All posts by Neel Achary

Bangalore, May 22, 2025 – Acer, one of the leading technology brands in the world, announced the launch of its latest premium AI-powered laptop, the Swift Neo. Crafted for those who value mobility, style, and cutting-edge technology, Swift Neo is a ‘Made in India’ laptop that delivers power, performance, and stunning design in an ultra-sleek aluminum chassis. With its Rose Gold finish and ultra-lightweight build at just 1.2 kg, the Swift Neo is designed for professionals, students, and content creators who are always on the move. This stylish device is powered by the latest Intel® Core™ Ultra processors and features Intel® Arc™ Graphics, ensuring seamless multitasking, AI-powered productivity, and immersive experiences for gaming and content creation.

 The laptop features a 35.56cm (14-inch) WUXGA OLED display with 92% NTSC and 100% sRGB color accuracy, delivering crisp, vibrant, and true-to-life visuals. Ideal for working on projects, streaming your favorite shows, the OLED technology enhances every detail with deeper blacks, vivid colors, and an exceptional viewing experience. Designed for speed and responsiveness, the Swift Neo is powered by Intel® Core™ Ultra 5 processors, paired with up to 32GB LPDDR5 memory and up to 1TB NVMe PCIe Gen 4 SSD, ensuring lightning-fast storage and data retrieval.

Swift Neo is Copilot-ready, integrating AI capabilities to enhance creativity, productivity, and everyday computing. With Intel® AI Boost, this laptop offers advanced AI-powered features, including AI apps for enhanced video calling and on-device AI processing for increased privacy and efficiency. The ultra-thin profile allows Swift Neo to adapt effortlessly to any work style. The diamond-cut touchpad, one-hand open hinge, fingerprint reader, and backlit keyboard with a dedicated Copilot key make navigation and productivity effortless. Plus, the 1080p FHD webcam ensures clear video calls with enhanced security.

Regarding the launch, Sudhir Goel, Chief Business Officer at Acer India, said, “At Acer, our commitment has always been to bring innovative, high-performance technology that meets the evolving needs of our customers. With the launch of Swift Neo, a premium AI-powered laptop proudly Made in India, we are reinforcing our focus on delivering world-class products tailored for the Indian market. This launch is a testament to our dedication to empowering users with cutting-edge technology that blends AI-driven efficiency, style, and portability. As the demand for smarter, more intuitive computing grows, we continue to push the boundaries by integrating advanced AI capabilities with top-tier hardware. Swift Neo is designed to cater to the modern workforce, students, and creators who seek seamless performance, mobility, and security. By investing in local manufacturing and innovation, we aim to drive the next wave of AI-powered computing experiences for Indian consumers and beyond.”

Designed for young professionals, students, and content creators, Swift Neo is built for individuals who are always on the move and need a device that keeps up with their fast-paced lifestyles. From managing multiple tasks simultaneously and editing high-resolution videos to collaborating on projects remotely, this laptop delivers a seamless and powerful experience. It’s also an excellent choice for digital nomads who require high-performance computing in a lightweight form factor. Swift Neo represents the future of AI-powered, portable computing, crafted to meet the diverse needs of today’s dynamic workforce and creators.

Connectivity is seamless with Intel® Wi-Fi 6, Bluetooth 5.2, and dual USB-C full-function ports. The Swift Neo delivers up to 8.5 hours of battery life, offering dependable performance for users on the move. Prioritizing security, it features biometric authentication like a fingerprint sensor for fast, secure access, along with Secured-Core PC protection at the hardware level to safeguard data even in high-risk scenarios. With its sleek, lightweight design, the Swift Neo is an ideal travel companion, combining powerful capabilities with exceptional portability.

New Delhi, 22nd May 2025 – Reinforcing its commitment to academic excellence and industry readiness, Galgotias University has proudly announced that students from its MBA Batch 2023–25 have secured over 100 offers from the Big 4 accounting and consulting firms during the 2025 placement season. 

In a remarkable show of talent and preparation, 83 students were placed at EY with a package of INR 4.5 LPA, while 32 students received offers from KPMG with a package of INR 6 LPA. Additionally, two students landed offers from Deloitte at INR 7.8 LPA each, and one student was recruited by PwC at a package of INR 6 LPA, marking one of the strongest Big 4 showings for the university. This achievement reflects student excellence and growing employer confidence in the institution.

Dr. Dhruv Galgotia, CEO, Galgotias University, remarked on the occasion,
“This milestone reflects the strength of our industry-aligned academic model and the university’s growing reputation as a talent hub for top corporate recruiters, supported by robust curriculum and industry-aligned pedagogy. We remain steadfast in preparing students for long-term careers shaped by integrity, adaptability, and real-world skills. It’s heartening to see our students rise to the occasion, and we look forward to seeing the impact they create in the industry.”

