Tata Motors Limited (Formerly TML Commercial Vehicles Ltd.) Q4 & Full Year FY26 Results

* CV Standalone Financials: Focus on profitable growth drives robust financial results

* Q4: Revenue ₹24.5K Cr (+22%), EBITDA at ₹3.4K Cr (+35%), PBT (bei) ₹3.0K Cr (up ₹1,089 Cr)

* FY26: Revenue ₹77.4K Cr (+11%), EBITDA at ₹10.2K Cr (+22%), PBT (bei) ₹8.7K Cr (up ₹2,721 Cr), FCF ₹9.2K Cr (up ₹2.2K Cr)

Tata Motors Ltd. (TML) announced its results for quarter and year ending March 31, 2026.

STANDALONE INCLUDING JOINT OPERATIONS TATA CUMMINS – Key financials

 

	Q4 FY25	Q4 FY26	FY25*	FY26	Q4 vs Q4	FY26 vs FY25
					YoY	YoY
Revenue (Rs. Cr.)	19,999	24,452	69,419	77,399	4,453 (+22%)	7,980 (+11%)
EBITDA %	12.60%	13.90%	12.0%	13.20%	130 bps	120 bps
EBIT %	9.90%	12.10%	9.20%	11.00%	220 bps	180 bps
PBT (bei) (Rs. Cr.)	1,883	2,972	5,961	8,682	1,089 (+58%)	2,721 (+46%)
FCF (Rs. Cr.)	5,352	4,016	7,007	9,186	(1,336)	2,179

 

*Q1 FY25 numbers included within FY25 numbers are derived

Summary:

Tata Motors Standalone delivered a record Q4 FY26 performance and a strong full year, underpinned by disciplined execution and focus on profitable growth. Quarterly revenue stood at ₹24.5K Cr (+22%), with EBITDA at ₹3.4K Cr (+35%). The Company achieved teens EBITDA margin at 13.9% (+130 bps), ahead of its mid-term guidance. EBIT margin expanded to 12.1% (+220 bps), aided by higher volumes, improved realizations and continued cost efficiencies, partially offset by higher input costs. PBT (bei) for the quarter stood at ₹3.0K Cr (+58%). Profit after tax for the quarter was ₹2.4K Cr (+70%).

For the full year FY26, revenue stood at ₹77.4K Cr (+11%), with EBITDA of ₹10.2K Cr (+22%) and EBITDA margin at 13.2% (+120 bps). EBIT margin for FY26 stood at 11.0% (+180 bps). PBT (bei) for the full year came in at ₹8.7K Cr (+46%). Profit after tax for the year was ₹3.4K Cr (-23%) including the impact of ₹3.7K Cr on account of exceptional items pertaining to Mark-to-Market losses on account of listed investments in Tata Capital, New Labor Code, demerger related costs etc.

Strong operational performance and efficient working capital management through the year resulted in consistent growth in full year Free Cash Flow of ₹9.2K Cr (+₹2.2K Cr). Net cash for the domestic business stood at ₹7.5K Cr as of March 31, 2026. The Company's disciplined approach to capital allocation has led to an industry-leading Auto ROCE of 72% in FY26 (vs. 61% in FY25).

Consolidated financials: Consolidated revenues for Q4 FY26 stood at ₹26.1K Cr (+19%). EBITDA margin stood at 13.1% (+150 bps) while EBIT margin came in at 11.5% (+230 bps). PBT (bei) for the quarter was ₹2.4K Cr (+29%) and Profit after tax stood at ₹1.8K Cr (+35%). As at March 31, 2026, the Company was Net Cash positive at ₹13.7K Cr. This included TMF Holdings gross debt less market value of TMF Holdings investments in Tata Capital Ltd.

For the full year FY26, consolidated revenues stood at ₹83.9K Cr. EBITDA margin was 12.3% and EBIT margin was 10.2%. Full year PBT (bei) was ₹6.1K Cr (+7%) while Profit after tax stood at ₹3.0K Cr (-24%), including the impact of ₹1.4K Cr. on account of exceptional items pertaining to New Labor Code, demerger related costs etc.

