Category: 3. Business

12 Indian AI Start-ups, who have qualified for the AI for ALL: Global Impact Challenge in the India AI Impact Summit 2026, present their ideas and work

These Start-ups are working in a diverse set of areas like healthcare, multilingual LLMs, material research, data analytics, engineering simulations among others

Start-ups highlight the rapid growth and vast future potential of the AI sector and observe that the centre of gravity of AI innovation and deployment is beginning to shift towards India

Start-ups commended India’s strong commitment to advancing the artificial intelligence ecosystem

PM emphasises that startups and AI entrepreneurs are the co-architects of India’s future

PM suggests that Indian AI models should promote local and indigenous content and regional languages

PM emphasises the need to ensure that Indian AI models are ethical, unbiased, transparent, and based on data privacy principles

PM assures full government support for the success of their AI models

Prime Minister Shri Narendra Modi chaired the Roundtable with Indian AI Start-Ups at his residence at 7, Lok Kalyan Marg earlier today.

Ahead of the India AI Impact Summit 2026 to be held in India next month, 12 Indian AI start-ups who have qualified for the AI for ALL: Global Impact Challenge in the Summit attended the roundtable and presented their ideas and work.

These Start-ups are working in a diverse set of areas including Indian language foundation models, multilingual LLMs, speech-to-text, text-to-audio and text-to-video; 3D content using generative AI for e-commerce, marketing, and personalized content creation; engineering simulations, material research and advanced analytics for data-driven decision-making across industries; healthcare diagnostics and medical research, among others.

The AI Start-Ups commended India’s strong commitment to advancing the artificial intelligence ecosystem in the country. They highlighted the rapid growth and vast future potential of the AI sector, observing that the centre of gravity of artificial intelligence innovation and deployment is beginning to shift towards India. The leaders said that India now offers a robust and enabling environment for AI development, firmly placing the country on the global AI map.

During the meeting, Prime Minister highlighted the importance of artificial intelligence in bringing about transformation in society. He noted that India will host the India AI Impact Summit next month, through which the country will play a major role in the technology sector. He highlighted that India is making efforts to bring about a transformation with & leveraging AI.

Prime Minister emphasised that startups and AI entrepreneurs are the co-architects of India’s future and said that the country has immense capacity for both innovation and large-scale implementation. He added that India should present a unique AI model to the world that reflects the spirit of “Made in India, Made for the World.”

Prime Minister said that the world’s trust in India is the country’s biggest strength. He emphasised the need to ensure that Indian AI models are ethical, unbiased, transparent, and based on data privacy principles. He said startups should also work towards global leadership from India, and noted that India can promote affordable AI, inclusive AI, and frugal innovation globally. He also suggested that Indian AI models should be distinct and should promote local and indigenous content and regional languages.

The meeting was attended by CEOs, Heads and representatives of Indian AI start-ups including Avataar, BharatGen, Fractal, Gan, Genloop, Gnani, Intellihealth, Sarvam, Shodh AI, Soket AI, Tech Mahindra and Zenteiq. Union Minister for Electronics and Information Technology, Shri Ashwini Vaishnaw and Minister of State, Shri Jitin Prasada were also present during the meeting.

Last Updated: 2026.01.08

Results Summary for FY2026 1Q (Three Months to November 2025)

FAST RETAILING CO., LTD.
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Fiscal 2026 First-quarter Performance Highlights

■Consolidated results: Fast Retailing reports record performance on significantly increased revenue and profit

• In the first quarter of FY2026, consolidated revenue rose to 1.0277 trillion yen (+14.8% year on year), business profit increased to 205.6 billion yen (+31.0%) and profit attributable to owners of the Parent expanded to 147.4 billion yen (+11.7%).
• UNIQLO business in all regions performed strongly, reporting revenue and profit gains across the board. High-quality store openings and strategic information dissemination contributed considerably to our branding. We also improved the organization of inter-season business, enabling Fall products and year-round products to drive sales during that period.

■UNIQLO Japan: Reports considerable revenue and profit gains

• Revenue: 299.0 billion yen (+12.2%), business profit: 62.4 billion yen (+20.2%).
• Same-store sales expanded 11.0%, with sales of Fall products and year-round products proving especially strong.
• Gross profit margin contracted by 0.5p on the rise in cost of sales caused by a weakening in yen forward contract rates. SG&A ratio improved by 1.9p due to lower personnel costs and store rent cost ratios.

