NewsletterDrones fly high, Swiggy's earnings, and Coal Indiaâs clean pivot.
đ Morning, Monday is here.
The country is still processing last weekâs events. The good news? India came out on top. The conflict has paused (at least for now), while weâve uncovered vulnerabilities in the opposition that werenât visible before.
Markets may not cheer the pause though, given the enemyâs tendency to act erratic. But we expect a long capital cycle to begin, accelerating Indiaâs push for self-reliance in defence, energy, software, intelligence, and beyond.
đĄ Spotlight: Drone-related stocks surged after Indiaâs precision strikes on Pakistani military targets doubled up as a live demonstration of their capabilities. ideaForge surged nearly 20%, while Zen Technologies and Droneacharya rose up to 5%. The face of modern warfare is changing. We just got a glimpse of it at home.
Letâs hit it!
1 Big Thing: Swiggyâs losses mount, but Instamart races ahead đ”
Swiggyâs Q4 FY25 numbers is a story of aggressive expansion and mounting losses, a mix that not all investors are cheering.
By the numbers:
- Quarterly revenue: âč4,410 crore, up 45% YoY
- Losses: âč1,081 crore, nearly double last yearâs âč555 crore
- Instamart Gross Order Value: âč4,670 crore, which nearly doubled YoY
- New dark stores: 316 added in Q4, up almost 45% vs. last quarter
Whatâs driving the losses: we all know quick-commerce isnât cheap, particularly when competition is so hot. Zepto, Zomato, Flipkart, and a handful of others are spending like thereâs no tomorrow.
Swiggy is compelled to pour hundreds of millions to stay competitive, opening new dark stores while continuing discounts to keep consumers engaged. The competition is particularly bloody with industry leader Blinkit.
Bottomline: the food delivery business is largely saturated, with growth slowing across the country. Instamart is its only real growth engine for Swiggy. The question is: will public market investors wait it out, or are they better off taking their money elsewhere.
2. Coal Indiaâs clean pivot âĄ
Coal India is going green, with a âč25,000 crore plan to build 4.5 GW of renewable energy capacity over the next few years.
- Thatâs enough clean power to light up 30 lakh homes or energize an entire state like Punjab.
What matters: the company has already lined up customers. It signed an MoU with AM Green, a green ammonia maker, to supply 4,500 MW of solar and wind energy for its upcoming plants. The green power will be used to produce ammonia, a clean fuel alternative critical for decarbonizing sectors like shipping and fertilizers.
AM Green will pair pumped hydro with Coal Indiaâs solar and wind to ensure a steady 24/7 clean energy supply, solving the problem of gaps when the sun isnât shining or the wind isnât blowing.
The why: this is part of Coal Indiaâs push toward net-zero operations. Once synonymous with fossil fuels, the state-run giant is now actively diversifying, without stepping away from its core role in powering the country.
Zoom out: India plans to add 80 GW of new coal-fired capacity by 2031-32, but itâs also targeting 500 GW of clean energy by 2030, up from 172 GW today. Coal and clean are now running in parallelâand both are scaling fast.
3. Ravi Infrabuild files for âč1,100 cr IPO đ§
Ravi Infrabuild Projects a seasoned player in Indiaâs infrastructure game, has filed draft papers with SEBI for a âč1,100 crore IPO.
The deets: this is essentially a civil construction company that builds everything from roads and highways to tunnels and flyovers, mostly for public sector clients.
Itâs been around for over two decades and has a strong footprint across Rajasthan, MP, Maharashtra, and UP.
The companyâs project portfolio includes work under NHAI, MoRTH, IRCTC, and state governments. As of Dec 2024, its order book stood at âč3,092 crore.
The why: the funds raised will be used to buy new construction equipment, repay debt via investments in subsidiaries, and for general corporate expenses.
4. Porter is raising big money đ°
Porter, an on-demand logistics startup, raised $200 million in Series F funding, led by Kedaara Capital and Wellington Management.
- The company has officially become Indiaâs third unicorn of 2025 with a valuation now between $1.1â1.2 billion.
Porter operates like Uber for goods transport, providing an on-demand logistics platform primarily for micro, small, and medium enterprises (MSMEs). Its offerings include everything from mini-truck rentals to full-stack tech for streamlining last-mile delivery.
By the numbers: in FY24, the company clocked ~âč2,700 crore in revenue, a 56% jump YoY. More impressively, it cut losses by 45%, down to âč95.7 crore from âč174.6 crore in FY23.
Porter operates across 20+ Indian cities, powering efficient deliveries.
5. Stocks that kept us interested đ
1. BPCL is getting some wind power đ
Indiaâs oil refining giant, Bharat Petroleum (BPCL), handed out contracts for 100 MW worth of wind energy projects to Suzlon Energy and Integrum Energy Infrastructure.
The deets: Suzlon will build a 50 MW wind farm in Madhya Pradesh, while Integrum Energy will set up another 50 MW project in Maharashtra.
Together, these wind farms will supply power to BPCLâs own refineries in Bina (MP) and Mumbai (MH), replacing a portion of their fossil fuel-based electricity with clean, renewable wind energy.
Why it matters: ââBPCL is trying to go green by using wind power instead of fossil fuels, cutting pollution and reducing oil imports.
This shift is part of BPCLâs bigger plan to have 10,000 MW of renewable energy and become a Net Zero company by 2040.
2. Lupin bags US FDA nod for HIV drug đ
Lupin received approval from the USFDA to sell its version of a medicine used in the treatment of HIV-1 infection. The drug is called Raltegravir Tablets USP, 600 mg.
Whatâs up: Lupin is the first company to apply to sell this generic version of the drug. Because of that, it gets a 180-day head start where no other generic competitor can sell the same drug in the US.
The deets: Raltegravir is a medicine used along with other HIV drugs to help control the virus in people living with HIV-1. It doesnât cure HIV, but it helps keep the virus in check, and this specific version is meant for adults and children (weighing at least 40 kg).
Why it matters: Lupin's Raltegravir is basically a copy of an existing drug - Isentress HD by Merck Sharp & Dohme but at a much lower price. The US FDA has said that Lupinâs version works the same way as the original.
This also means a major earnings boost for the company.
6. Chart of the day: State of Defence đ
Indiaâs defence manufacturing push is gaining serious global traction.
In FY25, defence exports hit a record âč23,622 crore, up nearly 5x since FY18. The steady rise reflects growing international demand for Indian-made systems, from missiles to surveillance equipment.
What else are we snackinâ đż
đ§ Gatesâ giveaway: Bill Gates plans to donate nearly all of his $168 billion fortune and shut down the Gates Foundation within 20 years.
đ SIP & chill: Mutual fund SIP inflows hit a record âč26,632 crore in April, up 3% from March.
âż Comeback: Crypto markets cheered as Bitcoin stayed above $100K, hitting six figures for the first time since Feb 2025.
đŠ SBI offloads YES: SBI will sell a 13.2% stake in YES Bank to Japanâs Sumitomo Mitsui for âč8,889 crore.
đ Atmanirbhar Bharat: India has inaugurated a new BrahMos missile production unit in Lucknow with the capacity to roll out 150 missiles a yearâgiving a major push to indigenous firepower.
Thatâs a wrap! Donât let the Monday blues get to you.
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