What They Say on Their India Plans
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. With the March quarter coming to a close, this column will present what CXOs of global corporations are saying about India, along with their perspectives and plans during the current earnings season. Here are some from companies that reported their earnings last week.
Philip Morris International Inc. (PM, $263.7 billion)
The tobacco major said regulatory changes in India are weighing on industry volumes in the near term.
"We expect cigarette volume declines of around 3 per cent for the year, including a negative impact in India following the introduction of new excise rates in Q1."
Nestlé S.A. (NESN, CHF205.8 billion)
Nestlé highlighted India as a core growth platform supported by strong brands, distribution and continued investment.
"India is a growth platform for us, where we will continue to step up investments. With strong brands like Maggi, robust distribution, and ongoing innovation, we are seeing clear results from our strategy."
Orkla ASA (ORK, Nkr117.2 billion)
Orkla reaffirmed its long-term commitment to India following the listing of its local subsidiary.
"We listed Orkla India while retaining a 75 per cent stake, reflecting our confidence in the market's growth potential. The listing strengthens our ability to capture local opportunities and expand the business further."
EssilorLuxottica (EL, €88.6 billion)
The eyewear giant said India is emerging as a key growth market for its new AI-enabled products.
"Ray-Ban AI glasses are already contributing meaningfully to growth in India, supporting our strategy to expand this category in fast-growing markets and replicate success seen in more mature regions."
Reckitt Benckiser Group plc (RKT, £30.7 billion)
Reckitt highlighted India as a key growth driver with strong performance across its core brands.
"India delivered double-digit growth across all categories, led by strong performances from Dettol and Durex. Expanded distribution reach continues to support growth of our market-leading brands."
Bonesupport Holding AB (publ) (BONEX, Skr16.3 billion)
The Swedish medical technology company sees India as an attractive niche opportunity following its CERAMENT launch.
"We launched CERAMENT in India focusing on the private healthcare segment, working with leading hospital chains. Even within this niche, the opportunity is sizable and offers margins comparable to our European distributor markets."
Beiersdorf AG (BEI, €16.2 billion)
The skincare major reported strong growth in India, led by NIVEA's expanding portfolio and market share gains.
"NIVEA grew 18 per cent in India with market share gains across all categories. New launches like Luminous and strong performance from NIVEA Soft, where India is our largest market, are driving continued momentum."
Gaztransport & Technigaz SA (GTT, €7.5 billion)
The French LNG technology firm highlighted India's growing energy demand and its implications for global shipping.
"Around 60 per cent of India's gas imports currently come from the Middle East, which will require diversification and increased shipping capacity, implying additional LNG vessel demand over the medium term."
Accor SA (AS, €9.7 billion)
The French hospitality giant said India remains a priority market with accelerating development momentum.
"We signed or advanced 46 hotels in India over the last six months, representing 63 per cent of our existing network. This reflects a sharp acceleration in development across both premium and luxury segments."
Visteon Corporation (VC, $2.9 billion)
The US automotive component maker highlighted India as a key growth driver, supported by new product launches and strong OEM partnerships.
"India now represents nearly 10 per cent of our total sales, with multiple launches across Hyundai, Tata and Renault. We also secured a SmartCore cockpit domain controller win, positioning us to grow alongside customers in one of the fastest-growing auto markets."
Valeo SE (FR, €2.7 billion)
Valeo is expanding its manufacturing footprint in India to support rapid growth in the automotive sector.
"We are launching new manufacturing lines in Pune and Sanand for electric powertrain systems and vision cameras, supporting major OEMs. Momentum in India remains strong in line with our Elevate roadmap."
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Published on April 25, 2026
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