PeriodNPA (%)
FY221.36
FY230.92
FY240.34
9MFY250.18

Capital Adequacy Ratio (CAR)

Capital Adequacy Ratio- which indicates the bank’s financial strength and stability. The bank has strengthend its ability to handle business shocks in the last few years.  The overall CAR at the end of December is 21.98%, which is well above the minimum regulatory requirement of 12% for public sector banks. 

A higher CAR indicates that the bank is well insulated to absorb any shock like a spike in non performing assets.  

PeriodCAR (%)
FY2219.06
FY2320.44
FY2422.26
9MFY2521.98

CASA Ratio

The Current Account Saving Account (CASA) Ratio, which indicates percentage of customer’s total deposit kept in low yielding current and savings accounts, is 46.35% at the end of December 2024. This is higher than many public sector banks like SBI and Union Bank. 

Cost of Deposits and Cost of Funds

The bank’s Cost of Funds for the 9MFY25 was 4.82%. And, the cost of deposit also increased to 4.63% for the same period. Higher cost of funds and deposit, put a pressure on the profitability metrics of the bank.

IDBI Bank Share Price Analysis

IDBI Bank share price is one of the best performing public sector bank stocks in the recent past despite the heavy sell-off in the market. 

The 52 week high for IDBI Bank share price is ₹108, which it made in July 2024. 

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IDBI Bank has resumed paying dividends after seven years from FY23. In the last two financial years, the bank paid ₹1 and ₹1.5 per share as dividends to shareholders. 

At current market price of ₹80, the dividend yield of IDBI Bank share price is 1.86%.

Key Valuation Metrics

Earning Per Share (EPS)

The following is the EPS of IDBI Bank Share Price of last 5 year:

FY20– ₹12.36
FY21₹1.41
FY22₹2.36
FY23₹3.45
FY24₹5.38
9MFY25₹5.08

The bank has consistently improved its Earning Per Share over the last five years from negative ₹12.36 per share in FY20 to ₹5.38 per share in FY25. For the 9MFY25, the EPS is ₹5.08 and in the same period last year, it was ₹3.73. Improved earnings helped in the growth of IDBI Bank share price. 

Return on Assets (ROA)

The bank’s Return on Assets (ROA) is also improving consistently. In FY24, it was 1.65% and further improved to 1.99% for the 9MFY25 period. 

PeriodROA (%)
FY220.84
FY231.20
FY241.65
9MFY251.99

Price-to-Book VS Median Price-to-Book

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Source: Screener

The price-to-book value of IDBI Bank share price is 1.5  and the 5 year Median Price-to-Book is 1.3, meaning it is trading slightly higher than its book value. The stock can be considered fairly valued for this metric. However, one should compare it with peers to measure the valuation of any stock. 

IDBI Bank Share Price Future Growth Potential

IDBI Bank has significantly improved its fundamentals in the last few years, aided by government support and prompt regulatory action. 

Some of the key positives of IDBI Bank share price are as follows:

  • The cost of deposits has increased marginally from 4.30% in March 2024 to 4.62% at the end of December 2024. While, the cost of funds are steady at 4.83%. Other banks are experiencing higher cost of funds, which is impacting profitability. 
  • Lower bad loans, improved asset quality combined with increasing net interest margin.
  • Improving profitability and returns metrics.

However, declining CASA ratio is a cause of worry as it could hurt profitability. Declining CASA is an industry wide trend. The bank is aiming to keep it above 45%, higher than leaders in the industry. 

Other key areas where the bank’s management is focused upon are:

  • Keeping the NIM above 3.5%
  • Maintaing cost-to-income ratio below 49%
  • Maintaining Net NPA ratio below 0.5%
  • Maintaining Return on Assets above 1.5% and CAR above 18%
  • Maximising fee income and acheive business growth of 12 to 13%

Further, the government is also focused on privatising IDBI Bank, which can further impact IDBI Bank share price growth. 

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

FAQ


  1. Is IDBI Bank a private sector bank?

    No, IDBI Bank is a public sector bank jointly owned by Government of India and LIC of India. 

  2. How has IDBI Bank Share price performed in the last 5 years?

    As of 15th April 2025, IDBI Bank share price has given an annualized return of 31% in the last 5 years. IDBI Bank share price rose from ₹21.15 in April 2020 to ₹80.7 on 15th April 2025.

  3. What is NPA of IDBI Bank?

    The NPA of IDBI Bank at the end of December 2024 is 0.18%, down from 0.34% in December 2023.

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From Sancha to Success: The Story of Apsara Ice Cream's $3.7 Million Legacy

From Sancha to Success: The Story of Apsara Ice Cream’s $3.7 Million Legacy

Summer isn’t summer without those post-dinner walks, kulfi in hand, and sticky fingers that taste like childhood. Cup, stick, cone—each bite a burst of joy. But in a world full of frozen treats laced with artificial everything, finding something real feels rare.

Back in 1971, a small family in Walkeshwar, Mumbai, quietly started something special—handcrafted, fruity ice creams with no preservatives, no fuss, just pure flavour from a tiny neighbourhood shop. Five decades later, that humble scoop has grown into a ₹50 crore brand with 125 outlets and over 50 flavours that still taste like home.

Ready for the coolest story of the season? Let’s dig in.

Story of Apsara Ice Cream Storytelling 00 02

With a Sweet Dream

The year was 1971, and deep in the narrow lanes of Walkeshwar, South Mumbai, Nemchand Shah dreamed of serving his neighborhood sweet, natural treats made with real ingredients and no additives or shortcuts.

What started as a juice venture turned into something cooler, quite literally. With his brother Jayant Shah, he began crafting hand-churned ice creams in traditional wooden sanchas, with flavours like mango, orange, and sitaphal that tasted like summer in a scoop.

Word spread fast. The freshness and honesty were hard to resist, and the iconic journey of Apsara Ice Cream began. 

Story of Apsara Ice Cream Storytelling 00 03

With a Boost from the Government

A government exemption came through in 1984 and gave Apsara the boost it needed. That year, a landmark case — Joy Ice Cream, Bombay vs. Union of India — revolved around the classification of ice cream freezers as refrigerating devices affecting the duty payable on ice cream. 

The ruling helped ease operational costs and paved the way for local brands to innovate. And Apsara had a secret sauce — innovation.

In 1985, its new flavor, Roasted Almond, drew long queues and even longer-lasting memories with its creamy and nutty goodness.

As the buzz about the brand grew, so did the demand for it. In 1990, the family set up their first factory, scaling up without losing the handmade charm, and launched desi new flavours — Pan Pasand and Crunchy Chikki. 

By 2004, they were rolling out sugar-free options long before it became the buzzword, and by 2009, they had diversified into milkshakes, kulfi, and sorbets.

Story of Apsara Ice Cream Storytelling 00 04

& Shaking Things Up

For over 40 years, Apsara Ice Cream operated from just one outlet. An earlier attempt at franchising had failed, and it became hard to maintain the same quality and feel. 

The family was content with where Apsara stood, but co-founder Jayant Shah’s son Kiran Shah wasn’t.

Whenever the IIM Lucknow grad working at P&G in Singapore proudly talked about his family’s pure, additive-free ice cream, the usual response was, “Oh, like Naturals?”