Dividends: The Board of Directors has recommended a final dividend of ₹ 4/- per share subject to approval by the shareholders.

Corporate Actions:

Iveco update: The regulatory approvals for the proposed acquisition of Iveco are currently underway with most of the approvals already received. Last pending approvals are being actively pursued for the earliest closure. Given this, Tata Motors expects to complete the transaction by Q2 FY27.

Business Highlights for the year:

CV segment wholesales for Q4 FY26 stood at 132K units (+25%). For FY26, total wholesales were 428K units (+14%). Domestic & Export volumes were up by 12% and 54% YoY respectively for the full year.

Overall domestic CV VAHAN market share for FY26 stood at 35.7%. HCV 55.0%, ILMCV 39.5%, SCV 26.8%, Passenger 36.4%

Launched 17 Next-Generation Trucks, setting new standards for Safety, Profitability & Progress

Launched Ace Pro range: India’s most affordable 4-wheel mini-truck; empowering India’s next wave of entrepreneurs

Secured its biggest order for 70,000 Yodha and Ultra T.7 Vehicles for Deployment in Indonesia

Won pan-India orders of over 5,000 buses from multiple State Transport Undertakings

Pantnagar plant wins prestigious Golden Peacock award for quality

Won Top honours across multiple segments at the Apollo CV Awards 2026

Girish Wagh, MD & CEO, Tata Motors Ltd said:

“FY26 marked a clear inflection point for the commercial vehicles industry, with volumes surpassing the pre‑FY19 peak, supported by GST 2.0 reforms and sustained infrastructure spending. For Tata Motors Commercial Vehicles, FY26 was a landmark year as we delivered milestones of revenues and profits and reinforced industry leadership and strengthened our market position. Looking ahead, the underlying demand fundamentals remain resilient despite geopolitical uncertainties signaling some moderation in the near term. With strong business fundamentals, proactive risk mitigation, disciplined execution and a refreshed portfolio offering industry‑leading TCO and smart digital solutions, we remain agile and well positioned to sustain momentum through customer‑centric solutions to create long‑term stakeholder value.”

GV Ramanan, CFO, Tata Motors Ltd. said:

“FY26 marked a strong financial performance with robust EBITDA, profit and free cash flow. EBITDA margins in Q4 FY26 crossed ‘teens’ at 13.9% while full year FCF translated to ~12% of revenue, well ahead of our 2027 target. These deliverables reflect sustained structural improvements and efficient capital and cost management. Our robust cash position gives us the flexibility to pursue disciplined capital allocation while continuing to deliver meaningful returns to shareholders. While near term headwinds including commodity cost pressures are expected to persist, we remain confident in our ability to navigate these challenges through operational efficiency, pricing discipline, and proactive supply chain management.”

Additional Commentary on Financials (Consolidated Numbers, Ind AS)

Finance Costs dropped to ₹166 Cr in Q4 FY26 vis a vis ₹319 Cr in Q4 FY25.

Free Cash Flow for the quarter and full year FY26 was at ₹8.0K Cr and ₹12.4K Cr respectively (including advance received for Indonesia order) vis a vis ₹5.3K Cr in Q4 FY25 and ₹5.9K Cr in FY25. Net cash as at 31st March 2026 was ₹13.7K Cr (including leases ₹798 Crore). 

AI To Power India’s Next Economic Leap: IBM-India; AI Study Finds AI Could Add Over $500 Billion To India’s Economy By 2030

Photo Caption: Left to Right: Sandip Patel, MD, IBM India & South Asia; Shri S Krishnan, Secretary - MeitY, Government of India; and Sriram Raghavan, GM, IBM Software, India and Software Innovation Lab.

