Swiggy delivered its Q1 report card ↗️

IPL gets loaded, AI infra boom, and agrotech gets fresh funding.

🗓️ Morning, folks and Happy Fridayyyyy! ☀️

A green-screen Thursday for Dalal Street. The Sensex and Nifty ended with gains as buying in heavyweight stocks kept the momentum positive.

Sectoral performance was mixed, with auto and energy emerging as the top gainers, while realty and pharma remained under pressure.

💡 Spotlight: IPL’s value crosses $20 billion 🏏

Recent transactions valued Rajasthan Royals at $1.65 billion, while Royal Challengers Bengaluru is now the league's most valuable franchise.

Strong media rights, sponsorships and a growing global audience continue to push the league’s value higher.

According to global investment bank Houlihan Lokey, the league’s business value grew 11.4% this year, while its standalone brand is now worth $4.3 billion.

It is also one of the world’s most valuable sports properties and second only to the NFL on a per-match basis.

Let’s hit it! 💪🏻

1 Big Thing: Inside Swiggy’s Q1 earnings ↗️

Swiggy’s Q1 results are in. Here are the numbers you need to know.

Key numbers 📊:

Net loss: shrank 34% YoY to ₹791 crore (vs ₹1,197 crore last year).
Revenue: jumped 37% YoY to ₹6,812 crore, driven by quick commerce.
Average monthly transacting users (MTUs): grew 27.4% YoY to 27.5 million.

The key drivers: quick commerce continues to be Swiggy’s biggest growth engine.

Gross order value (GOV) in the segment surged nearly 40% YoY to ₹7,907 crore, driven by a larger dark-store network, higher average order values and growing demand for non-grocery categories.

Meanwhile, the core food delivery business remained resilient. GOV rose 17.4%, while monthly transacting users climbed to 19.2 million.

Swiggy said it is strengthening food delivery through affordability initiatives and new offerings aimed at attracting the next wave of users.

99 Store continues to gain momentum, while Toing has expanded to 50 cities.

Swiggy’s Bolt is now live in 700+ cities, and Eat Right contributes around 15% of food delivery volumes.

The bigger picture: the quick commerce race is only getting fiercer.

Rival Blinkit recently reported a 182% jump in revenue last week, underscoring the breakneck growth of the sector. Together, Swiggy and Blinkit's results show that while competition is intensifying, India's quick-commerce boom is far from over.

2. Another big bite of India’s pharma pie 💰

ChrysCapital is acquiring a 70.6% stake in listed pharmaceutical trading and distribution company Novartis India.

It has also appointed Vikas Gupta as the company’s new CEO and Managing Director.

Why it matters: the acquisition marks ChrysCapital’s first majority-controlled investment in India’s pharmaceutical sector and brings one of the country’s longstanding pharma businesses under private equity ownership.

The firm plans to build a leading branded generics platform by leveraging its healthcare expertise, extensive network and future acquisitions to drive Novartis India’s next phase of growth.

Meanwhile, Novartis AG, which began reviewing its India business in February 2024 and signed the sale agreement in February 2026, has now exited the company completely.

The bigger picture: despite a tariff-related slowdown in early 2025, global healthcare private equity activity hit a record, with more than $190 billion in estimated deal value. Deal volume also recorded its second-best year ever.

Much of that record value came from a rise in transactions worth more than $1 billion, although deal activity increased across companies of all sizes.

While we are on deals 🤝,

State-run construction company NBCC signed an agreement with the Government of Seychelles to execute a $75 million (around ₹650 crore) affordable housing project.

What’s going on: the project involves building 1,008 affordable homes at Île Aurore in Seychelles, along with the supporting infrastructure needed for the project.

Beyond constructing homes, the project will include roads, utilities and other essential infrastructure to improve urban living standards. The development is also expected to support Seychelles’ broader sustainable development goals.

3. AI data centre boom lifts MTAR exports ⚡

MTAR Technologies hit the 5% upper circuit after the company reported strong Q1 results and informed about a purchase order worth $324.6 million.

The deets: the engineering company received an amended purchase order worth $324.6 million (around ₹3,100 crore).

That means MTAR has secured an additional ₹820 crore worth of business without winning a new customer.

The order comes from Bloom Energy, a US-based fuel cell maker that accounts for 55-60% of MTAR’s revenue. MTAR manufactures critical precision-engineered components used in Bloom’s fuel cell systems, which generate electricity using natural gas.

There’s more: just a day earlier, Bloom Energy reported blockbuster earnings. Its quarterly profit more than doubled analysts’ expectations and the company raised its annual revenue guidance for the second time this year.

Demand for its products is exploding as companies build more AI data centres.

As Bloom’s business expands, MTAR benefits because it manufactures many of the specialised components that go into those systems.

MTAR’s Q1 report card: revenue more than doubled to ₹360 crore, while net profit jumped nearly five times to ₹50 crore. Operating profit (EBITDA) surged to ₹85 crore, with margins expanding to 23.5%.

Apple has overtaken Nvidia to become the world’s most valuable company, with a market cap of $4.9 trillion.

The iPhone maker briefly crossed the $5 trillion mark, becoming only the second company after Nvidia to do so.

Apple shares are up 25% in 2026, while Nvidia remains close behind with a market value of $4.7 trillion.

Full Story Here

5. Stocks that kept us interested 🚀

What went up ⬆️

🚙 M&M emerged as the top Nifty gainer, rising 2% on strong Q1 internals, while Eicher Motors also ended higher.

🛞 Balkrishna Industries surged more than 11% after strong volumes drove Q1 results.

📦 Redington jumped more than 8% as Q1 net profit nearly doubled to ₹453 crore.

🌐 Sterlite Tech gained more than 2% after management raised FY27 margin guidance.

What went down ⬇️

🧬 Syngene fell nearly 4% after disappointing Q1 results and cut in revenue outlook.

📉 Waaree Energies and KPIT Tech slipped up to 8% after reporting weak Q1 earnings.

What else are we snackin’ 🍿

💰 Deep pockets: Agriculture drone startup SUIND raised ₹20.5 crore in seed funding led by Transition VC to expand drone deployment, technology development and engineering capabilities.

🚀 Money tree: Punjab National Bank plans to raise up to $1.5 billion from overseas investors through bonds issued from GIFT City.

💸 Order win: HFCL has secured a ₹441.5 crore export order to supply optical fibre cables to an international customer through its overseas subsidiary.

⬆️ Earnings snapshot: Microsoft added nearly $450 billion in market value on Thursday after beating estimates, while Meta earnings missed estimates.

And that’s a wrap. Pour yourself an extra one this weekend.