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India’s largest two-wheeler maker has seen a stock surge on the back of macro tailwinds, an EV push, a credible export strategy and renewed investor faith. Proving that this rally isn’t just a festive-season fling will be the real test.

FY26 numbers show that Airtel is stealing a march on its larger rival on most counts and is unrelenting in its ambition, casting a cloud on Jio’s valuation.
Surprisingly strong metrics alongside aggressive expansion mask a lurking balance-sheet risk. Moreover, competition is not going to be kind to the retail giant any time soon.
Telecom and retail both continue with their ‘hit and miss’, while O2C delivers an unsurprisingly poor performance in Q4. This is a year RIL will be glad to see the back of.