For Working Women in India, Staying Safe Can Feel Like a Full-Time Job

When Ajita Topo , a cook in an affluent neighbourhood in Delhi, leaves work in the evening, she holds her bag like a shield against her chest, keeps her fists clenched and carries a black umbrella with a very sharp end to ward off a possible attack.

She makes sure to wear lots of layers—no matter how hot it is—to deter someone from trying to grope her chest, and secures her bun with a sharp metal stick as an additional weapon.

Topo isn’t being paranoid. Last year, she was followed by two men when she left work after 10 p.m. She managed to scare them away by shouting as she passed homes with guards outside.

“Workplace, public transport, public places, we feel safe nowhere,” said Topo, the sole breadwinner for her two children. “The only solution is to stay alert at all times.”

For many women in India, taking steps to ward off a violent attack—and reassuring their families they are safe while at work and on their commutes—is an invisible form of labour that is a central element of their work life.

The killing and rape of a trainee doctor in the city of Kolkata in August was a fresh reminder for Indian women who work of the dangers lurking in public spaces where women are far less visible than men, from the deserted corners of a hospital or corporate park, in public transport or on city streets.

The 31-year-old was found dead in a seminar hall of the state-run hospital after she went on break during a night shift. A volunteer at the hospital has been arrested as a suspect. The killing prompted protests by women across the country.

Only 30% of women in India aged 15 to 64 were in the labour force in 2022, according to the International Labor Organization, as conservative values lead many families to discourage women working outside the home. In the U.S., the corresponding rate is 68%.

A decade ago, Indian laws dealing with crimes against women were overhauled in the wake of the gang-rape of a 23-year-old woman on a moving bus. But women’s rights advocates say that entrenched patriarchal attitudes haven’t budged significantly, and are at the root of frequent violence against women, both in the home and outside of it.

In other widely publicised incidents, female call centre workers have been assaulted and killed as they commuted to or from night shifts. Last year, a receptionist disappeared from the hotel where she worked and was found dead days later. Each time such a crime takes place, women experience another jolt of fear for their own safety.

Piyali Maiti , clinical director for counselling operations at 1to1help, which manages corporate assistance programs for employees, said worries sparked by the Kolkata attack have cropped up in conversations with employees and their family members in recent weeks.

Sometimes “young professionals are working out in a different city. So family members are also part of our concern group,” she said. “When we have sessions with them, they raise concerns for their child’s safety. ‘What can I do as a parent to make sure my child is safe?’”

For women working in healthcare, where they are a larger share of the workforce compared with many other occupations, but late night shifts and long hours are also common, the Kolkata attack has resonated especially deeply.

Amrita Bhattacharya , a 29-year-old medical resident at another hospital in the city, said she previously felt comfortable walking the distance—less than a mile—from her work to the hospital-provided women’s residence on her own at night. Now she asks a male colleague or friend to accompany her.

Earlier she used to chafe against rules at the residence, which include locking the facility’s doors after a certain hour.

“But now after the horrific incident, I feel being put under lock and key is a must in a society like ours,” she said. “It’s a strain to deal with such fear every day.”

Sexual-assault statistics indicate that women in India are more likely to be raped by a family member, romantic partner or friend, than an acquaintance, employer or stranger. Still, the highly publicised attacks on working women dovetail with existing beliefs held by many that a woman’s place is in the home, shaping decisions made by women and their families.

A Pew Research Center survey in 2019 found 40% of Indians think it is better for a marriage for men to provide while women take care of the home and children, significantly higher than the global median of 23%.

Some women choose to withdraw from work as soon as economic circumstances permit, while others prefer lower-paid work options close to home over travelling to more distant locations.

That perception that working in public is unsafe and homes are safe shows up in India’s newest employers—gig-work platforms. Companies that focus on deliveries have struggled to hire significant numbers of women; the lone exception is Urban Company, a platform that offers personal-care and repair services at home.

The pervasive sense that public spaces are unsafe also shapes company policy. Delivery platform Swiggy at one point limited delivery hours to before 6 p.m. for female workers. The company said in a 2021 blog post on its efforts to hire more women that it reversed the policy after realising it was barring women from earning during peak dinner hours.

Economists and researchers say the low share of Indian women in the workforce is costing India economic growth.

