With India being the fastest growing large economy, ‘what is your India plan?’ is a common topic in boardrooms of most global corporations. One important source to distil their India plans is from their quarterly earnings calls. This column will present what CXOs of global corporations are saying about India, along with their perspectives and plans during the current earnings season. With the June quarter earnings season in progress, here are some from companies that reported their earnings last week.
Sanmina Corporation (SANM, m-cap $9.8 billion)
The electronics manufacturer is expanding its Reliance joint venture in India, ramping a newly-completed facility to capture opportunities across multiple end-markets.
“Our India joint venture with Reliance continues to perform well. We completed a new building toward the end of fiscal Q1 and are now focused on filling the additional capacity. India remains a significant growth opportunity and will continue to be an area of investment across all end-markets.”
Unilever PLC (ULVR, £104.3 billion)
The consumer goods major reported broad-based double-digit growth in India and plans continued investment to protect its leadership while driving premiumisation and profit expansion.
“India delivered 10 per cent underlying sales growth and 5 per cent volume growth in Q2. We aim to sustain high-single-digit growth through volume, premiumisation and portfolio strength, with profit growing slightly ahead of sales. We will continue investing to protect our leadership, as we believe the next decade will be India’s decade.”
Koninklijke Philips N.V. (PHIA, €22.8 billion)
The health technology company reported double-digit growth in India, driven by premium consumer and healthcare systems, and sees significant potential to expand AI-enabled care inside and outside hospitals.
“India is growing at a double-digit rate across consumer and health systems, led by premium segments and our high-quality, platform-based solutions. Following discussions with Prime Minister Modi and the Health Ministry, we see significant opportunities to expand AI-enabled care within and beyond hospitals. The business is also contributing positively to group margins.”
The Coca-Cola Company (KO, $380.5 billion)
The beverage major reported broad-based volume growth in India and is investing in affordability, cold-drink equipment and execution capabilities to strengthen its portfolio of leading brands.
“We own seven of India’s top 10 beverage brands, and building their equity remains our priority. We are applying revenue growth management capabilities and investing in affordable offerings, cold-drink equipment and market execution to deepen consumer engagement and capture future growth.”
Noble Corporation plc (NE, $6.9 billion)
The offshore drilling contractor sees India as a source of longer-term deepwater growth, although ONGC’s planned multi-rig exploration campaign has likely been delayed by around one year.
“Asia-Pacific and India contracted ultra-deepwater rigs have risen to 10-11 from eight six months ago, while the region represents 45 per cent of global open demand. India’s multi-rig exploration campaign appears delayed by planning and funding lead times rather than cancelled, and we expect the tenders to return after roughly a year.”
TransUnion (TRU, $14.9 billion)
The credit analytics company reported an inflection in India, with improving lending activity, record new sales and strong adoption of its analytics and fraud solutions.
“India revenue accelerated to 8 per cent as consumer lending stabilised and government support improved commercial credit activity. We recorded our largest-ever quarter of new sales in India, supported by refreshed credit scores, broader lender data, strong TruIQ analytics momentum and expanding Trusted Call Solutions. We expect similar growth in Q3 before accelerating in Q4 as comparisons ease.”
Mondelez International, Inc. (MDLZ, $81 billion)
The snack-food company reported an exceptionally-strong Biscoff launch in India and is accelerating capacity and distribution expansion to meet demand.
“Our first Biscoff production line in India sold out from its opening month, and we are accelerating construction of a second line. We also added another 1,00,000 stores and see Biscoff becoming an important biscuit brand in India.”
DWS Group GmbH & Co. KGaA (DWS, €14 billion)
The German asset manager expects its alternatives joint venture with Nippon India to close imminently, establishing a broader two-way product and distribution partnership.
“Our alternatives joint venture with Nippon India is progressing well and should close imminently, with inflows expected from 2027. The partnership extends further, with DWS distributing global products in India and Indian products internationally.”
Krones AG (KRN, €3.5 billion)
The packaging machinery manufacturer expects its new Indian plant to open in Q3 2026, although meaningful benefits will likely emerge only in 2027 as it develops the workforce and local supplier base.
“India is a greenfield plant rather than an extension, so the ramp-up will take longer as we train employees and establish the supplier base. The facility is expected to open in Q3 2026, with positive effects becoming visible during 2027.”
Cognizant Technology Solutions Corporation (CTSH, $25.5 billion)
The IT services company continues to advance a potential primary offering and secondary listing in India while recognising a one-time benefit from changes to the country’s labour regulations.
“We recorded an $81-million one-time benefit from partially reversing an India defined-contribution liability following changes to the Labour Code. Related defined-benefit costs should remain around $10 million per quarter. We are also progressing our evaluation of a potential primary offering and secondary listing in India, working with regulators and external stakeholders.”
Sensata Technologies Holding plc (ST, $6.6 billion)
The sensor manufacturer reported rapid growth in India and plans to localise production through a new manufacturing facility in Chennai.
“India revenue grew more than 40 per cent in Q2 and over 50 per cent year-to-date. Following a visit by our senior leadership team to the Pune engineering centre, we announced a new manufacturing facility in Chennai to localise production and support our rapidly-expanding presence.”
Renault SA (RNO, €6.9 billion)
The French automaker reported a strong response to the new Renault Duster in India, helping drive a sharp increase in local sales.
“We successfully launched the Renault Duster in India, contributing to a 61 per cent increase in sales compared with 2025. The launch was a key part of Renault brand’s strong first-half performance.”
Schneider Electric S.E. (SU, €149.4 billion)
The energy management company is positioning India—now its third-largest market—as a global manufacturing and R&D hub, including for data centre liquid-cooling equipment.
“We are preparing to manufacture coolant distribution units in Bengaluru to serve international markets. India is now our third-largest country by sales and a fourth regional hub, leveraging Lauritz Knudsen’s R&D and cost-effective manufacturing capabilities. We will progressively export India-made products, beginning with nearby markets such as West Asia.”
Published on August 1, 2026
