Author: Neel Achary

Vedanta Delivers Record Q3FY26 Performance; Profit After Tax Jumps 60% YoY

Mumbai, Jan  31: Vedanta Limited (BSE: 500295 | NSE: VEDL) today announced its Unaudited Consolidated Results for the third quarter and nine months ended December 31, 2025, reporting an exceptional financial and operational performance. Profit After Tax (PAT) surged 60% year-on-year, supported by record EBITDA, margin expansion, and strong operational execution across businesses.

Financial Highlights – Q3FY26

Vedanta recorded its highest-ever quarterly revenue, reflecting a 19% year-on-year growth, driven by higher commodity prices, increased volumes, favourable premiums, and forex gains. EBITDA rose 34% year-on-year to a record level, with margins expanding by 629 basis points to 41%.

Profit After Tax for the quarter marked a 60% year-on-year increase. Return on Capital Employed (ROCE) remained strong at 27%, improving by 296 basis points year-on-year. The Net Debt to EBITDA ratio further improved to 1.23x, reflecting balance sheet strength and disciplined capital management.

Vedanta’s credit ratings were reaffirmed at AA by both CRISIL and ICRA following the approval of the Company’s proposed demerger by the National Company Law Tribunal (NCLT).

Strong Operational Performance

The Company delivered record or near-record production across multiple businesses:

• Aluminium: Highest-ever quarterly production; alumina output surged to a record level

• Zinc India: Record third-quarter mined and refined metal production; achieved the lowest Q3 cost of production in the last five years

• Zinc International: Production increased 28% year-on-year

• Iron Ore: Ore production rose year-on-year; pig iron output increased

• Copper: Highest quarterly cathode production in the last seven years

• Ferro Chrome: Production increased 32% year-on-year

• Power: Sales volumes rose 61% year-on-year

Strategic Milestones

During the quarter, Vedanta received approval from the National Company Law Tribunal (NCLT) for its proposed demerger, marking a significant step toward the creation of five independent, pure-play entities. The Company also acquired Incab Industries, strengthening its downstream capabilities in copper and aluminium.

Vedanta continued to invest significantly in growth capital expenditure during the first nine months of FY26, reinforcing its commitment to long-term expansion and operational excellence.

Shareholder Value Creation

Vedanta delivered a total shareholder return of approximately 30% during the quarter, significantly outperforming benchmark indices. Over the past five years, total shareholder returns stood at 428%, supported by a strong cumulative dividend payout.

Management Commentary

Commenting on the performance, Mr. Arun Misra, Executive Director, Vedanta, said:

“Q3 FY26 has been a landmark quarter for Vedanta, with our highest-ever EBITDA and strong performances across key businesses. Aluminium and Zinc India delivered their best-ever financial results, supported by record production and cost efficiencies. The approval of our demerger into five pure-play entities further strengthens our readiness to unlock long-term value as we advance Vedanta’s 2.0 journey.”

Mr. Ajay Goel, Chief Financial Officer, Vedanta, added:

“This has been a remarkable quarter marked by record PAT, revenue, and EBITDA, alongside sharp margin expansion. Our balance sheet continues to strengthen, reflected in improved leverage metrics and reaffirmation of our AA credit rating. These results underscore market confidence in Vedanta’s growth trajectory and value-creation strategy.”

ESG Highlights – Q3FY26

• ESG Leadership: Vedanta Aluminium ranked second globally in the S&P Corporate Sustainability Assessment for the third consecutive year. Cairn Oil & Gas ranked among the top five globally in its first participation.

• Environmental Progress: Renewable energy usage increased quarter-on-quarter, greenhouse gas intensity declined, and water recycling levels improved significantly.

• Social Impact: CSR initiatives positively impacted millions of lives globally, with a strong focus on education, skill development, and women empowerment.

Outlook

With strong operational momentum, an improving balance sheet, and key strategic initiatives underway, Vedanta remains well positioned to sustain growth and unlock long-term value for all stakeholders.

Blue Star Announces Board and Leadership Changes

Mumbai, Jan 31:  Blue Star Limited announced a series of Board and senior leadership changes, underscoring the Company’s focus on strong governance, leadership continuity, and long-term growth.

