Zepto’s ₹1.01 per order, Agratas’ $530M JLR deal

Zepto’s IPO filing shows its digital marketing cost per order fell from ₹33.75 in FY25 to ₹4.31 in FY26 and then to just ₹1.01 in the March‑2026 quarter. The dramatic drop signals a major lever in customer‑acquisition efficiency, tightening unit economics just as the company readies its public offering. Investors should watch how this cost curve reshapes profitability forecasts.

Tata's battery venture Agratas secured a seven‑year, $530 million supply deal with Jaguar Land Rover, targeting $42 million in revenue by FY27. The pact locks in NMC and later LFP cells, giving JLR cost certainty while bolstering Agratas' scale‑up and India's shift away from China‑sourced EV components.

Two candidates are in contention for Air India’s top job: internal chief commercial officer Nipun Aggarwal, praised for cost discipline, and former Vistara chief Vinod Kannan, whose operational expertise earned industry respect. Their selection will steer the airline’s turnaround amid regulatory scrutiny and a turbulent post‑crash recovery.

TransUnion’s H1 2026 Top Fraud Trends Report shows 7.1% of consumer digital transactions in India were suspected fraud in 2025, nearly double the 3.8% global rate. Account logins accounted for the highest fraud risk at 3.9%, outpacing creation and payment stages. Logistics, telecom and insurance sectors face the steepest exposure, with fraud rates above 11%.

India's pending free‑trade pacts with the United Kingdom, the European Union and the United States will push more than 60% of its imports and exports onto preferential tariff lines. The shift promises lower costs for exporters, deeper market access and a boost to growth, but also pressures on domestic industries to compete on price.

Goldman Sachs reports a $7.2 bn BoP surplus in Q1 CY26, driven by remittances, services exports and low oil imports, despite softer capital flows. The firm cuts its current‑account deficit forecasts and says the stronger external position should temper INR depreciation, though major appreciation is unlikely.

MSME loan growth fell to 12.7% YoY in April 2026, down from 18‑20% in prior quarters, as banks tighten underwriting amid rising geopolitical risks. Delinquency rates nudged higher, especially in public sector banks, signalling emerging stress in the sector. The slowdown could pressure bank earnings and amplify credit‑cost concerns.

India’s private gold stock now totals about 34,600 tonnes, worth roughly $3.8 trillion. That dwarfs the U.S. official reserve of 8,100 tonnes, giving Indian households more than four‑times the gold held by the world’s largest central bank. The trove underpins credit growth and hints at policy pressure to mobilise the metal.