Category Archives: Business

Hansgrohe India Launches LavaPura Element S, Redefining Smart Hygiene for Modern Bathrooms

India, 14 May 2025— hansgrohe, the premium German brand in bathroom and kitchen solutions, officially announced the launch of its latest innovation — the LavaPura Element S series of e-toilets for the Indian Market. Blending effortless hygiene, design-led luxury, and modern-day convenience, the LavaPura Element S reaffirms Hansgrohe’s commitment to transforming everyday bathroom rituals through smart technology, sustainable design, and understated elegance.

Crafted primarily for private residences but equally suited for high-end hospitality environments, the LavaPura Element S series is engineered to meet Indian lifestyle needs — offering intuitive features, seamless installation, and reliable performance tailored for local conditions.

“Smart bathrooms are no longer aspirational; they’re becoming essential in modern homes and hotels. We’re seeing a clear shift in Indian consumer preferences toward intuitive, hygiene-focused bathroom solutions,” said Abhijeet Sonar, Head of Marketing, India and SAARC Region, Hansgrohe. “The LavaPura Element S series delivers just that — a lifestyle upgrade that combines advanced hygiene features with minimalist, user-friendly design. We’re excited to bring this innovation to discerning homeowners and hospitality spaces across India.”

Highlights of the LavaPura Element S:

eSanitize Ion Sterilisation:
Innovative electrolysed water technology cleans and sterilises inner walls and nozzles with up to a 99% sterilisation rate. After sterilisation, the ions naturally revert to water, ensuring a natural and skin-friendly cleaning process.

UV Sterilisation:
Antibacterial material nozzles are reinforced with UV sterilisation, maintaining cleanliness after every use.

Hygiene Effect Pure Shield® Technology:
For ceramic surfaces that are prone to contact with the human body (such as the inner wall of a toilet), Using reassuring materials containing effective antibacterial factors, offering users enhanced protection and peace of mind.

OdorFresh Water-Based Odour Neutralisation:
Specialised odor-spraying technology neutralises odours without relying on consumables, delivering a sustainable and low-maintenance solution.

AquaHelix 360° Vortex Flush:
A silent, powerful 360° vortex flush system ensures thorough coverage with minimal noise and is operable even during power outages.

AquaWash Multi Comfort Wash:
Multiple wash modes — including bidet wash, feminine wash, massage wash, and moving wash — offer a gentle, progressive hot water experience for personalised comfort.

Apart from the stand-out features, the comprehensive design aesthetics also consist of IPX4 waterproof remote control; Status breathing light displaying functional operational modes; sensing night light, automatic flush and opening and closing covers; multi stage seat-heating and SmartClean glazed surface that is easy to clean.

In a post-pandemic world, where hygiene and smart automation are rapidly reshaping consumer expectations, hansgrohe’s LavaPura Element S series represents the next frontier in bathroom innovation.

The LavaPura Element S is now available across India through hansgrohe’s extensive dealer and showroom network. With this launch, Hansgrohe India continues to set new benchmarks in premium bathroom solutions, offering consumers a smarter, cleaner, and more luxurious everyday experience.

hansgrohe stands for holistic bathroom experiences that combine water- and energy-saving technologies, intelligent functions and long-lasting quality. With timeless and innovative premium products, the brand supports a sustainable lifestyle and transforms daily water routines into extraordinary experiences. Driven by a unique pioneering spirit, hansgrohe, together with its long-standing partner PHOENIX, creates living environments and product solutions for bathrooms and kitchens that enrich everyday life with more design, comfort and enjoyment. Within the internationally active Hansgrohe Group, the premium brand hansgrohe manufactures, markets and distributes showers, shower systems, bathroom and kitchen faucets, bathroom accessories, furniture, sanitary ceramics and kitchen sinks worldwide under the hansgrohe brand. hansgrohe. Life is waterful.

Tim Hortons launches India’s Coolest Boba Ever

National, 14.05.25: Tim Hortons® India is thrilled to introduce its brand-new Summer Poppers with Popping Boba – first time ever in India! These delightful little #SummerPoppers are bursting with juicy flavor, offering a fun and exciting twist to your favorite sips. Ditch the boring—sip into something BOBA-licious! Inspired by the vibrant summer flavors that India loves, our all-new Summer Poppers come in three exciting variants: Spicy Jamun, Mosambi Litchi, and Aam Panna. Each sip promises a refreshing burst that will invigorate your summer mood.

