Welcome to the 98th edition of The Chatter — a newsletter where we dig through what India’s biggest companies are saying and bring you the most interesting bits of insight, whether about the business, its sector, or the wider economy. We read every major Indian earnings call and listen to the interviews so you don’t have to.
We’re always eager to improve—please share your ideas on how else we can innovate “The Chatter” format to better serve your needs.
In this edition, we have covered 4 companies across 4 industries and 3 Interviews & 1 speech from Regulators.
Regulators
Securities and Exchange Board of India
Reserve Bank of India
Department of Investment and Public Asset Management, Ministry of Finance
Financial Services
Jio Financial Services Limited
Software Services
Wipro Limited.
FMCG
Bajaj Consumer Care Limited
Media & Entertainment
Tips Music Limited
Regulators
SEBI SAMVAAD - India Open Finance Summit 2026 Sahamati Annual Conference
SEBI is the primary regulatory body for the Indian securities and capital markets, overseen by the Ministry of Finance. It is responsible for protecting investor interests, promoting market development, and regulating institutions such as stock exchanges and mutual funds.
[Speech]
India’s investor population is growing rapidly, with a fourfold increase in participants and 20% annual growth in mutual fund assets. This broad shift toward financial assets suggests a long-term structural expansion of the Indian capital markets.
“The number of unique investors in the securities market has grown fourfold since FY19, reaching over 150 million. Mutual fund assets have grown at about 20% annually over the past decade, reaching around ₹83 trillion. Our markets are also offering a much wider range of investment opportunities. Beyond traditional equity and debt instruments, investors today have access to mutual funds, REITs, InvITs, SIF and other investment products. These developments reflect an important shift. An increasing number of households are participating in financial markets.”
— Tuhin Kanta Pandey, Chairman, SEBI
As people invest in more types of assets across different platforms, managing a complete financial view has become significantly more complex. There is a critical need for systems that can consolidate these fragmented data points into a single, useful view.
“As financial portfolios become more diversified, investors need a more comprehensive understanding of their financial position. The challenge is no longer simply access to financial information. It is also about bringing that information together and making it useful. Consider a simple example. An investor wishes to assess whether he has sufficient financial resources to make a new investment, purchase a house or plan for retirement. He may need to look at his bank balances, mutual fund investments, equity holdings and other financial commitments. All this information exists. But it may be spread across several institutions.”
— Tuhin Kanta Pandey, Chairman, SEBI
The Account Aggregator system allows for secure, digital sharing of financial data between institutions with the user’s permission. This infrastructure will speed up lending and financial planning by removing the need for manual paperwork and physical documents.
“The Account Aggregator framework is an important innovation in India’s digital financial infrastructure. It enables wider coverage of financial assets and facilitates secure and consent-based sharing of financial information with a regulated financial institution. This can reduce paperwork, avoid repeated submission of documents and make financial services more efficient. We are already seeing its applications across the financial sector. In lending, access to consented financial information can help institutions assess borrowers more efficiently, including individuals and businesses with limited conventional credit histories. In personal finance management, it can help individuals understand their income, expenditure, savings and investments.”
— Tuhin Kanta Pandey, Chairman, SEBI
Investment advisors can now access a client’s full investment portfolio across different providers to give more comprehensive advice. This transition from siloed data to holistic views is supported by new rules allowing depositories and mutual funds to share data securely.
“In securities markets, the framework offers significant opportunities for investment advisory and other investor-facing services. This can help move financial advice beyond an assessment of isolated investments towards a more holistic understanding of the investor. SEBI’s Initiatives: Enabling Greater Participation and Utility. We have enabled depositories and Asset Management Companies, through their Registrars and Transfer Agents, to participate in the Account Aggregator framework as Financial Information Providers. This enables investors to share information relating to their demat holdings and mutual fund investments with authorised Financial Information Users, based on their explicit consent.”
— Tuhin Kanta Pandey, Chairman, SEBI
Over 400 financial institutions are already participating in the new data-sharing network as either providers or users of information. The focus is now shifting from simply getting companies to join to ensuring the system actually creates value for end investors.
“There are around 48 SEBI-regulated entities participating as Financial Information Providers, while 378 entities are participating as Financial Information Users. These include stock brokers, investment advisers, portfolio managers, mutual funds and other market intermediaries. This is an encouraging development. But participation alone is not the ultimate objective. What matters is whether this infrastructure is being used to deliver meaningful benefits to investors. We are therefore actively engaging with Sahamati and market participants to identify practical opportunities for wider adoption.”
— Tuhin Kanta Pandey, Chairman, SEBI
SEBI is planning to expand the types of data that can be shared, including more detailed information on stock and mutual fund holdings. They are also working to include bank deposit balances in standard investment statements to provide a truly unified financial snapshot.
“One area of focus is improving the availability and quality of relevant securities-market information. We are working towards facilitating the sharing of additional information fields relating to mutual funds and securities holdings, subject to appropriate consent and safeguards. Besides, we are also working to facilitate the inclusion of bank deposit information in eCAS through the Account Aggregator framework. This would help investors obtain a more comprehensive view of their financial assets by bringing bank deposit information alongside their existing securities-market investments.”
— Tuhin Kanta Pandey, Chairman, SEBI
New interoperability standards will allow investors to share data across different platforms without being limited by which service provider they use. This move will make the data-sharing ecosystem much more user-friendly and efficient for all market participants.
“Going ahead, Interoperability among Account Aggregators, once implemented, would enable investors to access and share financial information more seamlessly, without being constrained by a contractual relationship between a particular FIP and a particular AA. The recent announcement by RBI on interoperability is therefore a welcome step. These efforts reflect a common objective — to make financial information more accessible, comprehensive and useful to investors.”
— Tuhin Kanta Pandey, Chairman, SEBI
As the data-sharing network grows, the regulator is placing a high priority on data accuracy, clear user consent, and security. Establishing strong accountability and dispute resolution systems will be essential to maintaining investor trust in these digital services.
“Data must be accurate, consistent, sufficiently comprehensive and available in a timely manner. Consent must be meaningful. Individuals should understand what information is being shared, with whom and for what purpose. The information should be used only for the authorised purpose, with appropriate safeguards against misuse. As more institutions participate and new applications emerge, robust standards, effective grievance redressal and accountability will become increasingly important. This is where Sahamati, as an SRO, can play a valuable role.”