* 80% of Indian business leaders say AI will directly help shape nation’s economic trajectory, as India propels to become global AI powerhouse

* 73% of Indian executives believe India will emerge as a leading global AI nation by 2030

India is entering a defining phase in its economic transformation as artificial intelligence (AI) is set to move beyond experimentation to become a foundational force powering national growth, according to a new study by the IBM (NYSE: IBM) Institute for Business Value and IndiaAI. The research reveals that AI could contribute more than $500 billion to India’s economy by 2030, positioning the country among the world’s most dynamic AI-driven economies.

Titled ‘From promise to power: How AI is redefining India’s economic future’, the study underscores a powerful convergence of ambition and urgency: four in five business leaders believe AI investments will directly influence India’s GDP growth, while 73% expect India to emerge as a leading global AI nation by 2030.

Looking ahead, the research also reveals a critical inflection gap as 72% of surveyed organizations acknowledge they are behind global peers in AI adoption. Bridging this divide between ambition and execution will be pivotal in determining India’s leadership in the global AI economy.

Speaking at the report’s launch, Shri S Krishnan, Secretary - Ministry of Electronics & Information Technology (MeitY), Government of India said, “India is no longer just participating in the global AI conversation, we are helping shape it. Our vision is clear. AI must evolve as an extension of our people’s aspirations, driving inclusive growth and national progress. Guided by our vision of Viksit Bharat, we are advancing a human centric approach to AI rooted in trust, ethics, and national sovereignty. This joint IndiaAI and IBM study is a timely contribution that will help align policy, industry, and innovation to unlock AI’s full potential for India’s economic future.”

“AI has the potential to become one of the most powerful growth engines for India’s economy,” said Sandip Patel, Managing Director, IBM India & South Asia. “What will set India apart is not just the scale of adoption, but how organizations build trusted AI agents and systems on strong data foundations, hybrid architectures, and a workforce empowered to work alongside AI. With the right investments in skills, governance, and infrastructure, India can translate AI ambition into sustained economic impact,” he added.

India’s AI moment: Converging on a sovereign hybrid model

For regulated sectors and public systems, a sovereign AI foundation is fast becoming a strategic necessity. 74% of surveyed executives say control over where data resides is essential, pointing to a growing convergence around sovereign, hybrid-by-design architecture. This does not imply isolation, rather when combined with open standards it enables organizations to access global innovation while retaining control over sensitive workloads. This model is emerging as the trust layer that will allow India to scale AI confidently and on its own terms.

Organizations are increasingly adopting a hybrid approach to balance performance, cost, and control, with 7 in 10 surveyed executives saying it improves control over data location without significantly increasing costs.

Data and AI infrastructure will be key

India may be racing toward an AI-powered future, but the data reveals a more complex story. 57% respondents cite uneven data quality and 77% lack of accessible, affordable, and secure cloud infrastructure are major barriers to AI readiness. Despite the excitement around advanced AI, the findings indicate that Indian enterprises’ ability to scale AI is shaped not by the sophistication of the models but by the readiness of enterprise data and infrastructure. These foundational technical choices emerge as a key factor in transforming AI from experiment into an operational engine that delivers enterprise-wide impact.

Building India’s AI talent pipeline at scale

India has made significant progress in building an AI talent pool, but the study points to a growing skills gap. Today, only about 30% of employees possess the level of AI literacy businesses say they require. By 2030, respondents indicate that figure must rise to nearly 57%. This suggests the total AI talent needed in India will be more than 350 million by 2030. The findings highlight the pressure to rethink how India learns and works—through new education models, redesigned career pathways, and clearer guidance on which skills matter most in an AI-driven economy. Initiatives like IndiaAI FutureSkills are responding by embedding AI fluency into education and corporate training, with data and AI labs expanding across Tier 2 and Tier 3 cities, helping broaden access to AI skills development and to address this gap nationwide.

Other key findings from the study:

Enterprises are preparing to move from pilots to AI at scale

15% of surveyed organizations are currently scaling AI through significant cross-functional investments, while the remaining 85% are in pilot-stage AI initiatives.

