India Earnings Season: CXOs on Growth, Capex and Listings

The June quarter earnings season is giving global boards their latest read on India, the fastest-growing large economy. Across sectors, chief executives are committing capital to new plants, distribution networks and listings, with several flagging India as a top-three market by sales.

Sanmina is expanding its Reliance joint venture, ramping a newly completed facility to capture demand across end-markets. "India remains a significant growth opportunity and will continue to be an area of investment across all end-markets," the electronics manufacturer said.

The consumer goods major reported broad-based double-digit growth in India, with 10 per cent underlying sales growth and 5 per cent volume growth in Q2. Management said it aims to sustain high-single-digit growth through volume and premiumisation, adding: "We will continue investing to protect our leadership, as we believe the next decade will be India's decade."

Philips reported double-digit growth across consumer and health systems, led by premium segments. Following discussions with Prime Minister Modi and the Health Ministry, the company sees significant opportunities to expand AI-enabled care within and beyond hospitals.

Coca-Cola said it owns seven of India's top 10 beverage brands and is investing in affordable offerings, cold-drink equipment and market execution to deepen consumer engagement.

Noble Corporation sees India as a source of longer-term deepwater growth, although ONGC's planned multi-rig exploration campaign has likely been delayed by around one year. "India's multi-rig exploration campaign appears delayed by planning and funding lead times rather than cancelled, and we expect the tenders to return after roughly a year," the offshore drilling contractor said.

The credit analytics company reported an inflection in India, with revenue accelerating to 8 per cent and its largest-ever quarter of new sales. Management expects similar growth in Q3 before accelerating in Q4 as comparisons ease.

Mondelez reported an exceptionally strong Biscoff launch in India, with its first production line sold out from its opening month. The company is accelerating construction of a second line and added another 100,000 stores.

DWS Group expects its alternatives joint venture with Nippon India to close imminently, with inflows expected from 2027. The partnership extends further, with DWS distributing global products in India and Indian products internationally.

The packaging machinery manufacturer expects its new Indian plant to open in Q3 2026, although meaningful benefits will likely emerge only in 2027 as it develops the workforce and local supplier base.

Cognizant recorded an $81-million one-time benefit from partially reversing an India defined-contribution liability following changes to the Labour Code. Related defined-benefit costs should remain around $10 million per quarter. The company is also progressing its evaluation of a potential primary offering and secondary listing in India, working with regulators and external stakeholders.

Sensata Technologies reported India revenue growth of more than 40 per cent in Q2 and over 50 per cent year-to-date. Following a visit by senior leadership to the Pune engineering centre, the company announced a new manufacturing facility in Chennai to localise production.

Renault reported a strong response to the new Duster in India, contributing to a 61 per cent increase in sales compared with 2025.

Schneider Electric, now with India as its third-largest market, is preparing to manufacture coolant distribution units in Bengaluru to serve international markets. "We will progressively export India-made products, beginning with nearby markets such as West Asia," the energy management company said.

AlphaScala's proprietary scoring puts KO at 48/100, MDLZ at 45/100 and CTSH at 42/100, each labelled Mixed, reflecting balanced fundamentals against current market conditions.