— Tuhin Kanta Pandey, Chairman, SEBI
Reserve Bank of India’s Post-Monetary Policy Press Conference
The Reserve Bank of India is the nation’s central bank and regulatory body responsible for managing the Indian Rupee and monetary policy. It oversees the banking sector, maintains price stability, and manages the country’s foreign exchange reserves and payments systems.
The RBI has shifted its monetary policy stance to ‘tightening,’ effectively ruling out any interest rate cuts in the immediate future. This pivot signals that investors should prepare for a ‘higher-for-longer’ interest rate environment as the central bank prioritises core inflation over temporary supply-side fluctuations.
“But obviously, we have clarified by changing the stance that there is no rate cut in the near term. What we are contemplating is either a pause or a rate hike. How deep the rate hike or shallow the rate hike will be, will depend on the evolving macroeconomic conditions and the growth-inflation dynamics. Referring to headline alone, as we have been mentioning, while headline is our target as given to us by the Government, and we continue to focus on trying to bring headline to the target of 4%, but that is not the only thing to be seen. As we have said, the underlying inflation, the path where it is going, because especially in these times when a lot of the increase in headline inflation is because of, one, base effect, and other supply-side factors. So, headline alone may not be the right measure, and so we have to look at other measures which we have given, including core, diffusion indices, etc., so as to be able to get a view, so as to be able to infer as to what the underlying inflation is and where it is moving to.”
— Shri Sanjay Malhotra, Governor, Reserve Bank of India
Bank credit growth in India has reached record levels of 19%, driven by robust domestic demand and economic activity. Management expects this strength to persist despite rising interest rates, suggesting a healthy outlook for bank earnings and asset deployment.
“Your first question on credit growth - as I mentioned even earlier, in the last press conference, it has been at all-time highs, I think, in the past, the data that we have, 19% growth rate is amongst the highest. And it is because of a number of reasons. Will it moderate going forward? I think it will continue to be strong. A few percentage points here and there should not really matter too much in the overall scheme of things, but it will continue to support. It will be strong and continue to support growth.”
— Shri Sanjay Malhotra, Governor, Reserve Bank of India
Despite aggressive lending by Non-Banking Financial Companies (NBFCs), the regulator currently sees no systemic risk to asset quality. This reassurance provides comfort regarding the stability of the shadow banking sector even as they face stricter supervision.
“We do not see any issues or concerns relating to asset quality with regard to NBFCs. We are always alert to such risks getting developed, not only from an asset quality point of view, but as noted by the MPC, also on demand and price pressures getting built. So we are conscious of such risks, but we do not see any such risks getting built as of now.”
— Shri Sanjay Malhotra, Governor, Reserve Bank of India
India has successfully raised $135 billion through FCNR(B) deposits, which will help fund credit demand and stabilise the current account. Management’s confidence in a shifting Balance of Payments surplus suggests that the pressure on foreign exchange reserves is expected to be short-lived.
“First of all, I would like to say that such a significant achievement with FCNR (B), around USD $135 billion, reflects the strength of our country’s macroeconomic fundamentals and our economy. In such a short time and in such large volume, we have garnered these deposits, close to USD $135 billion. As far as the banks are concerned, I have full confidence that the banks will deploy these deposits prudently, after careful consideration, as they have done in the past and will do in the future. As you can see, there has certainly been a 19% growth in credit. We have a very high requirement and need for credit, so this is fulfilling an unmet demand. The banks will continue to do this prudently; that is our confidence in them. As far as the question of repaying it is concerned, as I told you, our macroeconomic fundamentals are very strong. This is a temporary development due to external headwinds, which has caused a slight dip in flows and put some pressure on our current account. It is a temporary issue, and sooner than later, our external sector will become even stronger from here. We are receiving all indications of this, whether it is gross FDI, services exports, remittances or the various steps being taken by the Government of India for reforms, ease of doing business, expanding FDI in sectors like insurance and others, or the rationalisation of tax-related and other measures regarding government securities. Because of all these, we have full confidence that soon our BoP, which is in deficit right now, will move into surplus, as has been the case in previous years. We have adequate forex reserves, relying on which we will use them to repay this.”
— Shri Sanjay Malhotra, Governor, Reserve Bank of India
The current excess liquidity in the banking system is expected to drain naturally through currency leakage and active central bank interventions like OMOs and swaps. Investors should expect a tightening of market liquidity, which may lead to higher short-term borrowing costs for corporations.
“As I said, it’s not very long that we expect these surplus liquidity conditions to last. Within this financial year itself, I expect a large amount of this liquidity, without giving numbers, ₹ 3-4 lakh crore is generally in any year the CIC leakage that happens. Then the sell-buy swaps that we have already done, we are doing. We have other tools like OMO, the VRRs that we are using, the spot intervention that we do to support the rupee. All these things, I do not expect, without giving you any numbers, that the liquidity is going to remain in such high surplus mode for a very long period of time.”
— Shri Sanjay Malhotra, Governor, Reserve Bank of India
The RBI has redefined its ‘calibrated tightening’ stance to signal that while rate hikes are possible, they will be strictly data-dependent and measured. This clarification reduces the risk of aggressive, unanticipated rate shocks, providing a more predictable path for bond markets and corporate planners.
“In our context, we have used this more for policy guidance going forward, not so much for whether the policy itself is accommodative or whether it is restrictive. We are using it as a signal for our rates, for our policy action going forward. We use this word calibrated. So tightening means that, as mentioned earlier, rate cut is off the table, and it is only hiking or pause which is a possibility. Calibrated, means, that it’s a milder form. You all understand it’s a milder form of a tightening where the decisions have to be more measured, more calibrated to the evolving macroeconomic conditions. So, it’s more data-dependent rather than kind of predetermined that a hike is, in any case, going to come forward.”
— Shri Sanjay Malhotra, Governor, Reserve Bank of India
India’s economy is showing structural resilience due to high potential growth and strong domestic savings that insulate it from global capital shocks. This internal strength allows the RBI to focus on domestic economic needs rather than being forced to mirror the interest rate policies of advanced economies.
