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India’s healthy drinks race heats up as the conglomerate takes on Pepsi and Coke by acquiring a controlling stake in a joint venture with the maker of zero-sugar, herb-infused drinks.

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.
Telecom and retail, which account for half the conglomerate’s revenue and most of its valuation, aren’t accelerating fast enough to justify their price tags.
Stories of great outcomes and easy funding kept the sector on its toes. The momentum is expected to continue going into 2026, but startups may need to rethink their strategy.