QpiAI wants a quantum push
Trump's fed feud, Dialysis chain IPO & India’s iPhone exports shoot up.
🗓 Morning, folks!
Earnings jitters and global uncertainty kept investors on edge, dragging down both Nifty and Sensex.
Trump says he’ll fire US Fed Chair Powell. Markets got whiff of it and started selling off, spooking the President and forcing him to backtrack in his position a few hours later. For context, the Fed sets interest rates and Trump believed higher rates currently in place are hurting America’s growth.
💡 Spotlight: made-in-India iPhones are going straight to America.
India’s iPhone exports shot up 53% YoY in the first half of 2025, hitting 23.9 million units. That’s the fastest-ever ramp-up for Apple from the country. This marks a major shift in Apple’s global manufacturing strategy, with India playing an increasingly central role.
The US snapped up 78% of these iPhones, up from 53% a year ago, becoming the top destination by far. Meanwhile, shipments to other countries like the Netherlands, UAE, Japan, and UK declined, each contributing just 2–4%.
Let’s hit it!
1 Big thing: BYD buzz lifts Sona BLW ⚡
Sona BLW is reportedly in advanced talks to supply EV components to BYD, the world’s largest electric vehicle maker by volume. The stock surged nearly 7% on the news.
The deets: discussions have been underway for months, and if successful, the deal could lead to Sona setting up a manufacturing unit in China to support the partnership.
Sona already makes serious money from EVs, 35% of its revenue last quarter came from the segment, with Tesla among its clients. The company has said it’s constantly in talks with global and domestic customers, but hasn’t confirmed anything material yet.
Why it matters: a long-term supply agreement with BYD would be a major credibility boost, unlocking scale and giving Sona a foothold in the fast-growing China market. A local plant would also position it for more localisation-led contracts down the road.
For a company already leaning into clean mobility, this could accelerate its global ambitions.
Zoom out: India’s EV component space is heating up. Global carmakers aren’t just chasing battery deals—they need full-stack EV parts. That’s where Indian suppliers like Sona BLW, Bharat Forge, and Samvardhana Motherson are stepping in.
As India’s own EV market matures, led by two-wheelers, fleets, and incentives, these players are building export-ready scale and expertise.
2. Waaree prints a stellar Q1 🌟
Waaree Renewable Technologies posted a blowout Q1, with net profit soaring 207% year-over-year to ₹86 crore, up from ₹28 crore in the same quarter last year.
By the numbers:
Net Profit: ₹86 cr vs ₹28.16 cr, up 207% YoY
Revenue: ₹603 cr vs ₹236 cr, up 156% YoY
EBITDA: At ₹118 cr, up 183.7% YoY
The deets: Q1FY26 results beat estimates across all key parameters. This comes amid growing optimism around the renewable energy sector, driven by government incentives, rising capacity additions, and improved execution by clean energy players.
Worth noting: Waaree Renewables’ shares have surged over the last two days on volumes that have never been seen before on the stock in its trading history.
3. NephroPlus taps IPO route to lead kidney care revolution 🏥
Asia’s largest dialysis network, under the brand NephroPlus, is preparing to file papers for a ₹2,000 crore IPO this month.
The deets: Nephrocare Health Services operates more than 447 dialysis centres across India and has a presence in Philippines, Uzbekistan and Nepal. The proposed IPO will be a mix of fresh issue and offer-for sale.
The why: the company plans to use the proceeds from the IPO to scale operations, including acquisitions of mid-sized dialysis firms in India and the Philippines.
Zoom out: India’s dialysis market is projected to grow to $870 million by 2030. NephroPlus commands over 50% market share in the organised segment, benefitting from long-term public-private partnership contracts and partnerships with leading hospital chains such as Max Healthcare, Fortis, and Medanta.
The big picture: with rising kidney disease linked to diabetes and hypertension, India faces a growing need for accessible dialysis care especially beyond major cities. NephroPlus is bridging this gap with tech-enabled, standardized services.
4. MGL plugs into green power ⚡
Mahanagar Gas (MGL) is investing ₹1,325 crore over the next two years to expand beyond fossil fuels, starting with electric vehicle batteries and compressed biogas.
The deets: the company has teamed up with US-based International Battery Company (IBC) to set up a gigafactory in Karnataka. IBC will hold a 56% stake, while MGL owns the remaining 44%.
The factory will start with 1 GWh of lithium-ion battery capacity, targeted at two- and three-wheeler manufacturers, with plans to scale up to 5 GWh. Battery testing is already underway.
On the biogas side, MGL is building a compressed biogas (CBG) facility to convert organic waste into clean-burning fuel.
Why it matters: MGL currently gets 70% of its revenue from CNG. But a BCG study confirmed it needs to diversify, and batteries + biogas are now at the heart of its clean energy pivot.
Zoom out: India is doubling down on lithium-ion batteries and biogas as part of its clean energy mission. While batteries power EVs and store renewable energy, biogas offers a scalable, local alternative to oil and gas.
5. QpiAI lands $32 million for quantum computing push 💪
India based QpiAI has secured $32 million in Series A funding led by Avataar Ventures and India’s National Quantum Mission.
What’s happening: founded in 2019, QpiAI integrates quantum computing and AI to provide optimisation capabilities in areas such as manufacturing, transportation, pharma, and materials. This funding will accelerate delivery of its utility-scale quantum computer and fuel global expansion.
QpiAI has been funded by India’s National Quantum Mission, an Indian government initiative that views quantum computing as both an economic opportunity and a national security imperative.
Worth noting: the company is also working to start manufacturing its quantum hardware locally in 2026.
Zoom out: quantum is a hot theme globally, with major stocks like Qubit, Rigetti Computing, D-Wave Quantum crushing it in the US lately. Indian ventures are naturally trying to ride the wave and pull some capital.
6. Stocks that kept us interested 🚀
1. PNC wins solar+storage order ⚡
PNC Infratech shares jumped 2% after bagging a 300 MW solar project with storage from NHPC.
The deets: the order is for Inter-State Transmission System (ISTS)-connected solar project, bundled with a 150 MW / 600 MWh energy storage system.
A 150 MW / 600 MWh energy storage system can supply enough electricity to power over 1 lakh homes for 4 straight hours.
Zoom out: as of 2024, India has over 73 GW of installed solar capacity, making it the 5th largest solar market in the world. The country is aiming for 280 GW of solar by 2030 under its 500 GW clean energy target.
But solar has a challenge, it only works when the sun is out. That’s where battery storage comes in. Storage helps keep the power flowing during evenings or cloudy days, and reduces stress on the grid.
To fix this gap, India plans to add 47 GW of Battery Energy Storage Systems (BESS) by 2031–32, with a government push of ₹3,760 crore in viability gap funding (VGF) already approved for 4,000 MWh of storage.
What else are we snackin’ 🍿
💸 JPM flex: JPMorgan’s market value now tops the combined worth of its three biggest rivals, after posting $30B profit in H1.
☀️ Clean energy push: Cabinet has allowed the state-owned NTPC to invest ₹20,000 crore, with the aim to generate 60 GW of renewable energy capacity by 2032.
💪 Power pairing: AI-powered platform Perplexity has partnered with Bharti Airtel to offer a one-year subscription to its premium tier, Perplexity Pro.
And that’s a wrap. Pour yourself an extra one this weekend.
We’ll be back like clockwork on Monday!
Hit that 💚 if you liked this issue.