Good morning. The July-quarter earnings season is now in full swing, and the numbers coming out of India Inc this week tell a genuinely mixed story, strength in some corners, real pressure in others. The monsoon is also far from done, with weather authorities still tracking heavy spells across several states.
In today's newsletter: Ather Energy's shrinking losses as India's electric scooter boom widens, DLF's profit-revenue paradox in its latest results, and Torrent Power's costlier quarter as global disruptions hit fuel supply.
Closing levels · August 3, 2026
SENSEX 78,639.03 +544.39 (0.7%) |
NIFTY 50 24,774.30 +391 (1.6%) |
USD/INR 95.27 -0.10% |
BRENT CRUDE $83.82 -4.68% |
Benchmarks extended their winning streak to a fourth session as crude oil corrected sharply on reports of US-Iran talks, with a firmer rupee and strong Q1 earnings adding to the mood. Note that Tuesday's close was also the first under NSE's new closing auction session, which pushed the official derivatives close ten minutes later than before.
Ather Energy's losses shrink sharply as India's electric scooter market widens
Electric scooter maker Ather Energy's net loss narrowed 71 per cent to ₹51 crore in the June quarter, from ₹178 crore a year earlier, as revenue from operations nearly doubled to ₹1,217 crore. The company's operating loss also shrank, from ₹134 crore to ₹33 crore, a sign that the core scooter business is closer to breaking even than the headline number suggests.
Ather is not alone. Industry-wide registrations of electric two-wheelers rose 68 per cent year-on-year to roughly 5.25 lakh units in the quarter, as buyers who once treated EVs as a niche choice increasingly see them as the default upgrade from a petrol scooter.
This is no longer a one-company story. With registrations up two-thirds industry-wide, Ather is now fighting a broader field that includes Ola Electric, TVS and Bajaj for a market that is genuinely growing, not just shifting between rivals. Whoever gets closest to profitability first will set the pace for pricing across the segment.
Revenue from software subscriptions, charging, accessories and service rose to 14 per cent of Ather's operating revenue, up from 13 per cent a year ago. It is a small shift, but it is exactly the kind of high-margin, recurring income that hardware-heavy EV makers need if they want their unit economics to work once the growth headlines fade.
DLF's profit rose 4%, but its revenue fell 53%. Here's why that isn't a contradiction
India's largest listed real estate developer DLF posted a 4.1 per cent rise in consolidated net profit to ₹793.90 crore for the June quarter, even as revenue from operations collapsed 52.9 per cent to ₹1,280.34 crore, down from ₹2,716.70 crore a year earlier.
The gap between the two numbers is a reminder of how lumpy real estate accounting can be: developers book revenue when a project is completed and handed over, not when units are sold, so a quiet quarter for completions can mask a strong one for bookings. For homebuyers and investors, the profit line is reassuring, but the revenue swing is the number worth watching next quarter to see if it was a one-off lull or the start of a slower launch cycle.
Torrent Power's profit falls 11% as global supply disruptions hit its fuel costs
Power utility Torrent Power's net profit fell 11 per cent to ₹662 crore in the June quarter, from ₹742 crore a year ago, even as revenue from operations grew 3 per cent to ₹8,124 crore. The company pointed to higher finance costs and to geopolitical disruptions that hit LNG supplies, which in turn weighed on the performance of its gas-fired thermal power plants.
It is a useful reminder that India's energy security story runs on two tracks at once: the renewable and EV push making headlines, and a still-heavy reliance on imported fuel that keeps utility earnings hostage to events half a world away, whether that is a shipping route in West Asia or a spike in spot LNG prices.
Breaking.exe
MobiKwik's profit streak. Fintech firm MobiKwik posted its third straight profitable quarter, with net profit of ₹7.6 crore as its gross transaction value jumped 50 per cent year-on-year to ₹58,700 crore. |
Rating your call quality. Telecom regulator TRAI relaunched its MyCall app, its first major overhaul since 2018, letting users rate voice calls in real time and run coverage tests that feed anonymised data back to operators and the regulator. |
EV charger funding. RoadGrid India secured ₹13 crore in government backing from the Technology Development Board to build a manufacturing line for its Universal EV Charger, targeting commercial production by March 2027. |
Pangaea Revisited
Iran talks stall. Trump warned Tehran it has a "last chance" to reach a deal, but Iran's foreign ministry denied any direct negotiations with Washington are under way, leaving the five-month conflict without a clear off-ramp. |
Rome talks open. US-led talks between Israeli and Lebanese officials began in Rome this week to try to implement a framework agreement on Hezbollah's presence in southern Lebanon. |
Ukraine braces for winter. Kyiv is warning of its toughest test since Russia's full-scale invasion, with officials citing a shortage of air defence interceptors just as Moscow steps up missile strikes on Ukrainian cities. |
Also, Also, Also
RBI's rate call looms. The Reserve Bank's three-day rate panel meeting began Monday, with Governor Sanjay Malhotra due to announce the decision Wednesday; economists widely expect the repo rate to stay at 5.25 per cent for a fourth straight meeting. |
Heavy rain warning. The IMD issued red alerts for extremely heavy rainfall in parts of eastern Rajasthan, Gujarat and Madhya Maharashtra this week, with widespread heavy rain also expected across the Northeast, Bihar and West Bengal. |
Steelmaker's steady quarter. Jindal Stainless posted a 7.6 per cent rise in net profit to ₹769 crore for the June quarter, as revenue climbed 10.5 per cent to ₹11,279 crore. |
Ten extra minutes. NSE's new closing auction session took effect this week, pushing the official derivatives market close to 3:40 pm to align with the exchange's revamped price-discovery mechanism for cash-market stocks. |