India gets plenty of sunlight throughout the year, which makes solar power highly efficient
India’s rapid solar energy expansion is widely hailed as a success. But without a plan to manage the waste it will generate, how clean is the transition?
In just over a decade, India has become the world’s third-largest solar producer, with renewables now central to its climate strategy. Solar panels are everywhere – from vast solar parks to blue rooftops across cities, towns and villages.
Alongside large solar parks, millions of rooftop systems now feed power into the electricity grid. Government data show nearly 2.4 million households have adopted solar under a subsidy scheme.
Solar growth has cut India’s reliance on coal. Though thermal and other non-renewables still supply over half of installed capacity, solar now contributes more than 20%. Yet the achievement carries a challenge: while clean in use, solar panels can pose environmental risks if not properly managed.
Solar panels are mostly recyclable, made of glass, aluminium, silver, and polymers – but trace toxic metals like lead and cadmium can pollute soil and water if mishandled.
Solar panels typically last about 25 years, after which they are removed and discarded. India currently has no dedicated budget for solar-waste recycling and only a few small facilities to process old panels.
Bloomberg via Getty Images
Thermal power plants continue to dominate India’s energy generation capacity
India has no official data on solar waste, but a study estimated around 100,000 tonnes by 2023, rising to 600,000 tonnes by 2030. For now, the volume is small, but experts warn the bulk is yet to come – and without rapid recycling investment, India could face a growing waste crisis.
A new study by the Council on Energy, Environment and Water (CEEW) estimates that India could generate more than 11 million tonnes of solar waste by 2047. Managing this would require almost 300 dedicated recycling facilities and an investment of $478 (£362m) over the next two decades.
“Most of India’s large solar parks were built in the mid-2010s, so the real wave of waste is coming in 10 to 15 years,” says Rohit Pahwa of energy company Targray.
India’s solar-waste projections mirror global patterns: the US may generate 170,000–1 million tonnes and China nearly one million tonnes by 2030, following rapid solar expansion in the 2010s.
The policy landscape, however, differs significantly.
In the US, solar-panel recycling is mostly market-driven under a patchwork of state rules. China’s system, like India’s, is still developing and lacks a dedicated regulatory framework.
In 2022, India brought solar panels under e-waste rules, making manufacturers responsible for collecting, storing, dismantling and recycling them at end of life.
Experts say enforcement is uneven, especially for home and small-scale panels, which make up 5–10% of installations. Though modest, these panels can still generate substantial waste, as they are harder to track, collect, and recycle.
Damaged or discarded panels often end up in landfills or with unauthorised recyclers, where unsafe methods can release toxic materials. The BBC has contacted India’s renewable energy ministry for comment.
Hindustan Times via Getty Images
Damaged and ageing rooftop panels are rarely recycled
“Solar power gives an illusion of clean energy for two decades, but without a serious plan for recycling panels it risks leaving behind a graveyard of modules and not much of a legacy,” says environment expert Sai Bhaskar Reddy Nakka.
Despite the challenges, experts say the problem is not without opportunities.
“As waste rises, so will the demand for companies that know how to process it,” Mr Pahwa says.
Efficient recycling could reclaim 38% of materials for new panels by 2047 and prevent 37 million tonnes of carbon emissions from mining, says CEEW.
India already has markets for glass and aluminium, and metals found in solar cells – silicon, silver, and copper – can be recovered for new panels or other industries, says Akansha Tyagi, co-author of the study.
Currently, most solar waste is processed with basic methods that recover only low-value materials like glass and aluminium, while precious metals are lost, damaged or extracted in tiny amounts.
Experts say the next decade will be decisive for India’s solar goals. The country must act fast – building a regulated, self-sustaining recycling system, raising household awareness, and integrating waste collection into solar business models.
Companies that profit from solar power should also be responsible for what happens to panels once they stop working, says Mr Nakka.
“Without proper recycling, clean energy today could mean more waste tomorrow,” he warned.
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How have your investments fared in 2025? Overall, it’s been a good year for stock markets – despite some hefty bumps along the way. Will the bumps continue? What can we expect for 2026?
I’ve recently discussed this with Jonathan Moyes, Head of Investment Research and manager of the Wealth Club Portfolio Service. You canwatch this 13-minute video below – I hope you find it insightful and please note it’s not advice.
How did our five portfolios perform overall? What were the ‘banana skins’ – and did we avoid them? What are my and Jonathan’s expectations for 2026?
