The report captures insights from 115 government leaders, executives, and technology decision‑makers from around the world, offering a focused view of how public sector organisations are embracing artificial intelligence (AI), data, cybersecurity, and digital foundations while grappling with challenges around scale, skills, and governance.

As governments accelerate toward a more digital, data‑driven future, the research highlights a clear shift from tactical projects to enterprise‑wide transformation. While AI and cybersecurity remain high on the agenda, leaders are placing renewed emphasis on strengthening core digital foundations, including cloud platforms, enterprise systems, data management capabilities, workforce skills, and ecosystem partnerships, to build resilience and improve service delivery in an increasingly complex environment.

The findings underscore that ambition continues to outpace execution. Many public sector organisations are still constrained by fragmented data environments, organisational silos, legacy technology debt, and talent shortages, limiting their ability to scale pilots and convert innovation into sustained, measurable impact. In response, leading governments are sharpening their technology strategies, adopting citizen‑centric design principles, and forming trusted, outcome‑focused partnerships to accelerate execution, strengthen delivery confidence, and unlock long‑term public value and trust.

Nilachal Mishra – Partner and Head, Government and Public Services, KPMG in India, said, “India’s public sector stands at a critical juncture as it moves from digital implementation to intelligent, outcome-led transformation. While AI, data, and cloud provide the technological impetus, lasting impact will depend on three foundations: robust digital infrastructure, seamless institutional integration, and trusted cross-sector partnerships. By embedding citizen-centric design, responsible AI, and resilient operating models into the core of government, India can accelerate execution, enhance public trust, and deliver long-term value at scale“.

Key findings from the Global Tech Report 2026 – Government and Public Sector include:

• 89 per cent describe themselves as technology innovators or fast followers, signaling strong transformation intent
• 86 per cent believe managing AI agents will become an important workforce skill within the next five years, reinforcing the urgency of talent and capability transformation
• 64 per cent plan to increase investment in cybersecurity over the coming year, reflecting heightened risk and threat awareness
• 59 per cent expect to increase budgets for data and analytics, many by more than 10 per cent, to improve insight‑driven decision‑making
• 55 per cent say they are getting 40 per cent or more of their financial value from foundational and core tech
• 48 per cent of government respondents say they will be deploying AI use cases into production at scale within the next 12 months
• 43 per cent admit they are hitting roadblocks in scaling digital and AI initiatives across the enterprise
• 40 per cent anticipate spending more than 40 per cent of their technology budgets on maintaining legacy environments, highlighting the drag of technical debt

Taken together, the insights point to a government and public sector at a critical inflection point. Those organisations that invest in strong digital foundations, responsible and scalable AI, cyber resilience, and workforce capability—while maintaining a human‑centric, outcomes‑driven approach—will be best positioned to deliver trusted, resilient, and citizen‑focused services in the Intelligence Age.

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PUNE: Kirloskar Industries Ltd (KIL) (BSE: 500243; NSE: KIRLOSIND), announced today its financial results for the third quarter and nine months of the financial year ending March 31, 2026.

Commenting on the Q3 results, George Verghese, Managing Director, KIL, said, “Q3 reflects a stable and satisfactory performance for KIL, supported by steady contributions from our subsidiaries. KFIL demonstrated resilience by delivering improved margins despite softer realizations in the Pig Iron and Steel segments. Avante is making encouraging progress on its second commercial project. Going forward, we remain confident in our ability to drive growth across both standalone and consolidated businesses by leveraging our strong operational capabilities and sectoral expertise.”

Review of Q3 & YTD 2025-26 Financial Performance (Standalone):

• Total Income at INR 15 Cr for Q3 FY26 vs INR 14 Cr for Q3 FY25; 7% increase Y-o-Y
• PAT* at INR 6 Cr for Q3 FY26 vs INR 7 Cr for Q3 FY25; 10% decrease Y-o-Y
• Total Income at INR 85 Cr for YTD FY26 vs INR 80 Cr for YTD FY25; 6% increase Y-o-Y
• PAT* at INR 53 Cr for YTD FY26 vs INR 47 Cr for YTD FY25; 13%increase Y-o-Y

Review of Q3 & YTD FY 2025-26 Financial Performance (Consolidated):