He added, “We aim to consistently align our efforts with the Hon’ble Prime Minister’s vision of Viksit Bharat 2047 through cutting-edge research, technology integration, and skill-first learning.”

The university’s strong industry partnerships and experiential learning initiatives ensure that graduates are ready to contribute effectively, driving innovation and growth in their respective fields. This holistic approach has guides students to become future leaders who can navigate complex business environments and create value for organizations and society at large.

Expressing their gratitude, one of the students who secured an offer described the achievement as a meaningful step forward in her career and expressed appreciation for the support she received at the university.

At a time when the hiring landscape remains intensely competitive and selective, this achievement stands as a strong endorsement of the university’s focus on building career-ready graduates who meet the evolving expectations of global employers. By nurturing a learning ecosystem that mirrors real-world business challenges, Galgotias University continues to empower students with strong commitment to integrating academic excellence with practical exposure, leadership development, and digital competencies.

“As a value-added distributor of Juniper’s solutions, J’s Communication sees the launch of a local Mist cloud instance in Japan as a significant milestone. We continue to deliver solutions across key sectors, and in the public sector in particular, domestic cloud infrastructure is crucial for adoption,” said Yasuyuki Aisu, President and CEO, J’s Communication “We believe this launch will accelerate momentum in this space. Looking ahead, we will strengthen regional collaboration and remain committed to providing high-performance hybrid networks across both on-prem and cloud environments.”

“At DIS, we are pleased to see the launch of the Juniper Mist Cloud instance in the Japan region,” said Shoji Takebuchi, Director, General Manager of Procurement & Sales Promotion Div., Daiwabo Information System “By combining this local cloud offering with our managed network monitoring services and in-house maintenance support, we are able to further deliver secure, reliable network environments to a wide range of users – including private enterprises, local governments, and the education sector – through our nationwide, community-based sales network spanning 96 locations and to approximately 19,000 partner companies across Japan.”

“The launch of a local Mist Cloud in Japan is a significant advancement, particularly in response to strong demand from public sector customers. It also brings meaningful benefits to our sales partners,” said Toyoaki Ohnishi, Vice President, Technology Lifecycle Services, Technology Business Unit, IBM Japan “We aim to further accelerate the convergence of network and business processes, driving greater operational efficiency. Looking forward to continuing our collaboration with Juniper Networks to create added value for our customers.”

“We’re excited to see the Juniper Mist Cloud instance launch in the Japan region. With domestic operations, customers can now expect stronger security, compliance, and reliability. Coupled with ongoing localization, this paves the way for broader adoption of cloud-based Wi-Fi,” said Yota Kishigami, Director and Executive Officer, NetOne Partners “We see this as a great opportunity to drive cloud migration not only across enterprise, retail, higher education, and manufacturing, but also in sectors like local government, schools, healthcare, and SMBs. Alongside our partners, we remain committed to creating value across Japan’s evolving IT landscape.”

Bengaluru, May 22 2025, Silicon Valley-headquartered Operant AI, has launched Woodpecker, an open-source, automated red teaming engine, that will make advanced security testing accessible to organisations of all sizes. Woodpecker is designed to help organizations proactively detect and address security vulnerabilities across AI systems, Kubernetes environments, and APIs. 

Red teaming is a simulated cyberattack used to test and improve an organization’s cybersecurity readiness. It involves ethical hackers emulating real-world adversaries to uncover vulnerabilities and assess how effectively defenses can detect, respond to, and mitigate threats. Traditionally, such sophisticated security testing is reserved for large enterprises with dedicated security teams. Red teaming has now become increasingly vital for organizations of all sizes—especially as modern infrastructure grows more complex with the rise of cloud-native applications and AI technologies.

According to the IBM X-Force Threat Intelligence Index 2025, AI-related vulnerabilities have become a critical concern for security teams, driven by the rapid adoption of Large Language Models (LLMs) and automated agents across enterprise environments. Notably, the Asia Pacific region accounted for over one-third of global cyberattacks in 2024, underscoring the urgent need for proactive defense. 

Red Teaming for all

“Security vulnerabilities don’t discriminate based on an organization’s size or resources, we believe red teaming should not be a privilege for a few, it should be a foundational practice for all,” said Vrajesh Bhavasar, CEO and co-founder of Operant AI. “With Woodpecker, we’re leveling the playing field by providing enterprise-grade red teaming capabilities in an open source solution that any organization can deploy. Security testing at this depth should be a universal right, not a privilege reserved for those with the largest security budgets.”