Sam Balsara to Retire as Independent Director

Mr. Sam Balsara will retire from the Board of Blue Star Limited on January 31, 2026, upon completion of two consecutive terms as an Independent Director, having attained the age of 75 years.

Chairman of Madison World, one of India’s largest media and communication agencies, Mr. Balsara joined the Blue Star Board in June 2017 and was reappointed for a second term in June 2022. A stalwart in marketing and advertising with over five decades of experience, he provided valuable guidance to the Company on brand-building strategies, consumer insights, and evolving media trends.

As Chairman of the Nomination and Remuneration Committee, Mr. Balsara made an invaluable contribution to leadership development and succession planning initiatives at Blue Star.

M S Unnikrishnan Appointed Independent Director

The Board has appointed Mr. M S Unnikrishnan as an Independent Director with effect from January 29, 2026, for a term of five years.

Mr. Unnikrishnan brings over four decades of leadership experience and currently serves as Head & CEO of the IITB–Monash Research Academy, a joint venture between the Indian Institute of Technology, Bombay, and Monash University, Australia. Previously, he served as Managing Director of the Thermax Group, where he led a diversified engineering business with a global manufacturing footprint focused on energy and environment solutions.

He currently serves on the boards of KEC International Limited, Kirloskar Brothers Limited, Greaves Cotton Limited, and Livguard Energy Technologies Pvt. Limited. He is also a trustee of Akshayapatra and Jehangir Hospital, Pune.

Mr. Unnikrishnan is a Mechanical Engineering graduate from Visvesvaraya National Institute of Technology, Nagpur, and has completed the Advanced Management Program at Harvard Business School.

B Thiagarajan Reappointed as Managing Director

The Board has reappointed Mr. B Thiagarajan as Managing Director for a further term from April 1, 2026, up to May 24, 2027, following the completion of his current term on March 31, 2026.

Mr. Thiagarajan holds a bachelor’s degree in Electrical and Electronics Engineering from Madurai University and has completed the Senior Executive Programme at London Business School. With over four decades of professional experience across B2B and B2C businesses, he has been associated with Blue Star since 1998.

He was inducted to the Board in 2013, appointed Joint Managing Director in 2016, and assumed charge as Managing Director in April 2019. Mr. Thiagarajan actively participates in industry forums and currently serves as a member of the CII National Council, National Chairman of the Indian Green Building Council, and the CII Green Cooling Council.

Mohit Sud Elevated as Executive Director

Mr. Mohit Sud has been appointed Executive Director, Unitary Cooling Products, for a period of five years with effect from April 1, 2026.

Mr. Sud joined Blue Star in March 2025 as Group President, Unitary Cooling Products, overseeing Room Air Conditioners and Commercial Refrigeration businesses. His responsibilities span sales, marketing, service, R&D, manufacturing, and supply chain.

A Mechanical Engineer with an MBA from XLRI, Jamshedpur, Mr. Sud brings over two decades of experience from Hindustan Unilever, where he led sales and marketing across multiple product categories and geographies. In his last role as Vice President, he was responsible for premium retail distribution for the Beauty & Wellbeing business.

Leadership Commentary

Commenting on the announcements, Mr. Vir S. Advani, Chairman & Managing Director, Blue Star Limited, said:

“Blue Star is an 82-year-old brand, and Sam has played a significant role in strengthening the Company’s strategic efforts to make it more youthful and relevant, including deeper penetration into Tier 3, 4 and 5 markets. His marketing insights helped Blue Star gain market share consistently. On behalf of the Board, I place on record our deep appreciation for his outstanding contribution and exemplary service.

Unnikrishnan’s exemplary leadership experience in engineering businesses and exposure to international markets make him a valuable addition to the Board.

The extension of Thiagarajan’s tenure will help accelerate our strategic programmes in growth, R&D and manufacturing, while ensuring a seamless leadership transition.

Mohit has been groomed for a Board-level leadership role, and I am confident that his strong consumer-focused experience will support Blue Star’s mission to enhance market share and profitability in the Unitary Cooling Products business.”