Nobody knew Apsara. And that hit hard. 

It was the moment everything shifted. Kiran quit his well-paying and secure job, returned home to Mumbai, and his family’s legacy.

Story of Apsara Ice Cream Storytelling 00 05

Shelf Life Problem

While ice creams of other commercial brands had a shelf life of six months, Apsara would only last for two days. 
How could they expand with this limitation?

They had to make the brand strong enough for customers to consume all the ice cream at the parlour, leaving no dead stock behind. 

This posed a logistical and operational challenge — there was no room for excess inventory. Ice cream had to be made just in time — fresh and ready to be delivered, not only in Mumbai but also across other cities.

Managing this balance while keeping the ice cream fresh was one of the toughest parts of scaling the business.

Story of Apsara Ice Cream Storytelling 00 06

Amid Anonymity

Here’s another issue Apsara faced: since they only started expanding in 2014, they were practically anonymous to customers. The presence of giants like Naturals and Baskin-Robbins only worsened their chances. 

But Kiran didn’t give up. He utilized his marketing experience and coupled it with months of research and trials in recipes, shelf life, location planning, and production. 

Kiran managed to extend the shelf life of the ice cream to 15–20 days, without compromising on freshness or taste. He also rebuilt the supply chain, reduced wastage, and ensured every outlet could serve the same high-quality ice cream.

Story of Apsara Ice Cream Storytelling 00 07

In the Second Innings

In 2015, a brand overhaul brought in a vibrant new identity — fresh colors, updated packaging, and store designs that looked as good as the ice cream tasted. 

The response was immediate. Soon, a modern factory in Thane was set up to keep up with demand.

With better hygiene, smoother operations, and the same sancha-style charm, Apsara was finally ready to grow, without losing what made it special.

Story of Apsara Ice Cream Storytelling 00 08

Without External Capital

In 2015, Apsara opened its first franchise outlet in Nerul. Within five years, the brand expanded to over 100 stores — all without raising external capital
 
Kiran visited stores incognito, browsed Zomato reviews, and chatted with customers. One such chat had a customer casually mention guava and chilli.

By 2015, Apsara launched the masala-laced delight that instantly became the brand’s signature flavor. Soon came even bolder experiments like Pani Puri Patakha.

Story of Apsara Ice Cream Storytelling 00 09

Churning A Healthier Future

Kiran ventured into a new space with the launch of Go Zero in July 2022, crafted for the growing tribe of health-conscious dessert lovers.

He introduced high-protein, low-calorie, sugar-free, and plant-based ice creams. 

Now available across 16+ cities via food and quick commerce platforms, Go Zero has raised $2.5 million and is eyeing a 3x revenue jump in FY25, aiming for INR 200 Cr soon.

Story of Apsara Ice Cream Storytelling 00 10

One Scoop at a Time

Last year, to celebrate its 53rd anniversary alongside the 78th Independence Day, Apsara Ice Creams introduced a special initiative called Apsara Muskaan — Smiles of Joy, distributing 53,000 ice creams across 25 cities in 9 states. 

Despite all the initiatives and growth, Apsara’s mission hasn’t changed: “Fresh, handmade, and unapologetically Indian.”

The tagline remains more than marketing—it’s a feeling every loyal customer echoes after their first bite—“Can’t get over it!”

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Waaree Energies Slides 9% as 15 Crore Shares Hit the Market Post Lock-In

Waaree Energies Slides 9% as 15 Crore Shares Hit the Market Post Lock-In

The market paused the 7-day winning streak for the primary indices as of April 24, 2025, when NIFTY and SENSEX ended 0.34% and 0.39% lower, respectively. The trend continued today as the index fell further in response to recent geopolitical events and prevailing global cues.

What held the limelight amidst the ongoing trend is also Waaree Energies Limited’s stock price, which dived steeply by 9% after the lock-in period ended on 25th April 2025. Did the shares fall solely due to the expiration of the lock-in period, or are there other factors at play? Let’s understand. 

Company Overview

Waaree Energies Limited is India’s largest manufacturer and exporter of solar PV modules. Founded in 1990 in Mumbai as part of the Waaree Group, the company initially focused on instrumentation, producing pressure gauges and valves. In 2007, it entered the solar energy sector by setting up a 30-MW solar module manufacturing facility. Since then, it has expanded its capacity to 12,000 MW.

Waaree holds a 44% share of India’s solar module export market and reported 57.77% of its FY 2023–24 revenue from exports, totaling Rs . 6,569.09 crore. As of 31st March 2024, its order book stood at 19,928.12 MW.

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Source: Annual Report

The company operates in both domestic and international markets and is involved in module manufacturing, EPC services, and energy project development. In FY2024, the company-

  • Commissioned 1.9+ GW of solar energy projects
  • Executed 704 MWp of EPC projects
  • Commissioned 1.3 GW of capacity at the Indo Solar facility
  • Secured 300 MW capacity for electrolyser manufacturing under the PLI scheme
  • Planning a 1.6 GW module manufacturing facility in the United States

During the year 2023-24, the company also recorded a net profit of Rs. 1,274.37 crore, along with a revenue of Rs. 11,397.60 crore. Furthermore, the net worth of the company reached Rs . 4148.48 crore in FY2024. 

AD 4nXcKPk0QZxg2mMBLo9xELb4eabnzn4W
Source: Annual Report

Waaree Energies Limited Share Price

Waaree Energies launched its initial public offering (IPO) in October 2024. The IPO was open for subscription from October 21st to 23rd, and the shares were listed on the stock exchanges on 28th October 2024.

Waaree Energies IPO Details:

ParticularsDetails
IPO Open DatesOctober 21 – October 23, 2024
Listing DateOctober 28, 2024
Issue PriceRs.1,503 per share
Listing Price (NSE)Rs.2,500
Listing Price (BSE)Rs.2,550
Total Issue SizeRs.4,321.44 crore
Fresh IssueRs.3,600 crore
Offer for Sale (OFS)Rs.721.44 crore

On the first day of trading, the shares closed at Rs.2,338.90 on the NSE. The IPO received significant interest from various investor categories. The issue was subscribed 76.34 times in total, with Qualified Institutional Buyers (QIBs) subscribing 208.63 times, Non-Institutional Investors (NIIs) at 62.48 times, and the Retail Individual Investors (RIIs) segment at 10.79 times. The IPO, although successful, came with a lock-in period of around six months. 

Lock-In Period Of Waaree Energies Shares

In the Indian stock market, a lock-in period refers to a specific duration following an initial public offering (IPO) during which select shareholders, including promoters, pre-IPO investors, and anchor investors, are restricted from selling their shares. The purpose of this mechanism is to prevent a sudden increase in share supply, maintain price stability, discourage insider-driven sell-offs, and build market confidence. SEBI regulations define the lock-in durations as follows:

  • Promoters: 18 months (for up to 20% of post-issue capital)
  • Pre-IPO Investors: 6 months
  • Anchor Investors: 30 to 90 days

When a lock-in period ends, a large volume of shares may enter the market as restricted shareholders gain the option to sell. This can lead to increased trading volumes and potential downward pressure on the stock price if supply outpaces demand. For instance, companies like NTPC Green Energy (a 4% price drop) and Exicom Telesystems (a nearly 70% correction from its post-listing high) experienced noticeable price drops after the lock-in expiry, often attributed to such sell-offs.