Woodpecker is built for today’s GenAI world

Threats such as prompt injection, data poisoning, and model leakage continue to rise, yet only 24% of generative AI projects are currently secured, according to the IBM report.  The DSCI–Seqrite India Cyber Threat Report 2025 also underscores the growing complexity of attacks, with 62% of malware detections occurring in cloud environments. Advanced threats like BlackMamba, a generative AI-powered malware that rewrites its code on the fly, are already bypassing traditional defenses—targeting critical sectors such as healthcare and BFSI.

Woodpecker is purpose-built to address these modern threats targeting AI applications, cloud APIs, and Kubernetes environments and is designed to mimic how real attackers operate across multiple layers of infrastructure.

“Secure AI applications like Cohere’s North demand rigorous testing across complex components. Woodpecker simplifies this with open-source red teaming, enabling early vulnerability detection and encouraging secure AI adoption,” said Prutha Parikh, Head of Security at Cohere and board member at the Coalition for Secure AI.

Woodpecker provides automated red teaming capabilities across three critical domains:

1. Kubernetes Security: Identifies misconfigurations, privilege escalations, and vulnerable deployment patterns within container orchestration environments.
2. API Security: Simulate various attack scenarios to uncover vulnerabilities in API endpoints, authentication mechanisms, and data handling processes.
3. AI Security: Tests machine learning models and AI systems for prompt injection, data poisoning, and other emerging AI-specific attack vectors.

“The era of reactive security is over, especially with the rise of LLMs and AI agents in live applications,” asserted Dr. Priyanka Tembey, Operant’s co-founder and CTO. “Woodpecker puts the power of proactive red teaming directly into the hands of developers, allowing them to rigorously test and secure their environments against emerging threats before they materialize.”

Key Features of Woodpecker:

• Red Teaming Across Kubernetes, APIs, and AI Workflows

• • • Red Teams for K8s, APIs, and AI Models/Agents
    • Multi-layer Threat Simulation across runtime, APIs, and LLM integrations

• Automated LLM Red Teaming

• • • Covers prompt injection, jailbreaks, model theft, sensitive data leakage and more
    • Uncover vulnerabilities by testing malicious prompts originating from both adversarial and typical users.
    • Test output manipulation and filtering evasion

• Compliance Mapping for regulatory Frameworks

• • • Covers across threat vectors for OWASP top 10 for K8s, API and AI, MITRE ATLAS and NIST
  • Open-Source and Free
    • Benefit from a powerful red teaming tool without licensing fees, fostering widespread adoption.

• Easy Integration

• • Seamlessly integrate Woodpecker into existing security workflows and CI/CD pipelines.

Operant’s Woodpecker is now available as an open source project on https://github.com/OperantAI/woodpecker. Operant invites security engineers, developers, and the open-source community to explore, contribute, and help advance the future of proactive cybersecurity.  As part of the launch, Operant will also host hackathons and developer engagement programs in India, alongside community collaborations with the Coalition for Secure AI (CoSAI), where the company is an active member. For more information on Woodpecker visit https://www.operant.ai/solutions/woodpecker-red-teaming

With the launch of Woodpecker, an open-source and easy-to-use platform, Operant is democratizing advanced security testing accessible to every organization, regardless of their size or expertise. Woodpecker already simulates >50% of OWASP top 10 threats across APIs, Kubernetes, and LLMs, exceeding the threat simulation scope of leading commercial red teaming products. Woodpecker enables security teams, developers, and DevOps professionals to proactively identify vulnerabilities and build more resilient applications, without the cost and complexity of traditional solutions.

INDIA – May 22, 2025 – Gracenote, the content data business unit of Nielsen, is helping automakers transform their vehicles into premier sports destinations by aggregating sports-centric radio, podcast and related content. With Gracenote Nexus Auto, OEMs can seamlessly deliver highly visual and hyper-personalized sports experiences that facilitate easy access across different platforms and content types.

Today, sports programming is highly fragmented based on rights ownership dispersed across broadcast, satellite and streaming. This makes it difficult for entertainment platforms to deliver seamless sports experiences to consumers, both at home and on the go. Gracenote is extending its deep expertise helping global video platforms aggregate sports content to connected car manufacturers, enabling them to provide all new cross-media sports experiences to drivers and passengers.

With data covering 70 of the world’s most popular sports, Gracenote makes it easy for automakers to create highly customized experiences down to the league, team and participant level. Gold-standard Gracenote IDs help cross-link content across different platforms and content types including radio and podcasts as well as video.