Home appliances build value and trust the longer they are used. Especially for products powered by advanced technologies such as artificial intelligence (AI), which are closely integrated into users’ everyday lives, reliability becomes a core element of the user experience. This is why Samsung is strengthening the reliability of its home appliances through innovations based on AI technology along with hardware (HW) and software (SW).
Samsung’s quality and reliability are increasingly being recognized by media outlets worldwide. In the U.K., independent review outlet ‘Trusted Reviews’ selected the Samsung Series 9 Bespoke AI Washing Machine1 as its “Best Washing Machine” at the Trusted Reviews Awards 2025, highlighting its cleaning performance and smart features. The publication has also reviewed Bespoke AI Jet Ultra, noting its impressive boost in suction power and excellent battery life.
In the third edition of the global “Why Samsung” campaign, Samsung Newsroom spoke with Miyoung Yoo, Executive Vice President and Head of the Global CS Team, DA Business at Samsung Electronics, about how the company is advancing quality, innovation and the reliability benefits customers experience — and where Samsung is headed next.
▲ Miyoung Yoo, Executive Vice President and Head of the Global CS Team, DA Business at Samsung Electronics
Bringing SW Seven-Year Upgrade and Strengthening the Durability of Core Components
Q1. What efforts is Samsung making to strengthen user trust in its home appliances?
Home appliances are used over long periods of time, making it crucial that they remain safe and reliable after purchase. This means product design must account not only for how appliances are used today, but also for how users’ lifestyles may evolve in the future.
Samsung is working to enhance the quality and reliability of its AI appliances by leveraging software, hardware and advanced AI technologies. First, Samsung provides software upgrades for smart home appliances, enabling them to continue evolving over time.2 We are also helping customers use their appliances more reliably and for longer through our Home Appliance Remote Management (HRM)3 service.
On the hardware side, we use our manufacturing know-how that we’ve built up over half a century and a vigorous verification system to continuously enhance the durability and competitiveness of our compressors and motors — which are “the heart of home appliances.” We also conduct long-term, high-intensity reliability testing to ensure stable performance, even in extreme environments around the globe.
Most recently, Samsung has further enhanced product quality and reliability by incorporating AI capabilities. For example, we use AI in our digital inverter compressor to help save energy while creating optimal cooling. We further apply AI to our HRM service to detect early signs of abnormal operation and proactively notify users.
Upgrading Both Appliance Performance and Security Through AI and Software
Q2. What is Samsung’s software update policy for its home appliances to improve reliability?
Samsung AI appliances are evolving into advanced devices capable of receiving real-time feature upgrades and, through software innovation, resolving certain issues remotely.
Samsung supports software upgrades for up to seven years for its smart home appliances released since 2024. This enables the addition of new convenience features and the latest security technologies to appliances users already own, allowing products to continue evolving over time.
For example, the AI Vision Inside feature on the Family Hub refrigerator has been upgraded this year. AI Vision Inside recognizes food items being put in or taken out of the refrigerator using a camera and creates a food list on the product’s screen, enhancing the convenience of food management. The number of fresh foods recognized has increased to 37, and users can now additionally register and manage up to 50 types of processed and packaged foods.4
Q3. Besides the SW updates, are there ways to improve reliability through SW?
Samsung is continuously improving product durability and reliability by providing its HRM service.
Samsung’s HRM is a system that collects and analyzes data from SmartThings-connected appliances in real time. Based on the analysis results, advisors can assess the product’s status and guide customers on the most appropriate actions — or resolve issues by remotely adjusting settings. This allows users to receive professional care without having to describe issues in detail and in some cases, resolve them quickly without the need for a service engineer visit — saving both time and repair costs.5
For instance, if a washing machine is not dispensing fabric softener, a consultant can remotely adjust the detergent box mode. If a refrigerator does not feel cool enough due to overstocking, a consultant can remotely set the temperature lower than the minimum available to the users.
Samsung has continued to advance its HRM service by incorporating AI technologies that proactively detect early signs of potential issues and notify users in advance. For example, by analyzing factors such as laundry room and outdoor temperatures, the system can predict frost risks in washing machines and dryers and notify users in advance via smartphone alerts. It can also detect low refrigerant levels in air conditioners and refrigerators early on, helping prevent issues from escalating into major failures.6
Meanwhile, Samsung Electronics Canada received an award for excellence at the 2025 CIO Awards Canada, presented by IDC in November, recognized for its HRM project, providing reliable services to customers and setting new industry standards. The CIO Awards specifically honor organizations that demonstrate exceptional innovation and business value through IT solutions.