For Waaree Energies Limited, as the lock-in period ended on 25th April 2025, nearly 15 crore shares became eligible for trading. This triggered an immediate reaction in the market:

  • End of day fall (25th April 2025): 5.75%
  • Intraday low: Rs . 2590.20 (nearly 9% down)
  • Closing: Rs . 2676.5
AD 4nXfr1uBFKMyc6oobHoyD66h3jcG8cn1BotBSE2CkVrp5B55RrRCZXki9BXYFvnUOwBDsVDoSdKJE zKqGAKf2J4c7E zaVFJq8HmjZml6AAJIDgnIQl JoEJtaV2HDyGvXDID5zZew?key=CZ9OrVJHNWayDLMMVOX3Fyr3
Source: Money Control 

Other Possible Underlying Reasons for Share Price Trend:

Brokerage Downgrade (Jefferies):

Jefferies downgraded Waaree Energies to ‘underperform’ with a target price of Rs.2100. The downgrade came after the stock surged 25% in the month before April 24. The firm cited concerns over a likely decline in US imports in FY26 due to high inventory and less favorable economics for non-DCR projects in India during the latter half of FY27. This weighed on investor sentiment and may have contributed to the decline in the stock’s value.

US Tariff Concerns:

In January, the stock had already experienced a sharp decline due to concerns about potential US tariffs on solar imports. These tariffs could slow down solar capacity expansion and impact Indian exporters, such as Waaree Energies. The news raised concerns over future demand in one of its key international markets.

Sector and Market Trends:

Apart from company-specific triggers, broader factors may also be in play. A general correction in the stock market or a change in sentiment in the renewable energy space may have contributed to the downward pressure on Waaree’s shares.

Bottomline:

The sharp decline in Waaree Energies’ stock after the lock-in expiry illustrates how market dynamics often reflect a combination of technical triggers and deeper investor sentiment shaped by macroeconomic factors and analyst outlooks. For investors, such movements serve as a reminder of the layered nature of stock price behaviour, where timing, perception, and fundamentals all play a role.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

FAQs

  1. Why did Waaree Energies’ stock fall after the lock-in period ended?

    The end of the lock-in period resulted in the release of nearly 15 crore shares into the market, thereby increasing supply. This, along with other factors like analyst downgrades and external market concerns, contributed to the price decline.

  2. Do all stocks drop after a lock-in expiry?

    Not necessarily. While many stocks experience selling pressure after the lock-in, the impact varies depending on market sentiment, company fundamentals, and the broader economic context.

  3. What is the significance of the lock-in period for investors?

    The lock-in period is important because it ensures that major stakeholders, such as promoters and early investors, cannot sell their shares immediately after the IPO. This helps avoid sudden fluctuations in stock prices and assures retail investors that key shareholders are committed to the company’s growth.

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₹3,035 to ₹2,354: Why HUL’s Stock Price Slipped After FY25 Results

⁠₹3,035 to ₹2,354: Why HUL’s Stock Price Slipped After FY25 Results

FMCG giant Hindustan Unilever Ltd (HUL) released its financial results for the fourth quarter (Q4) of the fiscal year 2024-2025 (FY25) on Thursday, offering a nuanced picture of cautious growth, evolving market strategies, and a sustained focus on delivering value. While the company reported a marginal drop in profits, it maintained revenue growth and took decisive steps toward reshaping its product portfolio.

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Source: www.tradingview.com

Q4FY25 Performance: Highlights

In Q4FY25, HUL reported a consolidated net profit of ₹2,464 crore, representing a 3.7% year-on-year (YoY) decline compared to ₹2,558 crore in Q4FY24. Sequentially, this reflects a sharper drop of 17.5% from ₹2,984 crore reported in Q3FY25.

MetricQ4FY25Q4FY24Change (%)
Total Revenue₹15,979 crore₹15,441 crore+3.5%
Net Profit₹2,464 crore₹2,558 crore-3.7%
EPS₹10.48₹10.87-3.6%
Source: Businessstandard

While revenues rose modestly, the contraction in net profit is attributed to a combination of input cost pressures, inflationary headwinds in rural demand, and selective price corrections in certain segments.

Financial Performance FY25 vs FY24

Despite the quarterly dip, HUL reported a steady annual performance, reflecting its resilience and agile response to market dynamics. Here is a snapshot of the company’s financial indicators for the full fiscal year:

MetricFY25FY24Change (%)
Total Revenue₹64,138 crore₹62,707 crore+2.3%
Net Profit₹10,649 crore₹10,277 crore+3.6%
Earnings Per Share (EPS)₹45.32₹43.74+3.6%
Source: Businessstandard

A diversified portfolio and incremental innovation drove growth across categories such as personal care, nutrition, and premium skincare.

Strategic Moves in FY25: Business Transformation Underway

CEO and Managing Director Rohit Jawa called FY25 a transformative year for HUL. The company made significant strides in restructuring and future-proofing its business:

  • Acquisition of Minimalist: Strengthened its footprint in the premium skincare and clean beauty segment.
  • Divestment of Pureit: Marked a strategic exit from the water purifier segment to reallocate resources to higher-growth categories.
  • Demerger of Ice Cream Business: A move aimed at unlocking value and creating a focused, agile business vertical.
  • Channel Expansion: Amplified investments in digital commerce, quick commerce platforms, and rural distribution.

These decisions reflect HUL’s commitment to agility and consumer-centric growth, preparing it to navigate both global macroeconomic pressures and local market complexities.

Market Reaction: Shares Reflect Investor Caution

Despite the company’s long-term optimism, investors responded cautiously to the Q4 report. As of 10:57 AM on April 25, HUL’s shares were trading at ₹2,354.00 on the BSE, down 2.65% from the previous day.

Trading MetricsValue
Day’s Low₹2,296.00
Day’s High₹2,341.90
52 Week Low₹2,136.00
52 Week High₹3,035.00
Source: Businessstandard

The decline is likely driven by investor concerns over margin pressures and sequential profit contraction, despite topline stability.

Dividend Declaration: Consistent Shareholder Value

Reinforcing its commitment to rewarding shareholders, HUL’s Board declared a final dividend of ₹24 per share. The total dividend payout for FY25 stands at ₹53 per share.

Dividend TypeAmount Per Share
Interim Dividend₹29
Final Dividend₹24
Total FY25₹53

The record date for the final dividend will be announced in due course.

Growing Demand and Sectoral Opportunities

The broader FMCG sector in India is on a promising trajectory, offering both contextual relevance and direct growth levers for companies like Hindustan Unilever Ltd (HUL). The company’s steady financial performance in FY25 aligns well with industry-wide expansion driven by rising consumption, supportive government policies, and increased investor interest.