With Nexus Auto, OEMs can seamlessly connect consumers with the following:

• Game coverage: Easily find favorite teams’ pre-game, live and post- game broadcasts on terrestrial or streaming radio and video services – regardless of location
• Live scores: Stay up to date on key information with real-time game scores, results and standings displayed on-screen
• Related content: Seamlessly access popular podcasts to dive deep on favorite sports, leagues, teams and participants

“Automakers have a big opportunity to build user affinity by turning their infotainment offerings into centralized hubs for sports content,” said Trent Wheeler, Head of Innovation at Gracenote. “Based on deep expertise helping platforms and services connect consumers to the sports they want, Gracenote is uniquely positioned to bring personalized sports experiences to the connected car space.” 

Laxmi Organic Industries (LXCHEM) reported a topline of Rs7.1bn, reflecting a decline both YoY and sequentially, primarily due to continued pricing pressure across its product segments. However, the company recorded a modest volume growth of 1% during the quarter. The Specialty Chemicals segment outperformed in FY25, with EBITDA margin improving by 200bps to 23%. However, one of the products in this segment has undergone a regulatory phase-out, which is expected to impact topline performance in the near term until the replacement product planned comes online. The Essential Chemicals segment, which contributes ~69% to the company’s revenue, witnessed a sequential revenue decline of 9%. EBITDA margin for this segment fell to 3% in FY25 from 4.2% in FY24, as pricing pressure continues to impact segment profitability. Management has guided that the Fluorochemicals segment is expected to contribute 40–60% of the Rs2bn peak revenue potential in FY26, with full ramp-up expected by FY27. The company has announced a total capex of Rs11bn aimed at doubling its revenue by FY28. On the demand side, the Agrochemicals segment remains soft, whereas sub-segments such as pharmaceuticals, printing & packaging, and colors & pigments continue to show stable demand trends. The stock currently trades at 29x FY27E EPS. Using SOTP valuation, we value it at Rs172 and maintain our ‘Reduce’ rating on the stock.

• Revenue declined due to weakness across segments: Consolidated revenue stood at Rs7.1bn (-10.4% YoY/ -9.7% QoQ) (PLe: Rs7.2bn, Consensus: Rs 7.7bn), the actual topline was lower than our estimates. Essentials Segment revenue decreased by 10% YoY/ 9% QoQ in Q4FY25, while it increased by 1% in FY25. Specialty segment revenue decreased by 7% YoY/11% QoQ in Q4FY25, while it increased by 14% in FY25. Specialty segment now constitutes 31% of overall revenue vs 30% in Q4FY24 & 32% in Q3FY25, the revenue contribution from the Essentials segment remained stable YoY, while increased by 1% sequentially to 69%.
• EBITDA declined on both YoY and sequential basis: EBITDA came in at Rs590 mn, down 34.4% YoY and 21.1% QoQ (PLe: Rs539mn, Consensus: Rs620mn). EBITDA margin dropped to 8.3% from 11.4% in Q4FY24 and 9.5% in Q3FY25, mainly due to higher operating cost.
• Concall key takeaways: (1) The company has less than 10% exposure to USA, tariff impact on Laxmi is expected to be neutral. (2) Acetic acid price decreased by 11% and Ethanol price decreased by 15% in FY25 compared to FY24. (3) Other expenses increased during FY25 due to the steep increase in freight rate. (4) The company has signed LOI with Hitachi Energy to set up production of an eco-efficient gas used in Hitachi’s SF6-free high-voltage switchgear portfolio; this product is currently sourced from China. (5) Total volumes increased by 11% YoY in FY25, while for Q4FY25 volume increased by 1%. (6) Company has received EC and the factory license for its Dahej facility. (7) Average Ethyl acetate long term spread over Ethanol and acetic acid were $225, currently they are $140-$150.  (8) Ethyl acetate is 80-85% of essentials revenue, aim is to reduce it to 65% by FY28. (13) One of the products is undergoing a regulatory phase-out in specialty portfolio, a substitute has been lined up, but there will be an interim impact on the topline due to this transition. (14) From Q4FY25, Fluorochemicals segment started contributing to topline, 40%-60% of peak revenue expected in FY26 and peak revenue by FY27.

Max Healthcare Institute (MAXHEALT) reported healthy EBITDA growth of 26% YoY to Rs 6.32bn; in line with our estimates. The company showed phenomenal growth (18% EBITDA CAGR) over FY22-24, despite negligible capacity additions. We expect pick-up in the growth momentum given 1) strong expansion plans (+3500 additional beds over FY24-27E), 2) improving payor mix and 3) Bolt on acquisitions like recently added in Lucknow, Nagpur and Noida. Operational efficiency has also been commendable, especially in competitive markets like NCR. Our FY26E/27E EBITDA remains unchanged and we expect EBITDA/PAT to grow ~2x over FY24-27E. We ascribe 35x EV/EBITDA based on FY27E. Maintain ‘BUY’ rating with TP of Rs. 1,300/share.