• Total Income at INR 1,632 Cr for Q3 FY26 vs INR 1,626 Cr for Q2 FY25; at same level Y-o-Y
• PAT* at INR 49 Cr for Q3 FY26 vs INR 53 Cr for Q3 FY25;7% decrease Y-o-Y
• Total Income at INR 5,138 Cr for YTD FY26 vs INR 4,903 Cr for YTD FY25; 5% increase Y-o-Y
• PAT* at INR 242 Cr for YTD FY26 vs INR 211 Cr for YTD FY25; 15% increase Y-o-Y

*PAT is before Other Comprehensive Income for continuing operations            

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• The sales value of INR 649.6 crores achieved for this quarter shows a 5.4% increase over the previous year.
• The sales value for the first three quarters of 2025 stands at INR 1,911.7 crores, which is about a 5.8% increase compared to the same period last year.

Major Highlights

1. A prestigious ₹5.33 crore contract was won for a major power plant project, to be executed in partnership with a reputed heavy engineering company.
2. The company secured an export order worth ₹53.6 crore for an energy project at a leading U.S. facility, collaborating with a global engineering partner.
3. Strengthening its renewable energy footprint, the company obtained a ₹34.4 crore order for the installation of solar pumps under a significant state-led initiative.
4. Advanced pumping solutions worth ₹6.5 crore were ordered for key mining and power projects across Rajasthan.
5. India’s first—and among the world’s largest—carbon fibre projects in Gujarat awarded the company a ₹5.6 crore order for specialized pump systems.
6. A ₹5.8 crore order was received for reciprocating pumps, catering to a major refinery development in Assam.
7. The Etanorm FXM pump achieved FM Approval, unlocking new opportunities in India’s listed firefighting pump market.
8. The organization earned the Great Place to Work certification, supported by an impressive 89% positive feedback from employees across all parameters.
9. KSB Foundry successfully attained NORSOK Phase 1 certification (up to 70 mm), paving the way for new business with ADNOC and other Middle Eastern clients.

  Business Highlights (Amounts in INR Crores)

Summarizing the Q3 2025 performance, Prashant Kumar, Vice President of Sales and Marketing at KSB Limited, said, “This year has been remarkable for KSB, driven by strong performance across our key business segments and continued trust from our partners and customers. We secured several prestigious projects, including major power and energy contracts in India and overseas, reinforcing our position as a reliable engineering solutions provider. Our contribution to the renewable energy landscape was further strengthened through large-scale solar pump installation projects under state-led initiatives.

It has been a year of expansion into new and promising areas. From supplying specialized pump systems for one of the world’s largest carbon fibre projects in Gujarat to delivering advanced solutions for mining, power, and refinery projects across India, we continued to demonstrate engineering excellence and customer trust. Innovation remained central to our progress, marked by FM Approval for the Etanorm FXM pump and NORSOK Phase 1 certification for our foundry, opening new opportunities in firefighting and Middle Eastern markets.

Beyond business, we take immense pride in our people. KSB India was recognized as a Great Place to Work, with an outstanding 89% positive feedback across all parameters from our employees — a reflection of the passion, engagement, and dedication that fuels our success.

Looking ahead, KSB remains committed to sustaining this momentum by pursuing excellence, driving innovation, and delivering long-term value to all our stakeholders.“

Mahesh Bhave, Chief Financial Officer at KSB Limited, commented: “KSB delivered a strong and consistent performance in the third quarter, supported by consistent execution across key business segments. We continue to strengthen our financial position through effective cost management and operational efficiency, ensuring profitability despite a challenging cost environment. On the ESG front, going one step ahead, in addition to the Business Responsibility and Sustainability Report, we have also released the Company’s first Sustainability Report in October 2025. Delivering on our ESG commitments, we are working towards the reduction of GHG emissions under Scope 1 and 2, while monitoring limited categories of Scope 3 emissions. We are also conducting supply chain assessments based on sustainability criteria and working on BRSR Core assurance. Our focus remains on driving sustainable value creation for all stakeholders through innovation and responsible business practices.“

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AI’s dual promise: Enabling positive climate outcomes and powering the energy transition

BRAZIL: As delegates gather for COP30 in Brazil, KPMG International has published the findings of a major survey that reveals overwhelming support from business leaders for AI as a tool to accelerate, rather than hinder, climate progress.