“On potential GDP growth, if you look at the past few years, especially post-COVID, you do see that growth rate has been highly resilient to multiple global shocks, and this growth rate has coexisted with low and stable inflation. That is indicative of high potential growth rate that the economy has. Even in Q1, growth rate of 7.8% coexisted with very low inflation, and that would have been the case perhaps this year as well if two global shocks had not occurred, both climate and oil prices. And there are a number of indicators. Though there are no specific estimates we have, but the indicators show that the underlying strength and potential of the economy has increased. ... If you look at India, there are two or three factors which insulate us from those rising costs. One is fiscal prudence that we have, which stands us out from both in our asset class and certainly from other advanced economies as well. We are not seeing a hyper demand coming from, let’s say, the sovereign, which is the case in other countries. And the other is that we have domestic sources of savings and investments, which reduces our dependence on global capital. So all of these factors make us a little bit more insular than many other countries are, that we have domestic sources of savings, corporates still have a lot of cash, bank credit growth we are looking at, which makes us insulated from what we are seeing globally.”
— Dr. Poonam Gupta, Deputy Governor, Reserve Bank of India
The central bank expects credit growth to moderate slightly toward a sustainable long-term average of 12-14% as previous rate hikes begin to filter through the economy. This guided deceleration is viewed as healthy for the banking system to maintain asset quality while still supporting national growth targets.
“As we noted earlier as well, the credit growth has been we can atleast say, if not all- time high, at least decadal high at about 18%, 19% already. But if we take a long-term average of, say, 10 years, generally, it is seen in the range of 12% to 14%, which is very sustainable and very supportive of growth. Some moderation, in any case, will occur. Yes, as these rates transmit, as we have seen, it typically takes about a couple of quarters for transmissions to materialise. Some moderation will occur relating to demand as well as rate together. But a moderation from 20% to 18% is not bad and will be adequate enough to support growth.”
— Shri Swaminathan J, Deputy Governor, Reserve Bank of India
The RBI has raised its annual average oil price assumption to $95 per barrel due to geopolitical tensions and forward market trends. This upward revision implies a more cautious inflation forecast and potentially tighter fiscal headroom for the upcoming quarters.
“Oil price assumptions are given in the MPR, which has been released this time along with policy. It has increased by US5abarrel,andthereasonisre-escalationoftheconflict,pricesremaininghigh,andtheforwardmarketspredictingthatthepriceswouldbehigherthanwasseeninthelastcoupleofpolicies.So,takentogether,itisanincrease,butit’s,quantitatively,notaverylargeincrease.Asyouknow,thesituationisevolving,andthisisourbestestimateatthistimeofhowtheannualaveragewillturnouttobe....US95, yes.”
— Dr. Poonam Gupta, Deputy Governor, Reserve Bank of India
The RBI is pushing for the integration of bank deposit data into Account Aggregators and Consolidated Account Statements (CAS). This digital transformation is set to empower consumers and wealth managers with a complete view of financial assets, likely boosting the fintech and asset management industries.
“So, Account Aggregator is an important means, and I would like all of you to kindly publicise this, because it is of use not only for the economy, even for you as individuals, because it gives you an overview of all your financial assets. And so, this is now a step to integrate the information that could have been got through a number of account aggregators. There are, I think, at least 15 or so of these account aggregators, so the information was quite disaggregated. And by integrating them, now it is possible for you as individuals, as well as for other users - could be insurance brokers, could be asset managers, and investment advisors, etc., to take data with consent, with consent of the individual concerned, and appropriately advise all of us. So, this is one, and the other is, some of you would be getting a CAS, a Consolidated Account Statement. It does not have information on bank deposits, which is a missing piece. So, we are now trying to facilitate that information relating to bank deposits across all banks, whichsoever are already onboarded, and rest will be over a period of time, with anyone account aggregator to get available to you through CAS.”
— Shri Sanjay Malhotra, Governor, Reserve Bank of India
SEBI WTM on CAS Overhaul & New Closing Auction Rules
The Securities and Exchange Board of India (SEBI) is the principal regulatory body for the Indian capital markets. It is responsible for protecting the interests of investors and regulating the securities market through policy formulation and enforcement.
SEBI implemented a new Closing Auction Session specifically for stocks in the derivatives segment to improve how final daily prices are determined. This move aligns Indian market infrastructure with global standards following nearly a year of public debate.
“The Closing Auction Session was introduced in the equity cash segment on August 3rd for stocks with available derivative contracts (FNO stocks). The primary intent was to facilitate efficient and transparent price discovery for closing prices. That decision followed extensive stakeholder deliberations, including two rounds of public consultation in December 2024 and August 2025.”
— K. V. R. Murty, Whole-Time Member
The initial rollout of the auction system caused unintended price swings and allowed some traders to exploit indicative values for speculative gains. This feedback prompted the regulator to re-examine how cash market auctions interact with the derivatives segment.
“Prior to CAS, closing prices were determined using a Volume-Weighted Average Price (VWAP) during the final continuous trading window. However, after rolling out CAS, market participants highlighted key operational issues—specifically, heightened volatility in the indicative equilibrium prices of underlying stocks and indices, unhelpful interactions between cash and derivative markets, and the misuse of indicative index values to take speculative derivative positions. We also observed sharp price movements in expiring index options on expiry days.”
— K. V. R. Murty, Whole-Time Member
The regulator processed a massive volume of feedback from a wide range of market participants to refine the trading rules. This suggests the resulting framework is a compromise that addresses the concerns of both retail and institutional players.
“As a responsive regulator, SEBI objective evaluates ground-level feedback to ensure optimal regulation in the best interest of investors. During our recent consultation process, we received nearly 35 lakh responses from approximately 20,000 market participants—including stock exchanges, industry associations, FPIs, mutual funds, retail brokers, institutional brokers, proprietary firms, and retail investors. Every piece of feedback was evaluated carefully to shape this framework.”
— K. V. R. Murty, Whole-Time Member
SEBI has confirmed that the closing auction mechanism is a permanent fixture of the Indian market despite early growing pains. The regulator is committed to global standards but will modify them to fit the unique behaviour of local traders.
“Closing auction sessions are a globally accepted standard for transparent price discovery, and domestic stakeholders repeatedly represented that India should align with major global markets. CAS is here to stay, as confirmed in our latest circular. However, we must accommodate the specific structural realities of the Indian market.”
— K. V. R. Murty, Whole-Time Member
A major technical change involves reverting to the continuous trading window for calculating derivative settlement prices while keeping the auction for the cash market. This separation is intended to reduce volatility on expiry days while allowing auction liquidity to grow naturally.
