Reliance Industries posted a record net profit of Rs 95,610 crore in FY26, becoming the first Indian company to cross $10 billion in annual profit. The milestone puts RIL in a global league of highly profitable corporations and marks a new benchmark for Indian corporate earnings. The headline number came despite pressure from the oil-to-chemicals segment, which saw a quarterly dip. That business, one of RIL's oldest and largest, has faced margin stress as global refining spreads have been volatile and chemical demand has softened in key markets. The offset came from RIL's consumer arms. Jio, its telecom unit, continued to grow steadily, while Reliance Retail crossed 20,000 stores, a scale milestone that few retailers anywhere in the world have matched. Both businesses now carry significant weight in RIL's overall profit mix. Watch for how RIL allocates capital next: whether it doubles down on consumer growth, stabilises the chemicals segment, or accelerates new energy bets. The profit milestone gives it considerable financial firepower to move in any direction.
HDFC Bank's board has approved Rajiv Kumar, former Chief Election Commissioner and financial services secretary, as its Part-time Non-Executive Chairman from June 30, 2026. His chairmanship still requires RBI approval, but the move ends the bank's prolonged search for a permanent board leader.
Indian startups raised $1.1 billion across 16 deals in the week of June 21-26, 2026, up 2.5 times from the prior week, with CRED's $900 million Series H led by Meta accounting for most of the total. Square Yards became India's 131st unicorn after closing a $95 million round.
Jet fuel costs dropped sharply after a US-Iran interim peace deal, but airlines are expected to use the savings to rebuild margins rather than cut fares. Tight capacity, aircraft delivery delays, and weak budget carriers give major carriers unusual pricing power heading into the second half of 2026.
Meta is investing $900 million in CRED at a $4.5 billion valuation, the largest Indian startup round of 2026, as founder Kunal Shah moves to a global leadership role at WhatsApp. Miten Sampat takes over as interim CEO, and a major employee stock buyback is expected within weeks.