Sovereign and hybrid cloud architectures are foundational to scaling trustworthy AI

62% of respondents say data localization strengthens trust, while 77% pointed out that Indian-based cloud capacity is critical for trustworthy AI.

67% of surveyed executives say AI innovation will be constrained without stronger domestic capability.

Focus on integrating robust AI governance and deeper ecosystem partnerships

68% of surveyed enterprises cite gaps in AI governance as a barrier to scaling, while 45% say they are piloting or have already embedded governance practices into everyday systems.

Partnerships are becoming more focused as 68% of surveyed executives say India needs an ecosystem-oriented approach to AI adoption.

68% of enterprises are already developing, optimizing, or scaling external AI partnerships.

To view the full study, visit: https://ibm.biz/india-economy

Methodology

This report draws on multilayered research combining quantitative surveys, pulse-based sentiment tracking, expert insights, and secondary analysis to understand the state and trajectory of AI adoption in India. It surveyed 1,500 Indian executives across industries representing diverse organizational sizes and leadership roles, spanning CEOs, CTOs, CAIOs, CDOs, Chief strategy officer / head of strategy, and departmental heads managing cloud and AI strategies under union and state governments. A supplementary pulse survey of 405 Indian executives was conducted by the same agency to capture rapid shifts in sentiment around AI governance, operating model readiness, security practices, and ecosystem partnerships.

About IBM

IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of governments and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM's hybrid cloud platform and Red Hat OpenShift to effect their digital transformations quickly, efficiently and securely. IBM's breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM's long-standing commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.

Air India Rationalises International Route Network Through August 2026

* To Continue Operating 1,200+ International Flights Every Month

Air India today announced the rationalisation of its services on select international routes between June and August 2026. The adjustments have been made in response to a combination of factors, including continued airspace restrictions over certain regions and record high jet fuel prices for international operations, which significantly impact the commercial viability of certain planned services.

These changes are aimed at improving network stability and reducing last-minute inconvenience to passengers.

Despite the challenges and beyond these adjustments, Air India will continue to operate more than 1200 international flights every month, retaining a robust international network that spans five continents, including 33 flights per week to North America, 47 flights per week to Europe, 57 flights per week to the UK, 08 flights per week to Australia, 158 flights per week to the Far East, Southeast Asia and SAARC regions, and 07 flights per week to Mauritius (Africa).

Air India will proactively assist customers with bookings affected by the cancellations through this period with re-accommodation on alternative feasible Air India flights, free date change or full refunds, as applicable. The airline remains available to support guests through its 24x7 contact centre and digital channels.

The temporary network adjustments are summarised below by region:
North America

· Delhi-Chicago: temporarily suspended

· Delhi-San Francisco: reduced from 10x weekly to 7x weekly through August

· Delhi-Toronto: reduced from 10x weekly to 5x weekly through July, increasing to daily operation from August

· Delhi-Vancouver: reduced from 7x weekly to 5x weekly

· Mumbai-Newark service increases from 3x weekly to 7x weekly and Delhi-New York (JFK) remains a 7x weekly service while Delhi-Newark and Mumbai-New York (JFK) services will be temporarily suspended
Europe

· Delhi-Paris: reduced from 14x weekly to 7x weekly

· Delhi-Copenhagen: reduced from 4x weekly to 3x weekly

· Delhi-Milan: reduced from 5x weekly to 4x weekly

· Delhi-Vienna: reduced from 4x weekly to 3x weekly

· Delhi-Zurich: reduced from 4x weekly to 3x weekly

· Delhi-Rome: reduced from 4x weekly to 3x weekly
Australia

· Delhi-Melbourne: reduced from 7x weekly to 4x weekly

· Delhi-Sydney: reduced from 7x weekly to 4x weekly
Far East, Southeast Asia and SAARC