Our Summer Poppers range brings together three captivating variants, each a tribute to India’s most cherished tastes, crafted for pure enjoyment. Spicy Jamun delivers a bold, tangy twist on the classic Indian berry with a hint of spice that tingles your taste buds. Mosambi Litchi offers a refreshingly sweet blend that combines zesty sweet lime with exotic litchi notes. Aam Panna brings the nostalgic raw mango goodness that India adores, reimagined with playful popping pearls that burst with every sip and tingle your taste buds. Each #SummerPopper transforms an ordinary beverage moment into an adventure of texture and taste, every sip delivering tiny explosions of flavor. It’s the perfect way to beat the sweltering Indian summer heat while indulging in a trendy treat that’s taking the world by storm.

On this launch, Tarun Jain, CEO of Tim Hortons India, shared, At Tim Hortons India, we’ve thoughtfully crafted our new Summer Poppers range to celebrate timeless Indian flavours in an exciting Popping boba platform that will appeal to our discerning customers across all age groups. We understand that today’s consumers are looking for more than just a thirst quencher – they want an experience that’s not only Instagram-worthy and culturally relevant, but also refreshingly delicious. By combining the global trend of popping boba with India’s most signature flavors, we’re creating a perfect summer getaway that’s as much fun as it is refreshing.”

These trendy Popping Boba beverages are now available across all Tim Hortons® cafés nationwide, as well as through Swiggy and Zomato. Don’t miss the chance to try these limited-edition #SummerPoppers and Your ultimate summer refresher is here—get ready to sip, chill, and thrill!

Reliance Nippon Life Insurance Company Ltd. announces steady performance for FY2024-25

Chandigarh, May 14, 2025: Reliance Nippon Life Insurance Company Ltd. (RNLIC), one of India’s leading life insurance companies, today announced its audited financial results for the financial year ended March 31, 2025. The company delivered a steady performance across key metrics while continuing to strengthen its customer focus and operational resilience.

For FY2024-25, RNLIC reported a Profit Before Tax (PBT) of ₹247 crore, reflecting a strong growth of 25% over the previous year (₹198 crore in FY2023-24). The company’s Assets Under Management (AUM) stood at ₹38,725 crore, marking a 9% year-on-year growth. New Business Premium (NBP) grew to ₹1,245 crore, and Total Premium rose to ₹5,711 crore, reflecting steady business momentum.

The company continued to maintain a strong Solvency Ratio of 235%, well above the regulatory requirement, reflecting a robust balance sheet and prudent capital management.

Customer-centricity remained a core pillar, with a Claim Settlement Ratio of 98.9%, as on March 31, 2025, and ₹3,523 crore paid in benefits to ~5.4 lakh customers during the year, an increase of 8% over the previous year. The company’s 13^th month persistency for FY2024-25 by premium* stood at a healthy 80.8%, reflecting strong customer trust and continued engagement. The number of active advisors grew by 13%, increasing its active advisor base to nearly 69,000, further strengthening the company’s reach and advisory capability.

In a reaffirmation to its long-term commitment, RNLIC declared bonuses to its participating policyholders and distributed bonuses totalling ₹351 crore during the FY24-25, rewarding 5.2 lakh customers for their continued confidence in the company. This marks the 24^th year of consistent bonus declarations, supporting RNLIC’s promise of long-term value creation and financial security for its customers.

The company’s Embedded Value rose to ₹7,397 crore, up from ₹6,885 crore in last fiscal supported by consistent business performance and improved operational efficiencies.

Key Financial Highlights (₹ in crore):

 Employee Focus: Certified as Great Place to Work in 2025, for the sixth consecutive year, highlighting commitment to employee well-being. Also recognized as Top 50 Large Workplaces Building a Culture of Innovation for All.

Product Innovation: Launched 6 new innovative and thoughtful products complying with IRDAI Regulations across various segments that cater to the varied needs of our customers.