“While CAS remains active for price discovery, we tweaked how the settlement price for derivative contracts is calculated. Under the revised circular, derivative contract settlement will be determined using the continuous trading session from 3:00 PM to 3:30 PM. Over the past two months, liquidity and participation in CAS have built up steadily.”
— K. V. R. Murty, Whole-Time Member
The regulator is monitoring how trading volumes shift as participants adapt to the new auction and settlement rules. Any further changes will only happen after additional rounds of public feedback rather than through sudden directives.
“As market participants grow more accustomed to the mechanism and liquidity deepens, SEBI will evaluate future adjustments through formal public consultation.”
— K. V. R. Murty, Whole-Time Member
SEBI has committed to a one-year observation period where the current rules will remain stable to allow for data collection. This provides investors and brokers with much-needed regulatory predictability for the next twelve months.
“Yes, the regulator will observe how the market operates under this framework for at least one year. After collecting adequate operational data and allowing participants to fully adapt to the Closing Auction Session, SEBI will review the framework and engage in further public consultation if any additional modifications are required.”
— K. V. R. Murty, Whole-Time Member
The regulator acknowledges that while it follows global best practices, it must account for the specific ways Indian traders behave. This philosophy suggests a tailored approach to regulation rather than a strict copy of international templates.
“Every market possesses unique structural characteristics, and market participants adapt their behaviour to local market conditions. While direct comparisons with other global jurisdictions are not always appropriate, SEBI continuously aligns domestic frameworks with global best practices. Indian markets are robust and transparent, supported by a regulator that actively gathers market feedback to protect investor interests.”
— K. V. R. Murty, Whole-Time Member
Initial industry response to the revised settlement rules has been favourable, and firms are now updating their software to comply. The regulator believes the new balance successfully protects market integrity without disrupting daily trading operations.
“The feedback on the updated circular has been overwhelmingly positive. As stock exchanges and brokerage firms operationalise these software and workflow changes, we expect further constructive inputs. We are confident that this calibrated approach addresses industry concerns while maintaining robust market integrity.”
— K. V. R. Murty, Whole-Time Member
DIPAM Secretary on IDBI Bank Sale to Fairfax
IDBI Bank is a leading Indian financial institution providing a wide range of commercial banking and financial services to retail and corporate customers. The bank is currently transitioning from government and LIC ownership to a private sector model through a landmark strategic disinvestment process.
The government expects to finalise the sale and sign the formal purchase agreement by March 2025 once the RBI completes its final review. This timeline provides investors with a clear horizon for when the mandatory open offer for minority shareholders will be triggered.
“Following Cabinet approval, the strategic buyer will now formally present its credentials to the Reserve Bank of India. During the Expression of Interest (EoI) stage, all interested bidders underwent an initial fit-and-proper assessment by the RBI, and only qualified bidders progressed. The winning strategic buyer will submit technical documentation and a detailed roadmap to meet the conditions set by the RBI, including the ownership glide path. Once regulatory approvals are secured, the Share Purchase Agreement (SPA) will be signed between the Government of India, LIC, and the strategic acquirer. Immediately after signing the SPA, the buyer will trigger an open offer for minority shareholders, which represents approximately 5.3% of the equity float. We expect to close the transaction in all respects by the end of the current financial year, enabling both the Government of India and LIC to realise their equity proceeds.”
— Arunish Chawla, Secretary, DIPAM
While the majority stake is being sold to a private buyer, the government will hold onto 15% of the shares for a future gradual exit. This suggests that the remaining government stake will eventually boost the stock’s public float through periodic market sales.
“This is a strategic restructuring where IDBI Bank’s promoter will transition from LIC to the new private owner. Post the 60.72% stake acquisition, the Government of India will retain a 15% residual stake. The Cabinet has delegated powers to the Alternative Mechanism to divest this residual holding via open market secondary sales over time, depending on market conditions, allowing retail citizens to participate in the wealth created.”
— Arunish Chawla, Secretary, DIPAM
Regulators have required LIC to trim its remaining holding in the bank down to 15% within a two-year window following the sale. This mandatory selling will likely increase the trading liquidity of the stock as more shares enter the public market.
“Meanwhile, the RBI has mandated LIC to reduce its residual stake from 19% to 15% within two years of closing the deal. Meeting that regulatory requirement will release an additional 4% into the public float for ordinary investors.”
— Arunish Chawla, Secretary, DIPAM
The government anticipates that shifting to private management will significantly improve the bank’s profitability and net interest margins. Investors should watch for a narrowing of the performance gap between IDBI and its private-sector peers as these operational changes take hold.
“Minority and retail shareholders stand to benefit significantly from superior corporate governance, modernised technology architecture, and private sector operational efficiencies. Our internal research shows that private sector banks operated with net interest margins 64 basis points higher than public sector banks last year. That 64 basis point spread represents real productive efficiency for the banking sector and the wider economy, narrowing the gap between deposit costs and lending yields while creating sustainable shareholder value.”
— Arunish Chawla, Secretary, DIPAM
The incoming promoter must resolve their ownership of two separate banks within two years to comply with strict licensing rules. This regulatory constraint ensures that the buyer must fully commit to a single consolidated banking strategy, reducing long-term corporate complexity.
“Under RBI fit-and-proper regulations, a single parent entity cannot hold multiple universal banking licenses in India. Consequently, the buyer must either merge CSB Bank with IDBI Bank or divest its existing holding to an independent buyer within two years of closing. This condition is explicitly embedded in both the RBI clearance and the Share Purchase Agreement. If a merger is pursued, the government’s position remains unaffected because we transition into a public shareholder holding a 15% residual equity stake. The responsibility of managing, capitalising, and restructuring the bank rests entirely with the new promoter.”
— Arunish Chawla, Secretary, DIPAM
The IDBI sale is set to become the largest foreign investment ever in India’s financial services industry at approximately $5.6 billion. This massive capital inflow validates the global demand for Indian banking assets and provides a major boost to the government’s fiscal health.
“DIPAM has developed deep technical and market research capabilities to execute complex market transactions, as demonstrated with the LIC public offering. This IDBI Bank transaction represents the largest foreign direct investment in the Indian financial services sector, delivering approximately $5.6 billion in FDI alongside substantial fiscal revenues. While geopolitical volatility creates headwinds for public finances and the balance of payments, this transaction strengthens both. We will continue tapping market opportunities through disciplined disinvestment and Offer for Sale (OFS) mechanisms as market conditions permit.”