In this macroeconomic context, HUL’s strategic choices, ranging from the acquisition of premium wellness brands to the divestment of non-core segments, reflect a calculated alignment with prevailing sectoral trends. These include:

Growing Demand

SegmentMarket Size / Growth Forecast
Food ProcessingUS$ 307.2 billion in 2022, projected to reach US$ 547.3 billion by 2028 at 9.5% CAGR
Digital AdvertisingUS$ 9.92 billion in 2023, with the FMCG sector contributing 42 percent
Dairy Industry13 to 14 percent revenue growth in FY25 (CRISIL)
Source: IBEF

As a diversified FMCG major, HUL stands to benefit from these macro trends. Increased consumer engagement through digital channels and growing demand in health-focused food and dairy segments create new opportunities for portfolio expansion and value-added product innovation.

Attractive Opportunities

  • Increased disposable incomes and digital awareness are driving the adoption of direct-to-consumer (DTC) models, an area where HUL is already scaling through premium skincare and wellness offerings.
  • Rural consumption growth is encouraging deeper distribution in tier 2 and tier 3 cities, complementing HUL’s existing rural network.
  • Entrepreneurs and FMCG brands can capitalise on agro-processing clusters to lower operational costs and expand presence, a strategy aligned with HUL’s decentralised sourcing models. Quick commerce, projected to reach US$25 to $ 55 billion by 2030, presents an agile sales channel where HUL’s distribution capabilities can thrive.

Policy Support

  • The Union Budget 2025-2026 prioritises rural development, MSME support, and consumer spending, all of which benefit mass-market players like HUL. Over ₹8,000 crore has been allocated under PLI schemes to support domestic production and enhance cost competitiveness, which HUL can leverage to optimise sourcing and manufacturing.
  • Infrastructure development in non-metro areas enables broader reach for essential and premium product categories.

Higher Investments

CompanyInvestment Details
Amul₹600 crore for the world’s largest curd plant in Kolkata
Varun Beverages₹3,500 crore for new plants and 1,500 jobs created
ITCAcquisition of Sproutlife Foods over three to four years
Hindustan UnileverStrategic investments in OZiva and Wellbeing Nutrition (Health and Wellbeing entry)

These sector-wide moves reinforce HUL’s forward-looking strategy. Its investment in OZiva and Wellbeing Nutrition complements the rising consumer preference for health-first, functional products. By anticipating market shifts and reshaping its portfolio accordingly, HUL is well-positioned to harness emerging tailwinds in India’s FMCG landscape.

Looking Ahead: Optimism Rooted in Strategy

CEO Rohit Jawa expressed measured optimism for FY26, stating, “We anticipate demand conditions to improve over the next fiscal year gradually. We are committed to the strategic objective of unlocking a billion aspirations supported by our robust business fundamentals, to continue winning competitively.”

The focus will remain on:

  • Expanding premium product lines
  • Strengthening omnichannel presence
  • Enhancing digital first marketing strategies
  • Building sustainable and inclusive supply chains

Conclusion: A Quarter of Transition, A Year of Resilience

Hindustan Unilever’s Q4 FY25 results indicate a business recalibrating for long-term value creation. While short-term profitability faced headwinds, strategic investments and portfolio refinements suggest a forward-looking approach. With resilient fundamentals, sustained dividend payouts, and an evolving product strategy, HUL is poised to maintain its leadership in India’s FMCG sector.

As demand conditions stabilise and consumption picks up, the company’s ability to navigate macroeconomic challenges while fostering innovation will be key to its next growth chapter.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

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The Ripple Effect: How Tariff Pauses Impact Emerging Economies

Introduction

In early 2025, the global economy experienced a brief respite as major economies, including the United States, announced a temporary suspension of certain tariffs. This move was anticipated to alleviate the mounting pressures on international trade and supply chains. However, beneath this surface-level relief lies a complex web of challenges that continue to strain global supply chains and economic stability.​

The Global Tariff Pause: A Superficial Relief

The United States’ decision to suspend tariffs on select imports from Canada and Mexico for 30 days was seen as a strategic move to ease tensions. Yet, this pause did not extend to tariffs on Chinese goods, which remained at a 10% levy, particularly affecting textiles, machinery, and electronics. Furthermore, retaliatory measures from affected countries, such as Canada’s announcement of a 25% tariff on over $100 billion worth of U.S. exports, indicate that trade tensions are far from resolved. 

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  • Limited Scope of Pause: The U.S.–China tariff pause covers a freeze on new tariffs, but more than $300 billion worth of existing duties remain untouched. According to the USTR 2024 report, 66% of tariffs imposed since 2018 remain in effect, particularly on key industrial and technological goods. 
  • Investor Sentiment Unchanged: Global market participants remain cautious. The WTO noted that global goods trade growth slowed to 1.2% in 2024, down from 2.7% in 2023, largely due to policy ambiguity.
  • Tariff Fatigue in Trade Talks: Negotiators Struggle to Balance Geopolitical Concerns with Economic Pragmatism. This has delayed meaningful tariff rollbacks, making the current pause a reprieve rather than a structural shift.

Supply Chain Disruptions Persist

Despite the temporary tariff relief, global supply chains continue to grapple with significant disruptions:​

Increased Costs: Tariffs have led to higher prices for raw materials and transportation. For instance, a 15% tariff on steel imports has increased production costs for U.S. manufacturers.​zestracapital.com  

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Rerouting Adds Pressure: Due to tensions in the Red Sea and congestion at Chinese ports, shipping routes have been lengthened. For example, shipping times from China to Europe via the Cape of Good Hope now average 35 days, compared to 25 days previously.

Supplier Diversification Challenges: Businesses attempting to shift their sourcing from China to other regions face higher labor costs and logistical complexities.​ 

No Respite in Lead Times: Data from Logistics Management (2025) shows that over 70% of global supply chain professionals report no improvement in delivery schedules since the pause, largely due to residual tariffs and regional conflicts.

Component Scarcity: Industries such as automotive and electronics continue to be affected. Taiwan’s export of semiconductors fell 8.2% YoY in Q1 2025, squeezing global manufacturing cycles. 

Corporate Struggles and Economic Indicators

  • Increased Operational Costs: A Harvard Business Review report reveals companies are spending an average of 15% more on risk-proofing their supply chains compared to pre-2018 levels.
  • Delayed Expansion Plans: Firms like Bosch and HP have publicly deferred capacity expansion plans due to uncertainties around sourcing costs and regulatory shifts.
  • M&A and Consolidation: With input costs rising and profits thinning, sectors such as logistics and specialty chemicals have seen a surge in consolidation, as smaller players struggle to absorb the shocks.

Major corporations are feeling the pinch of ongoing trade uncertainties:​

  • Procter & Gamble (P&G): The company lowered its sales growth outlook, citing challenges in offsetting tariff impacts through pricing and cost reductions.​New York Post
  • PepsiCo: Reported a 2% decline in organic volume after raising product prices by 3%, attributing the downturn to higher supply chain costs and softer consumer demand.
  • Merck: The company anticipates a $200 million annual impact from existing tariffs.​AP News
  • These examples underscore the broader economic strain caused by persistent trade tensions, even amidst temporary tariff suspensions.​

India’s Economic Landscape Amid Global Trade Tensions

India, while somewhat insulated due to its domestic-oriented economy, is not immune to the ripple effects of global trade disruptions:​The Times of India 

GDP Growth Projections: Moody’s Analytics forecasts India’s GDP growth to slow to 6.4% in 2025, influenced by global economic challenges and regional uncertainties, including the impact of U.S. tariffs.​The Economic Times

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Currency Volatility: The Reserve Bank of India highlights concerns over global financial market instability, noting risks from disinflation, volatile energy prices, and trade uncertainties.​

Supply Chain Realignments: Indian businesses are exploring alternative markets and diversifying supply chains to mitigate risks associated with global trade tensions.​KPMG

China+1 Payoff with Caveats: While Apple, Foxconn, and Samsung are scaling up their operations in India, the country still relies on imports for 70% of high-tech components, exposing it to tariff-induced cost escalations.