Economic privilege can offer an additional layer of security—such as a personal vehicle for commuting to work, or access to ride-share services that come with some inbuilt safety measures. But, nevertheless, the sense of insecurity persists.

Vidhi Pandey , a digital-marketing professional, has an almost 90-minute commute between her home in Gurgaon and her office in the Indian capital, and frequently attends evening events. If an international client is involved, her day can end at 2 a.m.

“Although my husband and mother have grown accustomed to my unconventional working hours, announcing a late night at the office still makes them lose their sleep,” said the 43-year-old.

Her mother frequently lobbies her to look for something closer to home even if it means earning less. But she has resisted the pressure. Instead, she reminds her mum of her extensive safety checklist.

When she books a cab, she makes sure to look at the driver’s performance rating and reads riders’ feedback regarding his behaviour. If she is wearing a skirt, she changes into something more covered up before getting into a taxi for her ride home.

On her phone, she keeps the Delhi Police panic button app open throughout the ride. The app, developed after the 2012 bus attack and called “Himmat” or “courage,” allows the user to quickly send an alert to the Delhi Police, with a link to the user’s location on Google Maps, as well as notifications to family and friends.

She makes sure to share her live location and trip status with her husband and at least one friend. Sometimes she keeps a phone call going with her mother or a friend throughout the car ride.

“I keep thinking about how to escape if something goes wrong,” said Pandey. “I dream of a day when our society is safe enough for me to travel alone anytime, anywhere without any fear or worry.”

Reporting season has once again reminded investors that a strong profit does not guarantee a rising share price, and a large loss does not always trigger a sell-off. What matters most is how each result compares with expectations and, increasingly, what management says about the year ahead. During the August 2026 season, companies offering credible turnarounds or unexpectedly strong guidance were rewarded handsomely, while those flagging weaker margins, slowing demand or greater uncertainty were punished.

The following ranking draws on Morningstar’s review of 164 ASX-listed companies and measures each company’s share-price movement on the day it reported. This captures the market’s immediate response to the earnings announcement, before subsequent economic developments, dividends and company-specific news cloud the picture. Here are the five biggest winners, and the five hardest-hit losers, of the season so far.

The five winners

1. Bapcor (ASX:BAP): +41.0%

Bapcor delivered reporting season’s largest relief rally after presenting early evidence that its troubled automotive-parts business was stabilising. Although underlying revenue fell 1.8% to $1.92 billion and underlying NPAT collapsed 85% to $10.8 million, underlying EBITDA of $152.5 million exceeded guidance.

More importantly, working-capital initiatives released $68.5 million in the second half, lifting cash conversion to 109.4% and reducing net debt by 63% to $135 million. The statutory loss was $431.6 million, largely because of non-cash impairments. Investors focused on improving operational momentum, stronger liquidity and management’s expectation of modest FY27 revenue growth.

2. Zip Co (ASX:ZIP): +18.2%

Zip comfortably surpassed its FY26 targets, sending the buy-now-pay-later provider’s shares sharply higher. Transaction volume rose 23% to $16.7 billion, while cash earnings before tax, depreciation and amortisation jumped 58% to a record $268.9 million. Statutory profit climbed 46% to $116.4 million, and the cash operating margin expanded by 4.2 percentage points to 20%.

The strongest signal was guidance for FY27 cash earnings of $340 million—around 26% growth and above analysts’ forecasts. US transaction volume increased 42.5% and now represents three-quarters of group volume, offsetting weaker customer activity in Australia.

3. CSL (ASX:CSL): +17.3%

CSL’s result was hardly spectacular in isolation, but it cleared a market bar that had fallen dramatically following earlier downgrades and restructuring announcements. Underlying NPATA was US$3.1 billion, down 2% in constant-currency terms, while operating cash flow reached US$3.51 billion.

CSL maintained its full-year dividend at US$2.92 per share and completed a A$1 billion buyback. The real catalyst was FY27 guidance for approximately 5% underlying profit growth, compared with market expectations closer to 2%. After an extended period of earnings disappointments, investors interpreted the outlook as evidence that CSL’s core plasma business was approaching a sustainable recovery.