This year, we plan to significantly expand this service by supporting 17 languages in around 120 countries.
The Heart of AI Appliances: Innovating Core Components With AI
Q4. From a hardware perspective, what sets Samsung’s appliance quality apart?
Building on its capabilities in AI appliances, Samsung is now dedicated to solidifying its competitive edge in core components by pushing the boundaries of hardware reliability.
Compressors and motors are often called “the heart of home appliances” because they are directly linked to product performance and durability. Since 1976, Samsung has been manufacturing compressors for nearly 50 years, continuously advancing both technology and durability. Today, its eighth-generation compressor incorporates innovations that directly enhance energy efficiency and reliability, including ultra-precision machining to a tolerance of one-tenth the thickness of a human hair (5 μm=0.005 mm), friction-reduction technology and high-rigidity coatings. For washing machine7 motors, Samsung applies 3D high-speed balancing technology to ensure stable operation even during spin cycles reaching 270 rotations per second. This significantly reduces vibration and noise.
To ensure seamless performance across diverse environments — from the heat and humidity of Southeast Asia and the Middle East to the extreme cold and heavy snowfall of polar regions — the company conducts rigorous stress testing on core components. Refrigerator compressors undergo extensive testing in a dedicated testing space, including continuous operation for 1,500 hours at 85°C and 500 hours at 100°C, to ensure core component reliability.
In addition, AI is being applied to further strengthen the performance and reliability of these core components. Samsung compressors have evolved from digital inverters to AI digital inverter compressors, which use AI to adjust the operation of the compressor’s internal motor to help save energy and improve durability.
Q5. Going forward, how will Samsung further strengthen the reliability of its home appliances?
We plan to continue enhancing the reliability of our home appliances by strengthening the three pillars of software, hardware and AI. Our ultimate goal is to deliver an excellent user experience throughout the entire product lifecycle, from purchase to long-term use, while continuing to innovate more trustworthy appliances.
On the software side, we are improving the convenience and accuracy of features by combining them with AI. For example, the HRM service is evolving its functions to enable more precise product diagnosis and user support by analyzing product status and error history with AI. Ultimately, with AI, we aim to transform the appliance use and care paradigm from repair to prevention, thereby strengthening reliability.
On the hardware side, we are accelerating innovation focused on core components. We have rapidly transitioned our compressors from fixed-speed designs — where operating speed remains constant — to digital inverter technology, significantly improving energy efficiency and stability. Samsung has driven further transformation with AI Hybrid Cooling, which uses an AI digital inverter compressor in normal situations and gets a Peltier cooling unit to work additionally when intensive cooling is required.
By continuously advancing AI-driven core component technologies and delivering ongoing software upgrades, Samsung plans to continue its efforts to deliver “appliances that remain reliable over time.”
Have you received some unwanted gifts this holiday season?
Perhaps you’ve bought a few things for yourself that you now regret.
It can feel a little awkward asking for a refund or to exchange an item, especially if you’re not sure what you’re entitled to.
It’s one of those errands you may want to avoid altogether but to make it less painful, we’ve broken down what you’re entitled to.
Firstly, is the product faulty?
Your rights really boil down to the reason for the return, according to the Australian Competition and Consumer Commission (ACCC).
“If a product is faulty, doesn’t match the description, or is not fit for purpose, consumers will have rights to a remedy under the Australian Consumer Law (ACL),” the ACCC says.
Also known as consumer guarantees, these rights still apply if an item was given as a gift and a “remedy” can include a refund, repair or replacement.
But it depends on whether the problem is considered “major” or “minor”.
According to the ACCC ordering a red bicycle and receiving a green one, an electric blanket with faulty wiring or a raincoat not being waterproof because it’s made from the wrong material are all examples of major problems.
If something does not meet a consumer guarantee and you would like it refunded, repaired or replaced, “a business can ask consumers toprovide a receipt or another form of proof of purchase,” the ACCC says.
“Other acceptable forms of proof of purchase may include a credit or debit card statement, lay-by agreement, a receipt or reference number given over the phone or internet, as well as warranty cards or serial numbers.”
Can I get a refund for change of mind?
This is where things become more nuanced.
Nicola Howell says whether you can return or exchange an item because of a change of mind depends on an individual business’s policy. (Supplied: Queensland University of Technology)
The ACCC says consumers don’t have the same rights if “they no longer like or want a product”.