■UNIQLO International: Significant increases in both revenue and profit

• Revenue: 603.8 billion yen (+20.3%), business profit: 117.3 billion yen (+38.0%). The business profit margin improved by 2.4p following improvements in gross profit margins and SG&A ratios from all component operations.
• Strong first-quarter performance was driven by the successful development and marketing of products that captured customer demand, as well as the continued opening of high-quality stores worldwide.
• The Greater China markets reported an increase in revenue and double-digit profit growth. UNIQLO business in South Korea, the Southeast Asia, Australia, and India region, Europe, and North America all generated double-digit revenue and profit growth.

■GU: Slight increase in revenue, large increase in profit

• Revenue: 91.3 billion yen (+0.8%), business profit: 11.4 billion yen (+20.0%).
• Same-store sales decreased slightly year on year. While soft sheer T-shirts, warm casual innerwear, and some other products sold well, overall sales failed to gain momentum due to a lack of sufficient products that captured mass fashion trends.
• The gross profit margin improved by 2.0p due to fewer product shortages and improved discounting rates.

■Global Brands: Revenue and profit both contract

• Revenue: 33.0 billion yen (−7.6%), business profit: 1.7 billion yen (−14.8%).
• Revenue and profit from the Theory operation declined due to lackluster sales from Theory business in USA. PLST performed well, reporting higher year-on-year revenue and profit. The combined Comptoir des Cotonniers and Princesse tam.tam business reported a decline in revenue but also a contraction in overall losses.

■FY2026 consolidated estimates: Consolidated estimates revised up

• FY2026 consolidated revenue: 3.8000 trillion yen (+11.7%), consolidated business profit: 650.0 billion yen (+17.9%), consolidated operating profit: 650.0 billion yen (+15.2%), and profit attributable to owners of the Parent: 450.0 billion yen (+3.9%).
• These estimates include upward revisions of 50.0 billion yen for revenue, 40.0 billion yen for both business profit and operating profit, and 15.0 billion yen for profit attributable to owners of the Parent.
• We forecast an annual dividend in FY2026 of 540 yen per share, split equally between interim and year-end dividends of 270 yen each. That would represent an increase in the annual dividend of 40 yen, compared to FY2025.

　

Fiscal 2026 1Q Performance in Focus

■UNIQLO Japan: Reports considerable revenue and profit gains

UNIQLO Japan reported considerably higher revenue and profit in the first quarter of fiscal 2026, with revenue totaling 299.0 billion yen (+12.2% year on year) and business profit totaling 62.4 billion yen (+20.2%). First-quarter same-store sales (including e-commerce) expanded by an impressive 11.0%. This expansion was driven by strong sales throughout the quarter of Fall products such as sweatpants/shirts and jeans, buoyant sales of HEATTECH innerwear, PUFFTECH, and other Winter items once the weather turned cold in October, and strong Thank You Festival sales. The gross profit margin contracted by 0.5 point due to a rise in cost of sales caused by a weakening in yen exchange rates on the forward contracts we use for procurement purposes. The selling, general and administrative expense ratio improved by 1.9 points as strong sales reduced personnel and store rent cost ratios.

■UNIQLO International: Significant increases in both revenue and profit

UNIQLO International reported significant increases in both revenue and profit in the first quarter of fiscal 2026, with revenue rising to 603.8 billion yen (+20.3%) and business profit expanding to 117.3 billion yen (+38.0%). This strong performance was underpinned by our ability to develop products that captured customer demand as well as successful marketing strategies. UNIQLO brand recognition and customer trust is also expanding worldwide thanks to the continued strong opening of high-quality stores, centered around flagship stores. The business profit margin improved by 2.4 points as a result of improving gross profit margins and selling, general and administrative expense ratios in all regions.

Breaking down the UNIQLO International performance into individual regions and markets, the Mainland China market reported a rise in revenue and double-digit year-on-year profit growth. Several factors contributed to that increase in revenue, including the onset of cold weather from the latter part of October, marketing that successfully conveyed the value of UNIQLO products, and an increase in new customers attracted by our launch of a collaborative business with JD.com. The Hong Kong market reported revenue and profit gains following strong sales of Fall/Winter ranges. The Taiwan market reported a rise in first-quarter revenue and a contraction in first-quarter profit. However, if we exclude the impact of higher royalty expenses, profit from that market increased year-on-year.

UNIQLO South Korea achieved double-digit growth in both revenue and profit in the first quarter, as a result of marketing efforts that proactively conveyed the value of UNIQLO products and our corporate stance. UNIQLO operations in Southeast Asia, India, and Australia reported double-digit growth in both revenue and profit. Contributing factors included strong sales of HEATTECH, PUFFTECH, and other core Winter ranges after we strategically expanded inventory of those items to satisfy travel demand. Strong sales of new Fall ranges also contributed to the buoyant sales performance.