· Delhi-Shanghai: temporarily suspended through August

· Delhi-Singapore: reduced from 24x weekly to 14x weekly

· Mumbai-Singapore: reduced from 14x weekly to 7x weekly

· Chennai-Singapore: temporarily suspended through August

· Delhi-Bangkok: reduced from 28x weekly to 21x weekly from July

· Mumbai-Bangkok: reduced from 13x weekly to 7x weekly from July

· Delhi-Kuala Lumpur: reduced from 10x weekly to 5x weekly

· Delhi-Ho Chi Minh City: reduced from 7x weekly to 4x weekly in July and August

· Delhi-Hanoi: reduced from 5x weekly to 4x weekly in July and August

· Delhi-Kathmandu: reduced from 42x weekly to 28x weekly in June, and further to 21x weekly in July and August

· Delhi-Dhaka: reduced from 7x weekly to 4x weekly

· Mumbai-Dhaka: temporarily suspended through August

· Mumbai-Colombo: reduced from 7x weekly to 4x weekly

· Delhi-Colombo: reduced from 14x weekly to 12x weekly

· Delhi-Malé: temporarily suspended through August

Air India continues to work closely with the regulators, airport authorities, and industry partners to restore full capacity as soon as conditions permit, but may make further adjustments to its network, should the extraordinary operating environment prevail.

About Air India group

The Air India Group – comprising full-service global airline, Air India, and value carrier, Air India Express – is spearheading a new era of Indian aviation. The Air India story began in 1932 when JRD Tata piloted the airline’s inaugural flight and opened the skies for aviation in India. Today, Air India Group employs more than 30,000 people, operates over 300 aircraft and carries travellers to 60 domestic and 51 international destinations across five continents.

Returning to Tata Sons in 2022 following 70 years under Government ownership, Air India Group is in the midst of a five-year transformation programme, Vihaan.AI. As part of the transformation, Air India has placed orders for 600 new aircraft. In addition to taking new aircraft deliveries, Air India is progressively retrofitting all its legacy aircraft.

The Air India Group operates South Asia’s largest aviation training academy in Gurugram, India. The construction of a new flying school and a greenfield maintenance base is in progress.

With transformation underway across all facets of the business and India’s rich legacy of hospitality, Air India is committed to being a world class global airline with an Indian heart.

For more news on Air India, visit http://www.airindia.com/newsroom  

UTI Value Fund – A Fund That Looks For Opportunities Across The Market Cap

Financial experts often recommend that investors should invest in funds that nearly capture the complete spectrum of the markets, in other words, well diversified funds. One tends to gravitate towards large cap funds since they optically cover anywhere from ~80-85% of the market capitalization. Although large caps do represent the broader markets/indices, investors should recognize that these funds do not always reflect or capture the opportunities across the spectrum. The entire spectrum could include opportunities in different market capitalizations, different investment approaches (growth vs. value) or even the cyclicality in certain segments of the overall markets. This anomaly or rather varied market dynamics gives the fund manager/s the broad field for unique opportunities across the market capitalization spectrum and investment styles at the same time ensure that the relative portfolio risk is reduced.

UTI Value Fund is one such fund that looks for opportunities which are expressed in terms of relative intrinsic value of a given stock. This means following a “Value” style of investment and across market capitalizations, where “Value” is buying stocks for less than their intrinsic value. Intrinsic value is simply the current value of the cash flows that the company generates for its shareholders over a period of time. Undervalued businesses can be found at two ends of the spectrum. At one end, the market may under appreciate the sustainability of competitive advantages and/or the length of the growth runway for the company. These companies defy the norm of cyclicality and reversion to mean. At the other end of the spectrum there are companies that may be experiencing challenges due to cyclical factors, changes in the environment or their own past actions. But if the core business is healthy and a path to a better future (cash flows, return ratios) is visible, then their depressed valuations offer an attractive entry point. The opportunity in both cases is to buy businesses which are cheaper relative to expectations.