Rising Input Inflation: With higher freight rates and raw material duties, India’s WPI-based inflation rose to 4.8% in March 2025, up from 3.3% in the same period last year (MOSPI).

PLI Gains Offset by Infrastructure Bottlenecks: India’s PLI schemes have helped attract $20 billion in electronics investments; however, average port turnaround times remain high—3.4 days in India versus 1.2 days in Singapore (World Bank, 2024).

Strategic Responses and the Path Forward

In response to the ongoing challenges, businesses and policymakers are adopting several strategies:​

  • Tariff Simplification Needed: Trade experts urge G20 economies to revisit legacy tariffs that create inefficiencies without delivering a strategic advantage.
  • Digital Twin Tech: The adoption of AI and digital twin technologies can improve supply chain visibility. India’s logistics sector is piloting blockchain-based traceability solutions through the Unified Logistics Interface Platform (ULIP).
  • FTAs in Focus: India’s ongoing trade talks with the EU and the UK could eliminate non-tariff barriers worth nearly $10 billion annually, according to estimates from the Commerce Ministry.
  • Domestic Investment Imperative: The government’s Rs 75,000 crore allocation for logistics parks in Budget 2025 is a step toward modernizing domestic infrastructure, but execution remains key. 

Conclusion

The temporary pause in tariffs offers limited relief in the face of deep-seated challenges within global supply chains. Persistent trade tensions, retaliatory measures, and economic uncertainties continue to strain businesses worldwide. For India, proactive strategies and policy reforms are crucial to navigating the complexities of the current global trade landscape and safeguarding economic growth.​

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

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Profit Up, Stock Down: Tata Consumer Falls 4.5% in Early Trade

Profit Up, Stock Down: Tata Consumer Falls 4.5% in Early Trade

On Thursday morning, investors observed a classic case of market behavior that initially defies logic. Tata Consumer Products Ltd (TCPL), a key arm of the Tata Group, reported a stellar rise of 59.19% in net profit for the March quarter, comfortably beating estimates. Yet, the market responded with a sharp 4.5% drop in its share price in early trading, with the stock slipping to ₹1,098.30 apiece on the NSE.

Let’s break down what happened, why it might have occurred, and what the numbers say.

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Source: NSE

Tata Consumer’s Q4 FY24 Performance

Tata Consumer reported a net profit of ₹344.85 crore for the quarter ended March 2025, a sharp increase from ₹216.63 crore reported in the same quarter last year. This 59.19% growth in bottom line beat market expectations, with a CNBC-TV18 poll having forecasted a profit of ₹305 crore. Revenue from operations also exceeded street estimates, coming in at ₹4,608.22 crore, up 17.35% from ₹3,926.94 crore in the corresponding quarter of FY24. Analysts had projected a revenue of ₹4,575 crore.

The company’s Earnings Before Interest and Taxes (EBIT) stood at ₹620.8 crore.

Adding to the positivity, the board recommended a final dividend of ₹8.25 per equity share of ₹1 each (825%) for FY24- 25. According to the company, if shareholders approve it at the upcoming 62nd Annual General Meeting, the dividend will be paid or dispatched on or after June 21, 2025. Source: The Mint

With these results, Tata Consumer ended FY24 with a robust finish. But if the numbers are so strong, why did the stock take a hit?

Source: Tata Consumers Quarterly Report

Q4 Breakdown by Business Segment

Branded Business

The company’s branded business reported revenue of ₹4,130.40 crore. Within this:

  • India business generated ₹2,936.72 crore in revenue.
  • International operations contributed ₹1,193.68 crore.

Non-Branded Business

Non-branded business recorded revenue of ₹500.55 crore for the quarter. Source: Financial Express

What Worked for Tata Consumer

In the Indian market, both the Beverages and Foods divisions delivered solid results:

  • India Beverages experienced 9% revenue growth (excluding Organic India), driven by a robust performance in the tea, coffee, and Ready-to-Drink (RTD) segments.
  • The RTD segment reported 10% revenue growth, driven by 17% volume growth.
  • India Foods business jumped 27% in Q4 (17% excluding Capital Foods), led by brands such as Tata Sampann and Tata Soulfull.
  • Salt revenue increased 13%, with the value-added salt portfolio soaring 31%.
  • Tata Sampann grew 30% in Q4 and 29% for the full year.
  • Tata Soulfull posted 32% year-on-year growth.

International Business

The international segment also remained positive, growing 5% in Q4 and 7% for FY24, excluding Capital Foods and Organic India’s international contributions. The brand continued expanding its portfolio and distribution channels across markets.

Tata Starbucks

Tata Starbucks continued to scale. The company added 6 net new stores in Q4 and entered 6 new cities. For the full year, 58 new stores were added, bringing the total to 479 stores across 80 cities. Bengaluru reached a milestone with the launch of its 50th store and its first drive-thru location. Source: Financial Express

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Source: Tata Consumers Quarterly Report

So, Why Did the Stock Fall?

Despite the strong Q4 performance, investors reacted with caution. Here are a few possible reasons:

  1. Profit Booking: After a solid rally, some investors may have chosen to lock in gains. This often happens after earnings announcements, regardless of results.
  2. Valuation Concerns: With the stock trading at high multiples, investors may reassess valuation levels following the results. Even strong growth may not be enough to justify premium pricing in uncertain market conditions.
  3. Margin Sensitivities: Although the company reported an EBIT of ₹620.8 crore, some investors may have expected stronger margin expansion. Margin pressure or even the absence of aggressive guidance can weigh on stock sentiment.
  4. Expectations vs. Reality: Beating estimates is great, but the market often moves based on expectations of future performance. If forward-looking commentary or guidance doesn’t inspire confidence, stocks can slip—even on a strong quarter.
  5. Sector-Wide Sentiment: The broader FMCG sector’s sentiment and market volatility can also drag down individual stocks, despite their good performance.

What the Management Said

Sunil D’Souza, Managing Director & CEO of Tata Consumer Products, said the company closed the year on a strong note and remains focused on building growth momentum. “We delivered a topline growth of 17% during the quarter, bringing FY25 growth to 16%,” he said. He emphasized that growth was broad-based across India and international markets.

He highlighted consistent gains in India’s tea and salt categories and credited innovation and channel expansion—particularly into Food Services and Pharma—as key enablers of recent growth. “Despite a tough operating environment, we delivered strong growth across businesses, and we will continue to drive consistent profitable growth,” he said.