Blue Star Posts Modest Growth in Q3FY26 Amid Challenging Market Conditions

Mumbai, Jan 31:  Blue Star Limited reported moderate growth in its consolidated revenue and operating profit for the third quarter of FY26, despite a challenging market environment. The performance was supported by steady momentum in the Electro-Mechanical Projects business and inventory build-up in the Room Air Conditioners (ACs) segment ahead of the mandatory energy-label transition effective January 1, 2026.

For the quarter ended December 31, 2025, the Company recorded year-on-year growth in Revenue from Operations, while Operating Profit (PBIDTA excluding Other Income) also improved, with operating margins remaining stable.

Other income for the quarter increased compared to the corresponding period last year, while tax expenses declined. Profit Before Tax (before share of profit/(loss) of joint ventures and exceptional items) was marginally lower year-on-year.

During the quarter, the Company recognised a one-time exceptional provision towards gratuity and leave encashment following the notification of four new Labour Codes by the Government of India. Consequently, Net Profit for Q3FY26 declined compared to the same period last year. Earnings per share were impacted due to this non-recurring exceptional item.

As of December 31, 2025, Blue Star’s carried-forward order book showed a healthy increase, reflecting sustained demand across key business segments.

Segment Highlights

The Electro-Mechanical Projects, Commercial Air Conditioning, Service and International Business segment reported strong revenue growth, supported by healthy enquiry momentum from data centres, factories, hospitals, malls, and select commercial office developments. Segment margins moderated due to changes in project mix.

The Unitary Products segment, comprising Room Air Conditioners and Commercial Refrigeration, delivered stable performance. Growth in the Room ACs business was driven by advance inventory stocking by channel partners ahead of the new energy-efficiency norms, while Commercial Refrigeration growth remained subdued during the quarter.

The Professional Electronics and Industrial Systems segment recorded a decline in revenue, largely due to continued regulatory uncertainty impacting the Med-Tech Solutions business. However, segment profitability improved on a year-on-year basis.

Nine-Month Performance

For the nine months ended December 31, 2025, the Company reported growth in Revenue from Operations and maintained stable operating profitability. Net Profit for the period declined year-on-year, primarily due to the exceptional item recorded during Q3FY26.

Outlook

Commenting on the performance, Mr. Vir S. Advani, Chairman & Managing Director, Blue Star Limited, said:

“The first three quarters of the current fiscal year were challenging, but early signs of market revival are encouraging. We expect Q4FY26 to be a strong quarter for the Room Air Conditioners, Commercial Air Conditioning and Commercial Refrigeration businesses. In preparation for robust growth in FY27, we continue to invest in R&D, manufacturing, digitalisation and brand-building, while implementing cost optimisation and productivity improvement measures.”

Blue Star remains optimistic about demand recovery and is positioning itself to capitalise on growth opportunities in the coming quarters.

Bank of Baroda Reports Strong Performance in Q3FY26 and 9MFY26, Driven by Robust Growth and Asset Quality

Mumbai, Jan 31: Bank of Baroda (BoB) announced its financial results for the quarter and nine months ended 31st December 2025, reporting continued growth momentum supported by stable asset quality, strong profitability, and a healthy balance sheet.

Financial Highlights – Q3FY26 & 9MFY26

• Net Profit for Q3FY26 rises YoY; 9MFY26 Net Profit shows steady growth.

• Operating Profit for the quarter and nine months demonstrates consistent performance.

• Net Interest Income (NII) and Non-Interest Income grow steadily, reflecting balanced revenue streams.

• Return on Assets (ROA) and Return on Equity (ROE) remain strong.

• Cost of deposits declines, and Global and Domestic Net Interest Margins (NIM) remain healthy.

Asset Quality and Capital Strength

• Gross and Net NPA ratios improve, reflecting strong credit quality.

• Provision Coverage Ratio (PCR) remains robust.

• Credit cost remains well under control.

• Capital adequacy ratios, including CRAR, Tier-I, and CET-1, remain strong.

Business Performance

• Global and domestic advances register healthy growth.

• Deposits show steady increase across domestic and international segments.

• Retail, Agriculture, and MSME (RAM) portfolios grow, driving portfolio diversification.

• Corporate advances demonstrate steady expansion.