More than 1,200 senior executives from major companies spanning a variety of industries across 20 countries were surveyed for KPMG’s report, AI’s dual promise: Enabling positive climate outcomes and powering the energy transition. The research was conducted to better understand how AI is currently being used to drive sustainability and where business leaders believe action is needed to accelerate and unlock its full potential. 

While AI was debated on the sidelines of COP29 this year, it’s set to be among the most discussed themes as the world’s decision makers attempt to balance the potential impact of energy consumption with the technology’s potential to transform clean energy.

Forecasts vary significantly, but some campaigners have called for a moratorium on new AI data center builds, warning they could significantly increase global emissions by 2030, slowing or even reversing current progress on climate change. The challenge for political and business leaders is understanding AI’s increasing need for energy resources while balancing this with the huge potential the technology has to rapidly speed up progress on clean energy and decarbonization.

KPMG’s survey provides some of the clearest evidence yet that senior executives now understand and are embracing AI as a potential force for good. Ninety-seven percent of respondents said they believe AI is a net positive for accelerating progress towards net zero goals.

The execution gap: why energy’s progress is uneven

Despite strong confidence in AI’s potential, KPMG’s findings highlight that progress remains uneven due to barriers in infrastructure, policy, and financing. One-third of executives (33 percent) identify grid limitations as a major risk, with permitting and construction delays threatening to meet only half of the new AI-driven energy demand by 2030. Policy is also lagging behind innovation: 75 percent of leaders say policymakers are too slow to embrace AI’s climate benefits, creating uncertainty and delaying investment. Financing is another challenge, with 37 percent of energy producers and 33 percent of energy consumers citing high costs and lack of funding as the main obstacles to expanding clean energy. 

While 96 percent of executives believe renewables can meet future AI demand, only 13 percent are willing to make clean power use non-negotiable if it slows deployment or raises costs. As a result, data center expansion is likely to continue globally even without guaranteed access to clean power. Companies that overcome these hurdles by 2027 will secure a lasting competitive advantage.

Turning AI ambition into climate action

KPMG’s survey reveals a clear commitment to both AI and the climate challenge from energy business leaders. With COP30 now underway in Belem, much of the conversation will focus on 2030 and the rapidly approaching deadline for net-zero goals. The summit is a pivotal moment for embracing and exploiting AI to help meet the challenge.

Mike Hayes, Global Head of Renewable Energy, KPMG International and Partner, Climate Change and Decarbonization Leader, KPMG in Ireland, said:

Anish De, Global Head of Energy, Natural Resources, and Chemicals at KPMG International, said, 

Anna Scally, Head of Technology, Media, and Telecommunications, KPMG EMA; Partner, KPMG in Ireland, said, 

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BELEM, BRAZIL: Multilateral development banks (MDBs) reaffirmed today at COP30 their commitment to respond to their clients’ priorities to improve livelihoods and create jobs for the resilience of communities and businesses in the face of intensified climate shocks and ecosystem degradation.

Working together as a system, they call for resilient, economically sound development that is rooted in trust and built to last, focusing on stable institutions, reliable infrastructure, employment opportunities, adaptation to the impacts of climate shocks, and the capacity to grow within each country’s context. Their efforts to better support clients include:

• Improving the risk profile of investments and attracting more money by finding new ways to involve the private sector.
• Strengthening how results are measured to better capture and track the impact of their investments.
• Harmonising their work to simplify financing processes and deliver greater adaptation and mitigation impact
• Advancing the implementation of the Joint MDB Long-Term Strategy Programme to support clients with climate planning and the design and implementation of country-led, country-driven platforms.

Gianpiero Nacci, Managing Director for Climate Strategy and Delivery at the European Bank for Reconstruction and Development (EBRD), said: “As MDBs, we are united in driving economic growth while strengthening climate resilience. The green transition is now a business imperative for competitiveness, with clear market signals from governments, investors, and businesses showing strong demand for climate finance.”

Delivering at scale

In 2024, MDBs provided US$137 billion (€118 billion) in climate finance for adaptation and mitigation and mobilised an additional US$134 billion from private capital. Of these amounts, US$85 billion and $33 billion were directed to low- and middle-income economies respectively, putting MDBs on track to reach US$120 billion from their own accounts and US$65 billion in private-capital mobilisation by 2030.