• In line EBITDA, existing units EBITDA grew by 13% YoY: Base business’s EBITDA improved 13% YoY to Rs. 5.65bn with margins flat YoY to 27.2% in Q4. During Q4, total of 188 additional beds were commissioned across Lucknow, Dwarka, and BLK. The greenfield Dwarka facility, which was commercialized in Q2, achieved EBITDA breakeven in Q4. New units which now comprise of Noida, Lucknow and Nagpur contributed EBITDA of Rs 670mn (vs Rs 650mn QoQ). Overall margins were flat QoQ to 27.2%. Consol occupancies were steady YoY and QoQ at 75% given the new beds consolidation. ARPOB was flat YoY and improved ~2% QoQ to Rs 77.1K. Existing units ARPOB came in at Rs83.8k; up 7% YoY.
• Robust revenues across existing and new units: Consolidated revenues came at Rs. 23.3bn (up 29% YoY); of which Rs.1.2bn, Rs. 1bn, Rs. 780mn and Rs. 550mn were contributed by Noida, Lucknow, Dwarka and Nagpur units respectively. Revenue growth from existing units were at 13% YoY. Institutional revenue share was at 20.8%. Max Lab and Max@Home revenue stood at Rs 460mn and Rs 560mn respectively. During Q4, net debt decreased by Rs. 320mn QoQ to Rs15.8bn.
• Key con-call takeaways: Expansion plans- Three new brownfield towers at Max Smart, Nanavati, and Mohali (combined ~1,500 additional beds) will be operational over the next 3 months, with the Gurgaon greenfield facility on track for completion by FY26 end. Dwarka (303 beds): Newly operationalized asset light unit reported Rs 1.71bn of revenues and Rs 290mn of EBITDA loss for FY25. An additional 68 beds are set to be operationalized, with plans to expand further by 200 beds. Plans to commission Onco block in Q3FY26. Jaypee Noida: Reported Rs 2.28bn in revenue with a 21% EBITDA margin. Further margin expansion is expected through benefit from higher ARPOB and utilization. Lucknow (Phase 2): Added 128 beds on 9-12 floors through internal configuration along with 35 bed addition was done in May and plans to add another 39 beds in a year. Mgmt plans to add Onco block by Q2FY26

Fortis Healthcare’s (FORH) Q4FY25 EBITDA at Rs4.36bn; up 14% YoY was in line with our estimates. Though hospital margins improved by 170bps/190bps YoY in FY24/FY25, we see further scope for improvement aided by 1) improving case and payor mix, 2) cost rationalization initiatives including divestment of Richmond unit in Bangalore, ramp up of Manesar unit and 3) new brownfield bed additions. Fortis consolidated 89.2% stake in Agilus in Jan’25. We expect margins and revenue growth to further pick up from FY26 in Agilus.

Our FY26E and FY27E EBITDA stands marginally increased by 1-2%. We expect EBITDA to clock 21% CAGR over FY25-27E. At CMP, the stock is trading at 23x EV/EBITDA on FY27E, adjusted for Agilus stake. Maintain ‘Buy’ rating with revised TP of Rs785/share, valuing the hospital segment at 27x and diagnostic at 25x EV/EBITDA on FY27E.

Higher ARPOB; occupancy improved by 200 bps QoQ to 69%: Hospital business revenue increased 14% YoY (5% QoQ) to Rs17bn, vs our estimates of Rs16.7bn. Diagnostic business net revenue grew 3% YoY to Rs3.1bn. Hospital occupancy inclined to 69% vs 67% in Q3 and Q3FY24. ARPOB further improved by 8% YoY to Rs68.8k largely driven by improved case mix.

Strong show across segments: FORH’s consolidated EBITDA increased 14% YoY (16% QoQ) to Rs4.36bn, in line with our estimates. Hospital business EBITDA came in at Rs3.72bn, up 12% YoY; we estimated at Rs 3.6bn. Overall hospital OPM improved by 190 bps QoQ to 21.9%. The YoY decline in margins due to commercialization of Manesar unit and also Q4FY24 had certain positive one offs. Diagnostic business EBITDA increased 34% YoY to Rs630mn, with OPM of 20.6%. Adjusted for Rs. 190mn (vs 240mn in Q3FY25) of one-off expenses relating to rebranding, margins were at 26.8% vs 23.9% in Q3FY25. Net debt increased by Rs10.3bn QoQ to Rs16.9bn. There were Rs536mn one time impairment charges taken related to Ludhiana and Sri Lanka assets in Q4FY24.