Commenting on the performance, Mr. Ashish Vohra, Executive Director & CEO, Reliance Nippon Life Insurance Company, said: “We are pleased to report a year marked by strong performance and improved profitability, driven by disciplined execution, customer-first thinking, and robust fundamentals. Our continued focus on strengthening distribution, enhancing customer experience, and maintaining financial prudence has helped us navigate a dynamic environment. The combined strength of IIHL and Nippon Life Insurance, backed by their shared commitment to long-term growth and excellence, will help us unlock greater outcomes for all stakeholders, drive strategic expansion, and continue building a legacy of trust for the future. We remain committed to building a future-ready, customer-centric life insurance company with a clear vision to scale and lead with trust, innovation, and performance.”

Lawrencedale Agro Processing India Posts Positive Net Profit in Q4 2024-25, Setting a New Benchmark in India’s Competitive Agtech Sector

Nilgiris, Tamil Nadu, India – May 14, 2025:Lawrencedale Agro Processing India Private Limited (LEAF), a pioneering full-stack agri-tech services company headquartered in the Nilgiris, today announced a positive net profit for the fourth quarter of the financial year 2024-25. This landmark achievement positions LEAF among the very few players in India’s rapidly growing agritech landscape to attain net positive earnings, setting a new benchmark for sustainable financial viability in a sector that remains deeply complex and capital-intensive.

Founded over a decade ago with a singular mission to transform rural agricultural ecosystems, Lawrencedale Agro Processing has evolved into a formidable platform driving farmer-centric innovation across South and Central India. Its comprehensive model spans the entire agricultural value chain—from scientific crop advisory and precision input delivery to transparent procurement, digitised payments, and access to formal credit. Today, LEAF partners with more than 1.4 million smallholder and tribal farmers, creating a robust ecosystem that enhances farmer incomes while ensuring environmental stewardship and long-term rural resilience.

India’s agritech sector is undergoing a fundamental transformation. With a market value of USD 878.1 million in 2024 and a projected CAGR of 10.93%, the sector is expected to surpass USD 6 billion by 2033. Yet, the path to profitability remains elusive for the vast majority of agtech start-ups. Structural constraints such as fragmented landholdings, poor access to finance, and logistical inefficiencies continue to undermine scalability. Against this backdrop, LEAF’s positive net profit in Q4 2024-25 emerges not merely as a financial milestone, but as a validation of its resilient operating model and strategic foresight.

Key Drivers of Profitability

1. Scientific Farming Interventions:

LEAF’s investment in agronomic intelligence and precision farming practices has yielded a 30% increase in production volumes. These interventions, tailored for hyperlocal agro-climatic conditions, have also reduced the cost of cultivation by enabling farmers to use inputs judiciously and sustainably. The resultant gains in yield and quality are directly translating into higher incomes for farmers and improved supply chain efficiencies for buyers.

2. Sustainability and Environmental Stewardship:

LEAF’s initiatives are deeply aligned with global goals on climate-resilient agriculture. From advocating for low-carbon farming practices to enhancing soil organic content through regenerative techniques, the company has contributed meaningfully to environmental improvement. Independent assessments indicate a tangible reduction in greenhouse gas emissions and improved soil health across regions under LEAF’s influence, positioning the company as a conscientious partner in India’s green transition.

3. Transparent Farm-Gate Procurement:

LEAF has redefined procurement by introducing end-to-end traceability and price transparency at the farm gate. This disruption of traditional middlemen-led supply chains has led to a consistent 56% to 78% rise in farmgate incomes for partner farmers. LEAF’s direct procurement model, which ensures payments within 48 hours, now delivers 22% higher value on average to farmers compared to legacy systems—affirming the company’s role in driving fairer rural markets.

4. Digital Financial Inclusion at Scale:

One of LEAF’s most transformative innovations is the LEAF Farmer Network (LFN), a digitised ecosystem that connects farmers to markets, financial institutions, and service providers. Developed in partnership with Mastercard and supported by leading banks and NBFCs, the LFN platform enables over a million farmers and 500 Farmer Producer Organisations (FPOs) to access formal credit, receive direct payments, and manage transactions seamlessly. With offline-enabled smart cards and digital payment gateways, LEAF is dismantling the informal credit system that has historically trapped farmers in cycles of debt.

The integration of digital workflows, biometric verification, and mobile-based crop advisory is fostering a new generation of financially literate and economically empowered farmers. For many of these communities, financial inclusion has become the cornerstone of resilience, enabling savings, access to insurance, and long-term planning.