The company also reported the rollout of its next-generation Go-to-Market platform, as well as strong growth in e-commerce and Modern Trade channels. It launched 41 new products during the year, with innovation contributing 5.2% to total sales. Source: Financial Express

Wrapping Up

Tata Consumer Products reported a quarter marked by notable profit growth, increased revenue, and continued expansion across its brand portfolio. However, the 4.5% decline in early trade indicates that short-term market movements do not always reflect reported financial performance. Shifts in investor sentiment, valuations, and expectations can influence stock prices, even in the face of strong earnings. While the current market reaction is evident, the reported financials highlight ongoing developments across the company’s business segments.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

FAQs

  1. Why did Tata Consumer’s share price fall despite strong Q4 results?

    While the company reported a 59.19% rise in net profit and 17.35% growth in revenue, the stock declined due to a combination of factors, including profit booking, valuation concerns, and possibly muted market sentiment or margin expectations. Even when a company posts substantial numbers, the stock price can fall if investors believe the performance is already factored into the stock price or if future guidance is not compelling enough.

  2. How did Tata Consumer perform in Q4 FY24?

    Tata Consumer Products posted a net profit of ₹344.85 crore in Q4 FY24, up 59.19% from ₹216.63 crore in Q4 FY23. Revenue rose to ₹4,608.22 crore, marking a 17.35% year-on-year growth. EBIT stood at ₹620.8 crore. The company beat both profit and revenue estimates from analysts.

  3. What were the key growth drivers for Tata Consumer in this quarter?

    Growth was broad-based across segments. In India, the company achieved strong performances in the beverages, food, and RTD (Ready-to-Drink) categories. The Tata Sampann and Tata Soulfull brands posted over 30% growth. International business also grew 5%, and Tata Starbucks continued its expansion with 58 new stores during the year.

  4. What dividend has Tata Consumer announced for FY24-25?

    The board of directors recommended a final dividend of ₹8.25 per equity share of ₹1 each (825%) for FY24-25. If approved at the upcoming Annual General Meeting, the dividend will be paid on or after June 21, 2025.

  5. What is the outlook shared by Tata Consumer’s management?

    CEO Sunil D’Souza highlighted consistent topline growth, strong performance across businesses, and continued expansion into new categories and channels. The company remains focused on innovation, e-commerce growth, and expanding into Food Services and Pharma. However, no specific forward earnings guidance was shared that might have influenced investor sentiment.

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Oracle Financial Services Leads IT Surge with 5% Gain; BSE IT Index Climbs 4%

Oracle Financial Services Leads IT Surge with 5% Gain; BSE IT Index Climbs 4%

Oracle Financial Services Software Ltd. (OFSS) led the charge on April 23, 2025, as the Indian stock market witnessed a significant rally in the IT sector. The company’s shares surged by 5.31%, closing at ₹8,617.50, marking a substantial gain from the previous close of ₹8,183.00. This upward movement contributed to the BSE IT Index climbing by 4.0%, reflecting a broader positive sentiment in the technology sector.

Why Oracle Financial Services has Emerged as Top Gainer

The 5% surge in OFSS shares can be attributed to several factors. The stock has been on an upward trajectory, rising for seven consecutive days and achieving a total return of 15.01% during this period. Despite a decline over the past three months, the company’s long-term performance remains strong, with a 147.23% return over the past three years. Source: Markets Mojo, Economic Times

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Source: BSE

The company’s recent financial results have also helped boost investor confidence. For the quarter ended December 2024, OFSS reported a consolidated net profit of ₹541.30 crore, despite a 27% decline compared to the previous quarter. The company’s operating margins remained robust at 44%, and it reported strong year-to-date growth for the nine months ended December 2024, with revenues growing by 8% and operating income increasing by 14%.  Source: Business Standard

BSE IT Index Rally: What’s Fueling the Surge?

image 2
Source: BSE

Strong performances from several key players in the sector drove the BSE IT Index’s 4.0% climb. 

HCL Technologies led the pack with a 7.91% gain, followed by Coforge (6.53%), Persistent Systems (5.02%), LTIMindtree (4.56%), and Tech Mahindra (3.95%). Positive investor sentiment, strong quarterly earnings reports, and expectations of continued growth in the IT sector further fueled the rally.

1. Strong FII Inflows Driving Market Momentum

Foreign Institutional Investors (FIIs) were net buyers worth ₹2,170 crore in the cash segment on Tuesday, signaling renewed interest in Indian equities. Their buying pattern typically favors fundamentally strong, globally exposed sectors, like IT. The sustained inflows indicate growing global confidence in Indian markets, with tech stocks benefiting the most from this trend. Source: The Hindu

2. US Market Optimism Lifting Indian Tech Sentiment

Indian IT companies generate a significant portion of their revenue from North America. With US markets recovering and recession fears easing, investor sentiment around export-driven sectors like IT has improved. The belief is that client spending—especially in digital, cloud, and AI transformation—may pick up again as the macro environment stabilizes.

3. Rupee Depreciation Supporting Margins

A slight weakening of the Indian rupee against the US dollar has made IT exports more profitable. Since these companies bill in dollars but pay most of their expenses in rupees, even a mild depreciation acts as a margin booster. This has added another layer of support to the rally in IT shares.

4. Recovery in Client Budget Outlooks

Early indications from quarterly earnings calls and sector updates suggest improving commentary on client budgets, particularly in the BFSI and healthcare sectors. While some caution remains, companies are starting to allocate more resources to core digital initiatives, cybersecurity, and cloud migration. This forward-looking optimism is giving markets enough reason to re-rate IT stocks upward.

5. Expiry-Linked Technical Buying and Short Covering

Tuesday’s rally also coincided with positioning ahead of the monthly F&O expiry. Many traders who had short positions in IT stocks were forced to cover them as prices shot up, creating additional buying pressure. This short covering, combined with fresh long positions, amplified the upward move.

6. Catch-Up Trade After Prolonged Underperformance

Indian IT stocks have been under pressure for months, driven by concerns about a global slowdown and subdued earnings. The recent bounce can also be seen as a catch-up trade, where investors are entering quality names at beaten-down valuations. With several stocks trading below long-term averages, this rally may mark the beginning of a broader recovery in the sector.

Looking ahead, the IT sector is expected to continue its growth trajectory, driven by increasing demand for digital transformation services, cloud computing, and cybersecurity solutions. OFSS, with its strong product portfolio and global presence, is well-positioned to capitalize on these trends.

Conclusion

The recent surge in OFSS’s share price and the broader rally in the BSE IT Index underscore the resilience and growth potential of India’s information technology (IT) sector. As companies continue to invest in technology to drive efficiency and innovation, firms like OFSS are poised to benefit from the ongoing digital transformation wave. Investors should closely monitor the sector’s developments and consider the long-term growth prospects of leading IT companies.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

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Why India’s 6.3% Growth Is More Powerful Than It Seems

Why India’s 6.3% Growth Is More Powerful Than It Seems

In April 2025, both the International Monetary Fund (IMF) and the World Bank trimmed India’s FY26 growth forecasts. The IMF now pegs it at 6.2%, while the World Bank estimates 6.3%, down from earlier projections of 6.5% and 6.6%, respectively. At first glance, this may appear to be a setback. However, these numbers must be viewed in context, particularly when considering the broader global economic climate and India’s comparative macroeconomic strength.

