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Fortune India Magazine - February 2026

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In this issue

MNC 500- The Largest Multinationals In India: We bring you the second edition of the MNC 500. India is a market that more and more MNCs see as vital to their over-all growth. Whether it is in manufacturing or in services, the 1.4-billion-plus demographic advantage that India has as a market is impossible to ignore. When we launched Fortune India’s MNC 500 list last year—the first such listing of the biggest multinationals operating in India—the recurring theme was how the MNCs are keenly aligning themselves with India’s growth ambition and, in many cases, helping power it. As we bring you the second edition of the MNC 500, that theme continues. And despite a challenging global business environment and geopolitical turmoil, MNCs are a major part of the story of Corporate India.

THE MNC PARADOX

WHEN YOU speak to multinational corporations (MNCs) doing business in India, most of them are keen to position themselves as essentially 'Indian' companies, despite their foreign ownership.

2 mins

NESTLE INDIA'S NEW CMD MANISH TIWARY HAS A LOT ON HIS PLATE—COMPETITION FROM D2C BRANDS, AND BEING RELEVANT AT A TIME WHEN DISRUPTIONS ARE A NORM. HIS GAMEPLAN—STAYING FAST, FOCUSSED AND FLEXIBLE BY INFUSING TECHNOLOGY IN THE LEGACY FIRM'S DAY-TO-DAY BUSINESS.

I often get asked this question, but let me take a step back. Nestlé has been in India for close to 113 years.

6 mins

IN AGREEMENT WITH INDIA: TWO TRADE AGREEMENTS WITHIN A WEEK, EACH OFFERING PREFERENTIAL ACCESS TO THE WORLD'S MOST DEVELOPED MARKETS, STRENGTHEN INDIA'S POSITION VIS-À-VIS ITS COMPETITORS.

ON FEBRUARY 1, the BSE Sensex crashed nearly 1,500 points in response to finance minister Nirmala Sitharaman's proposal to increase the securities transaction tax on derivatives in the Budget for 2026-27.

3 mins

A 'CERTAIN' ANSWER: AS GLOBAL LEADERS DEBATED A FRACTURING WORLD ORDER, INDIA STAKED ITS CLAIM AT DAVOS AS THE NEXT GLOBAL GROWTH POWER.

CAN INDIA emerge as the world's thirdlargest economy? At this year's World Economic Forum (WEF) annual meeting in Davos, India's favourite question shaped much of its participation.

4 mins

India at Davos: Where the World Meets Scale, Speed, and Stability

India was not just confined to a country narrative. It appeared across the agenda in topics that mattered most.

3 mins

NAVIGATING AUTOMATION IN AN AI ERA: HONEYWELL HAS SET ITS EYES ON BECOMING A PURE-PLAY AUTOMATION COMPANY THAT FOCUSSES ON THE PHYSICAL DELIVERY OF THE AI OPPORTUNITY.

KEEP THINGS SIMPLE.

4 mins

A BUDGET FOR BUILDING BHARAT

THE GOVERNMENT AIMS TO SUSTAIN GROWTH THROUGH STRUCTURAL REFORMS AND A LASTING ECONOMIC TRAJECTORY.

10+ mins

WE WILL HAVE TO BE GRADUAL ON FISCAL DEFICIT TARGET

FINANCE MINISTER NIRMALA SITHARAMAN ON THE REFORMS BONANZA AND THE GOVERNMENT'S CONTINUED FOCUS ON GROWTH.

3 mins

PICKING PREDICTABILITY OVER POPULISM

The Budget reinforces fiscal credibility, offers long-term certainty to digital and services capital, and simplifies taxation.

2 mins

THE MATURING OF INDIA'S TECH ECONOMY

By aligning cloud infrastructure, AI adoption, skills development, and regulatory clarity, Budget 2026 strengthens India's ability to participate meaningfully in global technology value chains.

3 mins

REIMAGINING INDIAN AGRICULTURE: FROM VOLUME TO VALUE

Budget 2026 lays down a forward-looking framework, but success hinges on execution discipline and farmers' participation.

3 mins

NEW ECONOMICS OF RESILIENCE BUILT ON INFRA AND TRADE

The Budget paves the way for a Viksit Bharat that is resilient, growth-oriented, and globally integrated.

