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Conglomerates
111 ARTICLES
Airtel’s Q4 performance adds to Jio IPO headwinds
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.
18 May 2026
A mixed bag of a year for Reliance Industries
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.
24 Apr 2026
Reliance’s growth engines may be losing steam
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.
16 Jan 2026
Conglomerates, duopolies and domination hamper India
The domination of a few business groups—conglomerates—is a defining feature of the country’s economy. This has been enabled by policy, leading to stifled innovation and hindered progress. All of this, in turn, exacerbates inequalities.
02 Nov 2025
Anil Ambani owes his gravy train ride to apathy, leniency
Multiple institutions have failed in their duty to pursue the litany of cases against Ambani and his companies. This has facilitated a comeback that should never have been
11 Sept 2025
Anil Ambani’s comeback is anything but one
The return to profitability and the deleveraging at Reliance Power and Reliance Infra are not what they’re cracked up to be. Plus, as their promoter, his past continues to haunt the two surviving group companies.
08 Sept 2025
An uneventful Reliance AGM that could not have been otherwise
Everyone seems to be disappointed with the company’s annual general meeting. With hands full and businesses that need further nurturing, this was not the time for big-bang announcements. And so it was.
29 Aug 2025
Jio Financial Services has a business and people problem
Strapped for top-flight talent as well as differentiated products, Reliance’s financial services business hasn’t managed to move the needle in its two years of existence.
06 May 2025
Five big developments that we tracked closely this year
From the Byju’s flameout to the fresh Adani tempest, The Morning Context helped cut through the clutter around the big developments in Indian business.
28 Dec 2024
Ratan Tata’s legacy is much larger than his persona
Eulogies have glorified Tata’s humility and his philanthropy, balanced out by critics who focus on his bad history of acquisitions. The legacy is more nuanced and fits the times he lived and led in.
10 Oct 2024