Vision from the Leadership

Palat Vijayaraghavan, Founder and CEO of Lawrencedale Agro Processing, remarked, “Achieving a positive net profit in the fourth quarter of FY 2024-25 is both a validation of our integrated, farmer-first model and a reflection of the enduring value of inclusive innovation. In a sector often burdened by scale and logistical complexity, this milestone stands as proof that it is indeed possible to blend social purpose with financial discipline.”

He further added, “Our vision is not limited to profitability. We are building a resilient agricultural ecosystem that uplifts marginalised communities, fortifies national food security, and contributes meaningfully to environmental sustainability. This is our true north.”

ConvoZen.AI Selected Among 30 Startups in IndiaAI Innovation Challenge

Bangalore, May 14, 2025– ConvoZen.AI, an state-of-the-art Conversational AI solution developed by NoBroker, has been recognized as one of the top 30 startups out of over 900 applicants in the prestigious IndiaAI Mission, an initiative by the Government of India.

As part of this recognition, ConvoZen.AI has been awarded a grant of ₹25 lakhs, presented by Ashwini Vaishnaw, Minister of Electronics and Information Technology.

This milestone underscores ConvoZen.AI’s commitment to leverage conversations (calls, emails, chat) for intelligence and enable human-like bots to take customer service to the next level with the use of AI. In the next phase, ConvoZen will begin pilot projects with various government departments, helping them integrate AI into their operations and workforce. This collaboration marks a crucial step in making advanced AI accessible and beneficial to millions across the country.

ConvoZen.AI is a powerful, agentic AI platform that has already been rigorously tested across diverse industries, including BFSI, Education, Healthcare, Automotive, Real Estate, Travel, and Ecommerce. Initially developed to address NoBroker.com’s large-scale customer engagement challenges, the platform now operates as a SaaS product, offering enterprises an advanced suite of AI-driven features.

Built on 45,000+ hours of real contact center data, ConvoZen’s in-house Gen AI models excel in understanding vernacular speech with high speed, accuracy, and cost efficiency. ConvoZen is natively built for conversational languages, excelling in automatic speech recognition (ASR) and natural language understanding (NLU). It supports multilingual conversations, dynamic language switching (e.g., English to Hindi), and human-like tonality with low latency. Offering a broad spectrum of capabilities across Contact Centre Automations, Customer Analytics, Performance Management & Real Time Voice Agents, ConvoZen becomes a single stop platform for all customer engagement intelligence. Additionally, it allows businesses to create customized customer experiences through voice and non-voice interactions, such as Whatsapp Bots and Voice Agent Assistants.

The platform enables:

• Human-like AI virtual agents that can interact with your customers on inbound and outbound for both voice & non voice operations.
• Automated QA, compliance monitoring, and coaching tools
• AI Audit and Scoring of 100% of customer interactions across calls, emails, chats
• AI-powered telephony stack and campaign execution tools

Convozen.AI is already powering customer success across diverse sectors. Companies like Cars24(automobile), Leapscholar, Zell Education, Jaro(EdTech sector), Lendingkart, Tata AIG, Gromo (Financial services sector), and TBO (Travel sector) have effectively integrated Conversational AI into their business operations.

India AI team commented on the development, “We see significant potential in ConvoZen AI’s multilingual voice assistant models to drive impactful AI-powered solutions across India’s diverse population. With models fine-tuned for conversational use cases, their technology could help us scale initiatives like citizen support and awareness via phone, WhatsApp, and other platforms.”

The Indian government, under the leadership of Prime Minister Shri Narendra Modi, has demonstrated a strong commitment to integrating artificial intelligence into governance and various sectors to enable socio-economic transformation.

“ConvoZen.AI was built with the vision of simplifying and scaling customer interactions using AI. This recognition by the Government of India validates our commitment to innovation and impact. Following this recognition, ConvoZen.AI will now enter the next phase, where it will conduct Proof of Concept (PoC) implementations across multiple government departments and we are excited to demonstrate how AI can drive efficiency, enhance citizen engagement, and streamline workforce operations. With a focus on intelligent, data-driven insights, ConvoZen is committed to transforming customer service experiences across the Indian market,” said Akhil Gupta, Co-founder & Chief Product and Technology Officer, NoBroker/Convozen.AI.