3 mins

R.I.P.INDUSTRY CREDIT 1990-2020s

India Inc. no longer needs banks the way it once did, amid rising consumerisation, alternative funding options, and the changing contours of the private investment cycle.

7 mins

The Base Effect

A modern data reset capturing the new-age economy, consumption trends, and a bigger inflation basket for smarter policymaking.

6 mins

REVENUE CONCENTRATION OF MULTINATIONALS OPERATING IN INDIA IS NOT JUST REFLECTIVE OF THE SIZE OF THE INDUSTRY CONCERNED BUT ALSO OF HOW SOME GOT IT RIGHT OVER OTHERS.

IN JANUARY 2022, over an earnings call, Netflix co-founder Reed Hastings commented: “The great news is in every single major market, we’ve got the flywheel spinning.

8 mins

PHARMA'S TECH VANGUARD

GLOBAL LIFE SCIENCES MNCS ARE INCREASINGLY RELYING ON INDIA-BASED GCCs TO DRIVE DRUG DISCOVERY, DEVELOPMENT, REGULATORY AFFAIRS, AND SAFETY OPERATIONS WORLDWIDE.

6 mins

Medtech MNCs' India Play

MULTINATIONALS BET ON INDIA'S GROWTH POTENTIAL AS A MARKET AND MANUFACTURING BASE FOR MEDICAL DEVICES AND DIAGNOSTIC EQUIPMENT.

7 mins

THE SUM OF MULTIPLES

A HOUSE OF BRANDS STRATEGY GIVES THIS OTHERWISE ELUSIVE GROUP AN EDGE IN INDIA'S HIGHLY COMPETITIVE SMARTPHONE MARKET.

4 mins

MORPHING INTO A FOOD GIANT

FROM A PREDOMINANTLY EDIBLE OIL COMPANY, THE ₹65,000-CRORE AWL AGRI BUSINESS ASPIRES TO BECOME A FOOD CONGLOMERATE BY 2027, ENSURING EVERY INDIAN CONSUMES THE FORTUNE BRANDED ATTA, DAL OR RICE.

6 mins

MADE IN INDIA. BUILT FOR THE WORLD

SIEMENS LTD IS CREATING A GLOBAL POWERHOUSE THROUGH INNOVATION AND SCALE, WITH INDIA AT THE CENTRE.

6 mins

BACK IN THE WINNER'S CIRCLE

WITHIN THREE YEARS, CEO RAVI KUMAR S. HAS BROUGHT THE SHEEN BACK ON COGNIZANT, WHICH IS NOW EXPLORING A PUBLIC LISTING IN INDIA.

7 mins

THE ART OF REWRITING LUXURY

MERCEDES-BENZ IS BUSY REDRAWING THE RULES OF LUXURY IN INDIA'S CONSTANTLY EVOLVING MARKET BY FOCUSSING ON PREMIUMISATION AND STEERING CLEAR OF THE NUMBERS-CHASING GAME.

6 mins

BIG BLUE'S INFRA HUES

FROM EVERY DROP OF AMUL MILK TO EVERY CREDIT CARD SWIPE, IBM HAS QUIETLY EMBEDDED ITSELF INTO THE DNA OF INDIA'S DIGITAL AND INDUSTRIAL IT ARCHITECTURE.

7 mins

All Seasons Whisky Crosses 20 Million Cases to Become the World's Fastest-Growing Spirits Brand

All Seasons Whisky has crossed the landmark 20 million cumulative cases in global sales, becoming the fastest whisky brand worldwide to achieve this milestone. With an exceptional 48% year-on-year growth, the brand stands out as one of the most rapidly expanding names in the international spirits industry—reflecting India’s accelerating rise as a global whisky powerhouse.

2 mins

SILVER LINING AT LAST

IN INDIA SINCE THE PAST 25 YEARS, THE WHEEL OF FORTUNE HAS FINALLY STARTED TO TURN FOR THE GERMAN AUTOMOTIVE MANUFACTURER.

6 mins

THE SAMURAI OF INDIA'S DIAPER MARKET

HOW UNICHARM INDIA CRACKED THE DIAPER SPACE IN THE COUNTRY AND BECAME A FAVOURITE OF BABIES AND THEIR PARENTS.

