Corporate Briefs: AI Alliances, Global Bets, and the High Cost of Growth
- Editor
- February 18, 2026
- Business, Companies & Industry, Economy, Finance
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February 2026 — The Indian corporate landscape is witnessing a dramatic week of strategic shifts. While legacy giants like Reliance and Infosys are leaning into international expansion and cutting-edge AI, the new-age retail sector, led by FirstCry, is grappling with the harsh realities of post-IPO profitability.
1. Reliance Retail: The “Lagos Leap” into Nigeria
Reliance Consumer Products Limited (RCPL) has officially signed a majority-owned joint venture with Nigeria’s TGI Group (Tropical General Investments) [1.1].
- The Strategy: Instead of building from scratch, Reliance is leveraging TGI’s 40-year-old manufacturing and distribution network.
- Market Entry: Nigeria represents one of Africa’s largest and youngest consumer markets. Reliance plans to introduce its home-grown FMCG brands (like Independence and Campa) to compete with global incumbents [1.2].
- Impact: This pivot confirms Reliance’s ambition to transform from an Indian retail king into a global FMCG powerhouse, mirroring the “affordable quality” model that worked in India.
2. Infosys & Anthropic: Turning AI Risk into Revenue
Infosys shares surged over 3-5% this week following a landmark strategic partnership with Anthropic, the AI safety giant behind the “Claude” models [2.1, 6.1].
- The Center of Excellence: The duo is launching a dedicated “Anthropic Center of Excellence” in Bengaluru, focused initially on the telecom sector [2.3].
- Agentic AI: Rather than simple chatbots, they are building “AI Agents” capable of executing complex, multi-step workflows like managing compliance reviews and modernizing legacy codebases [6.1].
- Investor Relief: This deal has largely eased fears that Generative AI would cannibalize traditional IT services. By integrating Claude into its Topaz platform, Infosys is positioning itself as an AI orchestrator rather than just a service provider [6.3].
3. FirstCry’s Q3 Struggle: The ₹38 Crore Question
Brainbees Solutions (the parent company of FirstCry) reported a 153% spike in net losses, widening to ₹38.4 crore for the December quarter [3.1, 3.2].
- Revenue vs. Reality: While revenue grew by a healthy 12%, the losses were driven by aggressive expansion of its rapid-delivery service, Rocketbees, which expanded from 13 to 22 cities this quarter [7.1].
- The IPO Hangover: Like many startups post-IPO, FirstCry is facing intense scrutiny over its path to profitability. Increased discounting in the diaper category and high “labour code compliance costs” (₹13.95 crore) were cited as major drags on the bottom line [3.1].
- Market Reaction: The stock hit a fresh 52-week low, falling nearly 10% as investors react to the widening gap between growth and profit [3.3, 7.2].
4. Airport Economics: Alcohol is the New Anchor Tenant
A fascinating shift is occurring in the balance sheets of Indian airports operated by groups like Adani and GMR.
- Non-Aero Dominance: Nearly 50-60% of total revenue and over 70% of operating profit now come from non-aviation sources like duty-free retail, lounges, and F&B [4.1].
- The “Liquid” Goldmine: Wine and spirits alone account for 58% of all duty-free sales in India [4.1]. High state taxes on alcohol make airport duty-free the most attractive purchasing point for Indian travelers.
- Delhi Leading the Way: At Delhi’s Indira Gandhi International Airport, non-aero revenue is projected to reach ₹3,517 crore in FY26, significantly outpacing traditional aeronautical revenue [4.1]. Airports are essentially becoming high-margin luxury malls that happen to have runways.
Bottom Line
From Ambani’s Nigerian expansion to the “alcohol-powered” profits of our airports, the message is clear: diversification is the only defense. While Infosys is successfully pivoting to AI, FirstCry’s struggle shows that in 2026, “growth at any cost” is no longer a valid pitch to the public markets.