Wanting to return something because it’s the wrong size, you found it cheaper elsewhere or you did not like the item would typically all fall under a “change of mind”.
Nicola Howell, a senior lecturer at Queensland University of Technology’s law school, says our consumer law does not address “change of mind” returns.
Dr Howell says it comes down to the policy the store offers. There’s no obligation to have a change of mind policy, but retailers do need to be consistent if they offer one, she says.
If you’re shopping for something that may need to be returned, she recommends checking the store’s specific policy.
The store determines whether it allows “change of mind” refunds or exchanges, the return window, and the kind of proof of purchase it requires, Dr Howell says.
What is a return window?
Stephanie Tonkin says change of mind returns are not guaranteed. (Supplied: Consumer Action Law Centre)
When it comes to change of mind returns, most store policies outline the length of time a customer has to refund or exchange an item.
Consumer Action Law Centre CEO Stephanie Tonkin says the ACL doesn’t force businesses to offer change of mind refunds, but they are legally obligated to follow their own policy.
“If they do set a return period — 14 days, 30 days, whatever — they must honour it.”
Consumer Affairs Victoria says the policy should be clearly displayed at point of sale or included on the business’ website.
What about exchanges?
Once again, exchanges typically fall under the individual store’s policy.
Ms Tonkin says wanting to swap the size of an item, such as a pair of shoes or a shirt that does not fit are “generally a change of mind, not a fault”.
If the store has a change of mind policy, such as exchanges within 14 days, “they must stick to it”.
‘The store’s policy never overrides the law’
It’s important to remember that return windows or exchange policies can’t be used to “shut down your rights” when it comes to faulty products, Ms Tonkin says.
“If something is broken, unsafe, or not what you were promised, your ACL rights apply regardless of any “no refunds” or expired return window..”
The ACCC says while businesses can put conditions on returns under their policies, they cannot put those same conditions on returns where products do not meet the consumer guarantees.
If you have an issue with a store, you can contact your local state or territory fair trading or consumer affairs agency for assistance, the ACCC says.
There was only one winner for the Powerball’s Dec. 24 jackpot worth more than $1.8 billion, and that valuable ticket was sold at a gas station outside Little Rock, Arkansas. But several lottery players in Massachusetts woke up Thursday morning to a nice Christmas gift.
There were eight Powerball tickets worth $50,000 sold in Massachusetts, according to the state lottery. To win $50,000, players need to match four numbers and the Powerball. The odds of doing so are 1 in 913,129.
The winning numbers were 4, 25, 31, 52, 59, with a Powerball of 19.
The $50,000 tickets were sold in:
Attleboro (Cumberland #0135) Dedham (7-Eleven 34499-1) Essex (Schooner’s Market) Methuen (Ted’s Stateline Mobil) Rockland (Go Go Gas) Peabody (Stop & Shop #005) Provincetown (Cumberland #2232) Salem (Castle Hill Mini Mart)
Winners in Massachusetts have up to a year to claim their prize before they expire. Payments can be claimed at one of the state’s regional lottery offices.
The $1.817 billion grand prize was the second-largest U.S. lottery prize ever. One of the largest-ever Powerball prizes was claimed in Massachusetts in 2017 by Mavis Wanczyk of Chicopee, who was the sole winner of a $758.7 million jackpot.
There is another record jackpot still up for grabs in Massachusetts. There was no big winner in the Megabucks drawing Wednesday night. The jackpot for the $2 game is now up to $9.35 million, the largest since the game was redesigned in 2023. The next drawing is Saturday night.
South Australian farmers will soon be able to use virtual fencing to move livestock out of the path of bushfires after the technology was formally legalised in the state last week.
The system, which allows livestock to be moved remotely via electronic collars, can guide animals out of danger and prevent them becoming trapped as a fire approaches.
The state’s approval makes it the last jurisdiction in Australia to sign off on the technology, paving the way for rollout next year.
The announcement has been welcomed by Livestock SA, with the organisation expecting strong demand from primary producers to transition to virtual fencing.
Virtual fencing will help reduce the demand for physical fencing on farms to divide livestock. (ABC South East SA: Elsie Adamo)
“The benefits are multi-dimensional,” Livestock SA chief executive officer Travis Tobin said.
“The obvious ones are capital and labour costs that you can reduce … it enables you to improve the way you manage stock and manage the land.
