Everyone’s celebrating that india Inc’s “core businesses are back.” But behind those victory tweets lies a curious silence — nobody wants to talk about what really fell.
For five straight quarters, india Inc’s “non-core income” — those mysterious “other” earnings — had quietly been carrying the scoreboard.
Treasury gains, interest windfalls, forex plays, and one-off asset sales… these weren’t business triumphs, they were financial happenstance.
And now, the streak has snapped. In Q2, “other income” slumped to a nine-quarter low — the first decline since FY24.
Suddenly, India’s corporate results look more honest, but also more fragile.
Here’s the irony: the fall of “easy money” might be the best thing to happen to india Inc.
Why? Because it forces a return to fundamentals.
The next phase of corporate growth won’t come from passive income or financial wizardry — it’ll come from factories, products, and innovation.
In other words, we’re moving from balance sheet gymnastics to business endurance.
The coming quarters will divide the pack:
The “treasury tigers” who thrived on paper profits may struggle without that cushion.
The “core warriors” — manufacturers, exporters, and service innovators — might finally get their due.
This transition will redefine leadership credibility. CFOs who once bragged about “efficient fund management” will now have to prove operational excellence.
Investors, too, will start asking harder questions: Is this growth real, or just interest income in disguise?
So yes — india Inc lost its “non-core swag.” But maybe, just maybe, that’s the moment it begins to rediscover its soul.
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📉 “When finance stops faking growth — only the real players remain.”
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