Business Today - 19 July 2026 - Business Confidence

Aug 7, 2026

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Business Today issue explores Vedanta’s deep red restructuring, charting its evolution from London Stock Exchange listing in 2003 to a 2018 delisting and a recent demerger into five listed identities. A cover story examines how the group will fund a proposed $20-billion capital expenditure plan. The issue also covers Wockhardt’s US approval for Zaynich and assesses India Inc’s FY26 financial health alongside a BT-C survey of CEOs and CFOs, projecting a cautious business confidence index.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages94

Reading Time3 h 57 min

AccessFree to download

From the Editor

Full-Circle Moment

Cover Story

Vedanta’s $20-BN bet and funding question

Pharmaceuticals Update

Wockhardt’s Zaynich US approval

Economy and Corporate Health

FY26 profitability and balance sheets

Business Confidence Survey

BT-C Fore Business Confidence Index 2nd quarter

businesstoday.in July19, 2026 `200 BUSINESS CONFIDENCE IN DEEP RED VEDANTA’S $20-BN BET POST ACOMPLEX RESTRUCTURING OF THE GROUP INTO FIVE DISTINCT IDENTITIES, ANIL AGARWAL HAS UNVEILED AN AMBITIOUS INDIA PLAN. CAN HE PULL IT OFF? FROM THE EDITOR Full-Circle Moment A nilAgarwal’s Vedanta is more than a corporate restructuring story. It is a lens into the evolution of India Inc’s global ambitions. The timeline begins in December 2003, when Vedanta Resources became the first Indian company to list on the London Stock Exchange (LSE). I sawthat moment from close quarters, beingin London then on a fellowship. Agarwal had placed a bold bet on moving to the hub ofglobal capital at a time when Indian companies were only beginning to look overseas for newer avenues of capital and growth. The LSE listing was about getting a “fair valuation” for his metals business, which he believed was not being adequately valuedin the Indian market. The next big moment came 15 years later, in 2018, when Agarwal delistedVedanta Resources from theLSE. By then, Indian capital markets had deepened, and investor appetite for stocks had grown substantially. Returning to his roots, Agarwal placed a bet on growth in India. He has since then doubled down on the India opportunity. This third phase in the group’s evolution has seen Vedanta Ltd recently complete a complex demerger that has resulted in a conglomerate with five listed companies. Agarwal’s business journey has come full circle, unlocking value through a deep corporate restructuring. In this issue’s cover story, Krishna Gopalan examines the big question of how the group will fund the proposed $20-billion capital expenditure plan. Meanwhile, another home-grown companyhas crossed a milestone in pharmaceuticals. HabilKhorakiwala’sWockhardt broke newground with US approval for Zaynich, the first drug discovered and developed entirely in-house by an Indian company. For an industry that built its global reputation on generics and biosimilars, this is a historic moment. Neetu Chandra Sharma explains why Zaynich matters not only for Wockhardt, but also for Indian pharma’s efforts for original drug discovery. Elsewhere in the issue, Prince Tyagi turns the spotlight on the financial health of India Inc. The picture is encouraging, though with caveats. Companies posted stronger profitability and healthier balance sheets in FY26. Tempering the cheer is the latest BT-C Fore Business Confidence Survey of 500 CEOs and CFOs for the second quarter of the current financial year. As Surabhi writes, the Business Confidence Index for the July-September quarter is projected at 44 .6, down from 47.2 in the previous quarter. A reading below 50 signals stress, and the fall shows the mood in corner offices is distinctly cautious. A meaningful recovery in business confidence will depend on various factors, including a more durable peace in West Asia, the full restoration of energy supplies and further easing of prices, along with how the monsoon pans out. Taken together, this edition captures the mood and the moment. India Inc continues to do business, but in an environment where confidence remains fragile despite the overall resilience ofthe economy. [http://www.businesstoday.in](http://www.businesstoday.in) [Chairman & Editor-in-Chief:](Chairman & Editor-in-Chief: Aroon Purie)[ Aroon Purie](Chairman & Editor-in-Chief: Aroon Purie) Vice Chairperson & Executive Editor-in-Chief: Kalli Purie Group ChiefExecutive Officer: Dinesh Bhatia ChiefOperating Officer: Alok Nair Group Editor: Siddharth Zarabi ChiefAI Officer, Group Creative Editor: Nilanjan Das Group Photo Editor: Bandeep Singh Executive Editor: Krishna Gopalan Editor (Special Projects): Tina Edwin Deputy Editor: Anilkumar Narayan Economy Editor: Surabhi Senior Editor: Neetu Chandra Sharma Associate Editor (Banking): Nachiket Kelkar Associate Editors: Chetan Bhutani, Karan Dhar Senior Assistant Editors: Pa

FAQs

What major restructuring step has Vedanta completed recently?

Vedanta Ltd completed a complex demerger resulting in a conglomerate with five listed companies.

How did business confidence look in the BT-C Fore survey for July–September?

The Business Confidence Index is projected at 44.6, down from 47.2 in the previous quarter, indicating cautious sentiment below the 50 threshold.

Why is Wockhardt’s Zaynich approval considered a historic moment for Indian pharma?

Zaynich is the first drug discovered and developed entirely in-house by an Indian company, marking progress beyond generics and biosimilars into original drug discovery.

Aug 7, 2026

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