“Bank of Baroda has delivered another quarter of steady growth, underpinned by strong asset quality and robust profitability. Our strategic focus on retail, agriculture, and MSME segments continues to drive balanced growth across the portfolio. With a resilient balance sheet, prudent capital management, and customer-centric initiatives, we remain well-positioned to support India’s economic growth and strengthen our market leadership.”

Bank of Baroda continues to maintain a strong and diversified portfolio, with disciplined credit practices, robust capital adequacy, and focus on retail and MSME segments driving sustainable growth.

Škoda Auto India and BBH India roll out ‘You Never Drive Alone’, spotlighting Škoda Super Care

Mumbai, Jan 31: Škoda Auto India, in partnership with BBH India, has launched an integrated campaign ‘You Never Drive Alone’ as it debuts its brand-wide service programme ‘Škoda Super Care’. Aimed at enhancing customer ownership experience across Škoda Auto India’s entire product portfolio from 2026, ‘Škoda Super Care’ introduces best-in-class ownership benefits as part of a unified service framework.

Designed with a clear business and consumer insight, the campaign ‘You Never Drive Alone’ is led by a brand film that brings Škoda’s philosophy to life. The campaign portrays driving as an experience to be enjoyed with peace of mind, beyond simply a means of reaching a destination.

The film follows a couple on a scenic drive, pausing to take in the lush, serene landscape from the comfort of their car. As they glance back, they notice the Škoda Super Care team nearby, a reminder that with a rapidly growing network across 183 cities in India, and a strengthened customer support throughout the vehicle ownership lifecycle, Škoda owners are never truly alone on the road.

Commenting on the initiative, Ashish Gupta, Brand Director, Škoda Auto India, said,

“Today marks a meaningful step forward in how we support our customers beyond the showroom. Ownership is about confidence, clarity and value every time a customer drives their car, visits a service centre or needs support. With Škoda Super Care, we are bringing together best-in-class warranty coverage and roadside assistance for four years, along with four free services including the Škoda Check-in services at 1,000 and 7,500 Kms. This gives customers an early connect with Škoda service along with affordable & predictable service costs, strong support through the ownership journey and the peace of mind they deserve. It’s a simple promise, yet a powerful one.”

Discussing the campaign, Parikshit Bhattaccharya, Chief Creative Officer, BBH India and Propagate India, added,

 “Service is usually communicated through information. We chose to communicate it through feeling. The idea was to visualise support without making it loud, to show that reassurance can exist quietly in the background of a journey.”

‘You Never Drive Alone’ is currently live across television, digital, print, and OOH.  With purposeful storytelling, the campaign builds upon long-term ownership confidence through periodic maintenance services, newly introduced Škoda Check-in services, extended warranty coverage, roadside assistance and free services, offering clarity and value.

CREDAI Hyderabad on Economic Survey 2025–26

Hyderabad: Jan 31: CREDAI Hyderabad welcomes the Economic Survey 2025–26, which reaffirms Hyderabad’s role as a key driver of India’s urban and economic growth. The Survey projects 7.4% GDP growth for FY26, supported by strong Gross Fixed Capital Formation nearing 30% of GDP, a resilient services sector growing at 9.1%, and credible fiscal consolidation with the fiscal deficit at around 4.8% of GDP.

Hyderabad’s growth stands out for its simultaneous urban densification and rapid peripheral expansion, reflecting sustained demand for high-density residential and commercial development. This pattern highlights the need for possibility-oriented urbanism, where infrastructure, mobility, and utilities keep pace with city expansion.

The Survey highlights strong sectoral performance, with the Financial, Real Estate and Professional Services sector growing by 9.9% in H1 FY26, while construction recorded 7.4% growth, underscoring the multiplier impact of public capital expenditure on housing, jobs, and infrastructure.

Commenting on the Economic Survey, Mr. Jagannath Rao Bandari, President-elect, CREDAI Hyderabad, said:

“The Economic Survey captures Hyderabad’s unique growth trajectory, with both core densification and peripheral expansion progressing together. To sustain this momentum, it is critical to address constraints in land, mobility, and infrastructure through predictable regulations, contextual compliance, and trust-based governance.”

