For Maruti Suzuki, margin > market share

Maruti Suzuki India Ltd. grew by a fifth in FY26 but the bottomline barely moved. That showed in its profitability amid a dwindling market share.

Net profit of India’s largest carmaker by sales rose 1% over the previous year to ₹14,679 crore in the fiscal ended 31 March, on revenue that rose 20% year-on-year to ₹1.83 trillion. Its market share fell below 40% for the first time since at least 2014, even as production and exports rose to an all-time high.

Chairman R.C. Bhargava has made it abundantly clear that the company is not overly concerned about losing market share. His focus is on running plants at full capacity and maintaining profitability. With ~200,000 pending orders even after record sales of more than 2.4 million units, Maruti Suzuki continues to be supply constrained.

To sustain growth, the company is planning additional capacity of 500,000 units in FY27. Exports are emerging as a strong driver, while local demand remains steady.

Bhargava struck an optimistic note on small cars, saying the government is increasingly mindful of affordability concerns. With supportive policies likely, the segment could see a gradual comeback, helping Maruti Suzuki reinforce its core strength in entry-level vehicles. Read more.

MARKET WATCH

As of 9:00 pm, 28 April 2026.

THE MAIN STUFF

UAE’s OPEC exit could ease India’s oil bill

The United Arab Emirates’s decision to exit OPEC can work in India’s favour, for the move is likely to soften crude oil prices over time.

According to experts, UAE’s exit is likely to weaken OPEC’s grip on crude oil pricing and allow the UAE to ramp up production independently. A diversified basket can reduce India’s import bill, and thereby risks to inflation. Still, near-term volatility persists as the Strait of Hormuz remains choked without an end to the Iran war in sight. Read more.

Paytm’s life without a bank licence

The cancellation of Paytm Payments Bank’s licence marks the end of a core piece of Paytm’s original ecosystem, but it may also clear the way for its next phase of growth.

For years, the payments bank structure limited One97 Communications Ltd. from expanding freely into lending—a key profit driver in fintech. With that constraint gone, Paytm has more flexibility to deepen its credit business, either by pursuing an NBFC licence or partnering with banks. Read more.

India’s gender budget grows, but gaps remain

India’s gender budget has swelled to ₹5 trillion, about 9% of total spending, signalling a strong push for women’s inclusion. Millions have benefited from schemes like Pradhan Mantri Mudra Yojana and self-help groups, but the transition to formal entrepreneurship remains limited.

Women dominate small-ticket loans, yet their presence drops sharply in higher-value credit tiers, suggesting most funds support subsistence rather than scale. Meanwhile, the share of women-led registered businesses has inched up only marginally.

Add patchy data and poor tracking, and a pattern emerges. The system is good at distributing funds, but far less effective at helping women build sustainable, formal enterprises. Read more.

AI training moves to the shopfloor

AI skilling at India Inc. has transitioned from the office to shopfloor, with companies like Tata Steel Ltd. and Tata Motors Ltd. training factory workers on Python and related software.

The idea is to improve safety, reduce errors and boost efficiency. Use cases range from predictive maintenance to detecting safety violations and quality issues in real time.

While AI has not replaced blue-collar jobs yet, its boost to productivity isn’t lost on white-collar decision makers. The bigger challenge now is training workers, and training them fast. Read more.

The Health Factory’s ‘loaf’ story

The Health Factory is quietly reshaping India’s commoditised bread market by turning a low-margin staple into a premium, high-repeat product. How? By playing the high-protein, preservative-free card.

And that bet is paying off. The Mumbai-based startup has scaled rapidly, tripling revenue to $14 million in FY25.

Still, bread remains a tough business with short shelf life and high wastage. The bigger play lies in expanding into adjacent categories like biscuits and cakes, and building a broader health-focused food brand. Read more.

🔢 NEWS IN NUMBERS

1,000: The number of new graduates and interns Salesforce Inc. is hiring through its Futureforce program to build AI products, amid concerns that AI eliminates entry-level jobs.

₹10,839 crore: The consolidated net profit reported by Coal India Ltd. in Q4FY26, up 11.15% from ₹9,751 crore in the same period last year.

$18 billion: The initial capital for Canada’s maiden sovereign wealth fund launched by Prime Minister Mark Carney to invest in domestic industrial projects.

2,422,713: The number of cars sold by Maruti Suzuki in FY26, up 8.4% from 2,234,266 a year ago, driven by a revival in festive demand and small car sales following GST rate cuts.

$17 billion: The amount Reliance Industries Ltd. plans to invest to build India’s largest 1.5-GW data centre cluster in Visakhapatnam, Andhra Pradesh.

$600 billion: The combined amount Amazon, Alphabet, Microsoft, and Meta are projected to spend on AI infrastructure in 2026, amid investor concerns over returns.

₹174 crore: The consolidated net profit reported by Eternal Ltd. in Q4 FY26, up 346% year-on-year, with revenue surging 196.5% to ₹17,292 crore.

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AROUND THE WORLD

• OpenAI misses its own goals in high-stakes sprint toward IPO
• Britain rethinks its “special relationship” with America
• AI is confronting a supply-chain crunch
• The Best Place for a Data Center? Croatia
• Can social-media fame power an IPO? Bill Ackman is about to find out

CHART OF THE DAY

Around 30% of companies pay MBA hires less than ₹10 lakh per annum, while 40% pay BTech freshers under ₹7 LPA and under ₹5 LPA to other graduates, accoring to a a Unstop Talent Report.

LOUNGE RECOMMENDS

How creative play supercharges your child’s brain

Research from the World Health Organization (WHO) emphasises that sedentary screen time in early childhood should be replaced with active, creative play to support mental well-being. In clinical practice, this shift can also help reduce anxiety. Read more.

WHAT THE FACT

The city of “Good Winds”

This coastal city traces its name to a stroke of maritime luck.

Early Portuguese sailors, grateful for favourable winds that helped them reach its shores, gave thanks to Santa Maria de los Buenos Aires—“Holy Mary of the Good Winds”. Earlier, Catalan missionaries had settled on a nearby hill they favoured for its fresher air, away from the swampy stench of the old settlement. Put it together, and you get Buenos Aires—a name born from both geography and gratitude.

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