Meanwhile, UNIQLO North America and UNIQLO Europe both generated double-digit growth in first-quarter revenue and profit. UNIQLO’s visibility and customer base continue to expand thanks to hugely successful new store openings and enhanced efforts to promote the value of UNIQLO products. In Europe, the extremely successful opening of new stores in new cities, from Glasgow and Birmingham in the UK to Frankfurt and Munich in Germany, kept UNIQLO firmly in the news throughout the quarter. The reopening of the UNIQLO Meir flagship store in Belgium, which was relocated to a magnificent heritage building, also attracted significant attention.

■GU: Slight increase in revenue, large increase in profit

GU reported a slight increase in revenue and a large expansion in profits in the first quarter of fiscal 2026, with revenue rising to 91.3 billion yen (+0.8%) and business profit reaching 11.4 billion yen (+20.0%). While soft sheer T-shirts, warm casual innerwear, and sweatpants/shirts sold well, first-quarter GU same-store sales contracted slightly year-on-year after sales struggled to gain momentum due to a lack of products that encapsulated mass fashion trends. On the profit front, the gross profit margin improved by 2.0 points, resulting in a significant increase in profits. This improvement owed to more accurate volume planning, and consequently fewer product shortages and better discounting rates, which was a result of our efforts to narrow GU product offerings and concentrate inventory and marketing on strong-selling items.

■Global Brands: Revenue and profit both contract

Global Brands reported a decline in revenue and profit in the first quarter of fiscal 2026, with revenue declining to 33.0 billion yen (−7.6%) and business profit contracting to 1.7 billion yen (−14.8%). Though operating profit for the segment increased to 1.8 billion yen (+1.0%), this is the result of a simple comparison with the previous year when we recorded several hundred million yen in impairment losses and other costs associated with the restructuring of Comptoir des Cotonniers business. No such losses were recorded in the first quarter of fiscal 2026. Looking at individual labels within the Global Brands segment, Theory reported a decline in revenue and profit in the first quarter, primarily due to a decline in revenue and profit from Theory USA in the face of lackluster sales. Meanwhile, our PLST business performed strongly, reporting higher revenue and profit in the first quarter thanks to enhanced styling suggestions and product marketing, which helped boost sales of coats, knitwear, and shirts. Finally, our combined Comptoir des Cotonniers and Princesse tam.tam business reported a decline in revenue following store closures as part of overall restructuring efforts. These store closures have, however, helped improve cost structure efficiency, resulting in an improvement in the selling, general and administrative expense ratio and – by extension – a contraction in overall losses.

■FY2026 consolidated estimates: Consolidated estimates revised up

In fiscal 2026, the Fast Retailing Group expects to achieve a record performance from consolidated revenue of 3.8000 trillion yen (+11.7%), business profit of 650.0 billion yen (+17.9%), operating profit of 650.0 billion yen (+15.2%), and profit attributable to owners of the Parent of 450.0 billion yen (+3.9%). Compared to our initial estimates announced in October 2025, these new forecasts include an upward revision of 50.0 billion yen for revenue and 40.0 billion yen for both business and operating profit. These revisions incorporate not only the significantly stronger-than-expected first-quarter performance, but also the subsequent slowdown primarily in UNIQLO sales in the Japan and the Mainland China market caused by the persistently warm weather in December. We have not changed our initial earnings forecasts for the second half of fiscal 2026.

In addition to the above revisions, we have also revised up our full-year estimate for profit attributable to owners of the Parent by 15.0 billion yen, to reflect revisions to anticipated net finance income. Meanwhile, we have increased our expected annual dividend per share for fiscal 2026 by 20 yen, to 540 yen, which comprises interim and year-end dividends of 270 yen each. That would represent an increase in the full-year dividend of 40 yen per share, compared to the previous year.

In terms of individual business segments, we forecast double-digit sales and profit growth for UNIQLO International as a whole in the first and second half of fiscal 2026, and the full fiscal year. Within that segment, the Greater China markets are expected to report year-on-year increases in revenue and profit in both the first and second half of the year, and for fiscal 2026 as a whole. The full-year business profit margin is forecast to improve. UNIQLO operations in South Korea, the Southeast Asia, India and Australia region, North America, and Europe are all expected to continue to perform strongly and generate double-digit revenue and profit growth in the first half, second half, and full business year. At UNIQLO Japan, second-quarter revenue is expected to remain flat year-on-year and business profit to contract following the slowdown in demand and drop in sales in December caused by persistently warm weather. However, we do expect UNIQLO Japan will achieve year-on-year increases in both revenue and profit for the first half as a whole, while in the second half, we expect a slight increase in revenue and steady business profit. For the full business year, we expect UNIQLO Japan to report increased revenue and profit. Meanwhile, GU is expected to report higher revenue and slight profit growth in the first half, with higher revenue and profit in the second half and for fiscal 2026 as a whole. Finally, we anticipate Global Brands will generate a slight increase in revenue and profit for fiscal 2026 as a whole.