“Heaven forbid if they do come, but in natural disasters it gives you that flexibility where you’re not losing kilometres of fence lines, and the animals can get away so they’re not trapped.”
New technology could help in emergencies
Specific details on how the new technology will be licensed and governed are yet to be released, but businesses are working with the state government to be rollout ready.
Halter is one of the businesses that will apply for a permit to sell and install virtual fencing in the state.
Virtual fencing allows farmers to control where their animals go, using a phone. (Supplied: Halter)
Director of strategic relations Brent Thomas said the benefits of the technology surpass day-to-day operations.
He said if a flood or bushfire was to strike, virtual fencing can help protect human as well as animal lives.
“In traditional farming systems, you’ve got to staff out … and it can be quite risky,”
Mr Thomas said.
“With this technology, farmers are able with the palm of their hand, to move their cattle to safer ground.
“You can use a collar to move an animal from an unsafe area to a safe area, but you can also remotely disable the collars so they can freely move.“
Mr Thomas said many South Australian farmers were keen for the announcement, having added their names to the company’s waitlist months ago.
“They had been really hopeful this news would come out for a long time,” he said.
“I think they’re very, very excited … it’s going to be a game-changing technology for their farms.”
SA farmers enthusiastic about transition
One of the farmers who has been signed up on the wait list for virtual fencing equipment is Adam Mann, co-manager of Donovan’s Dairy in the South East.
Adam Mann had been waiting for virtual fencing to be approved in South Australia. (ABC South East SA: Elsie Adamo)
Mr Mann had been advocating for virtual fencing throughout the year, expecting the new technology to save time and money on his farm.
“It’s nice to be on an even playing field with the rest of the states,” he said.
“We’ll be trying to get it on as soon as possible, early 2026 will be a pretty good goal for us.”
New York City-based Shannon River Fund Management added 968,161 shares of FormFactor in the third quarter.
The move increased its exposure by an estimated $35.26 million.
As of September 30, the fund reported holding 968,161 FORM shares valued at $35.26 million.
These 10 stocks could mint the next wave of millionaires ›
New York City-based Shannon River Fund Management initiated a new position in FormFactor(NASDAQ:FORM), adding 968,161 shares worth about $35.26 million as of a November 13 SEC filing.
According to a November 13 SEC filing, Shannon River Fund Management LLC disclosed a new stake in FormFactor, acquiring 968,161 shares. The position, valued at $35.26 million as of September 30, accounted for 5.68% of the fund’s $621.17 million in reportable U.S. equity holdings. The fund reported a total of 20 positions after the filing.
This new position now comprises 5.68% of the fund’s reportable assets under management.
Top five holdings after the filing:
NASDAQ:PEGA: $79.59 million (12.8% of AUM)
NASDAQ:TSEM: $69.56 million (11.2% of AUM)
NASDAQ:IDCC: $61.70 million (9.9% of AUM)
NASDAQ:WIX: $58.63 million (9.4% of AUM)
NASDAQ:FLEX: $49.24 million (7.9% of AUM)
As of Wednesday, shares were priced at $58.17, up 22% over the past year and solidly outperforming the S&P 500, which is up about 15% in the same period.
Metric
Value
Revenue (TTM)
$759.31 million
Net Income (TTM)
$40.84 million
Price (as of Wednesday)
$58.17
One-Year Price Change
22%
FormFactor, Inc. provides probe cards, analytical probes, probe stations, metrology systems, thermal systems, and cryogenic systems, primarily serving the semiconductor industry.
The company generates revenue by designing, manufacturing, and selling advanced testing and measurement solutions used throughout the semiconductor manufacturing and research lifecycle.
Primary customers include semiconductor integrated device manufacturers, foundries, fabless semiconductor companies, research institutions, and universities worldwide.
FormFactor, Inc. is a leading supplier of test and measurement solutions for the semiconductor sector, with a diversified product portfolio addressing both production and R&D needs. Its strategy centers on technological innovation and global reach, enabling it to serve a broad spectrum of customers from chip manufacturers to scientific institutions. The company’s competitive edge lies in its specialized expertise and ability to support complex semiconductor testing requirements across multiple geographies.
FormFactor doesn’t live in the headline-grabbing AI chip race, but it supplies the picks and shovels that tell chipmakers whether those increasingly complex designs actually work. That positioning showed up clearly in the latest quarter. Revenue reached $202.7 million, while gross margin expanded to 39.8% GAAP and 41.0% on a non-GAAP basis, up roughly 250 basis points sequentially. Free cash flow rebounded to $19.7 million after a weak second quarter, and management guided to another step up in revenue, earnings, and margins in Q4.