UTI Value Fund was launched in the year 2005. The Fund has an AUM of over Rs. 9,400 Crores as of Apr 30, 2026. While the portfolio will have a large cap bias, the midcap exposure could vary more widely based on valuation differentials. The Fund has about 63% invested into Large Caps and remaining in Mid & Small caps as on Apr 30, 2026. The scheme’s top holding consists of HDFC Bank Ltd., ICICI Bank Ltd., Bharti Airtel Ltd., Axis Bank Ltd., State Bank of India Ltd., Kotak Mahindra Bank Ltd., Infosys Ltd., Mahindra and Mahindra Ltd., Reliance Industries Ltd., Tech Mahindra Ltd., which accounts for about 41% of the portfolio’s holdings.

UTI Value Fund may be suitable for those equity investors who are looking to build their equity portfolio and seek long-term capital growth. The Fund is also suitable for investors with a moderate risk profile, looking for reasonable returns over the medium to long term subject to market conditions

NIOS Partners With Medhavi Skills University To Redefine India’s Education-To-Employment Pathway

In a significant step towards advancing India’s skill-integrated education ecosystem aligned with the National Education Policy (NEP) 2020, National Institute of Open Schooling and Medhavi Skills University have entered into a landmark Memorandum of Understanding (MoU) to jointly strengthen pathways between school education, vocational education, and higher education across the country.

The MoU was formally signed by Col. Shakeel Ahmad, Secretary, National Institute of Open Schooling (NIOS), and Shri Kuldip Sarma, Honourable Co-Founder & Pro Chancellor, Medhavi Skills University.

Speaking on the occasion, Shri Kuldip Sarma said: “This partnership marks a defining moment in India’s education and skilling landscape. It is a major step towards building seamless pathways between education, skilling, and employability. This initiative strongly aligns with the vision of NEP 2020 and the National Credit Framework, enabling learners across socio-economic backgrounds to access flexible, industry-linked, and future-ready education opportunities.”

“NIOS has always focused on expanding inclusive and accessible learning opportunities across the country. This collaboration with MSU will further strengthen vocational education, credit mobility, and learner progression pathways aligned with the vision of NEP 2020,” added Col. Shakeel Ahmad.

During the MoU signing ceremony, from National Institute of Open Schooling (NIOS) Dr. Tarun Punia, Deputy Director, Vocational Education Department, and Dr. Nilima Pant, Assistant Director (Academics), Vocational Education Department were present. On behalf of Medhavi Skills University, Dr. Lalit Narayan, Vice President and Senior Dean (Academic Affairs and Administration), and Ms. Purva Jain, Assistant Manager were present during the ceremony.

This collaboration marks one of the first comprehensive partnerships of its kind between NIOS and Medhavi Skills University, one of India’s leading skills-focused university ecosystem in India, creating a transformative framework for skill development, academic mobility, vocational certifications, school equivalency pathways, and employability-linked education at scale.

The partnership aims to create seamless progression opportunities for learners, school dropouts, working professionals, apprentices, vocational trainees, and youth from underserved communities by integrating formal education with industry-linked skills training and work-integrated learning.

Under the MoU, both institutions will collaborate on:

Establishment of Accredited Vocational Institutions and Industry-based Learning Centres across India

Skill training through market-relevant Certificate and Diploma programmes

Creditization and mutual recognition of skill certifications

Credit transfer pathways between vocational and school education

Joint curriculum and content development

Recognition of Prior Learning (RPL) linked with Class 10 and 12 equivalency pathways

Career guidance, placement, entrepreneurship and learner support services

Joint development of digital learning ecosystems

Training of Trainers (ToT) programmes for vocational instructors and trainers

The collaboration will also support work-integrated programmes, apprenticeship-embedded diplomas, flexi-MoU programmes, and industry-aligned skilling initiatives across manufacturing, services, and emerging sectors.

