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.
Rio Tinto Group (RIO, $164.4 billion)
The global mining major discussed India as a potential iron ore growth opportunity over time.
“India is seeing very high growth rates in steel demand. The key question is how much iron ore demand will be met domestically versus imports. While the market structure differs from China, there will be periods of meaningful opportunity for us.”
CNH Industrial N.V. (CNH, $16.2 billion)
The agricultural equipment major emphasised India as both a manufacturing hub and a key growth market.
“We’re launching new compact and utility tractors from India, with volumes building through 2026 and accelerating in 2027. We’ve achieved our highest-ever market share and are evaluating another site to expand capacity.”
EPAM Systems, Inc. (EPAM, $7.7 billion)
The digital engineering and IT services company emphasised India as a high-growth, high-margin region.
“India continues to grow faster than other geographies. We remain priced at a premium, and profitability is expanding beyond the company average, moving closer to our most-mature markets.”
Wingstop Inc. (WING, $7.2 billion)
The QSR chain identified India as a meaningful long-term expansion opportunity.
“India represents a 1,000+ restaurant opportunity, and we’re targeting market entry in 2026 as part of our international growth strategy.”
GATX Corporation (GATX, $6.8 billion)
The railcar leasing company highlighted robust demand and portfolio expansion in India.
“The economic environment in India was very strong, and we grew our portfolio to over 12,000 wagons. Demand remained robust, supporting asset base expansion and earnings growth.”
Brady Corporation (BRC, $4.4 billion)
The identification and workplace safety solutions provider reported strong growth momentum in India.
“India led Asia with nearly 25 per cent organic sales growth this quarter. We’ve expanded into North and West regions, and India is now our second-largest business in Asia.”
Visteon Corporation (VC, $2.5 billion)
The automotive cockpit electronics supplier highlighted product launches and capacity expansion in India.
“In India, we launched a fully-integrated SmartCore system on Mahindra’s XUV 7XO with three 12-inch displays. Capex includes building a second manufacturing facility in India to support new programs and vertical integration.”
Knorr-Bremse AG (KBX, €17.9 billion)
The rail and commercial vehicle systems supplier highlighted manufacturing and digital expansion in India.
“We’ve entered India’s first high-speed rail project, equipping two prototype trains. We’re also expanding with a new AI center and a new site in Chennai that will integrate engineering and production capacity over time.”
Krones AG (KRNTY, €4.3 billion)
The beverage filling and packaging equipment maker discussed early-stage operations ramp-up in India.
“Factories in China and India will start up in 2026. Revenue contribution from India will initially be small, with limited lines built locally and shipped out. The larger opportunity is in order intake, which should meaningfully contribute in 2027 and 2028.”
Published on February 21, 2026