Notably, DRAM probe cards posted double-digit sequential growth, hitting a record driven by high-bandwidth memory demand, while the systems segment gained momentum toward initial volume production in co-packaged optics. That mix helps explain why this position landed as a mid-single-digit allocation rather than a token trade. In context, this fund already holds other IP- and semiconductor-adjacent names, but ultimately, FormFactor adds exposure to profitability improvement rather than pure cycle recovery.
Assets Under Management (AUM): The total market value of investments managed on behalf of clients by a fund or firm. 13F Reportable Assets: U.S. equity securities that institutional investment managers must disclose quarterly to the SEC via Form 13F. Position: The amount of a particular security or investment held by an individual or institution. New Position: An investment in a security or asset that was not previously held in the portfolio. Trailing Twelve Months (TTM): The 12-month period ending with the most recent quarterly report. Forward P/E: Price-to-earnings ratio using forecasted earnings for the next year, estimating how much investors pay per dollar of future earnings. EV/EBITDA: Enterprise value divided by earnings before interest, taxes, depreciation, and amortization; used to compare company value and profitability. Fund Downsizing: The process of reducing the size or number of holdings in an investment fund, often to manage risk or liquidity. Stake: The ownership interest or share an investor holds in a company or asset. Probe Cards: Devices used to test semiconductor wafers by making temporary electrical contact with circuits during manufacturing. Metrology Systems: Equipment used to measure and analyze physical properties of materials or devices, often for quality control in manufacturing. Fabless Semiconductor Companies: Firms that design chips but outsource manufacturing to specialized fabrication plants (foundries).
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Wix.com. The Motley Fool recommends Flex. The Motley Fool has a disclosure policy.
FormFactor Stock Up 22% and Drawing a $35 Million New Stake as The Firm Beats Q3 Estimates was originally published by The Motley Fool
Partnering with Stonepeak in a US$10.1 billion transaction to support Castrol’s next phase of growth
Toronto, CANADA (December 24, 2025) – Canada Pension Plan Investment Board (“CPP Investments”), today announced an agreement to acquire an indirect non-controlling interest in Castrol, a global leader in lubricants, alongside Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets. Stonepeak is acquiring a majority controlling interest in Castrol from BP p.l.c. (“bp”) (NYSE: BP) (LON: BP). The transaction values Castrol at an enterprise value of approximately US$10.1 billion. CPP Investments will invest up to US$1.05 billion in support of the transaction.
Castrol is one of the largest lubricants providers globally and serves consumer automotive customers, as well as commercial and industrial end markets. As an embedded part of the large and diversified global finished lubricants market, Castrol works closely with its customers and consumers to develop and supply highly engineered lubricants for specific applications. Castrol manufactures and markets engine oils, industrial fluids, and greases through approximately 20 blending plants and more than 100 third-party facilities and warehouses worldwide across 150 countries. Applications have included servicing the first jet airline, the Concorde, space missions for over 60 years, and many professional auto and bike racing teams, establishing Castrol’s historic and trusted brand identity. Castrol’s products are recognized globally for their high performance, premium quality, and use of cutting-edge technology, and are supported by a global workforce of thousands of skilled professionals.
“Castrol is a high‑quality, global business at the heart of the energy and industrial economy. Its cutting-edge innovations and premium brand position it well for a growing role in emerging applications, from electric vehicles to data centres,” said Bill Rogers, Managing Director, Head of Sustainable Energies, CPP Investments. “Our investment alongside Stonepeak aligns with our strategy of backing businesses that are essential to the energy system. We believe Castrol’s strong market position and diversified growth opportunities will deliver attractive risk‑adjusted returns for the CPP Fund.”
“Lubricants are a mission-critical product, which are essential to the safe and efficient functioning of virtually every vehicle, machine, and industrial process in the world,” said Anthony Borreca, Senior Managing Director and Co-Head of Energy at Stonepeak. “Castrol’s 126-year heritage has created a leading market position, an iconic brand, and a portfolio of differentiated products that deliver meaningful value to its customers. We are excited to work alongside Castrol’s talented employees, coupled with bp’s continued guidance as a minority interest holder, as we support the business’s continued growth.”
The transaction is expected to close by the end of 2026, subject to customary regulatory approvals.