Key con-call takeaways: Bed expansion: Overall ~2k bed expansion plan for FY26-29E. Mgmt plans to add ~1,000 beds at Noida, Faridabad, Jalandhar, FMRI, BG Road in FY26. FORH operationalized 60 and 20 beds at Noida and FMRI units in Q1FY26. Out of the total greenfield 350 beds in Manesar, FORH commercialized 90 beds as of Q4 and plans to add another 120 beds once occupancy ramps up. Expect to break-even by H1FY26.  Jalandhar Acquisition: FORH to finalize the deal to acquire 228 beds (potential to expand to 450 beds capacity) in FY26 which will enhance Punjab cluster capacity from 800 beds to ~1,600 beds (including Mohali & Amritsar expansions). Capex: Total capex incurred at Rs 7bn for FY25. ARPOB: growth guidance continues to be at 5-6% YoY. Occupancy– Management aiming at 70-72% occupancy levels for FY26 and Q1FY26 occupancy trend is healthy and similar to Q4. Guided to continue improving operational efficiencies supported by bed expansions, better case mix, and patient demand. Margin guidance- Hospital margin guidance of 150-200 bps YoY improvement to 22-22.5% while guided for diagnostic margins at ~23%; respectively for FY26. Escorts, Jaipur, Vashi are underperformers being restructured; not factored into margin guidance. Drivers for hospital margins: Hospital margins to improve on ramp up in brownfield expansion, full-year benefit of cost efficiencies, improved case mix, scale up in digital revenues and ramp up in occupancies through scaling operations in underperforming hospitals (e.g. Escorts, Jaipur, Vashi). Fortis brand acquired Rs2bn; will eliminates 0.3% EBITDA drag (FORH was paying 0.25% + GST as royalty) from FY26. Agilus: No further on-off cost-related branding expenses from FY26. B2C:B2B mix was at 51:49. Legal Costs: 1% EBITDA impact; expected to normalize post FY26.

We increase our FY26E/FY27E PAT estimates by 13%/10% as we fine tune our yield and fuel CASK assumptions. INDIGO reported better than expected performance with FX adjusted EBITDAR margin of 30.8% (PLe 28.5%) led by 1) 2.2% rise in yield to Rs5.32 aided by Maha Kumbh and 2) 6.6% fall in fuel CASK to Rs1.60 amid benign ATF prices. Notwithstanding near-term challenges amid the ongoing geo-political tensions, ASKM growth guidance of mid-teens for 1QFY26E is encouraging.  Further, we expect the overall pricing environment to remain stable with yields of Rs5.1 over next 2 years as the aviation market is now a duopoly with limited threat of predatory pricing. Plans to deepen international penetration (ASKM share to rise to 40% by FY30E), strategic focus on premiumization (“Indigo Stretch” already launched on 5 routes with 16 aircrafts) and subsiding AoG count will act as key growth and margin levers. We expect sales/EBITDAR CAGR of 15%/12% over FY25-FY27E and retain BUY on the stock with a TP of Rs6,084 (11x Sep-26E EBITDAR). Excess FX and ATF volatility is a key risk to our call. 

Revenue up 24.3% YoY: Revenue increased 24.3% YoY to Rs221.1bn (PLe Rs217.8bn). Passenger revenue increased 25.4% YoY to Rs195.7bn, while ancillary revenue increased 25.2% YoY to Rs21.5bn. Load factor stood at 87.4% (PLe 88.4%), while RASK was at Rs5.26. ASKM/RPKM was up 21.0%/22.7% to 42.1bn/36.8bn. Fuel CASK decreased 6.6% YoY to Rs1.60. Yield increased 2.2% YoY to Rs5.32 (PLe Rs5.19). Total fleet count stood at 434.

PAT at Rs30.7bn: EBITDAR increased 58.8% YoY to Rs69.5bn (PLe Rs62.1bn) (FX adjusted EBITDAR was Rs68.2bn) with a margin of 30.8% (PLe 28.5%). PAT increased 61.9% YoY to Rs30.7bn (PLe Rs28.9bn) (FX-adjusted PAT was Rs29.3bn).

