Brands
Devi Shankar bids farewell to Anarock after building India’s data-centre juggernaut
MUMBAI: Five years, $2.7bn in closed deals, and two of India’s largest data-centre platforms later, Devi Shankar is leaving Anarock.
The managing director of investment banking built the firm’s data-centre business from nothing into a powerhouse. Her crowning achievements: EverYondr ($1 bIllion) and Colt-RMZ ($1.7 billion), two landmark transactions that helped establish India as a serious player in digital infrastructure. Advising global investors and private-equity funds on market entry became her signature move.
“This wasn’t just a job; it was home,” Shankar wrote in her farewell message, referencing her early-morning arrivals and her notorious “Devi Standard Time” departures to beat Mumbai’s traffic. She gave special thanks to Ankita Sahu, whom she described as her “backbone for the last five years”.
The move caps a 20-year career spanning KPMG, Deloitte, Jones Lang LaSalle and Ask Property Fund. Shankar’s expertise in structuring complex transactions—from introductions through to commercial negotiations, term sheets and due diligence—has made her one of India’s most respected dealmakers in alternative real estate.
Alongside her corporate work, Shankar has been pursuing a parallel venture since January 2023: Irea Life, a private fashion label where she serves as creative lead and business adviser. The brand focuses on AI-driven solutions for customer experience and marketing automation.
Shankar hinted that an announcement about her next move is imminent, though she declined to share details. Industry watchers will be watching closely to see where one of India’s leading investment bankers lands next.
Brands
Kwality Wall’s reports standalone losses following strategic HUL demerger
Ice cream major faces Rs 64 crore Ebitda loss amid commodity inflation and muted Q3 sales
MUMBAI: Kwality Wall’s (India) Limited (KWIL) has released its first set of financial results as a standalone entity, revealing a challenging start to its independent journey. Following its successful demerger from Hindustan Unilever Limited (HUL) on 1st December 2025 and its subsequent listing on 16th February 2026, the company is navigating a transition period marked by structural changes and high input costs.
For the quarter ended 31st December 2025, the company reported revenue of Rs 222 crores. Despite the revenue base, the bottom line was impacted by several factors, resulting in an Ebitda loss of Rs 64.2 crores. When calculated on a Pre-IND AS 116 basis, the Ebitda loss stood at Rs 83.8 crores.
Organic Sales Growth (OSG) declined by 6.5 per cent year-on-year during the quarter. Volume growth, however, saw a marginal increase of 1.2 per cent. The company reported a gross margin of 41.5 per cent. Additionally, exceptional expenses amounting to Rs 94 crores were recorded, primarily linked to non-recurring costs during the transition phase.
Performance across portfolios and channels was mixed. Within the impulse portfolio, brands such as Magnum and Cornetto recorded mid-single digit volume growth, indicating steady demand in on-the-go consumption. However, the in-home portfolio, which includes take-home packs, experienced muted consumption. The company is planning a relaunch of this category with improved offerings ahead of the 2026 season.
Quick commerce (Q-Com) continued to emerge as a strong growth driver, delivering robust double-digit growth during the quarter. Meanwhile, the company also expanded its physical distribution network by increasing the number of company-owned cabinets across markets.
Margin pressure during the quarter was driven by a combination of one-off factors and broader cost inflation. Gross margins were impacted by around 600 basis points due to trade investments made for stock liquidation. Additionally, cocoa price inflation contributed to another 400 basis points of pressure on margins.
Deputy managing director Chitrank Goel attributed the muted performance partly to prolonged monsoons and transitional challenges linked to the GST framework. Operating expenses also increased as the company invested in establishing its standalone supply chain, operational systems and corporate infrastructure following the demerger.
Looking ahead, the management remains focused on a volume-driven growth strategy. To restore profitability, the company has initiated a cost productivity programme aimed at reducing non-consumer-facing costs. It is also working on building regional manufacturing networks to optimise logistics expenses and improve operational efficiency.
The commodity outlook for the near term remains mixed. Dairy prices are expected to remain firm due to tight supply conditions and rising fodder costs. Sugar prices may also move higher following increases in the Minimum Selling Price (MSP). While cocoa prices have moderated recently, currency depreciation has offset some of the potential cost relief for the company.