Accelerating action for adaptation and resilience

Since 2019, MDBs have doubled their support for adaptation and resilience, delivering over US$26 billion to low- and middle-income economies in 2024 alone. Based on this experience – not only financing programmes and policies, but also linking finance with policy dialogue, strategic planning and institutional capacity-building – they launched at COP30 the technical paper From Innovation to Impact: Building Resilience for People and Planet, a new report that showcases more than 100 best practices for delivering resilience, including several pioneering instruments that are expanding resources, mobilising private capital and strengthening systemic resilience.

Enhancing action on nature

The MDBs are supporting clients to scale up investments that actively protect, restore, or enhance nature while generating an economic return by improving metrics, methodologies, and the design of financial products. In Belém, they will launch a new framework for nature financing that includes the Common Principles for Tracking Nature Finance and A Practitioner’s Guide to Results Metrics Selection, both designed to support the development of high-quality financial products and attract greater private capital for nature.

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MUMBAI: Vikran Engineering Limited (“Company”), one of India’s fast-growing EPC companies with presence across Power Transmission & Distribution, EHV Substation, Railway & Metro Electrification, and Water Segment, today announced its unaudited financial results for the second quarter and half year ended September 30th, 2025.

Vikran Engineering Limited posted a strong second quarter with EBITDA nearly doubling and profit after tax rising over 4.4 times year-on-year, backed by improved execution and margin discipline. Operating margins expanded more than 600 basis points, reflecting tighter cost controls and project efficiencies. The company further deepened its clean energy play with two major Solar EPC wins — a

₹354 crore project from Ellume Energy MH Solar One and a marquee ₹1,642 crore order from Carbonminus Maharashtra One — taking its consolidated order book past ₹4,000 crore and cementing its position among India’s emerging multi-sector EPC players.

Key Consolidated Highlights:

*EBITDA is calculated excluding Other Income

Key Performance Highlights:

For the second quarter ended 30th September 2025:

• Revenue from operations stood at ₹176.3 crore compared to ₹159.2 crore in Q2 FY25, an increase of 10.7%, primarily driven by strong execution in the Power T&D business
• EBITDA for the quarter stood at ₹25.4 crore compared to ₹12.8 crore in Q2 FY25, up 98.9% YoY. EBITDA margin improved to 14.4% from 8.0% in Q2 FY25
• PAT stood at ₹9.1 crore in Q2 FY26 as compared to ₹2.1 crore in Q2 FY25, reflecting significant improvement in profitability

Operational Highlights:

• Commissioned 2×400 kV, 63 MVAR reactors for PGCIL at NTPC Kahalgaon plant
• Energized two 33/11 kV substations and lines in Assam for APDCL under the state electrification project
• Commissioned four substations in Arunachal Pradesh for PGCIL under the Ministry of Power program

Order Book:

• As of 10th November 2025, the order book stood at ~₹4,000+ crore, offering strong revenue visibility and reinforcing execution strength for the next two years
• Secured a prestigious ₹354 crore Solar EPC project from Ellume Energy MH SolarOne, marking our growing presence in renewables, and a marquee ₹1,642 crore Solar EPC order from Carbonminus Maharashtra One, further strengthening our position in the clean energy space

Commenting on the overall performance of the Company, Rakesh Markhedkar, Chairman & Managing Director, Vikran Engineering Limited, said,

“The second quarter of FY26 has been a period of steady growth for us, with healthy YoY improvement in revenue and a notable expansion in EBITDA margins. The performance reflects our continued focus on operational discipline, efficient execution, and prudent cost management across projects.

We achieved strong order inflows, particularly in the Solar EPC segment, where we secured major projects worth

₹354 crore from Ellume Energy MH Solar One and ₹1,642 crore from Carbonminus Maharashtra One. These wins mark a key milestone in our renewable energy foray and significantly enhance our growth visibility. Following our successful IPO, our consolidated order book now exceeds ₹4,000 crore, providing healthy execution visibility for the next two years and reinforcing our position as a growing multi-sector EPC player.

The second half of the year contributes a larger share of EPC execution, and we expect this trend to continue in FY26 as well. With a healthy and diversified order pipeline and a growing presence across key infrastructure

segments, we are well-positioned to undertake larger and higher-value projects in the coming quarters. Our robust execution capabilities, combined with a consistent focus on timely delivery and operational excellence, continue to strengthen client trust and enhance our project delivery performance.