Tourism Department Holds High-Level Stakeholder Meeting to Strategize on Challenges and Opportunities for Goa’s Tourism Industry

Mumbai, 14th May 2025 – In a proactive move to reinforce Goa’s position as a premier tourism destination, the Department of Tourism, Government of Goa, convened a high-level stakeholder meeting today at Paryatan Bhavan, Panjim. The meeting was chaired by Hon’ble Minister for Tourism, Shri Rohan A. Khaunte, and attended by key officials including Shri Kedar Naik, Director of Tourism; Shri Kuldeep Arolkar, Managing Director of GTDC; Shri Shawn Mendes, OSD to the Hon’ble Minister; and leading members of the tourism industry and Goa Tourism Board.

 In his opening remarks, Hon’ble Minister Shri Rohan A. Khaunte emphasized the importance of timely and structured stakeholder engagements, particularly in light of national and regional developments. Referring to the recent Pahalgam incident in Kashmir, he noted, “As the Hon’ble Prime Minister ensured a swift and resolute response through Operation Sindoor, it was equally important for us, as a tourism-driven state, to evaluate the ripple effects on travel sentiment. Today’s meeting was not only about addressing current concerns, but also about building long-term resilience. We are moving from mere policy reviews to dynamic recalibrations that are responsive to ground realities. Goa’s strength lies in its people—every Goan is a stakeholder, an influencer, and a tourism ambassador.”

 Director of Tourism, Shri Kedar Naik, underlined the Department’s commitment to listening, learning, and enabling. “We are here to ensure that the voice of every stakeholder is heard. From formal hotels to homestays, from digital platforms to community operators—Goa Tourism belongs to all of them. The goal is to ensure that our policies remain inclusive, adaptive, and implementation-ready.”

 The Department also shared encouraging data, with Goa witnessing a 10.5% year-on-year growth in tourist arrivals for the first quarter of 2025, rising from 25,80,155 in Q1 2024 to 28,51,554 in Q1 2025. While the month of April saw a marginal dip, the overall sentiment remains strong, and targeted strategies are being deployed to address seasonal and market-specific variations.

 The full-day series of sectoral and plenary sessions reflected the Government’s emphasis on collaborative governance. From understanding how the previous season unfolded, to jointly preparing for emerging challenges—whether geopolitical, geoeconomic, or geostrategic—the consultations reaffirmed Goa Tourism’s commitment to collective foresight and resilience-building.

The concerns raised during today’s discussions, along with those from previous meetings, have been consolidated. The Hon’ble Chief Minister will soon be chairing an interdepartmental meeting to drive a more coordinated response and lasting resolutions to the challenges at hand.

Future Generali launches ‘Health Unlimited’, a Health Insurance that offers unlimited benefits

Mumbai, 14th May 2025: For many of us in urban India, health insurance is the go-to solution when it comes to financial protection, but rising hospitalisation and medical costs raise questions on the adequacy of Health Insurance cover. This growing concern highlights the need for comprehensive healthcare solutions.

More than eight out of every ten insured feel unsure about the efficacy of their health cover amid soaring medical costs, said an exclusive survey by Future Generali India Insurance – #Health Unlimited. This survey, which was recently conducted on 800 insured individuals aged 25+, revealed rising concerns about the adequacy of current health insurance coverage.

India has one of the highest medical inflation rates among other Asian countries in 2021 – approximately 14 per cent – surpassing China (12 per cent), Indonesia (10 per cent), Vietnam (10 per cent) and Philippines (9 per cent).

Commenting on the launch of Health Unlimited, Anup Rau, Managing Director and CEO, Future Generali India Insurance Company Ltd, said, “Rising cost of medical treatment is a cause of concern for a vast majority of people in India, despite having a health cover. As Lifetime Partners to our customers, it is our endeavour to address these challenges by offering tailored solutions and adequately covering the Indian consumer. Our comprehensive health insurance offering, ‘Health Unlimited’, will ensure that our customers do not run out of cover even during the times of higher bills, irrespective of their sum insured getting exhausted.”

The plan revolutionises health insurance by offering Unlimited Restoration of the Sum Insured starting from the second claim, providing complete financial security without the worry of exhausting coverage. In addition to the base coverage, the plan offers protection against rising medical costs and evolving healthcare needs. It covers in-patient hospitalisation, day-care treatments, AYUSH treatments, referring to the coverage for traditional Indian systems of medicine, including Ayurveda, Yoga, Unani, Siddha, and Homeopathy, under health insurance policies, pre- and post-hospitalisation expenses, organ donor costs, and modern treatment methods.