In addition to the announcement today, an announcement in respect of a mandatory tender offer (“MTO”) to the public shareholders of Castrol India Limited, in accordance with the Indian takeover code was published by UBS Securities India Private Limited as manager in respect of the MTO. The MTO will be proceeded with only upon completion of the Castrol transaction. The relevant details have been included in the Public Announcement on the Securities and Exchange Board of India website.
About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At September 30, 2025, the Fund totalled C$777.5 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.
Partnering with Stonepeak in a US$10.1 billion transaction to support Castrol’s next phase of growth Toronto, CANADA (December 24, 2025) – Canada Pension Plan Investment Board (“CPP Investments”), today announced an agreement to acquire an indirect non-controlling interest in Castrol, a global leader in lubricants, alongside Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets. Stonepeak is acquiring a majority controlling interest in Castrol from BP p.l.c. (“bp”) (NYSE: BP) (LON: BP). The transaction values Castrol at an enterprise value of approximately US$10.1 billion. CPP Investments will invest up to US$1.05 billion in support of the transaction. Castrol is one of the largest lubricants providers globally and serves consumer automotive customers, as well as commercial and industrial end markets. As an embedded part of the large and diversified global finished lubricants market, Castrol works closely with its customers and consumers to develop and supply highly engineered lubricants for specific applications. Castrol manufactures and markets engine oils, industrial fluids, and greases through approximately 20 blending plants and more than 100 third-party facilities and warehouses worldwide across 150 countries. Applications have included servicing the first jet airline, the Concorde, space missions for over 60 years, and many professional auto and bike racing teams, establishing Castrol’s historic and trusted brand identity. Castrol’s products are recognized globally for their high performance, premium quality, and use of cutting-edge technology, and are supported by a global workforce of thousands of skilled professionals. “Castrol is a high‑quality, global business at the heart of the energy and industrial economy. Its cutting-edge innovations and premium brand position it well for a growing role in emerging applications, from electric vehicles to data centres,” said Bill Rogers, Managing Director, Head of Sustainable Energies, CPP Investments. “Our investment alongside Stonepeak aligns with our strategy of backing businesses that are essential to the energy system. We believe Castrol’s strong market position and diversified growth opportunities will deliver attractive risk‑adjusted returns for the CPP Fund.” “Lubricants are a mission-critical product, which are essential to the safe and efficient functioning of virtually every vehicle, machine, and industrial process in the world,” said Anthony Borreca, Senior Managing Director and Co-Head of Energy at Stonepeak. “Castrol’s 126-year heritage has created a leading market position, an iconic brand, and a portfolio of differentiated products that deliver meaningful value to its customers. We are excited to work alongside Castrol’s talented employees, coupled with bp’s continued guidance as a minority interest holder, as we support the business’s continued growth.” The transaction is expected to close by the end of 2026, subject to customary regulatory approvals. In addition to the announcement today, an announcement in respect of a mandatory tender offer (“MTO”) to the public shareholders of Castrol India Limited, in accordance with the Indian takeover code was published by UBS Securities India Private Limited as manager in respect of the MTO. The MTO will be proceeded with only upon completion of the Castrol transaction. The relevant details have been included in the Public Announcement on the Securities and Exchange Board of India website. About CPP Investments Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At September 30, 2025, the Fund totalled C$777.5 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.
26 December 2025: Woolworths is serving up its Hot Cross Bun range from Boxing Day. This year’s lineup will be led by the brand-new, deliciously indulgent Mudcake Hot Cross Bun – a fusion of two customer favourites, hitting stores in January 2026.
The new Mudcake flavour will join an already iconic bench of returning award-winners, including the fan-favourite Cinnabon Hot Cross Bun, which is back after its hugely popular debut earlier this year and securing the prestigious title of Product of the Year.
To round out the season’s sweet surprises, customers can get ready for a final drop at the end of January with the new limited-edition Woolworths Hot Cross Buns filled with Caramel, inspired by Caramello®.
Donald Keith, Woolworths Hot Cross Bun Expert and Bakery Merchandise Manager, said: “Hot Cross Bun season is all about fun and innovation, and our team enjoys bringing these exciting, limited-edition flavours to our customers each year.
“With proven fan favourites like Cinnabon and Caramelised Biscuit back on the shelves, we knew we had to add another iconic flavour to the mix. The Mudcake Hot Cross Buns are a rich, chocolatey treat that are the perfect example of taking a customer favourite and turning it into a seasonal smash.