Fast Retailing Co., Ltd. discloses business results data and offers a variety of press releases on its IR website https://www.fastretailing.com/eng/ir/.

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8 January 2026

Compared with October 2025:

• median consumer perceptions of inflation over the previous 12 months remained unchanged, as did median inflation expectations for the next 12 months, for three years ahead and for five years ahead;
• expectations for nominal income growth over the next 12 months were unchanged, while expectations for spending growth over the next 12 months decreased;
• expectations for economic growth over the next 12 months became more negative, while the expected unemployment rate in 12 months’ time decreased;
• expectations for growth in the price of homes over the next 12 months declined, as did expectations for mortgage interest rates in 12 months’ time.

Inflation

In November, the median rate of perceived inflation over the previous 12 months remained unchanged at 3.1% for the tenth consecutive month. Median expectations for inflation over the next 12 months also remained unchanged from October, at 2.8%. Expectations for inflation three years ahead were also unchanged at 2.5%, as were inflation expectations for five years ahead at 2.2%. Uncertainty about inflation expectations over the next 12 months also remained unchanged in November. Respondents in lower income quintiles continued to report on average slightly higher inflation perceptions and short-horizon expectations than those in higher income quintiles, a trend observed since 2023. However, the broad evolution of inflation perceptions and expectations remained relatively closely aligned across income groups. Younger respondents (aged 18-34) continued to report lower inflation perceptions and expectations than older respondents (aged 35-54 and 55-70).

Inflation results

Income and consumption

Consumers’ nominal income growth expectations over the next 12 months remained unchanged at 1.2% in November. Perceived nominal spending growth over the previous 12 months increased to 5.0%, from 4.9% in October. Expected nominal spending growth over the next 12 months decreased to 3.4%, from 3.5% in October, with respondents in the lowest three income quintiles showing slightly higher spending growth expectations than those in the highest two quintiles.

Income and consumption results

Economic growth and labour market

Economic growth expectations for the next 12 months became more negative, decreasing to -1.3% in November from -1.1% in October. Expectations for the unemployment rate 12 months ahead decreased to 10.9% in November, from 11.0% in October. As in previous months, lower-income households expected the highest unemployment rate 12 months ahead (13.4%), while higher-income households expected the lowest rate (9.4%). Consumers continued to expect the future unemployment rate to be only slightly higher than the perceived current unemployment rate (10.4%), suggesting a broadly stable labour market outlook.

Economic growth and labour market results

Housing and credit access

Consumers expected the price of their home to increase by 3.4% over the next 12 months, which was lower than in October (3.5%). Home price growth expectations remained broadly aligned across income categories, standing at 3.5% and 3.2% for the lowest and highest income quintiles respectively. Expectations for mortgage interest rates over the next 12 months declined to 4.6% in November, from 4.7% in October. As in previous months, lower-income households expected the highest mortgage interest rates 12 months ahead (5.3%), while higher-income households expected the lowest rates (4.1%). The net percentage of households reporting a tightening (relative to those reporting an easing) of access to credit over the previous 12 months declined compared with October, while the net percentage of households expecting tighter credit conditions over the next 12 months remained unchanged.

Housing and credit access results

The release of the Consumer Expectations Survey (CES) results for December is scheduled for 30 January 2026.

For media queries, please contact: Benoit Deeg, tel.: +49 172 1683704.

Notes

• The main aggregate results for individual countries and the euro area are published on the ECB Data Portal and on the ECB’s website every month.
• Unless otherwise indicated, the statistics presented in this press release refer to the 2% winsorised mean. For further details, see ECB Consumer Expectations Survey – Guide to the computation of aggregate statistics.
• The CES is a monthly online survey of, currently, around 19,000 adult consumers (i.e. aged 18 or over) from 11 euro area countries: Belgium, Germany, Ireland, Greece, Spain, France, Italy, the Netherlands, Austria, Portugal and Finland. The results are used for policy analysis and complement other data sources used by the ECB.
• Further information about the survey and the data collected is available on the CES web page. Detailed information can also be found in the following two publications: Bańkowska, K. et al., “ECB Consumer Expectations Survey: an overview and first evaluation”, Occasional Paper Series, No 287, ECB, Frankfurt am Main, December 2021; and Georgarakos, D. and Kenny, G., “Household spending and fiscal support during the COVID-19 pandemic: Insights from a new consumer survey”, Journal of Monetary Economics, Vol. 129, Supplement, July 2022, pp. S1-S14.
• The survey results do not represent the views of the ECB’s decision-making bodies or staff.