Furthermore, as we work towards expanding our footprint into international markets, particularly in Africa and the Middle East, we remain confident of achieving sustained growth, driving geographical diversification, and further consolidating our market position in the EPC industry.”

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Global VC investment remains strong, driven by AI and supported by increasing exit activity

INDIA: Global venture capital (VC) investment rose from $112 billion in Q2’25 to $120 billion in Q3’25—marking the fourth consecutive quarter of robust investment, according to the latest edition of Venture Pulse from KPMG Private Enterprise, a quarterly report tracking investment trends globally across major regions around the world.

The Americas led with $85.1 billion, while Asia saw muted investment at $16.8 billion. AI continued to dominate VC activity, with significant funding rounds for AI model development and applications. The US accounted for most of the VC investment in the Americas, while Europe saw solid growth. Global exit value climbed to $149.9 billion, the highest since Q4’21, driven by renewed IPO activity. Looking ahead to Q4’25, global VC investment is expected to remain stable, with AI continuing to dominate. Robotics and defense tech will also continue to be focus areas.

The last time the global VC market saw $100 billion+ in investment for four quarters in a row was between Q4’21 and Q3’22. While overall deal volume eased slightly—reflecting a typical seasonal slowdown across the Americas and Europe—the broader market trajectory remained positive. Investor sentiment strengthened steadily throughout the quarter, buoyed by renewed optimism around liquidity pathways and a gradual reopening of exit markets in the Americas and Asia.

During Q3’25, the focus of VC investors globally concentrated on large deals.

AI continued to dominate VC investment activity in other regions as well in Q3’25. In addition to startups engaged in foundational AI model development, venture capital investors worldwide demonstrated increasing interest in AI-powered applications and sector-specific innovations. Beyond AI, defense technology and space technology garnered significant attention during the quarter, largely due to persistent geopolitical tensions. Health technology, quantum computing, and alternative energy also maintained strong investor interest throughout Q3’25.

Regionally, the Americas led global VC investment, attracting $85.1 billion across 3,474 deals in Q3’25. Within the Americas, the United States accounted for $80.9 billion across 3,175 deals. Europe attracted the second-largest share of VC funding during the quarter—$17.4 billion across 1,625 deals—overtaking Asia, where VC investment remained somewhat sluggish at $16.8 billion across 2,310 deals.

“AI is obviously the biggest ticket right now for VC investors globally. If startups aren’t embracing AI in some way, shape, or form, it’s very difficult for them to attract attention,” said Conor Moore, Global Head, KPMG Private Enterprise, KPMG International. “Many of the industries where we’re seeing strong investment are being driven in part by AI-driven solutions—like defencetech and healthtech—or by their importance to the AI ecosystem—like energy and datacentres.”

Q3’25 — Key highlights:

• Corporate VC participating investment increased from $56.1 billion in Q2’25 to $58.6 billion in Q3’25. The United States accounted for a large share of this total ($37.7 billion), marking its fourth consecutive strong quarter of CVC-associated investment. Europe reached a five-quarter high of $9.5 billion in CVC participating investment during Q3’25, while Asia continued to see muted CVC-related investment at $9.1 billion.
• Software remained the leading sector for VC investment.
• Global exit value climbed from $119.2 billion in Q2’25 to $149.9 billion in Q3’25—the highest level seen since Q4’21. At a regional level, U.S. exits rose from $71.0 billion to $74.5 billion quarter-over-quarter, while Asia saw a sharp increase from $28.7 billion to $38.0 billion. Europe also recorded significant growth, with exit value rising from $17.3 billion to $27.8 billion between Q2’25 and Q3’25.
• Global VC fundraising remained exceptionally weak, totaling just $80.7 billion at the end of Q3’25—putting it on pace to fall below 2024’s eight-year low of $196.1 billion.

Key highlights from India:

• India sees VC investment slow in Q3’25 amid an uncertain geopolitical environment.
• India experienced a banner quarter for exits in Q3’25, with exit value surging to a high not seen in at least seven years.
• While interest in India remains high, VC investors have found it difficult to predict what might happen day-to-day, leading them to hold back from making any major funding decisions.
• Despite the soft VC investment in Q3’25, there continued to be optimism in the market given the growth in startup exit activity — particularly in terms of IPO exits.
  • During the quarter, IPO activity was quite strong compared to previous quarters.
• Given India’s strong macros and vibrant capital market, should trade uncertainties be resolved, there is good optimism that VC investment will begin to rebound. Further IPO activity is also expected over the next few quarters in India.