Key Benefits of “Health Unlimited”:

• Unlimited Coverage: This benefit shall cover the full cost of claim, regardless of sum insured, once in the lifetime of the policy and for any one claim.
• Inflation Guard: Annual enhancement of sum insured to safeguard against rising medical expenses
• Premium Payback: Discount of renewal premium in the 5th year, equivalent to the 1st year base premium, if there is no claim in the preceding 4 policy years
• Unlimited Refills: Base sum insured gets refilled unlimited times, from second claim onwards

 In addition to the above, Health Unlimited also comes with benefits like wellness discounts, cumulative bonus for every claim free year, additional sum insured for accidental hospitalization, no sub limits for services like cataract surgery, road ambulance, and LASIK procedure and complementary health check-ups.

Rhea and Showik Chakraborty’s Chapter 2 Drip Announces Strategic Investment and First Retail Launch

Mumbai, India – 14th MAY 2025 — Chapter 2 Drip, the purpose-led fashion label founded by Rhea Chakraborty and Showik Chakraborty, has announced the successful close of a strategic investment round. Backed by a growing community and guided by mentors Ashni Biyani and Kishore Biyani—stalwarts of the Indian retail landscape—this milestone marks a new phase for the brand.

Rooted in storytelling, transformation, and emotional authenticity, Chapter 2 Drip has steadily built a community that connects through shared experiences, second chances, and bold self-expression—using fashion as a canvas for deeper meaning.

Following successful collaborations with cultural icons like Tinder and Kingfisher, Chapter 2 Drip will now open its first on-ground experiential store in the second half of May 2025. The space aims to be more than just a retail destination—it’s a sanctuary for self-expression, community, and creativity.

“This partnership is deeply personal and profoundly strategic,” said Rhea Chakraborty, co-founder of Chapter 2 Drip. “We believe clothing is a medium of self-expression, transformation, and healing. This next phase allows us to bring that belief to life in a more tangible, immersive way.”

Showik Chakraborty, co-founder and CEO, added, “From the beginning, Chapter 2 Drip has been about people—about stories that deserve to be seen, heard, and worn. With this new support and our first physical space, we’re excited to welcome our community into the world we’ve been building.”

The investment will support Chapter 2 Drip’s continued digital growth, launch of its flagship store, and further development of emotionally resonant fashion that empowers individuality and embraces vulnerability.

Research Reports on Life Insurance, Tata Motors, AB Capital, Cipla, Man Industries, KIMS, Tata Steel and SRF by Emkay Global Financial Services

As expected, the Life insurance industry reported flat YoY Retail APE growth during Apr-25, with the private sector posting a lackluster 1.9% YoY growth and LIC seeing a 3.7% decline. Our restrained growth expectations for H1FY26 are underpinned by 1) the strong growth base of H1FY25; 2) new surrender value regulations-led product and channel adjustments culling lower ticket-size policies in some products; and 3) a relatively volatile equity market possibly leading to moderate ULIP growth. On 2Y CAGR basis, the private sector clocked 12.7% YoY Retail APE growth, while LIC saw 6.6% growth; this led to 10.5% growth for the industry. During Apr-25, the industry logged 17% YoY Group APE growth, driven by 36.5% growth in the Private sector whereas LIC posted a muted 2.9% growth. The healthy growth in Group APE was driven by strong growth in OYRGTA Premiums (suggesting some pricing improvement). Overall, during Apr-25, total APE for the industry grew 4.4% on the back of 8.3% growth in the private sector offset by LIC reporting a 1.3% decline. The number of individual policies sold during Apr-25 witnessed a 13.2% decline, primarily owing to a 15.3% decline in LIC and the Private sector seeing a 9.5% decline. Among private listed players, Axis Max Life topped the charts, logging a strong 23.5% Retail APE growth despite the strong base. HDFC Life/SBI Life posted a subdued 3.3%/2.4% YoY Retail APE growth, respectively, in Apr-25. However, IPRU Life witnessed a 14.4% decline in its reported Retail APE while RWRP declined 15.7%. While we remain optimistic about medium-to-long-term growth in the Life Insurance (LI) industry driven by the huge opportunity, we expect the LI industry’s Retail APE to grow ~11-12%, led by the private sector delivering ~14-15% growth and LIC reporting ~7-8% growth.