— Arunish Chawla, Secretary, DIPAM
The government is using a new 50-50 capital structure for subsidiary listings to ensure it receives dividends while companies keep funds for expansion. This strategy aims to stabilise non-tax revenue for the government even if traditional oil-sector dividends fluctuate.
“Dividend receipts are entering their peak window as CPSEs conclude their AGMs and remit final dividends for the previous fiscal year. While geopolitical turbulence in crude oil markets may cause some dividend moderation across downstream oil marketing companies, we are offsetting that shortfall through new listings of state-owned subsidiaries, including Coal India subsidiaries and India Infrastructure Finance Company Limited (IIFCL). These listings unlock capital through a balanced 50-50 structure, where 50% of the monetisation proceeds are paid out to the government as special dividends, while the remaining 50% is retained by the enterprise to fund internal capex programs.”
— Arunish Chawla, Secretary, DIPAM
The government maintains a firm commitment to continuing its broad program of selling and restructuring state-owned assets. This indicates a steady pipeline of upcoming investment opportunities in public sector enterprises for the foreseeable future.
“While I will not comment on individual CPSE names, the strategic restructuring and disinvestment pipeline approved by the government will continue to move forward systematically, and further milestones will be announced in due course.”
— Arunish Chawla, Secretary, DIPAM
Financial Services
Jio Financial Services Limited | Large Cap | Financial Services
Jio Financial Services is a technology-led financial services company providing lending, insurance, payments, and asset management solutions. The company leverages its massive capital base and strategic global partnerships to offer a full-stack digital financial ecosystem across India.
[Concall]
Management is focusing on building a comprehensive financial ecosystem that covers all consumer financial needs through a single digital platform. This matters for investors because it creates a ‘flywheel’ effect where customer acquisition costs are lowered as users adopt multiple services within the same brand.
“To contextualise our progress, I want to emphasise our overarching objective: building a full-stack financial services institution anchored by dedicated operating entities across the four pillars of borrow, invest, transact, and protect, with the JioFinance app serving as a central engine supporting the incubation and scale-up of these diverse businesses, which together form a virtuous flywheel of financial offerings designed to cater to the needs of all Indians. This full-stack franchise is anchored by five structural moats: our brand strength, a strong capital base, zero tech debt, cost engineering at scale, and a late-entrant advantage, which allows us to observe and learn from evolving market dynamics and adapt with agility.”
— Hitesh Sethia, Managing Director & CEO
The company is reporting massive growth in its loan book while simultaneously purging low-margin payment volumes to improve profitability. This indicates a shift from pursuing raw scale to prioritising sustainable, high-quality earnings across its payment and lending business lines.
“In our lending business, Jio Credit’s gross assets under management rose to Rs.37,320 crores as of September 30, 2026, representing 154% year-on-year growth and steady sequential expansion over Q1 FY27. In payments, Jio Payments Bank expanded its customer base to Rs.643 crores, up 53% year-on-year across 40 lakh CASA accounts. At Jio Payment Solutions, total payment value, or TPV, stood at Rs.14,682 crores. The quarter-on-quarter adjustment in TPV was a deliberate outcome of our strategic pivot towards margin-accretive merchant sectors. While this focus led to planned customer churn in lower-margin segments, it helped us realise a higher net processing margin, giving us a base to grow volumes further with strong unit economics.”
— Hitesh Sethia, Managing Director & CEO
Jio is bringing in massive growth capital through a new partnership with Bank of America and launching zero-brokerage investment tools. Investors should see this as a sign of the company’s ability to attract global capital and disrupt the retail broking market simultaneously.
“In our lending vertical, we struck a landmark partnership during the quarter with Bank of America, agreeing to acquire a 49.9% stake in Jio Credit. The transaction, which is subject to regulatory approvals, is expected to bring around Rs.18,000 crores in growth capital. In our investment vertical, Jio BlackRock Asset Management broadened its product line across categories, while Jio BlackRock Broking went live with its self-directed investing platform featuring an introductory zero-brokerage structure across stocks, ETFs, and IPOs.”
— Hitesh Sethia, Managing Director & CEO
The lending portfolio is split between long-term mortgages and shorter-term corporate or SME loans to balance duration and risk. This diversified approach helps the company maintain a stable interest income profile while protecting against sector-specific downturns.
“Our AUM mix remains well-balanced across our targeted borrowing cohorts. Mortgages, comprising home loans and loans against property, account for 44.5% of the total portfolio, with an average ticket size of Rs.1.4 crore and an average tenor of 15.9 years. Corporate and SME loans represent 44.2% of the book, with an average tenor of 3.26 years, while retail loans against securities account for 11.3%, carrying an average ticket size of Rs.1.3 crore and an average tenor of three years. In terms of the disbursement mix for Q2 FY27, mortgages contributed 26.1%, loans against securities represented 20%, and corporate and SME loans accounted for 53.9%. This prudent product diversification, coupled with our automated and digital-first underwriting frameworks, positions Jio Credit to capture market share even as we continue to scale within risk management guardrails.”
— Ganesh AR, Group Executive & CTO
Jio Financial is aggressively tapping debt markets to fund its lending growth while keeping borrowing costs very stable near 7%. This stability, combined with floating-rate loans, protects the company’s profit margins even if market interest rates fluctuate.
“Our borrowing trajectory for the quarter total borrowings stood at a little over Rs.42,000 crores, representing a 250% year-on-year increase, and up sequentially from Rs.28,120 crores in Q1 FY27. This expansion directly supports the rapid scaling of our loan book. Our borrowing mix remains well-balanced across multiple debt instruments. Bank loans, including working capital, demand loans, and term loans, constitute around 50% of our total borrowings, down from 60% in Q2 FY26. Additionally, cost-efficient borrowing through TREPS was introduced during the quarter. Our average cost of borrowing, excluding TREPS, stood at 7.08% in Q2 FY27 compared to 7.07% in Q1 FY27, demonstrating strong stability in a dynamic interest rate environment. On interest rate risk management, over 70% of our assets under management are at floating rates, enabling interest rate adjustments to be seamlessly passed on to borrowers with minimal time lag.”