Key takeaways: 1) 3 domestic and 7 international destinations have been added during the year. 2) Amid geo-political tensions, operations across 11 airports were suspended for 8 days in May leading to a cancellation of 170 daily flights. 3) Share of international ASKM stood at 30% in FY25. It is expected to touch 40% by FY30E. 4) Indigo has signed an agreement to damp lease 6 aircrafts from Norse Atlantic with plans to lease 5 more in 2HFY26. 5) Launched “Indigo Stretch” on 5 routes so far with 16 aircrafts with plans to extend it to 40 aircrafts 6) AoG count is in 40s. 7) Inducted 67 aircrafts during the year. 8) Purchased 2 ATR aircrafts (owned count is 8) in 4QFY25. 9) ASKM growth is likely to be in early double-digits in FY26E. 10) Around 19 routes and 34 flights have been impacted due to closure of Pakistan’s airspace. Flights to 2 destinations have been suspended. Indigo operates 2,200 daily flights and prima facie the impact from air-space closure appears limited. 11) As a policy, Indigo plans to hedge the cash outflows falling due in next 12 months after accounting for the natural hedge coming from international operations. 12) The aircraft engine and lease rental cost is expected to decline as damp leases would fall amid reduction in AoG count.

Bangalore, India – May 22, 2025 – Zendesk, a pioneer in Agentic AI-powered customer service, today announced the completion of its acquisition of Local Measure, a leading CCaaS (Contact Center as a Service) and advanced voice solutions provider and long-standing AWS partner. This strategic move expands Zendesk’s customer experience platform into larger, high-volume service environments through Local Measure‘s integration with Amazon Connect, AWS’s AI-powered contact center solution. The integration unifies digital and voice channels within a single intelligent platform, now offered as Zendesk for Contact Center, delivering scalable, secure, and flexible AI-powered voice and CCaaS solutions.   

“Voice remains a critical channel for businesses to support customers especially with urgent or complex issues,” said Adrian McDermott, Zendesk CTO. “Enterprises need intuitive and flexible voice solutions to deliver seamless, high-quality experiences at scale. By combining Zendesk’s AI-powered platform with Local Measure’s advanced voice capabilities, we offer a scalable solution that adapts to our customers’ needs, streamlines workflows, personalizes interactions, and protects data. This strengthens our commitment to advancing voice technology and delivering comprehensive solutions that help customers overcome today’s challenges while building for tomorrow’s needs” 

Local Measure’s platform transforms traditional IVR (Interactive Voice Response) by integrating AI-driven automation and real-time data to deliver personalized, dynamic voice experiences. This reduces agent workload while ensuring fast, accurate customer interactions. With advanced call routing and seamless integration of inbound and outbound voice channels, Local Measure supports Zendesk in evolving static IVR menus into more intelligent voice solutions. Leveraging AI agents to enhance and evolve IVR, Zendesk delivers smarter routing, proactive service, and better customer engagement — setting a new standard for next-generation voice messaging and scalable contact centers.

The intent to acquire Local Measure was initially announced in February 2025. The transaction was completed following satisfaction of customary conditions, including Local Measure’s shareholder approval and required regulatory and court approvals under Australian law. Zendesk is now focused on integrating Local Measure’s technology and expertise into Zendesk for Contact Center to accelerate innovation and deliver enhanced value to its customers worldwide. 

Bangalore, May, 22 2025 – Indiranagar welcomes its newest rooftop destination as BRICKS Bar & Kitchen opens its doors, offering residents a laid-back yet vibrant neighborhood bar experience that stands apart from the area’s typical nightlife options.

Located in the heart of Indiranagar near the Domlur Flyover on 100ft Road, BRICKS Bar & Kitchen aims to be the go-to spot for locals seeking a no-fuss place to unwind multiple times a week. The rooftop setting, adorned with lush greenery and warm wooden elements, creates a cozy sanctuary above the bustling streets below.

“The name ‘BRICKS’ symbolizes a strong foundation—not just in structure, but in relationships,” says Mr Parunraj Alexander, Operations Head at BRICKS Bar & Kitchen, Indiranagar. “We’ve created a space where friendships and stories are built and strengthened over food & drinks, with every visit. Whether it’s an after-work drink, a weekend hangout, or a live music night, you’ll always find good company, great drinks, and a space that feels like your own.”

With its unpretentious and community-driven vibe, BRICKS caters to the neighborhood locals, music enthusiasts, and casual drinkers who appreciate a well-curated menu. The culinary approach balances bar classics with local flavors, ensuring there’s something for every palate. The menu complements the drinking experience with quick bites, tandoori grills, and local favorites, while the beverage program features craft cocktails, beers, and straight drinks catering to both casual drinkers and cocktail enthusiasts.

Indiranagar will be the host to the second location for BRICKS Bar & Kitchen, post the successful debut of the brand in JP Nagar in 2024. BRICKS  will regularly host live bands, DJ nights, and fun social evenings, with screens available for major sporting events to add to the good vibes in a warm and welcoming environment.