No surprises – Industry starts the Fiscal on a muted note

The Life Insurance industry reported flat Retail APE growth during Apr-25 with the private sector posting a muted 1.9% retail APE growth whereas LIC posted a 3.7% decline. Owing to a high base impact, flat growth for the industry did not involve any surprise elements. The total APE for the industry grew 4.4% during Apr-25 with the Private Sector growing 8.3% whereas LIC posted a 1.3% decline. The number of individual policies sold during Apr-25 witnessed a 13% decline, primarily led by ~15% decline for LIC while the private sector reported a ~10% decline.

Axis Max Life tops the charts; other private listed players deliver a muted show

Among private listed players, Axis Max Life emerged as a consistent and the fastest growing player, clocking 23.5% retail APE growth during Apr-25 despite a strong base (32% Retail APE growth in Apr-24). HDFC Life and SBI Life saw muted Retail APE growth of 3.3% and 2.4%, respectively. IPRU Life witnessed a 15.7% decline in RWRP, whereas reported Retail APE saw a 14.4% decline. On total APE basis, Axis Max Life logged a strong 23% YoY growth, followed by HDFC Life (+9.9% YoY), SBI Life (+7.6% YoY), and IPRU Life (+4.8% WRP growth; 5.3% reported APE decline). Resultantly, Axis Max Life saw a significant RWRP market share gain, from 5.2% in Apr-24 to 6.4% in Apr-25. Consequently, IPRU Life’s RWRP market share contracted by 120bps to 6.1%. Among other private players, TATA AIA (-2.1% YoY), BALIC (-2.2% YoY) and Kotak Life (-6.7% YoY) reported a decline in Retail APE, whereas Aditya Birla Sun Life posted a muted 1.9% Retail APE growth in Apr-25.

We expect the industry to deliver ~11-12% Retail APE growth in FY26

Given the huge opportunity, we remain optimistic on the medium-to-long term growth of the Life Insurance industry. We expect private sector Retail APE to grow ~14-15% and LIC to report ~7-8% growth, leading to ~11-12 Retail APE growth for the industry. Owing to a high base, growth during H1FY26 is expected to be subdued, while we expect healthy growth in H2FY26 on account of the impact of Surrender regulations coming in the base. The upside risk to growth in H1 could emerge from accelerated sales of guaranteed non-par, in case deposit rates fall sharply.

Q4 results were largely in line with consensus (flattish revenue and EBITDA), with India margin flattish QoQ and JLR margin up 115bps to 15.3% on higher volumes; JLR delivered £1.35bn/1.5bn FCF in Q4/FY25 with consolidated net auto debt at (Rs10bn) vs Rs160bn in FY24. JLR acknowledged near-term volume pressure and refrained from providing margin guidance amid ongoing global uncertainties, However, it highlighted it would continue to focus on costs as a key driver for protecting profitability. India CV outlook has improved at the margin (single-digit growth led by HCVs); double-digit margin in CVs to sustain with PVs also on track to achieve double-digit margin. India CV outlook has improved at the margin (single-digit growth led by HCVs); double-digit margin in CVs to sustain with PVs also on track to achieve double-digit margin. While near-term growth challenges persist, we believe profitability (and thus balance sheet health) should largely sustain, led by focus on mix and costs; valuation is comfortable (trades at ~1.6x FY27E P/B despite strong operational/financial improvements in the past few years; refer to our recent note). We trim FY26E/27E EPS by ~2-3%; We retain BUY with unchanged SoTP-based TP of Rs800.

