Stubble burning cases in Punjab and Haryana from April 1 to May 15 rose by 38.80% and 118.89% over the corresponding period last year, the Commission for Air Quality Management in National Capital Region and Adjoining Areas (CAQM) noted in a meeting on Friday (May 15, 2026). It directed the NCR governments to implement stricter enforcement mechanisms and reviewed measures to control air pollution in the region.

The commission noted that during the 45-day period, 8,986 stubble burning incidents were reported in Punjab, compared to 6,474 during the corresponding period last year. Haryana reported 3,290 incidents, compared to 1,503 over the same period in 2025, an official said.

Electric 3-wheelers

It also approved a direction mandating registrations of only electric three-wheelers (passenger and goods) in Delhi from January 1 next year and in the five neighbouring districts of Gurugram, Faridabad, Sonipat, Ghaziabad, and Gautam Buddha Nagar from January 1, 2028. In the remaining NCR districts, the ban on autorickshaws running on conventional fuel will come into effect on January 1, 2029.

The commission noted that a recent report by air quality experts identified vehicles as one of the major contributors to PM2.5 emissions and emphasised the need for an accelerated transition towards cleaner mobility.

The CAQM also announced that 46 air quality monitoring stations would be added to its network across the region. Of these, 14 will come up in Delhi, 16 in Haryana, 15 in Uttar Pradesh and one in Rajasthan, taking the total number of monitoring stations in the NCR to 157.

Air pollution has moved from the margins of environmental reporting to the center of corporate boardroom conversations in India — and increasingly, into earnings calls.

In 2025, the phrase “air pollution” was mentioned 988 times in earnings calls of companies in the BSE AllCap index, according to a Bloomberg analysis. The spike reflects a sharp rise in management commentary on smog-related disruptions, regulatory curbs and shifting consumer behavior. What was once treated as a seasonal civic concern is now being framed as a recurring business risk.

From weather update to financial headwind

For consumer-facing companies, pollution is directly affecting sales. Retailers have cited weak store footfall during severe smog episodes, as customers avoid stepping out. In the December quarter, Shoppers Stop reported a 69% decline in net profit, partly attributing it to elevated pollution levels in northern India.

Quick commerce operators are also flagging operational slowdowns. Eternal Ltd., the holding company of Blinkit, told analysts that construction restrictions during high-pollution periods delayed their store expansion plans.

Companies such as DLF and Omaxe have highlighted the impact of construction bans triggered under Delhi-NCR’s pollution control framework, leading to project delays and rising costs. Some developers estimate losing one to one-and-a-half months of construction time annually due to pollution-related curbs.

Cement and infrastructure firms have similarly warned that smog-related shutdowns are affecting dispatches and project timelines.

The broader economic implications are significant. Projections from the Organisation for Economic Co-operation and Development (OECD) estimate that global healthcare costs related to air pollution will rise from $21 billion in 2015 to $176 billion by 2060.

Regulatory and ESG pressure

“Companies do report air pollution as a material ESG risk, but it depends on the industry, geography, regulatory exposure and results of their materiality assessment,” said Prarthana Borah, Fellow at the Council on Energy, Environment and Water (CEEW).

Under India’s Business Responsibility and Sustainability Reporting (BRSR) framework, air pollution disclosures are required if identified as a material risk. The Taskforce on Nature-related Financial Disclosures (TNFD) similarly expects disclosures when air pollution materially impacts nature and creates financial risk.

“Even when companies disclose on air pollution, there is a tendency to aggregate multiple pollutants together and avoid disclosing on worst-performing facilities,” Ms. Borah said. “Supply chains are often omitted. In the absence of a standardised methodology, companies rely on intensity metrics without absolute values and avoid forward-looking cost exposure.”

Transparency tends to be stronger where disclosures are mandatory, enforcement is robust and investors actively assess risk. In the case of air pollution, reporting is often voluntary, bundled under broader environmental risk categories and subject to limited external assurance.

According to NSE Sustainability Ratings and Analytics, IT companies such as Tata Consultancy Services (TCS) and Infosys score highly due to strong governance frameworks and clear social disclosures. Most banks score between 70 and 80, reflecting well-developed policies.

Pollution-intensive industries tend to fare worse. Reliance Industries, for instance, has a sustainability score of 61, largely weighed down by environmental concerns.

A structural shift

India’s air quality crisis is no longer viewed as a temporary, seasonal disruption. With recurring smog episodes, regulatory interventions and measurable earnings impacts, companies are increasingly recognising it as a structural operating risk.

The surge in earnings-call mentions signals a broader shift: air pollution is moving from the margins of sustainability reports to the mainstream of financial analysis and investors are paying close attention.

Dense fog continued to disrupt operations at the Delhi airport, with at least 79 flights getting cancelled on Friday (December 19, 2025), according to an official.