6 mins

IN FOR THE LONG HAUL

UNIQLO IS BUILDING A BRAND IN INDIA WITH PATIENCE, PRODUCT TRUST, AND SCALE THAT COMES AFTER SYSTEMS, NOT BEFORE.

7 mins

HOW WE DID IT

Indian-registered entities, typically classified as subsidiaries or associates of foreign companies, where a foreign promoter holds a majority stake of over 50% or is a significant shareholder.

4 mins

THE WORLD'S MOST ADMIRED COMPANIES

Artificial intelligence is the biggest story in technology-but it's far from the only story, as the 28th edition of the Fortune World's Most Admired Companies All-Star list makes clear.

1 mins

HOW WE DETERMINE THE LIST

As we have in the past, Fortune collaborated with our partner Korn Ferry on this survey of corporate reputation.

1 mins

INDUSTRY STANDOUTS WHY IT'S HARD TO STAY ON TOP

The Fortune World's Most Admired Companies list is our \"ranking of corporate reputation.\"

2 mins

A TUMBLE AT TARGET

One iconic American retailer took a reputational tumble this year: Target, ranked No. 27 in 2025, has fallen off the top 50, breaking a 24-year streak on our All-Star list.

1 mins

A MIDAIR MILESTONE FOR AIRBUS

In October, Airbus finally won bragging rights in a four-decade battle with duopoly rival Boeing: Its A320 narrow-body passenger jet, which entered service in 1988, surpassed Boeing's 737 in total deliveries to airlines, with more than 12,260 aircraft deployed.

1 mins

RESULTS AND REPUTATIONS ON THE MOVE HIGHLIGHTS FROM THIS YEAR'S SURVEY

Economic uncertainty and inflation made 2025 a tough year for new-car sales.

1 mins

Redefining Luxury

New-age female hoteliers are reshaping design, strategy, sustainability, and the very meaning of luxury.

3 mins

CHIP ON THE SHOULDER

DATA FROM THE WORLD BANK'S peek into which country/geography has the lead in Al chip ownership, data centre capacity, and cloud adoption offer few surprises. The U.S. leads across all major dimensions of compute power: it has the highest raw compute capacity and the most-powerful supercomputers, is the global leader in Al chip production and access, and dominates the global cloud computing market.

1 mins

Amar Aquatic Carving a Niche of Global Benchmarks with Fish-Derived Industrial Applications

Leading the charge for excellence and purity in India's fish collagen and gelatin production Amar Aquatic has become a formidable benchmark for followers in its footprints in the industry.

1 mins

Defying Conventions to Make a Difference

A modern-day Florence Nightengale Dr. Minnie Bodhanwala's name is writ large in the annals of India's healthcare industry.

2 mins

Vision, Values, and Vanguard Voices: Dr. Manimekalai Mohan and the SSVM Symphony

Some institutions are built with brick and mortar; a rare few are built with belief.

2 mins

A Compelling Case in Point of Atma Nirbhar Bharat

The growing noise around sustainable lifestyle choices is flooding through the entire gamut of consumable options— from clothing to personal grooming.

2 mins

Silently transforming lives with empathy and skilled leadership

A seasoned business leader, Ms Yamini Kumar Jaipuria, Whole-time Director of Cosmo First & Managing Trustee of Cosmo Foundation and Zigly Foundation, has carved a distinctive space for herself in India's corporate landscape.

2 mins

A Silent Powerhouse of Soulful Purpose

As India gears up to achieve its goal as a developed nation by 2047, a year that puts the spotlight 100 years of its independence, the youth amongst its populace has a pivotal role to play in this endeavour of a Viksit Bharat.

2 mins

Saifee Hospital - A compassionate ecosystem creating change across the globe

Established in 2005 in the heart of bustling Mumbai, Saifee Hospital has made deep inroads in the city's healthcare landscape with its cutting-edge technology and compassionate patient care.

2 mins

Resetting The Learning Ecosystem To Embrace An AI-Driven Economy

As Eastern India's largest educational conglomerate the JIS Group continues its trajectory to move with the times.

2 mins

Dispelling Darkness with the Sunshine of Hope

Empathy and visionary thinking have been pivotal in breathing life into Apex Insurance Consultant (AICL) India's first organized crisis management company for doctors.