“While we love the trending flavours, we are also proud that our award-winning Traditional Fruit Buns remain the most popular pick throughout the season, alongside our Gluten Free and Fruit Free range, ensuring we genuinely have something delicious for every single customer.”
This year’s range will include:
Limited edition:
Mudcake Hot Cross Buns – Inspired by the iconic Woolworths Mudcake with a delicious chocolate filling (arriving 7 January 2026)
Cinnabon Hot Cross Buns – Returning after a hugely successful debut, these cinnamon infused buns are filled with cream-cheese style filling (arriving 26 December 2025) – $5.50
Caramelised Biscuit Hot Cross Buns – Made with delicious caramelised biscuit spread (arriving 26 December 2025) – $5.50
Woolworths Hot Cross Buns filled with Caramel, inspired by Caramello® – Chocolate buns with a gooey caramel filling and Cadbury milk chocolate chips (arriving 28 January 2026)
Here for the whole season:
Woolworths Traditional Hot Cross Buns – available in a range of sizes (6 pack $4.50)
Woolworths Hot Cross Buns made with Cadbury® milk chocolate chips – 6 pack ($4.50)
Woolworths Fruitless Hot Cross Buns – 6 pack ($4.50)
Woolworths Brioche Fruit Hot Cross Bun – 4 pack ($4)
Woolworths Hot Cross Brioche Buns made with Cadbury® milk chocolate chips – 4 pack $4)
Woolworths Hot Cross Buns made with Cadbury® Caramilk® chips – 4 pack ($5.50)
Woolworths Indulgent Apple & Cinnamon Hot Cross Buns – 4 pack ($4.50)
Woolworths Free From Gluten Traditional Fruit Hot Cross Buns – 4 pack ($4.50)
Woolworths Free From Gluten Chocolate Hot Cross Buns – 4 pack ($5.50)
Woolworths Free From Gluten Apple Cinnamon Hot Cross Buns – 4 pack ($5.50)
YONEX (TSE:7906) has quietly turned into a strong long term winner, with the stock up roughly 54% over the past year and nearly tripling investors’ money over the past 3 years.
See our latest analysis for YONEX.
The latest 1 day share price return of 2.97 percent, to ¥3,290, suggests buyers are stepping back in after a 30 day share price pullback. Momentum also appears broadly positive given the 1 year total shareholder return above 50 percent.
If YONEX has you rethinking growth potential, this could be a good moment to scan the market for other stories using our screener for fast growing stocks with high insider ownership.
Yet with earnings still growing at a double digit clip, an intrinsic value estimate suggesting roughly 25 percent upside, and shares trading just below analyst targets, is YONEX a mispriced compounder, or is the market already assuming years of strong growth?
On a trailing price to earnings basis, YONEX trades at 24.4 times earnings, which screens as expensive against both its peers and its own fair ratio.
The price to earnings multiple compares the current share price to per share earnings. It is a quick way to gauge how much investors are paying for each unit of profit in a consumer durables name like YONEX.
In YONEX’s case, investors are paying a substantial premium, with the current 24.4 times earnings multiple sitting well above the estimated fair price to earnings level of 17.8 times that our models suggest could be a more sustainable anchor point over time.
The same pattern shows up in peer comparisons. YONEX’s 24.4 times earnings valuation stands markedly above both the broader JP Leisure industry average of 13.8 times and a narrower peer set at 12.5 times. This underscores how aggressively the market is pricing in future growth.
Explore the SWS fair ratio for YONEX
Result: Price-to-Earnings of 24.4x (OVERVALUED)
However, investors still face risks, including potential multiple compression if growth slows and sensitivity to any downturn in discretionary consumer spending on sports equipment.
Find out about the key risks to this YONEX narrative.
While the current 24.4 times earnings multiple looks stretched, our DCF model points the other way, with YONEX trading about 24 percent below an estimated fair value of roughly ¥4,353. In plain terms, are investors overpaying on earnings or underestimating long term cash flows?
Look into how the SWS DCF model arrives at its fair value.
7906 Discounted Cash Flow as at Dec 2025
Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out YONEX for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 901 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.
If you see the story differently or want to dig into the numbers yourself, you can build a personalized view in just minutes: Do it your way.
A good starting point is our analysis highlighting 3 key rewards investors are optimistic about regarding YONEX.
Do not stop at one opportunity. Use the Simply Wall Street Screener to uncover data backed ideas that others will only notice once prices have already moved.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include 7906.T.
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