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Sectors in Focus

Major Corporate Developments This Week

1. Reliance Industries - Filed Jio Platforms DRHP for a $3-4 billion IPO. At its 49th AGM, announced record FY26 revenue, EBITDA and net profit. Building sovereign AI infrastructure at Jamnagar with 120 MW compute using NVIDIA GB300 GPUs. Launched AI suite (JioBharatIQ to JioKrishiIQ) in 22 languages, announced ₹30,000 crore AI-powered food parks, plans to transform O2C into advanced materials and green chemicals, outlined five growth pathways to double EBITDA by 2032, and reaffirmed ₹100 billion AI-ready data centre investment by 2035 through Adani-style? (Actually Reliance's own AI roadmap). Jio Platforms entered global top-20 in WIPO patent rankings.
2. Adani Enterprises - Announced a strategic alliance with Jabil to build a large-scale AI and data centre infrastructure manufacturing platform in India for domestic and global markets, aligning with its commitment to invest USD 100 billion in AI-ready data centres by 2035.
3. Adani Green Energy - In early talks to raise up to $1 billion through an offshore loan, marking its first overseas borrowing since resolving US legal issues. Also commissioned India's largest Battery Energy Storage System (BESS) at Khavda for round-the-clock renewable energy supply.
4. Adani Ports - Investing up to $100 million with Kaleris to deploy AI-enabled terminal automation across 15 global container terminals as part of an $850 million technology upgrade programme through 2031.
5. Amber Enterprises - Announced manufacturing partnership with Oppo India to manufacture smartphones for Oppo, OnePlus and Realme. Separately, subsidiary IL JIN acquired an additional 38.5% stake in Ascent Circuits for ₹337 crore, increasing ownership to 98.5% and strengthening PCB manufacturing capabilities for mobile electronics.
6. HFCL - Secured ₹2,666 crore BharatNet Phase-III contract from RVNL for Uttar Pradesh West, including ₹1,193 crore implementation and ₹1,473 crore 10-year O&M. Order book reached an all-time high of ₹21,200 crore and the company expects 20-25% revenue growth in FY27 while expanding into defence and aerospace.
7. Bharat Forge - Defence Ministry signed ₹425 crore contract for Marine Gas Turbine Generators for the Indian Navy. Kalyani Strategic Systems partnered with AM General (US) for next-generation mounted artillery systems. Continuing defence expansion with 2.5 lakh carbine order and unveiled MArG artillery series at Eurosatory 2026.
8. Inox Wind - Signed MoU with Inox Clean Energy for supply of 1,500 MW wind turbines, taking total order book beyond 4.5 GW.
9. Kaynes Technology - Received approval for ₹495 crore investment in Karnataka. Formed strategic partnership with Japan's AOI Electronics for OSAT manufacturing and export opportunities, strengthening semiconductor ambitions.
10. Nykaa (FSN E-Commerce) - Targets owned brands' Net Sales Value exceeding ₹5,000 crore by FY30. Dot & Key crossed ₹1,000 crore NSV after growing 13x in three years.
11. CarTrade Tech - Launched 'CarTrade Used Auto', integrating CarWale and OLX India. Targets nearly 2 million annual used-car transactions with potential GMV of ₹1.2 lakh crore. Platform reaches 65 million monthly users and hosts 63% of India's online used-car listings.
12. BEML - Record order book of ₹15,900 crore and highest-ever export order worth $107 million. Targeting ₹5,000 crore revenue from tunnel boring machines and ship-to-shore cranes over the next five years, with future opportunity pipeline of ₹35,000-40,000 crore.
13. Larsen & Toubro (L&T) - To invest ₹2,400 crore in a permanent magnet manufacturing facility in Odisha's Ganjam district, strengthening India's critical minerals and EV supply chain.
14. JBM Auto - Secured ₹750 crore long-term investment to deploy 2,000 electric buses, the largest electric mobility investment by an Indian investor. Plans to expand fleet to 5,000 e-buses within 12 months.
15. Biocon - Aims to become the world's largest insulin supplier within five years, scaling manufacturing capacity as global pharma shifts focus toward next-generation metabolic therapies.
16. Coforge - Guided for 16.5-17% EBIT margins in FY27 and set an ambitious $5 billion revenue target by FY30, driven by AI, large account expansion and acquisitions.
17. GRSE - Successfully built three indigenously designed naval vessels with over 75% indigenous content, further strengthening India's defence shipbuilding capabilities.
18. Chennai Petroleum Corporation (CPCL) - Granted Navratna status, becoming India's 28th Navratna CPSE, providing greater financial and operational autonomy.
19. Astral - Acquired 60% stake in Differentiated and Sustainable Solutions LLP for ₹39.11 crore to strengthen backward integration in adhesives, coatings and construction chemicals.
20. Affle - Acquired AdColony assets from Digital Turbine, expected to increase advertising volumes and improve CPCU rates, supporting its medium-term 20% growth target.
21. Angel One - Margin Trading Facility book reached a record ₹5,449 crore, up 41% YoY. Received approvals to enable Indian investors to invest in US stocks and settled a SEBI case for ₹4.28 crore.
22. HCL Technologies - Invested ₹1,427 crore for a 10.46% stake in Sarvam AI, becoming the lead strategic investor in its $300 million funding round while expanding sovereign AI and enterprise AI capabilities.
23. Tata Motors - India-UK FTA expected to support EV exports. Commercial vehicle prices to rise up to 2.5% from July 1. Continued AI integration with TCS and JLR, guided strong FY27 PV growth, announced ₹76,000 crore product pipeline and progressing with Iveco CV acquisition.
24. Siemens India - Secured Pune Metro traction systems order from Titagarh Rail, covering propulsion, converters, motors and monitoring systems.
25. Titan - Targeting to double consolidated revenue and EBIT by FY30 through sustained growth across businesses.
26. Varun Beverages - Signed franchise agreement with Japan's Asahi Group to manufacture, distribute and sell CALPIS beverages in India from 2026 onwards.
27. Knowledge Marine - Won ₹66 crore order from IWAI for construction and maintenance of 10 hybrid electric passenger ferries under the Harit Nauka initiative, marking the first major external order for its shipbuilding subsidiary.
28. Krishna Defence - Setting up an Electronic Warfare equipment and weapon systems manufacturing facility in Sahibabad, strengthening indigenous defence electronics capabilities.
29. Goodluck India - Subsidiary secured ₹255 crore order for supply of 155 mm long-range artillery shells, expanding its defence manufacturing business.
30. Axiscades - Aerospace and defence now contribute 78% of revenue. Divesting Akkodis business for $30.63 million while earmarking ₹600 crore for aerospace manufacturing, MRO and supply-chain expansion under its Vision 930 strategy.
31. Senco Gold - FY26 revenue grew 33% while operating margins doubled to 11.8%. Acquiring 68% stake in August Jewellery and received ICRA credit rating upgrade.
32. GMR Airports - Delhi Airport recorded an all-time monthly passenger record of 7.2 million in May, while Bhogapuram Airport reached 99.4% completion.
33. Sheela Foam - FY26 EBITDA surged 46% to ₹414 crore with margins expanding to 10.8%, driven primarily by lower foam input costs.
34. Great Eastern Shipping - Added two second-hand tankers through internal accruals, taking fleet utilisation close to 100% and strengthening its tanker portfolio.
35. Oswal Pumps - Secured 63 MW rooftop solar projects under PM Surya Ghar Yojana in Bihar, creating a revenue opportunity of over ₹500 crore.
36. Ashok Leyland - Signed MoU with the Ministry of Road Transport & Highways to participate in the Delhi-NCR old truck and bus replacement programme, offering an 8% discount on eligible vehicles.