2 mins

The Long Bet: How S. Viswanathan Is Trying to Redefine India's Role in Global Medical Imaging

In global medical technology, credibility is built slowly—often over decades.

2 mins

Vidya Herbs: Advancing Botanical Science for Sustainable Solutions

Growing conversations around the world highlighting the dire need for a more sustainable approach to life and living on Planet Earth have created a fresh impetus for long term solutions in the corporate world.

2 mins

Fame And Fortune Crafted from The Humble Screw

Who would have thought the humble screw, an important cog in the wheel of infrastructure development— be it a metro rail or a steel- clad building, would script a unique narrative of its own?

2 mins

Propelling India's Global Bulk Drug Trajectory

Dr. Satish Wagh has been a major protagonist in transforming the global fortunes of India's Bulk Drug segment in the pharma business.

2 mins

Ryan Pinto Steering 50 Years of Trust into the Future

There are leaders who preserve legacies, and then there are those who transform them to shape the future.

1 mins

Building Blocks for a Greater Sustainable Agri Future

With the pressure on India to meet its Climate Change commitments and feed its growing populace, the spotlight falls on its endeavours to cope with this with more impactful sustainable solutions.

2 mins

New Assets Help Chase Fresh Prospects of Empowerment

Liberated by its propensity for design excellence, robust development and delivery of world-class products, Nirmal Industrial Controls has been riding high as a brand leader straddling the entire value chain of the gas transmission and distribution industry.

2 mins

Healthcare Initiatives That Are a Beacon of Hope at the Grassroots Level

India's healthcare status remains a considerable talking point, be it in the corridors of power, in the industry itself, amongst local communities or even the local kirana store.

2 mins

From Vision to Velocity: Nav Durga Group's Future Story Under Nimish Gadodia

Through Nimish Gadodia's leadership, Nav Durga Group has successfully diversified into steel, ethanol, bio-pellets, power, mining, education, realty and resorts amongst others playing a pivotal role in shaping India's manufacturing and industrial future.

3 mins

When the humane and high-tech serve as the twin engines for progress

The healthcare landscape of Marathwada underwent a remarkable transformation when a young doctor returned to his roots with the vision of providing world-class medical care to his community.

2 mins

Designing Wealth Institutions for a Future-Forward India

India is entering a rare moment in its economic journey.

2 mins

Beacon Group: The Emerging Operating System for Institutional Capital

Beacon Group, anchored by its flagship NSE-listed entity Beacon Trusteeship Ltd, has completed a fundamental structural transformation.

2 mins

Innovative Drive and Excellence Will Always Pave the Way

Brightening the future of ISBM University's student community has long been the driving force behind Dr. Vinay M. Agrawal's unwavering commitment to mindful learning and skill-based education.

2 mins

Insightful Organizational Strategies For Sustainable Growth

Businesses are increasingly being compelled to navigate the growing disruptive work environment with a fresh take on organizational operations.

2 mins

Cold Steel Corporation Leading India's PEB Revolution Through Trust and Innovation

Setting New Standards in Steel Construction, Cold Steel Corporation Leads with Quality, Speed, and Sustainability in India's Growing Infrastructure Market

2 mins

Dr. Aneel Kashi Murarka's Quiet Revolution of Compassion

Some leaders build companies.

2 mins

Aeshra Patel is an Indian supermodel, actress, and entrepreneur

Aeshra comes from a family of farmers and a small tribal village in Gujarat.

1 mins

Read all Stories from Fortune India

Fortune India Magazine Description:

Publisher: Business-Media-Pvt-Ltd

Category: Business

Language: English

Frequency: Monthly

Fortune India, is your ultimate guide to business, economy, and leadership. From corporate power moves to disruptive startups, Fortune India bring you deep insights, expert analysis, and inspiring success stories that shape India’s financial and entrepreneurial landscape.

1. Business & Economy – Exclusive reports on market trends, policy shifts, and economic developments. 

2. Leadership & Strategy – Meet the CEOs, founders, and visionaries redefining industries. 3. Wealth & Investment – Smart strategies for investors, market insights, and expert financial advice.

4.  Tech & Startups – The latest in AI, fintech, and innovations driving India’s growth story.

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