About Medhavi Skills University (MSU):

Medhavi Skills University is a UGC-recognised private Skills University established by an Act of the Government of Sikkim. As an NCVET-recognised Awarding Body, MSU designs and delivers skill-integrated higher education programmes that combine academic credit with workplace learning, apprenticeships and deep industry partnerships. MSU is committed to NEP 2020’s vision of flexible, credit-based, outcome-driven education that leads to employability, entrepreneurship and lifelong learning.

Lilly Launches Lormalzi® (Donanemab), First And Only Once-Monthly Amyloid Plaque-Targeting Terapy

* For The Treatment Of Early Symptomatic Alzheimer’s Disease In India

* Prescription only, limited duration dosing regimen guided by amyloid plaque removal

Eli Lilly and Company (India) Pvt. Ltd. today announced the launch of Lormalzi® (donanemab, 350 mg/20 mL IV vial) in India, following marketing authorisation from the Central Drugs Standard Control Organization (CDSCO) for the treatment of Alzheimer’s disease with mild cognitive impairment or those in the mild dementia stage of disease.¹˒² Lormalzi® is the first and only once‑monthly amyloid plaque‑targeting therapy, with clinical evidence demonstrating the potential for treatment optimisation based on amyloid reduction.3-6

Amyloid is a protein produced naturally in the body that can clump together to create amyloid plaques. The excessive buildup of amyloid plaques in the brain may lead to memory and thinking issues associated with Alzheimer's disease.7, 8 Lormalzi, a prescription only drug, can help the body remove the excessive buildup of amyloid plaques and slow the decline that may diminish people's cognitive ability.1

“For 35 years, Lilly has been a global pioneer advancing research of therapies and diagnostics for people with Alzheimer’s disease,” said Winselow Tucker, President and General Manager, Eli Lilly and Company (India). “Alzheimer’s is a complex, progressive condition that places a significant emotional, clinical, and societal burden on patients, caregivers, and healthcare systems. The launch of Lormalzi in India reflects our longstanding commitment to advancing innovation and supporting evidence-based intervention for people living with Alzheimer’s disease in India. We are committed to strengthening patient access by collaborating closely with stakeholders across the healthcare ecosystem, including industry, government, payers, healthcare systems, and advocacy organisations, to raise awareness and address barriers to diagnosis and treatment.”

“Alzheimer’s disease is a progressive neurodegenerative disorder that significantly impacts memory and cognitive abilities and decades of research have highlighted the importance of intervening early in the disease continuum,” said Rahul Kapur, Senior Director, Medical, Eli Lilly and Company (India). “Approximately one-third of patients in early symptomatic stages of the disease will progress to more advanced clinical stages within one year, highlighting the need to address key drivers of disease progression.9 Lormalzi is supported by robust clinical evidence targeting amyloid pathology, a key feature of the disease process. Its availability in India represents an important step forward in advancing evidence-based care for eligible patients with early symptomatic Alzheimer’s disease. Early diagnosis, supported by appropriate patient assessment, remains central to enabling informed, evidence led treatment decisions.”

India is facing a rapidly growing Alzheimer’s disease burden driven by population aging, low awareness, and delayed diagnosis. Dementia currently affects approximately 8.8 million people in India, with Alzheimer’s disease accounting for the majority of cases, and this number is projected to nearly double to ~16.9 million by 2036, posing a significant public health and economic challenge.10,11.Globally, the number of people living with dementia is projected to triple to 152 million by 2050.12 Dementia already costs the Indian economy over approximately ₹28,300 crore annually, a burden expected to rise substantially with increasing prevalence and longer life expectancy.13

Early diagnosis of Alzheimer’s disease can enable timely access to appropriate interventions, supporting better symptom management, improved quality of life, and more favourable long-term outcomes.14,15 It can also help reduce the economic and social burden of the disease, as research indicates that delaying the onset of Alzheimer’s dementia by two years may lower caregiving needs and significantly reduce care costs.16