Q4 results largely in line; sharp working capital improvement drives FCF

Consolidated revenue/EBITDA were flattish YoY at Rs1,195bn/Rs166.3bn (largely in line with consensus) and EBITDA margin was up 290bps QoQ to 13.9% on lower other expenses. Revenue dipped ~2% YoY to £7.7bn with ASPs down ~3% QoQ; EBITDA margin was up 115bps QoQ to 15.3%. India CV/PV margins were flattish QoQ at 12.2%/7.7%. JLR generated ~£1.35bn FCF in Q4, with working capital improving by £1bn, taking overall FY25 FCF to ~£1.5bn, achieving net cash status (£278mn); on a consolidated basis, net automotive debt stood at (Rs10bn) vs Rs160bn in FY24.Â

Earnings Call KTAs

1) JLR–Q1 volumes to be weaker than Q4 amid inventory push in Q4 in anticipation of tariff disruption; geographic mix to remain stable (UK, Germany, and overseas markets to fare better). JLR to remain cautious on Chinese inventory levels but is looking to fill distribution white spaces, awaiting finer details of the recent US-UK trade deal to assess impact on operations (exports from the UK to attract 10% tariffs, exports from Europe to attract 27.5% tariffs). Jaguar’s new 4 door model to go on sale in 2026; Range Rover BEV has 62K waitlist; maintained £18bn investment target over five years (would be funded by internal accruals). The company has deferred its EBIT guidance considering recent global macro uncertainties, albeit it aims to protect profitability via cost control measures and strengthening of brand loyalty and China operations. 2) India CVs–Domestic industry to grow in a single digit in FY26 with heavy CVs to grow faster amid improving macro and sentiment (particularly tippers); aims to increase SCV market share with product actions and targets continued strong double-digit margin, cash flows, and return ratios. 3) India PVs–Industry growth to be similar to FY25 with segmental trends continuing; expects to outperform amid refreshed hatchback models and new EV launches. Cost reduction, pricing optimization and better mix to deliver ~300bps margin uptick, partially offset by higher RM; on track for double-digit margins; aspires to sustain EV market share over 50% on product actions.

India’s Hospitality Industry Set to Cross Rs1 Trillion by FY2026: Rubix Data Sciences

Mumbai, May 14, 2025: Amid renewed tensions in the subcontinent and broader geopolitical uncertainty, India’s economic weight continues to draw global interest—reflected in a hospitality sector that remains resilient, ambitious, and poised for growth. Rubix Data Sciences’ latest industry report projects a robust future for India’s hospitality sector, with the market expected to surpass ₹1.1 trillion in revenue by FY2027, growing at a CAGR of 10.5%. The report reveals that key performance indicators are at decade highs, driven by resurgent domestic tourism, increasing Foreign Tourist Arrivals (FTAs), and rapid growth in the Meetings, Incentives, Conferences, and Exhibitions (MICE) segment.

According to the Rubix Industry Insights, India’s hospitality sector has made a dramatic comeback from its pandemic low of 35% occupancy, reaching 68% in FY2024. Branded and organised hotels recorded a decade-high performance, with an Average Daily Rate (ADR) of ₹7,500 and a Revenue Per Available Room (RevPAR) of ₹5,439.

This recovery is far from temporary. According to the report, demand will continue to outpace supply, growing at 10.5% annually versus just 8% on the supply side, driving occupancy up to 73% by FY2027. This demand-supply gap is expected to fuel stronger pricing power, pushing ADR to ₹8,900 and RevPAR to ₹6,497. Room inventory will also expand from 1.88 lakh (in FY2024) to 2.41 lakh.

The growth story spans well beyond metros: Western India leads with a 69.5% occupancy rate and the country’s top RevPAR, while destinations like Rishikesh, Udaipur, and Varanasi are emerging as high-yield markets.

Rubix also highlights a shift in demand drivers, with domestic travellers contributing 50% of incremental revenue growth, followed by foreign tourist arrivals at 30% and the MICE segment at 20%. FTAs, a key driver of premium hotel performance, are projected to reach 30.5 million by 2028, reinforcing the sector’s shift toward higher-value travel.

Speaking about the report, Mohan Ramaswamy, CEO and Co-Founder, Rubix Data Sciences said, “India’s hospitality sector is no longer metro-centric; it is thriving in new routes driven by local demand, spiritual tourism, and mid-range experiences. With the industry set to cross $1 trillion by FY2027, the size of the opportunity is huge, but so is the need for risk-aware growth. Our latest report equips stakeholders to facilitate this shift with better visibility and greater strategic confidence.”

Supported by strong infrastructure spending, state-level tourism pushes, and digital-first travel behaviour, India’s hospitality industry is entering a structurally stronger phase. The Rubix sectoral report offers actionable insights for hotel chains, investors, NBFCs, and policymakers charting the sector’s next decade.