INDIA, MAY 22, 2025 – the global leader in delivering and securing every app and API, today announced an expanded collaboration with Red Hat, the world’s leading provider of open-source solutions, to help enterprises deploy and scale secure, high-performance AI applications. By enabling integration for the F5 Application Delivery and Security Platform with Red Hat OpenShift AI, F5 customers can adopt AI faster and more securely, focusing on practical, high-value use cases such as retrieval-augmented generation (RAG), secure model serving, and scalable data ingestion.

“Enterprises are eager to harness the power of AI, but they face significant challenges in scaling and securing these applications,” said Kunal Anand, Chief Innovation Officer at F5. “Our collaboration with Red Hat aims to simplify this journey by providing integrated solutions that address performance, security, and observability needs, enabling organizations to realize tangible AI outcomes.”​

This collaboration comes at a time when AI adoption is accelerating. According to F5’s 2025 State of Application Strategy Report, 96% of organizations are now deploying AI models, a significant increase from just 25% in 2023. Additionally, the report highlights that 72% of respondents aim to use AI to optimize application performance, while 59% focus on cost optimization and security enhancements.

To support these growing demands, F5 is collaborating with Red Hat to focus on the real-world building blocks enterprises need to operationalize AI. From securing data pipelines to optimizing inference performance, F5 solutions are tailored to help organizations deploy AI with confidence, speed, and control.

Key areas of collaboration include:

• RAG and model serving at scale – F5 supports AI-powered applications on Red Hat OpenShift AI that combine large language models with private datasets, helping to ensure secure data flow, high GPU utilization, and fast response times.
• Big data movement and ingestion – With MinIO and F5 working in tandem on Red Hat OpenShift AI, customers can accelerate the ingestion of large datasets for training and inference.
• API-first AI security – F5 provides robust protection against evolving threats like prompt injection, model theft, and data leakage through its F5 Distributed Cloud WAAP and F5 BIG-IP solutions.​

As part of its vision, F5 is committed to driving open-source innovation through its collaboration with Red Hat. Red Hat OpenShift AI provides a modular, open platform for building and deploying AI applications across hybrid environments, while F5’s API Gateway and AI security capabilities are designed to integrate more seamlessly—without locking customers into a single cloud or toolset. With this collaboration, F5 is helping organisations take an open, flexible approach to AI infrastructure using Red Hat OpenShift AI.

“As AI becomes core to how businesses operate and compete, organizations need platforms that offer flexibility without compromising security,” said Joe Fernandes, Vice President and General Manager, AI Business Unit, Red Hat. “We believe the future of AI is open source, and Red Hat OpenShift AI, when used in combination with F5’s robust security and observability, gives organizations the necessary tools to build and scale AI applications with greater confidence, anywhere they choose to run them.”

The collaboration will be featured at this week’s Red Hat Summit 2025 (May 19–22 in Boston), where F5 and its partners will highlight real-world AI use cases—including secure model serving and RAG workloads—built on Red Hat OpenShift AI.

Mumbai, May 22, 2025: Audi, the German luxury automotive brand, today launched ‘Drive Sure’, a strategic driving training program. Aimed at empowering performance-oriented car owners and drivers to be safe, skilled and responsible behind the wheel, Audi Drive Sure will equip drivers with advanced technical expertise and safety awareness. The program addresses India’s road safety agenda by aiming to bridge the gap between modern vehicle technologies and driver readiness.

Audi Drive Sure addresses these gaps through a dual curriculum for young drivers and chauffeurs. The program builds on Audi’s two-decade-long presence in India, where it has delivered over 100,000 vehicles. Customer loyalty has been a crucial factor; today, every fourth car sold in India is to an existing customer.

Mr. Balbir Singh Dhillon, Head of Audi India, said, “At Audi, ‘Vorsprung durch Technik’ is more than just an engineering principle; it’s a commitment to societal progress. Audi Drive Sure embodies this ethos by addressing a critical gap in India’s mobility landscape: the intersection of performance-oriented technology and human readiness. We intend to create a generation of drivers who respect power as much as they master it. By training young adults to navigate various terrains and driving situations, this program aims to elevate all Audi owners and chauffeurs to become brand ambassadors of safety-first driving behaviours.”

Audi India is proud to introduce “Drive Sure,” an Audi Driving Program curated for luxury car owners to equip them with confidence to drive responsibly on all terrains and driving situations. The program will involve a comprehensive workshop, which will help prepare the participants to handle the responsibility that comes with driving performance-oriented vehicles.

For chauffeurs, a special training program has been curated, imparting knowledge about elite grooming & professional conduct, safe driving behaviors and Audi Technology, in a bid to ensure chauffeurs reflect the brand’s luxury image.