Commenting on the India findings, Nitish Poddar, Partner and National Leader, Private Equity, KPMG in India, said, “VC investment results in India this quarter were driven by the speed bump that was the US tariffs, but people expect that by the end of November, that will settle. And macros are still strong, the capital markets are still vibrant, and a lot of capital has been raised that will need to get deployed — so funding should increase as uncertainties calm. But investors are going to be focused heavily on the path to profitability and cash flows because without those, you won’t get a capital market exit.”

AI continues to power the VC market globally

VC investors continued to double down on AI in Q3’25, with companies developing AI models and platforms attracting many of the largest funding rounds of the quarter. The surge in AI investment extended well beyond the U.S. and Europe. Beyond these headline transactions, AI-focused startups across regions continued to attract significant VC funding rounds, reflecting the growing breadth and attractiveness of AI-focused solutions.

One of the most encouraging developments of Q3’25 was the revival of IPO markets—particularly in the US—which provided long-awaited exit opportunities after years of subdued activity. The number of successful listings not only validated valuations in select high-growth sectors but also reinforced investor confidence that the exit window for VC-backed companies is reopening. For VC investors, the combination of sustained capital deployment and healthier exit conditions suggests a more constructive and balanced venture capital environment heading into 2026.

Steady course expected heading into Q4’25

Looking ahead to Q4’25, global VC investment is expected to remain relatively stable, fueled by continued momentum in AI model development, industry-specific AI applications, and AI infrastructure. Robotics is also anticipated to gain further traction among VC investors over the coming quarter. Given AI’s dominance, companies without AI-driven capabilities could find it increasingly challenging to attract funding. However, in regions such as Africa, Latin America, and Southeast Asia, fintech is expected to remain the primary investment focus.

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PUNE: (NSE: KPITTECH BSE: 542651), KPIT Technologies, a global leader in building mobility solutions for a cleaner, smarter, and safer world, announced financial results for Q1 FY26.  

Performance overview: (Q1 FY26 Revenues)

• Revenues of 178MN with $ Y-o-Y growth of 7.8% , Q-o-Q growth of 0.3%
• Q1FY26 Y-o-Y CC growth 4.9%
• Q1 FY26 Profitability
  • EBITDA margin stable at 21.0%
  • EBIT at 17%
• Marks 20^th consecutive growth quarter
• TCV of new engagements won during Q1FY26: $241 million

Strategic Partnership:

JSW Motors & KPIT technologies forge strategic collaboration to accelerate India’s new energy mobility revolution

Commenting on the performance of Q1 FY26, Kishor Patil, Co-founder, CEO, and MD, KPIT, said,

Sachin Tikekar, Co-founder and Joint MD, KPIT, said,

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Quarter ended 30th June 2025 results highlights.

• Total Company Operating Revenue stood at ₹12,443 million, down 3.2% QoQ.
•  Services Segment Revenue of ₹9,637 million.
• In USD terms, Services Segment Revenues came in at $112.5 million.
• Operating EBITDA at ₹2,001 million; EBITDA Margin at 16.1%.
• Net Income was at ₹1,703 million; up 5.1% YoY.
• Net income Margin was at 13.7%. Vs 12.8% YoY.
• [LTM] attrition came in at 13.8% Vs 13.2% in the past quarter.
• Workforce strength was at 12,407.

Warren Harris, Chief Executive Officer and Managing Director, said: “While the quarter began on a cautious note, client confidence strengthened steadily as the period progressed, reaffirming long-term commitments to product innovation and digital transformation. This renewed belief in building the future supported strong deal momentum, resulting in six strategic wins. As we look ahead, we remain optimistic about a sequential recovery in Q2 and a stronger second half of FY26. Our deal pipeline today is more robust than a year ago, and the early momentum we are seeing provides greater visibility and conviction in improved conversion through the year.”

Savitha Balachandran, Chief Financial Officer, said: “We achieved strong cash flow performance this quarter through consistent execution and disciplined working capital management, despite operating in a challenging environment. We continued to invest in priority areas, maintained financial strength, and drove efficiency across the value chain. As we progress through the year, our focus remains on executing with agility, strengthening strategic relationships, and delivering sustainable value to our stakeholders.”

