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The compulsions of a coalition government and an invigorated opposition spell the end of political tailwinds for a conglomerate that’s tanked up on debt plus risk in the hope of breakneck growth.


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.
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.
The Adani group plans to spend Rs 1 lakh crore over the next five years to develop its airport business. While everything—including the funding—is sorted, a prolonged war could disturb the math.