More than 230 flights were delayed at the airport and the average delay for departures was 49 minutes on Friday (December 19) morning, as per data from flight tracking website Flightradar24.com.

The official said that a total of 79 flights, including some International services, have been cancelled.

“Flight operations continue to be in Category III conditions due to dense fog. Both arrivals and departures are taking place, though some flights may experience delays or disruptions,” Delhi airport operator DIAL (Delhi International Airport Limited) said in a post on X.

DIAL operates the Indira Gandhi International Airport (IGIA), the country’s largest airport that generally handles around 1,300 flights daily.

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While regretting the inconvenience, DIAL said its on-ground officials are working closely with all stakeholders to assist passengers and provide necessary support across the terminals.

Delhi’s overall air quality remained in the “very poor” quality on Saturday (November 29, 2025) morning, with an AQI reading of 332.

This is marginally lower than Friday’s Air Quality Index (AQI), which stood at 369, the Central Pollution Control Board (CPCB) 9 a.m. bulletin data showed.

According to CPCB, an AQI between 0 and 50 is considered “good”, 51-100 “satisfactory”, 101-200 “moderate”, 201-300 “poor”, 301-400 “very poor”, and 401-500 “severe”.

The city recorded a minimum temperature of 10.4 degrees Celsius, the India Meteorological Department (IMD) said.

A mainly clear sky, with the maximum temperature likely to touch 25 degrees Celsius, has been forecasted for the day, the weather department said, adding that the relative humidity stood at 90% at 8.30 a.m.

Following Deepavali, pollution in Delhi inched close to a five-year high with average concentrations of particulate matter (PM) 2.5 across several locations crossing 400 microgram per cubic metre (µg/m³) – levels not seen since 2021.

On Deepavali day, nine cities out of the 293 monitored by the Central Pollution Control Board (CPCB) reported an air quality index (AQI) value of above 300, classed as ‘very poor’ air quality. On the day after Deepavali, Tuesday (for most of the country), this rose to 16 cities, according to data available on the organisation’s website. Nearly all of these fell in north India and in the Indo-Gangetic plains. Nationally, Dharuhera in Haryana reported the worst air quality index reading of 462 on Tuesday (October 21, 2025).

Sharp spike

An analysis of PM 2.5 trends, which was recorded by CPCB’s automatic air quality sensors, by independent weather-and-climate agency, Climate Trends, showed a sharp spike in particulate matter concentration from 4 p.m. on Deepavali day (October 20) in Delhi. From values of around 150 at 4 p.m., it spiked to nearly 650 by 11 p.m. This coincides with the period during which bursting firecrackers was legally permissible ( 8 p.m. to 10 p.m.) on Deepavali day, per the reprieve by the Supreme Court.

The SC, in its order, had allowed the use of only CSIR-validated ‘green crackers’, which reportedly exudes a minimum 30% less smoke than their traditional counterparts. However, the sheer volume of fireworks during the period, anecdotal reports of the unavailability of these firecrachers, and the air quality index of the day following Deepavali (Tuesday), suggest that these norms were violated.

A key parameter that determines air quality levels are wind speeds on the festival night as well as temperatures. When night temperatures are low, smoke and chemical pollutants hover like haze and will not rise to higher reaches of the atmosphere and get flushed out. Temperatures on Deepavali night this year ranged from 23-25 degree C, the warmest in five years but low wind speeds and the quantity of smoke retarded its egress out the Delhi and the Gangetic plain airshed.

“When examined together, PM 2.5 and temperature data reveal a consistent pattern: high emissions from fireworks and low night-time temperatures jointly contribute to elevated PM 2.5 concentrations. The sharp post-Deepavali spikes indicate both sustained emissions and poor atmospheric dispersion,” the Climate Trends report notes.

“The Diwali of 2025 was one of the most polluted in recent years. The spike between the nights of the 19th and 20th directly corresponds to the widespread use of firecrackers across Delhi-NCR. Moreover, visuals and ground data confirm that burning so-called ‘green’ crackers made no measurable difference compared to regular ones. It’s now evident that allowing firecrackers during this time of year is simply not sustainable for the NCR region’s already critical air quality,” Palak Balyan, Research Lead, Climate Trends, said in a statement.

A perusal of the AQI values on Deepavali and the subsequent day on the CPCB website show that in 2023, Delhi’s post-Deepavali (November 13) AQI was 358 (very poor) – close to the 351 (very poor) reported at 4 p.m. this year. The five-year record, however, was on November 5 in 2021, when it recorded 462 (‘severe’). Deepavali AQI this year in the city was 345, only topped by Deepavali AQI of 382 on November 4, 2021.

The CPCB presents an annual report of air quality and noise-pollution levels nationally on Deepavali night and following day. It is expected later this week. The Environment Ministry didn’t offer any comment or analysis of the Delhi air quality on Tuesday.