Despite these cuts, India is still expected to remain the fastest-growing major economy, outpacing China, the US, and Eurozone nations, whose growth projections for 2025-26 range from 1.0% to 4.5%. 

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Source:  IMF & World Bank (FY23–FY26)

What Triggered the Downgrades?

India’s growth outlook has been recalibrated due to a confluence of global and domestic factors. These are not fundamental cracks in the Indian economy but rather reflect near-term uncertainties, especially in the global trade and investment landscape.

1. Tariff Uncertainty and Its Ripple Effect

The specter of rising trade protectionism has returned to the global stage. The IMF, in its April 2025 World Economic Outlook, highlighted that tariff uncertainty is a key reason behind revisions to growth forecasts for economies driven by exports and investment. India, too, has witnessed shifting tariff regimes in recent years, particularly on electronics, electric vehicles (EVs), and critical minerals, as part of its push for Atmanirbhar Bharat (self-reliant India).

While these moves aim to boost domestic manufacturing under schemes like the PLI (Production-Linked Incentive), they’ve also introduced policy unpredictability for multinational corporations considering long-term investments. Several sectors—especially electronics, renewables, and semiconductors—are in a wait-and-watch mode as companies seek more clarity on the direction of trade policies.

2. Private Capex: A Slowing Engine

Goldman Sachs recently noted that private sector capex plans are likely to decelerate in FY26 (Economic Times). While government-led infrastructure investment continues unabated, private investments—especially greenfield projects—are seeing deferments.

In FY25, India saw new project announcements worth over ₹18.5 lakh crore (Centre for Monitoring Indian Economy), but actual execution and capital inflows may taper in FY26 due to macro uncertainty. Companies are also grappling with higher borrowing costs and the lag effects of the RBI’s tightening cycle from 2022 to 2023.

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3. Export Weakness Amid Global Headwinds

India’s export engine, particularly in sectors such as textiles, chemicals, and gems and jewelry, has slowed due to subdued global demand. With advanced economies like the EU and Japan flirting with recessionary conditions, India’s merchandise exports contracted by nearly 5.9% in FY25, according to Commerce Ministry data.

Moreover, the disruptions in the Red Sea and continued geopolitical tensions in Eastern Europe and West Asia have impacted shipping costs and delivery timelines, further eroding export competitiveness.

4. Base Effect and Mathematical Normalization

After a post-pandemic rebound in FY22 and FY23, India’s high growth trajectory has been gradually moderating due to the base effect. A lower incremental GDP growth on a higher nominal base is natural, and the current adjustments reflect statistical normalization rather than economic weakness.

In essence, a 6.2–6.3% growth rate on a $4.1 trillion base is not the same as 7% growth on a $2.9 trillion base just five years ago.

India Still Leads the Global Pack

Despite the trimmed forecasts, India is expected to remain the fastest-growing major economy in FY26. 

CountryFY26 GDP Forecast (%)
India6.3
China4.6
USA2.1
Euro Area1.5
Global Avg.3.2
Sources: IMF World Economic Outlook, April 2025; World Bank

India’s robust performance is driven by strong domestic demand, particularly in consumption and infrastructure spending. As per Statista, private final consumption expenditure (PFCE) accounts for nearly 60% of India’s GDP, providing a natural buffer against external volatility. 

Even with these cuts, India remains at the forefront of growth among G20 nations. While China is navigating a housing slowdown and demographic challenges, India’s youthful demographic profile and rising per capita income provide a long runway for sustained demand-led growth.

Domestic Growth Engines Are Still Running

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1. Consumption is Strong

Unlike export-reliant economies, India benefits from robust domestic consumption, which accounts for nearly 60% of its GDP. As inflation eases and interest rates stabilize, household spending is expected to revive further. Credit card spending, automobile sales, and air travel volumes have all exceeded pre-COVID highs.

2. Government Infrastructure Push

The Indian government continues to anchor growth via its ₹11.1 lakh crore capital expenditure budget in FY25. Projects in roads, railways, and green energy have multiplier effects on job creation and rural demand. FY26 budget allocations for highways, railways, and energy infrastructure have increased by over 18% YoY, as per data from the Ministry of Finance.

3. Digital and Formal Economy Expansion

UPI transactions reached a monthly value of ₹17 lakh crore (NPCI, March 2025), indicating deeper formalization and financial penetration. India’s digital economy is now a $1.2 trillion ecosystem in terms of market capitalization. 

4. Formalization of the Economy: GST collections, which recently touched a record ₹1.78 lakh crore in March 2025, underscore the expanding tax base and ongoing formalization of economic activity.

Rising Services Exports: India’s IT and business services exports remain resilient. According to Statista, India’s IT-BPM export revenue is projected to rise to $254 billion in FY26, up from $200 billion in FY23. 

India’s medium-term growth trajectory is promising, but several risks could temper its momentum:

  1. Global Synchronized Slowdown – A broader global economic cooling, especially in key export markets such as the EU, the US, and East Asia, could reduce India’s merchandise and services exports. Prolonged weakness in global trade will impact sectors such as IT, textiles, and automotive components.
  2. Geopolitical Instability – Escalating tensions in the Middle East, the Red Sea, or the Indo-Pacific could spike energy prices and disrupt trade routes, thereby stoking imported inflation and harming India’s external account balance.
  3. Persistent Inflation and Policy Tightening – Food inflation, particularly due to climate disruptions like El Niño, could trigger another round of monetary tightening by the RBI. This would affect borrowing costs and private consumption.
  4. Rural Stress – While urban demand is buoyant, rural India faces stress from erratic monsoons and subdued wage growth. If left unaddressed, it could drag overall consumption.
  5. Credit Cycle Fatigue – With a significant expansion in credit over the last 3 years, banks and NBFCs may turn cautious in FY26, especially in riskier retail and SME lending segments.
  6. Execution Risk in Government Capex – While allocations are high, delays in project execution, land acquisition, or contractor financing could dilute the capex multiplier in the short term.

The Global Context Matters

While downgrades often trigger pessimism, it is essential to consider the broader economic context. A 6.2%–6.3% growth rate for a $4.1 trillion economy like India translates to an incremental output of nearly $260 billion per year, a figure larger than the GDP of many emerging markets.

Furthermore, India’s long-term potential remains intact. A growing middle class, increasing digital penetration, and structural reforms, such as PLI (Production Linked Incentive) schemes and labor code rationalization, provide a strong foundation for the next growth cycle.

Policy Signals Will Be Key

The coming quarters are critical. If the government and central bank can address tariff uncertainties and revive private investment through policy clarity and incentives, India could easily reclaim its 6.5%+ trajectory. The upcoming general elections and fiscal decisions will play a pivotal role in shaping the future. 

Growth May Slow, But Momentum Endures

Quarterly GDP numbers do not dictate India’s economic momentum. The broader trend of digital leapfrogging, infrastructure creation, and formalization of consumption remains intact. While global headwinds may slow the pace, India’s fundamentals ensure it doesn’t veer off track.

