Records are abstractions; deals are facts. The record quarter in five:
The fab financing. Dholera's equipment tranche closed under the Japan framework — the single largest line item, and the one that converted a construction site into a factory with first wafers.
Two OSAT facilities. Chip packaging at Sanand — the unglamorous half of semiconductors, and the half that employs.
The battery-materials complex. Gujarat, Japanese-anchored, scored highest in its board's own minutes on one line: "policy regime unchanged across three national elections." The continuity premium, priced.
The defence co-production line. Naval systems, tripled year-on-year inflows — the war quarter as involuntary trade show.
The composition story. Manufacturing took 54 percent of inflows, the first majority-manufacturing quarter on record; greenfield share hit 61 percent. Money pouring foundations, not buying paper. The pipeline — EU chapter, US electronics file, Japan tranche two — lands inside four quarters. Follow it on the economy desk.
