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 December quarter earnings season in progress, 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.

Blackstone Inc (BX, $175.6 billion)

The global alternative asset manager said India remains a core market for investment activity, particularly across private equity and real estate.

“India continues to be a major focus for us and is likely where we’ll see more real estate activity, supported by the underlying health of the economy and IPO market. We are among the leading foreign investors in India across private equity and real estate.”

PPG Industries, Inc. (PPG, $26.1 billion)

The US coatings maker highlighted India as a key driver of its strong Asia-Pacific performance.

“India has delivered double-digit growth for us throughout most of 2025, and we expect that momentum to continue into 2026, making it a major contributor to our Asia-Pacific growth story.”

A.O. Smith Corporation (AOS, $10.2 billion)

The US water technology company expects sustained double-digit growth in India, supported by product innovation and the integration of Pureit.

“We project our India business, including Pureit, to grow around 10 per cent as we leverage brand synergies and introduce new products. India remains a key growth market where we continue to invest and see strong organic opportunities.”

Whirlpool Corporation (WHR, $4.3 billion)

The US appliance maker said it is comfortable with its re-positioned presence in India, following a recent stake reduction.

“We completed the India share sale in November, reducing our stake to 40 per cent, which supported debt reduction and delivered around 40 basis points of margin accretion. India is now one of our minority-stake markets that we continue to actively evaluate.”

Epiroc AB (publ) (EPI-A, Skr 296.1 billion)

The Swedish mining and infrastructure equipment maker is expanding its digital, manufacturing and R&D footprint in India as the market delivers strong growth.

“We partnered with Hindustan Zinc to implement digital collision avoidance systems across its mines in India. India is now our fifth-largest market by employees, with over 1,300 staff, and is growing at high double digits as we build a global production and R&D hub in the country.”

AB SKF (publ) (SKF, Skr 114.7 billion)

The Swedish bearings maker said demand conditions in India remain healthy despite flat overall growth due to tough comparisons.

“We continue to see good demand development in India, particularly across heavy industries, agriculture, and automation. Commercial vehicles are developing well, although the automotive aftermarket has been softer in the region.”

DWS Group GmbH & Co. KGaA (DWS, €12.6 billion)

The German asset manager said its proposed joint venture in India positions it well to tap one of the world’s fastest-growing asset management markets.

“Our intended joint venture with Nippon Life India Asset Management provides a strong platform in a fast-growing market, supporting growth across Active, Passive and Alternatives by combining local expertise with DWS’ global reach.”

Published on January 31, 2026