WORDS WORTH WELL BEING FE LINES Michael Lewis takes on DOGE, revealing the human cost of ideological demolition Page 4 As the govt moves to rein in medical billing inconsistencies, know what's at stake Page 9 Exclusive content becoming new revenue stream for creators Page 8 The myth of the difficult public servant THE PRICE YOU PAY FOR GETTING WELL Fan following to fan funding LIVING Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL XXI NO. 19 STORIES ON PUJO PLATE AHMEDABAD 20 Pages, `12 FINANCIAL EXPRESS ON SUNDAY SUNDAY, OCTOBER 18, 2026 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , Behind festive favourites lie tales of cultural exchange & culinary reinvention Page 6 READ TO LEAD H Y D E R A B A D , K O C H I , K O L K A T A , L U C K N O W , M U M B A I , N E W D E L H I , XL sizes out in West; India sizing up issue WHAT'S INSIDE ● In a post-GLP world, brands re-thinking sizes VAISHALI DAR New Delhi, October 17 GLP-1 DRUGS are not just shrinking waistlines, they are also changing the wayfashion brands sell. As consumers in theWest move between clothing sizes after using weightloss drugs such as Ozempic ■ SPOTLIGHT, P5 The big coffee break There is a coffee boom happening in India. From café chains to speciality brands, the beverage is increasingly finding space in the lives of consumers seeking novelty, global flavours and premium experiences Back in focus 1 user,up from 9% in January 2025, based on PwC analysis of data from Numerator. The United Kingdom’s current adoption sits around 9% but is projected to grow rapidly. “H&M continuouslyworks to develop fit and sizing through a dedicated team that draws on research, body measurement data and customer feedback.This remains a central part of how we develop our customer offering,” an H&M spokesperson told FE, adding, “We offer a broad size range across mul- tiple markets and continuously adapt our assortment based on actual customer demand.As part of this effort, we have chosen to discontinue sizes 3XL and 4XL as we have seen lower demand for these sizes. However, we do not speculate on the reasons behind this development.” For India, however, it is less about shrinking the size chart and more about how quickly brands can adapt to changing bodies. Continued on Page 2 Trump reliefon Russian oil MUKESH JAGOTA New Delhi, October 17 How digital cameras are seeing a renewed demand, driven by content creators, shift to mirrorless systems & a growing system of professional imaging tools and Wegovy, some retailers are reassessing their plus-size and extended-size offerings. In the US, fashion brand H&M has reduced its extended-size offering, while Mango has cut back on new dresses in sizes 16-20.Anthropologie has also seen a decline inplus-sizeavailability.Earlier, Loft shut its plus-size range, Old Navyscaled back extended sizing,andTorrid closed nearly a third of its stores. As of May 2026, roughly one in five US households (21%) includes a current GLP- WAIVES SANCTIONS UNDER GRAHAM ACT ● Move to aid India-US trade deal prospects ■ LEISURE, P7 US PRESIDENT DONALD Trump has waived tariffs of up to 100% on goods imported from the five largest purchasers of Russian oil or gas, along with specified sanctions under the Lindsey O Graham Sanctioning Russia and Iran Act, citing national interest. In TACO AGAIN ■ But tariff ■ Trump cites national interest for waiver, days after striking deal with Russia for diesel supply to US, global markets threat continues to cloud negotiations ■ Commerce & Industry Minister Goyal has said first tranche of deal in final stages ■ Move offers India temporary relief, potentially clearing way for progress on trade deal an executive order signed Friday night, Trump waived the application of specified sanctions, restrictions and duties under the Act, days after striking a deal with Russia for the supply of diesel to the US and global markets. “I am hereby waivingtheapplicationofsuch sanctions, restrictions, and duties provided for in the GrahamAct,”Trump said. Trump’sdecisiontoholdoff on punitive tariffs against countries buying Russian oil has offered India temporary relief, easing a major concern for exporters and potentially clearingthewayforprogresson the bilateral trade deal. However, Washington’s power to revive the tariff threat and a separate US investigation into structural excess capacity continuetocloudthenegotiations. Continued on Page 2 SMALL IS BIG ■ In US, H&M has reduced extended-size offering; Mango has cut back on new dresses in sizes 16-20 ■ Some other global brands scaling back or seeing a decline in plus sizes include Old Navy, Torrid and Anthropologie ■ Brands in India watching consumer behaviour closely rather than simply cutting larger sizes ...givesIndiaroomto retain cheapercrude SAURAVANAND New Delhi, October 17 crudeandrisingfreightcharges could moderate the savings, Russian oil is likely to retain its US PRESIDENT DONcommercial advantage over ALD Trump’s decision alternative sources. to waive punitive tarThe decision iffs on buyers of Russcomes amid global ian oil is expected to crudepricesexceedstrengthen India’s ing $110 a barrel access to competiand disruptions to tively priced crude, Volumes suggest supplies fromWest giving domestic Asia, making conMoscow to remain refiners greater tinued access to India’s largest flexibility to source Russianoilparticucrude supplier supplies from larly important for Moscow rather India, which than rely more imports more than heavilyoncostlierAmericanand 88%ofitscruderequirements. West Asian barrels.While narrowing discounts on Russian Continued on Page 2 HDFCBanknetrises ICICIBankprofitup 5%,missesestimates 20%,beats Street Continued on Page 3 9.7 5.6 4.7 YoY % growth Bharucha to step down on Dec 31 HDFC BANK SAID its Deputy MD Kaizad Bharucha has sought to step down with effect from the close of business hours on December 31, marking the end of an association spanning over three decades. The bank’s Governance, Nomination and »INSIDE« Remuneration Committee and board of directors have accepted his request, which will be forwarded to the RBI for approval. Bharucha’s departurecomesamidaleadership transition, with MD and CEO SashidharJagdishan set to retire laterthis month. YES BANK REPORTS 65% JUMP IN Q2 PROFIT PAGE 3 TataTrusts to prioritise impact over scale: Noel URVI MALVANIA Mumbai, October 17 TATATRUSTSWILLsharpenits focus on measuring the outcomes of its philanthropic initiatives and building institutionsthatcanserveasenduring public assets, Chairman Noel Tata said in his message in the Trusts’ annual report for 2025-26. The Trusts aim to move beyond measuring philanthropy by the amountspent or the number of people reached, assessing instead the difference their interventions make and whether the impact can be sustained. Continued on Page 2 ICICI Bank standalone financials (` crore) Q2FY26 Q2FY27 17.7 12,359 20,575 18.9 14,843 Net profit Net interest Operating income profit 17,298 SUPPORTED BY INTEREST income, ICICI Bank reported a year-on-year 20.1% rise in net profit to `14,843 crore in the second quarter of the current financial year, beating analyst estimates. Analysts had estimated the bank to report a net profit of `14,366 crore, according to Bloomberg. Net interest income of the bank rose 17.7% YoY to `25,339 crore in the quarter, while net interest margin stood at 4.18% compared to 4.36% a quarter ago and 4.30% a year ago. Sandeep Batra, executive director, ICICI Bank,said the decline in margin is largely a function of FCNR(B) deposits. “CASA ratio has marginally declined, which has been responsible for marginal decline in the NIM. I think this large sequential increase in retail term deposits and REPORT CARD 25,339 19,510 Net profit 18,641 29,483 27,924 Net interest Operating income profit FE BUREAU Mumbai, October 17 21,529 HDFC Bank standalone financials (` crore) Q2FY26 Q2FY27 34,619 HDFC BANK’S NET profit for the quarter ended September increased bynearly5% onyear to `19,510 crore. The bank missed the analyst estimate of `19,606 crore as per Bloomberg for the bottom line. Explaining the relatively muted profit growth despite strong business expansion,the management pointed to lower treasury gains compared with the year-ago quarter. MUTED GROWTH 31,552 FE BUREAU Mumbai, October 17 P U N E 20.1 YoY % growth increase in overseas branches up to total assets has also led to moderation of margins.” The full impact would largely be reflected in the third quarter, after which the bank expects margins to start moving up,even based on the current level of policy rates, he added. Continued on Page 3 IDBI BANK Q2 NET PROFIT DROPS 39% TO `2,205 CR PAGE 3 XEV 9S leads EV race, shows family first ● Dethrones MG’s GROWTH TRAJECTORY Windsor to emerge 5,000 Windsor EV 2,567 top-selling model 4,000 4, 4,636 3,000 3,300 VIKRAM CHAUDHARY New Delhi, October 17 THERE IS A new king in India’s electric vehicle (EV) landscape. Sales data for the first nine months of the calendaryear shows that Mahindra’s flagship family electric SUV, the XEV 9S, has surpassed the MG Windsor EV to become India’s largest-selling single EV model. With 31,442 units sold 2,000 XEV 9S Total 31,442 30,744 Sept 2026 1,000 612 0 Jan 2026 between January and September, the XEV 9S has sped past the Windsor EV, which recorded 30,744 units during the same period. Given their monthly trajectories, the XEV 9S is set to emerge as India’s highest-selling EV for CY26. Continued on Page 2 Ahmedabad