Reliance Industries has become the first Indian company to post an annual net profit above $10 billion, a threshold no other Indian firm has crossed. The oil-to-telecom-to-retail conglomerate's earnings now exceed the combined profits of India's largest IT companies, putting the scale of this result in sharp relief. Reliance operates across refining and petrochemicals, Jio telecom, and retail through Reliance Retail, three large businesses that together drive its earnings base. The $10 billion profit mark matters as a signal of where Indian corporate scale now sits globally, and it sets a new benchmark for what domestic conglomerates can generate. Watch for whether Reliance sustains this level as refining margins fluctuate and its consumer businesses face rising competition. Capital allocation decisions, debt repayment, new investments, or shareholder returns, will be the next thing to track.
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.