— Ganesh AR, Group Executive & CTO
The company is choosing to shrink its payment volumes to focus on more profitable segments like exporters and small businesses. This has resulted in a 55% increase in processing margins over the last year, signalling a more mature approach to digital payments.
“Turning to our operating and financial metrics, our total payment value for the quarter stood at Rs.14,682 crore. As Hitesh mentioned earlier, the sequential movement in volume reflects our deliberate strategy to prioritise margin-accretive business. We are focused on ensuring that every transaction positively impacts both our top line and bottom line. Consequently, we chose to let go of certain high-volume, low-margin engagements, as our focus remains firmly on profitable growth rather than volume expansion alone. To drive profitable growth, we are actively pursuing high-margin segments, including small and medium businesses as well as exporters. As a result of this prudent customer mix and portfolio rationalisation, our processing margins expanded significantly. Our net processing margin increased to 14 basis points in Q2 FY27, up from 9 basis points in Q2 FY26 and 12 basis points in Q1 FY27.”
— Ganesh AR, Group Executive & CTO
The company is using advanced AI agents to provide personalised financial advice and products directly to users through its app. This strategy aims to build a deep competitive moat by becoming the primary trusted advisor for a customer’s entire financial life.
“Going forward, the moat in financial services is going to be owning the customer’s decision-making process. That moat has to be built over time with features that keep users engaged and guide them towards financial well-being with trust, transparency, and security. Earlier this year, we launched a major update to the JioFinance app, transforming it into a neural agentic marketplace powered by 50 AI agents and 10 machine learning models. This advanced architecture forms an intelligent conversational layer that dynamically synthesises customer data to deliver precise financial insights and personalised recommendations. Building on the intelligence and value-backed propositions of the JioFinance app, we continue to expand our product suite, offering a comprehensive range of financial services.”
— Ganesh AR, Group Executive & CTO
The asset management joint venture is scaling rapidly, with nearly 20% of its customers being first-time mutual fund investors. This shows the company is successfully tapping into under-penetrated markets in smaller Indian cities to drive new growth.
“Jio BlackRock Asset Management’s AUM crossed Rs.22,746 crores, reflecting robust growth both year-over-year and sequentially. As highlighted in our distribution strategy, we have now partnered with over 15,000 mutual fund and special investment fund distributors who are empanelled, and have launched regular plans across all of our product offerings to complement our direct plans. Our digital-first approach has proven highly successful in expanding the broader market. 18.6% of our retail customers are new to mutual funds, while over 40% of our retail AUM originates from beyond the top 30 cities in India. I am happy to report that some of our specific funds have emerged as top performers in their segments. Our liquid fund has been the top performer in its segment since inception, maintaining a quarterly average AUM of over Rs.10,000 crores during the quarter.”
— Annapurna Venkataraman, Group Executive & CFO
Management believes that new, stricter insurance regulations will lead to industry consolidation that benefits larger players like Jio. This suggests the company is positioned to gain market share as smaller competitors struggle to meet higher regulatory standards.
“Let me touch upon the draft regulations on insurance distribution recently published by the IRDAI. We welcome any regulatory modifications aimed at enhancing customer transparency, boosting value, and safeguarding policyholder interests. We view this as a significant regulatory shift that will reshape the industry landscape and may lead to consolidation. However, larger, well-capitalised, and technology-driven players like Jio Insurance Broking should be able to strengthen their presence, also benefiting from being part of a larger and integrated financial services ecosystem. We will continue to remain customer-first, with an unwavering focus on delivering simple, transparent, and seamless solutions tailored to the evolving needs of our customers. We are closely monitoring the developments surrounding these draft guidelines and will recalibrate our business strategy as appropriate based on the final regulations.”
— Annapurna Venkataraman, Group Executive & CFO
Jio’s core income from lending and fees is growing triple-digit, reducing its reliance on investment dividends. For investors, this marks a transition into a fully operational business where earnings are driven by active customer services rather than passive holdings.
“Consolidated total income, excluding dividend, increased 132% year-over-year and 14% sequentially to Rs.1,699 crores. Interest income increased 221% year-on-year and 31% sequentially to Rs.1,258 crores, driven by strong organic traction in our lending business as well as higher scale of treasury operations. Fee and commission income stood at Rs.277 crores, nearly doubling year-on-year, reflecting the operational scale-up and higher volumes witnessed across our payments business and insurance broking. Through strategic portfolio reallocations executed during the quarter, we have ensured that our capital remains productively employed by prioritising safety, liquidity, and yield until these funds are systematically deployed into our high-growth operating businesses.”
— Annapurna Venkataraman, Group Executive & CFO
Software Services
Wipro Limited | Large Cap | Software Services
Wipro is a leading global information technology, consulting, and business process services company headquartered in India. It specialises in digital transformation, cloud computing, and artificial intelligence for a diverse range of industry verticals.
Enterprise clients are shifting their focus toward practical AI applications while continuing to prioritise cost-cutting through vendor consolidation. This stability in demand across global markets suggests a predictable, albeit cautious, spending environment for the near term.
“Looking at the demand environment, our clients remain focused on enterprise AI adoption, practical deployment, and leveraging artificial intelligence for business innovation. At the same time, clients are demanding clear business value and demonstrable return on investment. The dominant operational themes remain vendor consolidation and cost optimisation. Net-net, the enterprise demand environment has remained stable compared to last quarter without significant deterioration. From our perspective, the deal pipeline heading into the third quarter is very healthy and geographically secular across all major markets.”
— Srini Pallia, Chief Executive Officer
A slight dip in large deal bookings this quarter was caused by administrative delays rather than a loss of competitive bidding. Investors should expect these delayed contracts to provide a significant boost to the booking numbers in the third quarter.
“Regarding Q2 large deal bookings, there were a few transactions where clients could not complete final contractual paperwork before the quarter closed, preventing us from booking them in Q2. Those deals will be signed and booked in the current quarter. Entering Q3, our pipeline for large deals is robust across Strategic Market Units and industry sectors. We are very optimistic about total bookings momentum in Q3.”
— Srini Pallia, Chief Executive Officer
The company has issued a cautious revenue outlook for the next quarter to account for seasonal holidays and plant shutdowns at client sites. Management expects a stronger performance in the final half of the year as these seasonal headwinds subside.