Key highlights and recognitions:

• A leading European luxury automotive OEM has engaged Tata Technologies to deliver technical services across key domains, including body engineering, digital product development, powertrain systems, and sustainability.
• A leading Asian Airline has partnered with Tata Technologies to deliver a fully integrated aircraft docking system—from concept and structural design to simulation, manufacturing support, and on-site installation.
• A leading global CV OEM has chosen Tata Technologies as a preferred engineering partner in a multi-year strategic engagement to set up a dedicated ODC, delivering end-to-end product engineering support across its brand portfolio.
• A leading North American global automotive Tier-1 supplier has selected Tata Technologies to deliver critical engineering support across multiple units, reflecting their increased trust in our ability to handle complex engineering projects.
• A leading global automotive contract manufacturer selected Tata Technologies for a multi-year, multi-plant SAP S4 implementation.
• Volvo Cars has selected Tata Technologies as a strategic supplier for product engineering, embedded software, and PLM—reinforcing our role in driving their transition to software-defined and sustainable mobility.
• Tata Technologies and Emerson have formed a strategic partnership to co-develop integrated testing and validation solutions for next-gen mobility, combining Emerson’s test expertise with our engineering and innovation scale.

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PUNE: Gera Developments Private Limited (GDPL), pioneers in premium residential and commercial real estate in Pune, Goa, Bengaluru, and California, today released the July 2025 edition of their bi-annual report, The Gera Pune Residential Realty Report. As Pune’s only census-based real estate study running for 14 years and covering over 2,300 projects and 3+ lakh under-construction homes, the report presents an authoritative, data-driven view of market dynamics for the 12 months ended June 2025.

This year’s report marks a notable transition in Pune’s residential real estate landscape. After seven years of consistent growth in prices, sales, and supply, the market is experiencing a consolidation phase driven by ‘sticker shock’, the cumulative effect of rising prices and increasing home sizes.

While prices rose at a moderate 7.31% year-on-year, this still added significantly to total ticket sizes. Over the past five years, prices have climbed by 40% and average home sizes by 25%, resulting in an overall 76% increase in the average sticker price. Consequently, buyers in the Budget and Upper-mid segments are facing affordability challenges, while affluent buyers are gravitating towards larger, more comfortable homes.

Speaking about the market shifts, Rohit Gera, Managing Director, Gera Developments Private Limited, said, “We are witnessing the market respond to a steep escalation in total ticket size, what we’re calling Sticker Shock. Even though interest rates have come down over the last 6 months, affordability remains a concern as the total outgo for buyers has increased by 76% over five years. The steep increase in sticker price has led to sticker shock and has caused people to slow down their purchase decision, resulting in the demand softening. Developers are responding cautiously by slowing new launches and recalibrating configurations. I expect smaller home sizes to return to the market, making homes more affordable not through pricing corrections but by offering compact yet efficient layouts. For buyers, this is a critical time – choosing projects by developers with strong financial stability is more important than ever.”

Market Trends and Analysis:
• Replacement Ratio: The replacement ratio of 1.08 indicates a mildly oversupplied market. In a cyclical market like real estate, mild oversupply eventually corrects itself, restoring the market equilibrium.
• New project prices: Prices of new projects launched are down by 4.73% over the last year, while the overall market is still on an uptrend.
• East Pune prices rise: East Pune recorded the highest price appreciation across the city, marking a 9.6% growth, followed by West Pune, which saw a 6.8% appreciation.
• Project Landscape: Pune now has 2,605 residential projects under development, up 6.7% over June 2024. However, the market is consolidating, small projects (<100 units) fell 39% since 2018, while large projects (>500 units) surged by 70%.
• Metro Influence: Areas such as Hinjewadi, connected by the new Metro corridors, have seen stable pricing and increased traction from affordability-focused buyers.

Looking Ahead:
Pune’s real estate market is entering a phase of strategic recalibration. While supportive economic signals such as the RBI’s recent 50 basis point rate cut suggest a favourable policy environment, market recovery has yet to gain real momentum. At the same time, transformative infrastructure projects like the Ring Road and Metro expansion are set to redefine growth corridors over the next decade. To stay resilient, developers must focus on rightsized products, calibrated launches, and sharper value propositions tailored to specific segments. As the market evolves to serve a changing demographic, understanding these shifts will be critical for stakeholders navigating this new landscape.

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