Editorial     

Govt slumbers while CPI keeps soaring: Inflation needs tackling on war footing

India’s annual retail inflation rate based on the CPI rose to 5.2% in July 2026, from 3.93% in May and 4.38% in June, as volatile food, energy and fuel prices drive the spiral higher.

written by

Deven Malkan

Cover story     

India@80: From Scarce Economy to a Global Growth Engine

Eighty years after Independence, India has risen to become a Rs 348-lakh crore economy, the sixth largest globally. But behind the headline growth lies a K-shaped reality – youth unemployment, farm distress and red tape still mar its progress towards Viksit Bharat@2047.

Corporate Performance     

Morepen Laboratories: Contract output is new growth engine

Morepen Laboratories posted its highest-ever quarterly revenue and earnings in Q1FY27, with PAT up 394% YoY to Rs 56.35 crore as its Rs 825-crore CDMO mandate entered full-scale commercialization.

Portfolio Choice         

Hindustan Aeronautics: Flying high on aerospace demand

HAL, a ‘maharatna’ PSU, is sitting on a massive order book of Rs 2,54,538 crore, providing 7 to 8 years of revenue visibility, with export orders worth over Rs 30,000 crore bagged so far this year.

Rites Ltd: Pole player in engineering services

Rites, a Central government-owned ‘navratna’, has a robust order book of around Rs 9,090 crore, over four times its fiscal 2025 revenue, and continues to win orders across the railway and solar space.

STL Networks: Present gloomy, future prospects bright

Though STL Network plunged into the red in Q2FY26, it has won a Rs 359-crore data centre contract from Power Grid Teleservices and is well placed to ride India’s digital infrastructure boom.

Fortune Scrip     

Azad Engineering: Sky’s the limit for its global growth

This fortnight, our Fortune Scrip focus is on Azad Engineering, a multi-bagger with high potential for sustainable growth – 92% of its revenues come from global markets, and it sits on an order book of over Rs 65 billion.

Corporate Development     

DCW Ltd.: Expanding iron oxide pigments capacity

DCW has announced a Rs 250-crore expansion plan to raise SIOP capacity by 50% to 45,000 tonnes per annum, riding on record FY26 SIOP sales volumes and a global pigments market projected to reach $3.9 billion by 2033.

Stock Watch     

Q-Line Biotech: Emerging stock with promising future

Lucknow-based, NSE-Emerge listed Q-Line Biotech, a maker of diagnostic reagents, kits and IVD equipment, has appreciated nearly 74% since its IPO, with FY26 EBITDA, PBT and PAT growing 39%, 42% and 57% respectively.

September 30, 2026 - Combined Issue

Industry Review

VOL XVII - 13
September 16-30, 2026

Formerly Fortune India Managing Editor Deven Malkan Assistant Editor A.K. Batha President Bhupendra Shah Circulation Executive Warren Sequeira Art Director Prakash S. Acharekar Graphic Designer Madhukar Thakur Investment Analysis CI Research Bureau Anvicon Research DD Research Bureau Manager (Special Projects) Bhagwan Bhosale Editorial Associates New Delhi Ranjana Arora Bureau Chief Kolkata Anirbahn Chawdhory Gujarat Pranav Brahmbhatt Bureau Cheif Mobile: 098251-49108 Bangalore Jaya Padmanabhan Bureau Chief Chennai S Gururajan Bureau Chief (Tamil Nadu) Ludhiana Ajitkumar Vijh Bhubaneshwar Braja Bandhu Behera

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