TechnoFunda Investing Quote from Legends -

Warren Buffett’s quote, "Time is the friend of the wonderful business, the enemy of the mediocre," highlights the power of compounding and business quality over the long term. A wonderful business — one with strong fundamentals, competitive advantages, and consistent growth — becomes even more valuable as time passes, rewarding patient investors with expanding profits and wealth. On the other hand, a mediocre business struggles to grow or maintain its position, and over time, its weaknesses get exposed, often leading to stagnation or decline. In investing, time magnifies the gap between good and bad businesses.

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Technofunda 101: Sometimes the Graveyard Matters More Than The Monument

What Survivorship Bias Teaches Us About Investing

Every investor studies success. We analyze the companies that created enormous wealth, disrupted industries, and became household names. We read books about legendary founders, dissect annual reports, and search for patterns that explain why certain businesses became extraordinary compounders. The assumption is simple: if we understand what successful companies did right, we can identify the next generation of winners.

The problem is that the sample we study is already biased.

We are studying survivors.

Every remarkable company attracts admiration after success. Once a business has compounded earnings and shareholder wealth for decades, its journey begins to look logical and inevitable. The management appears visionary, the strategy seems obvious, and the decisions look perfectly rational in hindsight. Yet what we often fail to see are the hundreds of companies that once looked equally promising but quietly disappeared along the way. History remembers the winners and forgets the rest.

This is known as survivorship bias—the tendency to draw conclusions from visible successes while ignoring the much larger population of failures.

Consider how we study great businesses. For every Amazon, there were countless e-commerce companies that never survived. For every Nvidia, there were semiconductor businesses that once appeared equally promising but failed to create lasting value. For every legendary compounder, there were dozens of companies with talented management teams, ambitious growth plans, and supportive industry tailwinds that ultimately fell short. The winners become case studies. The failures become footnotes.

Yet the failures are often where the most valuable lessons reside.

Imagine trying to understand entrepreneurship by interviewing only billionaires. You would hear stories about hard work, persistence, optimism, and risk-taking. While those lessons may be useful, they would still be incomplete because you would never hear from the thousands of equally hardworking and ambitious people who never achieved the same outcome. Without understanding the denominator, it becomes easy to overestimate the probability of success.

Investing works in much the same way. For every successful therapy stand countless abandoned molecules. For every dominant platform stand forgotten competitors that once looked equally convincing. For every iconic company stand numerous businesses that appeared to possess the same ingredients for success but never reached the destination. The winners show us what was possible. The failures show us what was probable.

This distinction becomes particularly important because stock market returns follow a power-law distribution. A relatively small number of companies generate a disproportionately large share of long-term wealth creation. Most businesses never become extraordinary compounders. In fact, the reason extraordinary winners exist is because most participants never reach those heights. The monument exists because the cemetery is large.

That is why great investors do not simply study successful outcomes. They study failure rates, competitive dynamics, industry economics, and the reasons businesses disappear. They seek to understand what went wrong, which assumptions proved incorrect, and which risks were overlooked. While success stories are inspiring, failure stories are often more informative because they provide context.

The next time you come across a great company, ask yourself a different question. Instead of asking, “Why did this company succeed?” ask, “Why did everyone else fail?” The first question often produces a compelling narrative. The second produces a deeper understanding of probabilities.

History celebrates the survivor. Markets reward the winner. But investors seeking better judgment should spend more time examining the graveyard than admiring the monument. After all, the monument tells us what happened. The graveyard tells us how likely it was.

And in investing, understanding the odds is often far more valuable than understanding the outcome.

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Keep Compounding...

Vivek Mashrani, CFA Founder, TechnoFunda Investing

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