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 September earnings season having just begun, starting this week we will bring to you what CXOs of global corporations are saying about India and their perspectives and plans in this column. Here are some from companies that reported their earnings last week.
L’Oréal S.A. (OR, €200.0 billion)
The French beauty giant said e-commerce is transforming its reach in India, helping it tap new consumers across the country.
“In India, e-commerce is clearly a game changer for us, allowing us to reach consumers nationwide through quick commerce and traditional platforms. This approach is enabling L’Oréal to connect with previously under-served markets and accelerate overall growth.”
Unilever PLC (ULVR, £116.7 billion)
The British consumer goods major said India remains well positioned for medium-term growth, with rapid gains in e-commerce and quick commerce offsetting short-term GST impacts.
“Our quick commerce business in India is more than doubling this year, and Flipkart is growing at 30 per cent. While GST reform had a short-term impact, it’s good news for nearly 40 per cent of our portfolio and will boost demand over time.”
Reckitt Benckiser Group plc (RKT, £39.8 billion)
The British consumer goods company said India remains a strong growth market, with temporary GST-related shifts affecting quarterly performance.
“Year-to-date, our like-for-like net revenue growth in India remains at high single-digits, and we expect the recent slowdown to be purely a matter of phasing. So we expect India to continue contributing”
Westinghouse Air Brake Technologies Corporation (WAB, $33.7 billion)
The US rail equipment maker highlighted India’s growing role in its global manufacturing and export operations after securing major brake orders tied to industrial demand.
“We secured $140 million in brake orders driven by increased activity in India, marking the first export of heavy haul locomotives from our Marhowrah plant. This milestone reflects the strength of our India team and the country’s importance in meeting global customer demand.”
TransUnion (TRU, $16.2 billion)
The US credit analytics firm said India’s growth was slightly below expectations due to tariff-related pressures but reaffirmed confidence in the market’s long-term potential.
“India grew 5 per cent, slightly below our outlook as new tariffs dampened lending to export-dependent small businesses. Still, we expect high single-digit growth in Q4, supported by RBI easing, tax reforms and early signs of recovery during the festival season.”
Visteon Corporation (VC, $3.0 billion)
The US automotive electronics supplier is deepening its presence in India with new digital products and expanded manufacturing plans.
“We launched digital clusters with TVS and an app store with Maruti Suzuki in India, and we’re planning a second manufacturing site to support our growing business in the country. These initiatives strengthen our partnerships with leading OEMs and position us for continued growth in India’s fast-evolving mobility market.”
BE Semiconductor Industries N.V. (BESI, €11.4 billion)
The Dutch semiconductor equipment maker said India is emerging as a key location for new assembly capacities as customers diversify from China.
“In India, five major customers are setting up assembly capacities, moving products currently built in China, which also offers additional growth through infrastructure development. This trend underscores India’s rising importance in the global semiconductor supply chain and long-term investment plans.”
CIE Automotive, S.A. (CIE, €3.6 billion)
The Spanish auto components maker said India remains one of its strongest and most stable markets, reinforcing its global importance.
“India has consolidated its position as the world’s third-largest automotive market, surpassing Japan with nearly 25 million vehicles a year and continuing to grow across all segments.”
Published on October 25, 2025