“The third quarter traditionally experiences fewer working days and client furloughs, and our revenue guidance of negative 1.5% to plus 0.5% in constant currency factors in that seasonal drag. However, our current expectation is that the second half of FY27 will outperform the first half.”
— Aparna Iyer, Chief Financial Officer
Management is prioritising the conversion of its current backlog of deal wins into actual recognised revenue. Successful execution here is critical for the company to hit its growth targets for the end of the fiscal year.
“We are focused on rigorous in-quarter execution through Q3, and the flow-through of deal bookings will support stronger conversion into revenue during Q4 and subsequent quarters.”
— Aparna Iyer, Chief Financial Officer
Regulatory changes and lower insurance enrollments in the U.S. are weighing down the performance of the healthcare business unit. This segment is expected to remain a drag on margins until these external market conditions stabilise in the coming quarters.
“Healthcare has been under pressure across both the Americas and Europe due to a combination of client-specific transitions and broader regulatory shifts in discretionary healthcare spending. Specifically, our HealthPlan Services business, which supports the Affordable Care Act exchange operations, is navigating softer insurance membership enrollments. While these dynamics will create near-term friction over the coming quarters, our underlying pipeline remains healthy. Given our strong multi-year track record in healthcare, we expect these headwinds to normalise over the next few quarters.”
— Aparna Iyer, Chief Financial Officer
The company plans to step up its recruitment efforts significantly in the coming months after a period of using up existing staff reserves. This pivot toward higher hiring indicates that management expects a higher volume of project work in the near future.
“During the first half of the fiscal year, campus hiring was subdued because we maintained a healthy bench from which we onboarded approximately 1,000 campus graduates. In the second half, we plan to accelerate campus and lateral intake toward our annual baseline run rate of approximately 7,500 hires, although full-year figures may land slightly below that mark. On a year-on-year basis, our total headcount remains broadly comparable to the same period last year.”
— Saurabh Govil, Chief Human Resources Officer
Wipro is focusing on maximising the productivity of its current workforce through better scheduling and new AI-driven software tools. These internal efficiencies are designed to protect the company’s profit margins even if revenue growth remains slow.
“With voluntary attrition holding flat, our operational priority is driving higher employee utilisation and leveraging AI productivity tools across delivery workflows to expand operational efficiency.”
— Saurabh Govil, Chief Human Resources Officer
The company’s acquisition strategy is targeted at buying firms that offer specialised expertise in AI and niche industrial sectors like agriculture and manufacturing. This approach aims to move Wipro into high-value consulting roles rather than just providing commodity IT labour.
“Our inorganic M&A strategy is tightly aligned with our core vision: consulting-led and AI-powered. Any potential acquisition must expand our presence in prioritised industries and target markets. For example, our acquisition of Harman Connected Services expanded our capabilities in design-to-manufacturing and connected digital devices, while opening new enterprise markets. Similarly, the acquisition of MindTree’s capabilities through the Olam partnership strengthened our end-to-end supply chain and farm-to-fork agriculture expertise. Mergers and acquisitions will remain an active growth lever, provided the target asset offers the right strategic, technological, and cultural fit within Wipro’s broader portfolio.”
— Srini Pallia, Chief Executive Officer
FMCG
Bajaj Consumer Care Limited | Small Cap | FMCG
Bajaj Consumer Care is a prominent Indian FMCG firm with a dominant presence in the hair care market, led by its flagship Almond Drops brand. The company is actively diversifying into adjacent personal care categories while aggressively expanding its direct distribution network across India.
The company is reinvesting in its flagship almond hair oil brand through increased advertising and brand refinement to sustain long-term growth. This initiative aims to prove that even a mature market-leading product still has significant room for market share expansion.
“From a medium-to-long-term perspective, we aspire to consistently deliver double-digit growth, and we believe that is fully achievable and sustainable. Over the last five to six quarters, we have focused on building the foundational pillars to support this trajectory. First, we have specifically reinvested behind our core mother brand, Bajaj Almond Drops, by stepping up ad spends, refining our marketing approach, and launching a reinvigorated brand proposition. We believe there remains substantial headroom for growth within Almond Drops itself.”
— Naveen Pandey, Managing Director
Management has successfully turned its new product portfolio profitable, allowing these brands to fund their own future growth without draining resources from the core business. This shift creates a multi-engine growth model that reduces the company’s historical reliance on a single product category.
“Second, our growth portfolio—comprising brands participating in much larger adjacent categories—has delivered disproportionate expansion. Over the last six quarters, that portfolio has turned profitability, which allows us to self-fund and sustain ongoing investments. Combining our core brand focus, the growth portfolio, and direct distribution expansion gives us confidence in delivering consistent double-digit growth over time.”
— Naveen Pandey, Managing Director
Management is targeting 10-15% revenue growth in the short term, with plans for acceleration as its startup-style product incubator scales up. Achieving an exit run rate 30-40% higher than last year is seen as a critical milestone toward reaching their ₹500 crore long-term revenue target for new brands.
“When we guide for double-digit growth in the near term, we are targeting a low-to-mid-teens range, between 10% and 15%. Over time, as our growth portfolio unlocks further scale, that trajectory could accelerate. We manage the growth portfolio much like an internal startup. From an annualized run rate (ARR) perspective, this quarter is tracking roughly 15% above last year’s average run rate, and our exit goal is to be 30% to 40% higher than last year’s baseline. Compounding that over the next two to three years will keep us on track toward our ₹500 crore aspiration.”
— Naveen Pandey, Managing Director
Current revenue figures are being suppressed by falling prices in categories like coconut oil, even though customer demand remains strong as evidenced by higher volume growth. Investors should look at the ₹260 crore annual run rate as a more accurate indicator of the new portfolio’s underlying momentum.
“Importantly, this progress is occurring despite price deflation in key categories like coconut oil, where our volume growth is outpacing reported revenue growth. On an absolute basis, the growth portfolio currently stands at an ARR of approximately ₹260 crore to ₹265 crore.”
— Naveen Pandey, Managing Director
The company is identifying a significant gap in its distribution network compared to larger rivals and plans to close it to drive higher sales. By moving toward a 75-80% peer-reach level, the company expects to see a structural and permanent increase in its revenue base.