About Lilly

Lilly is a medicine company, turning science into healing to make life better for people around the world. We've been pioneering life-changing discoveries for nearly 150 years, and today our medicines help tens of millions of people across the globe. Harnessing the power of biotechnology, chemistry and genetic medicine, our scientists are urgently advancing new discoveries to solve some of the world's most significant health challenges: redefining diabetes care; treating obesity and curtailing its most devastating long-term effects; advancing the fight against Alzheimer's disease; providing solutions to some of the most debilitating immune system disorders; and transforming the most difficult-to-treat cancers into manageable diseases. With each step toward a healthier world, we're motivated by one thing: making life better for millions more people. That includes delivering innovative clinical trials that reflect the diversity of our world and working to ensure our medicines are accessible and affordable. To learn more, visit Lilly.com/in, or follow us on Facebook, Instagram, and LinkedIn.

This press release is issued for informational purposes only and is intended for the general public. It does not constitute medical advice, and consultation with a qualified healthcare professional is advised for diagnosis and treatment decisions.

Indulekha Bringha Hair Growth Serum Completes Second Clinical Trial, Proves New Hair Growth In 90 Days

Clinical trials show the Ayurvedic hair growth serum grows over 11,000 new hair strands in 90 days while improving hair density and root strength.

Indulekha has announced the successful completion of its second large clinical study on the Indulekha Bringha Hair Growth Serum, further strengthening its position as the most clinically validated hair growth serum in India.

Key findings from the latest trials, conducted in 2025 following an earlier study in 2024:

• 11,000 new hair strands grown in 90 days validated through a rigorous scientific study.

• Grows 2x more hair than serums containing 3% Redensyl

• 74% improvement in the Anagen-to-Telogen (A:T) ratio establishing the products ability to restore healthier hair growth cycle.

The studies were conducted through registered Clinical Research Organisations under the supervision of dermatologists and Ayurvedic practitioners.

Our approach has always been to combine authentic Ayurvedic formulations with rigorous clinical validation. By conducting two independent clinical trials across two years, we aim to give consumers complete transparency and confidence in the product’s efficacy and its ability to deliver real, measurable results,” said Sairam Subramanian, VP, Haircare, Unilever.

The findings indicate that the formulation supports the natural hair growth cycle by delivering results at a follicular level. It observed that 97% agreed that the serum increases thickness and visibly improves hair volume.

The hair growth market, particularly the scalp serum category, has become increasingly cluttered with several brands offering similar 3% Redensyl-based formulations. In the interest of the consumers we serve, it was therefore essential for us to rigorously evaluate the efficacy of 3% Redensyl through a comparative clinical study against Indulekha Hair Growth Serum, ensuring a more robust, credible, and science-backed assessment of performance.

The dual studies were conducted during 2024 and 2025 on participants aged between 20 and 45 years, including both men and women experiencing early and moderate hair thinning. The trials evaluated multiple parameters associated with hair growth and scalp health, including new hair growth, hair shedding, follicle strength, and scalp barrier function.

Participants in the study also reported strong visible outcomes:

• 100% observed thicker-looking hair

• 97% reported a noticeable reduction in hair fall

• 97% experienced improvement in hair density

The findings from the 2024 clinical trial have already been published, while the 2025 trial results have been submitted for publication in the International Journal of Research in Dermatology.

Indulekha’s efforts reflect a broader effort to bridge traditional Ayurvedic knowledge with modern dermatological science. All clinical studies are conducted on Indian participants with real hair fall conditions, ensuring the results are relevant to Indian scalp characteristics and hair density patterns. With multiple clinical trials conducted across its portfolio to date, Indulekha continues to invest in scientific validation of Ayurvedic formulations.

About Indulekha

Indulekha is a heritage Ayurvedic brand known for its science-backed expert scalp care solutions that blend time-tested Ayurvedic wisdom with modern science. The brand’s iconic Bringha Hair Oil is one of India’s most trusted solutions for hair growth and Bringha Hair Serum is a natural progression in its promise of authentic, efficacy driven & clinically proven Ayurveda.