CREDAI Hyderabad aligns with the Survey’s assessment that the high cost of capital remains a key constraint and calls for risk-mitigation tools, partial credit guarantees, and improved access to long-term finance to support housing supply across segments.

Looking ahead to the Union Budget 2026, CREDAI Hyderabad expects continued emphasis on infrastructure funding and public capex to sustain 7–8% construction growth, along with expanded support for PMAY 2.0, single-window clearances, and viability gap funding for affordable housing.

On taxation for homebuyers, CREDAI Hyderabad urges further reforms including higher income-tax deductions on home loans, NPS-like tax benefits linked to housing finance, and rationalisation of stamp duties, which will enhance affordability and boost middle-class homeownership.

CREDAI Hyderabad reiterates its commitment to reform-led growth, affordable housing, and sustainable urban development, and looks forward to policies that strengthen Hyderabad’s contribution to India’s $5 trillion economy.

Experts flag the East-West OdishaDevelopmental Divide: PRAHAR Seminar

Bhawanipatna, Jan 31 : PRAHAR, (Public Response Against Helplesness & Action for Redressal) a policy-focused development organisation working on employment, livelihoods and regional equity, organised a Seminar on “South-West Odisha: Economic & Employment Growth, Challenges and Opportunities” at Hotel Midtown, Bhawanipatna.

The dialogue brought together economists, development practitioners and industry experts to discuss solutions to bridge the widening intra-state developmental disparities in Odisha. The Panel highlighted that Odisha’s substantial mineral reserves, particularly in Kalahandi and Rayagada, represent an underleveraged opportunity for manufacturing-led growth. Greater integration of these resources into downstream industrial activity could support higher GDP contribution, employment creation, and improved value retention within the domestic economy.

Speaking at the forum, Dr. Ajaya Mishra, Former Professor of Geography, GM University and Kalahandi University, said,

“It is time for all of Odisha to benefit from the Viksit Odisha agenda and align with the Atmanirbhar Bharat 2047 roadmap. When industrial activity is not supported by local clustering, employment remains limited and migration continues. Odisha has a clear opportunity to leverage the world’s second-largest rich Bauxite base, supported by substantial private investments such as refineries, to drive industrialisation and create sustainable livelihoods. Policy must recognise this shift if backward regions are to genuinely catch up.”

Mr Abhay Raj Mishra, President of PRAHAR, said,

“India’s past experience demonstrates that prolonged regional intra-state disparities often translate into political and social fragmentation. From Uttarakhand to Jharkhand to Telangana, demands for separate statehood have been rooted in uneven development. Odisha must not treat regional imbalances as a peripheral issue, but as a core development challenge.”

Unlocking the untapped Bauxite Mining alone has the potential to empower 10,000 SMEs and create 2.4 million jobs for the state, accelerating Orissa’s development multifold. Data from the dialogue highlighted that districts such as Kalahandi and Rayagada continue to lag significantly in income and employment indicators. Kalahandi’s per capita income stands at approximately ₹32,000—less than one-fifth of the state average of around ₹1.8 lakh—while nearly 70 per cent of the workforce in South–Western Odisha remains dependent on agriculture, reflecting the absence of non-farm employment engines despite the region’s mineral resource wealth and home to one of the world’s largest Alumina Refineries in the state.

Mr. Ashok Pattnaik, CEO NGO Kartavya said

 “Odisha’s challenge is not the availability of resources, but the absence of a structured pathway from mineral Production to local industrial growth.” Mr. Satyanarayan Pattanayak, Founder Secretary, Seba Jagat, said: “Eastern districts are gaining jobs and industries, while western Odisha continues to lag, which is reflected in sharp per capita income gaps within the state. Odisha can close its own gap only by bringing large-scale industrial activity and employment including farm &forest based industries to western districts and different need based Skills training ( including soft skills) for youths & women which growth reaches every region.”

Speakers noted that states that have built integrated industrial ecosystems combining production, fabrication and MSME clusters have seen higher job creation, stronger regional GDP growth and lower migration. In contrast, delays in developing such domestic value chains have a clear macroeconomic cost: limited utilisation of domestic resources increases India’s reliance on imported raw materials, resulting in avoidable foreign exchange outflows and lost value addition at both the state and national levels.