“Domestically, Project Aarohan focuses on scaling our direct distribution. Today, our direct distribution reaches roughly 50% to 55% of our larger FMCG peers. We see a clear opportunity to close that gap and reach 75% to 80% of peer direct reach, which will be structurally revenue accretive.”
— Naveen Pandey, Managing Director
After a two-year period of restructuring its distribution logistics, the company is now ready to move into a faster expansion phase. The push into rural markets starting in the upcoming fourth quarter is designed to unlock significant volume growth by FY28.
“The first phase of Project Aarohan required extensive foundational restructuring, including winding down third-party van distribution to transition to direct reach, which took nearly two years across three phases. Going forward, Aarohan will be an annual operational exercise. With Aarohan 2.0, we are targeting a 10% direct reach expansion in urban markets and an even higher increase in rural direct distribution. We will initiate this rollout in Q4 and complete it during FY28 to capture full-year operational benefits.”
— Naveen Pandey, Managing Director
International operations are being overhauled to focus on margins rather than just sales, with a goal of doubling their contribution to total company revenue to 10% within four years. This strategy would create a more diversified revenue stream and reduce exposure to purely domestic economic cycles.
“On international business, following a difficult previous year, our priority has been to fix the fundamentals so that growth is both profitable and sustainable. In the first half of the year, our international division grew ahead of the overall company average with significantly improved profitability. Over the next three to four years, we aim for international operations to contribute close to 10% of our total revenue mix, up from approximately 5% today, by adding roughly one percentage point to the mix each year.”
— Naveen Pandey, Managing Director
Management is prioritising the growth of absolute profit dollars rather than maintaining a fixed margin percentage during periods of high inflation. This flexible financial approach allows the company to make more aggressive strategic investments without being penalised for temporary margin dips.
“Our operational focus is on protecting our absolute gross profit pool and expanding absolute EBITDA over the previous year. In an inflationary environment, managing strictly by percentage EBITDA margins can distort long-term business decisions, so we evaluate our financial delivery on absolute EBITDA growth. Regarding inorganic growth, acquisitions remain on our radar, but until a transaction is signed, there is nothing concrete to announce.”
— Naveen Pandey, Managing Director
Media & Entertainment
Tips Music Limited | Small Cap | Media & Entertainment
Tips Industries is a leading Indian music label and film production house that manages a vast library of film and independent music. The company focuses on monetising its extensive content catalogue through digital streaming platforms and global licensing partnerships.
Management has confirmed it expects at least 20% growth in both revenue and profit for the full fiscal year. This baseline provides investors with confidence in the company’s growth trajectory despite conservative official targets.
“The first half of the fiscal year has been very encouraging, and we comfortably maintain our guidance of 20% growth across both top line and bottom line. While there is potential for an additional 2% to 3% upside given our current momentum, our official baseline guidance remains at 20% revenue and 20% PAT growth for our investors.”
— Kumar Taurani, Chairman and Managing Director
The company strictly limits its spending on new music and films to about one-fifth of its total revenue. This disciplined budgeting helps maintain high profit margins even while the company aggressively expands its content library.
“Content investments remain strictly within our disciplined internal budget parameters. As a corporate rule, we allocate approximately 20% to 22% of our total top line toward content acquisition and production. We will continue to maintain our content investments within that 20% to 22% range of revenue over the course of the fiscal year.”
— Kumar Taurani, Chairman and Managing Director
Management expects operating margins to remain very high between 65% and 70% for the full year. They advise investors to focus on annual results because the timing of specific movie releases can make individual quarters look volatile.
“Full-year margins will normalise within our guided range of 65% to 70%. We consistently encourage investors to evaluate our financial performance on an annualised basis rather than quarter-to-quarter. Quarterly metrics fluctuate depending on release schedules and whether film music releases shift between quarters, such as our internal production from Tips Films shifting from Q4 of last fiscal year into Q1 of this year. Our full-year targets remain intact, and occasional calendar shifts in individual film releases do not impact our overall trajectory.”
— Kumar Taurani, Chairman and Managing Director
Earnings are currently being boosted by a combination of new movie soundtracks and the steady income from older songs. This mix reduces risk because the business does not rely solely on the success of new hits.
“Growth was driven by a strong slate of new releases, including our proprietary Tips Films project and a successful Punjabi release, alongside exceptional compounding performance from our legacy music catalogue. We are confident that this growth momentum will sustain throughout the second half of the fiscal year.”
— Kumar Taurani, Chairman and Managing Director
Music listening usually increases during the second half of the year due to India’s major festival and holiday seasons. This trend acts as a natural catalyst for higher streaming revenue in the coming months.
“The upcoming quarters benefit from seasonal tailwinds across festive and celebration periods—including Navratri, Dussehra, Diwali, Christmas, and New Year—which substantially expand music consumption and streaming volumes across platforms.”
— Kumar Taurani, Chairman and Managing Director
While global partners like Sony and Warner handle about a third of the revenue, the company manages most of its catalogue directly. This high level of direct control allows the company to keep a larger share of the profits from streaming.
“Consumption is expanding across all primary digital platforms, led by YouTube, Spotify, and Instagram, supported by growth in public performance licensing and publishing income. In terms of external distribution partnerships, our global publishing tie-up with Sony Music Publishing for international repertoire contributes approximately 5% to 6% of our top line. In addition, our commercial partnership with Warner Music for OTT and sound recording distribution accounts for roughly 25% to 30% of revenue. In total, external licensing partnerships represent roughly 30% to 35% of our top line, while the remaining 65% to 70% is managed and monetised directly by Tips.”
— Kumar Taurani, Chairman and Managing Director
Tips is currently renegotiating its payment rates with YouTube, which is a major source of traffic and revenue. Successfully finalising these terms could lead to better pricing and revenue growth in the near term.
“We remain in active commercial negotiations with YouTube. Contractual renewals and monetary rate revisions represent an ongoing industry-wide negotiation across major music labels. We expect to conclude discussions and finalise commercial terms during the current quarter.”
— Kumar Taurani, Chairman and Managing Director
The company is prepared to spend its planned budget on new music and film projects through the end of the year. Meeting these delivery targets is essential for maintaining the growth momentum management has promised.
“We have a robust content slate lined up for the second half of the year. We are fully on track to deploy our planned capital expenditure toward content acquisition and production, and we expect to meet our delivery targets for FY27.”
— Kumar Taurani, Chairman and Managing Director
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