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.

The Coca-Cola Company (KO, $339.9 billion)

Coca-Cola highlighted India as a long-term growth market, underpinned by unprecedented investments with bottling partners, continued capacity expansion and a strong push into digital and AI-enabled customer engagement.

“With scalable digital platforms like Coke Buddy, expanding AI-driven ordering and analytics, and a still-underpenetrated outlet base, India remains a build-ahead-of-the-curve market that we expect to stay ahead of the pack in future growth.”

KKR & Co. Inc. (KKR, $90.4 billion)

KKR identified India as one of its two largest global capital deployment markets, underpinned by structural confidence in the country’s long-term middle-class expansion.

“India is one of the two markets where we are deploying the most capital today. We are strong believers in the rise of India’s middle class over the coming decades and expect to continue meaningfully increasing our investments. Asia deployment in 2025 is up 70 per cent versus 2024.”

Waters Corporation (WAT, $19.0 billion)

Waters reported high-teen growth in India, driven by strong demand in pharmaceutical generics and high-volume testing applications.

“Within Asia, India grew in the high teens, reflecting continued strength in pharma generics and robust demand across key testing opportunities.”

TransUnion (TRU, $13.8 billion)

TransUnion noted India declined 4 per cent amid a reset year for unsecured lending and credit card originations, with volumes expected to bottom out in 2025 and early 2026 before gradually improving.

“We anticipate mid-single-digit growth in India in 2026 and a return to double-digit growth thereafter, supported by easing capital restrictions, reduced uncertainty following the US-India trade agreement, and the roll-out of our full global product and IP portfolio in this high-potential market.”

Crocs, Inc. (CROX, $4.9 billion)

Crocs identified India as a strategic long-term growth market, where it is investing to expand its footprint and close the market share gap versus established geographies.

“Our market share across China, India, Japan, Germany and France is roughly one-third of what we hold in our established markets. India is important to us, and we’re making strategic investments to support sustained growth. We’re excited about the prospects for 2026 and the medium to long term.”

Blackbaud, Inc. (BLKB, $2.2 billion)

Blackbaud is expanding its India operations as part of a multi-year workforce strategy, scaling its Global Capability Centre to tap into high-quality talent.

“We’re significantly expanding our India Global Capability Centre. After establishing a strong footprint over the past year, we expect substantial growth over the next 12- 18 months, accessing highly talented direct employees to support our long-term strategy.”

Unilever PLC (ULVR, £118.8 billion)

Unilever highlighted India as a key driver of improving performance through the year.

“India delivered mid-single-digit volume growth in Home Care, driven by strong liquids performance and improved execution, with the business reaching its highest-ever market share and continued strengthening of brand equities, including gains in rural and traditional trade.”

Plus500 Ltd (PLUS, £3.4 billion)

The online trading platform marked a strategic entry into India through an acquisition that expands its global derivatives footprint.

“We completed the acquisition of Mehta Equities in India, giving us immediate access to the world’s largest and fastest-growing derivatives market and enabling synergies with our US futures operations.”

Heineken N.V. (HEIA, €44.6 billion)

The brewer reported solid momentum in India, outperforming the broader market and strengthening its premium portfolio.

“In India, volumes grew mid-single digits ahead of the market. As the country’s largest brewer, we continued to shape the category, with strong growth in Kingfisher and accelerating momentum in premium brands such as Kingfisher Ultra, Heineken Silver and Amstel Grande.”

Voestalpine AG (VOE, €7.7 billion)

The industrial group described India as a smaller but fast-growing market with expanding manufacturing and aerospace ambitions.

“India currently generates around €190 million in revenue, supported by five production sites and 1,000 employees. We are expanding engineering, design and production capabilities, including aerospace supplies and welding consumables, as the market continues to grow.”

Medicover AB (publ) (MCOVB, Skr 31.4 billion)

The healthcare provider reported resilient growth and improving momentum in India, despite temporary disruptions.

“India revenue grew 14.7 per cent in local currency, and momentum continues to build as operational leverage and technology investments begin to drive more sustainable profitability.”

Published on February 14, 2026