For investors and businesses alike, the message is clear: India remains the fastest-growing large economy and is likely to continue doing so for the foreseeable future.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

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Apple’s Record Run in India: Aiming for $15B in Revenue

Apple’s Record Run in India: Aiming for $15B in Revenue

India’s smartphone market has solidified its position as a global powerhouse, ranking as the second-largest by unit volume and the third-largest by value in Q3 2024. During this period, India accounted for 15.5% of global smartphone shipments, trailing only behind China’s 22% share. In terms of shipment value, Apple led the Indian smartphone market with a commanding 23% share. (Source: IBEF)

Fast forward to the first quarter of 2025, Apple has already captured 19% of the global smartphone market, largely driven by surging sales in India and Japan. Riding this momentum, Apple is now poised to hit a record milestone: generating $15 billion in annual revenue from its India operations.

What’s fueling this growth? What strategies are helping Apple gain ground in one of the world’s most competitive markets? Let’s decode the key drivers behind Apple’s record-setting trajectory in India. 

Apple’s Progress In India

The company is valued at over $3.47 trillion as of November 2024 and has steadily evolved from a niche brand in India to a leading market player. Its journey began in the early 1990s via third-party retailers, but high import duties and regulatory hurdles made early progress difficult in the price-sensitive Indian market.

The turning point came with the launch of Apple’s online store in 2020 and the opening of flagship retail outlets in Mumbai and Delhi in 2023, marking a significant expansion of its retail presence. Its commitment to local manufacturing has also played a vital role in reshaping its India strategy.

Since 2017, when it began assembling iPhones in India through Wistron, the company has significantly expanded its production capabilities. Today, through partnerships with Foxconn and the Tata Group, the company is producing its latest iPhone models domestically, aligning closely with India’s “Make in India” vision and mitigating cost pressures associated with imports. 

These efforts have not only laid a strong foundation for Apple in India but have also positioned the company to capitalize on the growing demand for its products. The results of this long-term commitment are now becoming visible, as Apple gears up for a record-breaking year in India.

Current Sales Trend Of Apple In India:

Apple has been riding a remarkable growth wave in India, clocking its 11th consecutive quarterly revenue record in the October–December 2024 period. While the company does not officially disclose India-specific numbers, it is estimated that iPhone sales alone contributed nearly $10 billion in revenue in 2024, highlighting India’s growing significance in Apple’s global strategy. (source: Mint)

Despite iPhones being priced more than three times the average smartphone in India, Apple’s volumes have soared—shipments jumped from 2.7 million units in 2020 to around 12.5 million in 2024. During the 2024 festive season, Apple broke into India’s top five smartphone brands for the first time, capturing an 11% market share and leading the market in value terms with a 23% share. 

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Source: Mint

Apple CEO Tim Cook emphasized the country’s strategic importance during a recent earnings call, describing India as a “huge market” with immense growth potential. He revealed that the iPhone was the top-selling model in India for the December quarter and announced plans to open four new Apple Stores to strengthen its retail presence further. (Source: Mint)

Meanwhile, MacBooks have also gained popularity, particularly since the pandemic boosted demand for high-performance laptops. While Apple still commands a relatively niche share in the broader PC market, MacBook sales in India have tripled since 2020, fueled by growing interest from enterprise users and premium consumers.

With strong gains across its product lines, Apple’s momentum in India is unmistakable. But what exactly is fueling this surge?

Drivers Of The Sales Growth

Apple’s increased sales and projected revenue growth in India can be attributed to several contributing factors reflecting both internal strategies and evolving market conditions.

Shifts in Smartphone and Laptop Market Dynamics:

India’s smartphone market saw shipments of approximately 151–153 million units in 2024, marking a 4% year-on-year growth. Within this steady expansion, a noticeable trend toward 5G adoption and a gradual shift toward higher-priced smartphones is evident. This shift is aligned with Apple’s positioning in the premium segment.

The laptop market, meanwhile, is projected to grow at a compound annual growth rate (CAGR) of 6.65% from 2025 to 2033. Demand is being driven by the increased adoption of hybrid work models, the expansion of digital learning platforms, and a greater reliance on performance-focused devices, collectively contributing to a broader market opportunity.

Increased Brand Recognition and Consumer Interest:

Apple’s brand visibility in India has grown in recent years, particularly among consumers with higher discretionary spending. The company’s product offerings are often associated with reliability, design quality, and integration across devices. As a result, Apple has expanded its presence, with India becoming its fourth-largest market by shipments in 2024, experiencing a 35% year-over-year growth rate.

Changing Consumer Spending Patterns:

Rising disposable incomes and the expansion of India’s middle-income demographic have influenced consumer behavior. There is an observable increase in spending on high-end electronics, including smartphones and laptops. Market studies have indicated that the luxury retail sector in India is expected to grow significantly, potentially impacting demand across several categories, including technology.

Supportive Policy Environment and Manufacturing Initiatives:

Government-led initiatives such as “Make in India” and the Production Linked Incentive (PLI) scheme have contributed to the growth of electronics manufacturing in India. These programs offer incentives designed to enhance domestic production capacity. Apple’s partners have increased local assembly of devices, which aligns with broader industry trends toward localization. Additionally, the relaxation of foreign direct investment (FDI) rules has enabled Apple to expand its direct retail operations in the country.

Bottomline:

Apple’s focus on India, through investments in manufacturing, retail expansion, and local partnerships, positions the company for continued growth. The $15 billion revenue goal reflects Apple’s commitment to leveraging India’s growing consumer base, rising incomes, and favorable policies.

For investors, Apple’s success in India could significantly influence future earnings and market strategies. However, challenges like price sensitivity, competition, and regulatory changes will play a key role in determining the company’s trajectory in this dynamic market.

As India’s demand for premium technology products rises, Apple’s continued expansion will likely be an essential part of its global growth story. However, the way forward depends on how the company adapts to these evolving factors and plans for its long-term success in the region. 

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

FAQs


  1. What was Apple’s revenue this year?

    Apple Inc.’s revenue for the fiscal year 2024 was approximately $391-396 billion. However, note that the company’s financial year ends on the last Saturday of September. This means that the company’s fiscal year typically spans from the last Sunday of September to the last Saturday of the following September.

  2. Is Apple manufacturing iPhones in India?

    Yes, Apple manufactures several iPhone models in India through partners like Foxconn and Tata.

  3. What is Apple’s revenue target for India in 2025?

    Apple aims to reach $15 billion in annual revenue from India in 2025.

  4. Why is India becoming so important to Apple’s global strategy?

    India has emerged as a high-potential market due to its large consumer base, rising disposable incomes, and a growing appetite for premium technology. With Apple now producing devices locally and expanding its retail footprint, the company is tapping into both demand and cost efficiencies, positioning India as an important growth driver.

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An investment advisory firm is a company that helps investors make decisions about buying and selling securities (like stocks) in exchange for a fee. They can advise clients directly or provide advisory reports and other publications about specific securities, such as high growth stock recommendations. Some firms use both methods, like Research & Ranking, India’s leading stock advisory company, specializing in smart investments and long-term stocks since 2015.

An investment advisory firm is a company that helps investors make decisions about buying and selling securities (like stocks) in exchange for a fee. They can advise clients directly or provide advisory reports and other publications about specific securities, such as high growth stock recommendations. Some firms use both methods, like Research & Ranking, India’s leading stock advisory company, specializing in smart investments and long-term stocks since 2015.

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