4. Judo Capital (ASX:JDO): +16.9%

Judo Capital demonstrated strong operating leverage as its specialist business-lending franchise expanded. Full-year profit before tax rose 34% to $168.1 million, while pre-provision profit increased 42%. Gross loans and advances grew 18% to $14.7 billion, reaching the top of the bank’s guidance range and comfortably exceeding broader system growth.

Deposits increased 24% to $12.2 billion, return on equity improved by 1.1 percentage points to 6.4%, and earnings per share rose 29% to 9.9 cents. Reaffirmation of the FY27 outlook gave investors confidence that loan growth could continue without sacrificing margins or credit quality.

5. Super Retail Group (ASX:SUL): +15.8%

The owner of Supercheap Auto, rebel, BCF and Macpac reported record sales of $4.2 billion, up 3.2%, despite cautious discretionary spending. Profitability went backwards: normalised profit before tax fell 7% to $306 million and normalised NPAT declined 2.8% to $226 million as transformation spending weighed on margins. Nevertheless, the result exceeded subdued expectations, online sales grew 5.3% and membership across the group’s loyalty programs reached 13.1 million. Investors were also encouraged by positive early FY27 trading, stable gross margins and continued market-share gains. A fully franked 33-cent final dividend added to the appeal.

The five losers

1. Hansen Technologies (ASX:HSN): –21.2%

Hansen’s historic result met expectations, but investors recoiled from its outlook. The utility and communications software provider achieved an underlying EBITDA margin of 31%, exceeding its 30% target, while generating strong cash flow. However, management designated FY27 an “investment and transition year”, signalling a roughly five-percentage-point margin contraction as spending on products, sales capabilities and organisational changes increased.

Revenue had already been broadly flat, leaving investors concerned that the investment program would depress earnings before new growth appeared. Leadership changes, including the chief executive’s departure, added uncertainty. Management expects revenue growth and margins above 30% to return in FY28, but the market was unwilling to wait.

2. Life360 (ASX:360): –19.4%

Life360’s headline growth was impressive: quarterly revenue rose 38% to US$159 million, subscription revenue increased 31%, and adjusted EBITDA climbed 53% to US$31.1 million. Monthly active users reached 102.4 million and paying circles grew 27% to 3.2 million. The sell-off reflected expectations rather than a collapsing business.

Net income fell 18%, the net margin contracted from 6% to 3%, hardware shipments dropped 18%, and full-year EBITDA guidance was merely maintained. After a strong valuation run, investors wanted a larger upgrade and clearer evidence that heavy investment in advertising, international expansion and artificial intelligence would generate additional earnings.

3. PEXA Group (ASX:PXA): –17.0%

PEXA reported a 7% increase in continuing-operations revenue and 12% EBITDA growth to $152 million, accompanied by a two-percentage-point margin expansion. Free cash flow increased 39%, suggesting the core Australian electronic-conveyancing platform remained highly profitable. Investors instead concentrated on management’s warning that property-transfer volumes could decline, alongside regulatory uncertainty surrounding the fees PEXA can charge.

The company is also continuing to invest heavily in its loss-making international expansion. Morningstar considered the market reaction excessive, arguing that structural transfer-volume assumptions had not materially changed, but the combination of softer near-term activity and regulatory risk overwhelmed the respectable headline numbers.

4. SEEK (ASX:SEK): –14.3%

SEEK produced solid FY26 figures, including 10% revenue growth to $1.20 billion, a 15% rise in EBITDA and 28% growth in adjusted earnings per share. It also lifted its fully franked annual dividend by 13% to a record 52 cents. Those achievements were overshadowed by falling paid job-ad volumes and cautious FY27 assumptions.

The statutory accounts included a $201 million loss from the SEEK Growth Fund and $377 million of significant items, making the headline result considerably less attractive. Investors were particularly concerned that economic weakness could limit volumes while the company continued investing in platform integration and artificial-intelligence products.

5. JB Hi-Fi (ASX:JBH): –12.3%

JB Hi-Fi’s full-year result was broadly respectable, with group sales rising 5% to $11.1 billion and underlying earnings per share increasing 6% to $4.48. The damage came from its current-trading update. Australian sales were almost flat during the June quarter and deteriorated further in July, while earnings in the core Australian electronics business fell 3.6%.

Housing-related categories were particularly weak as higher living costs and interest rates constrained household budgets. With JB Hi-Fi entering the season on a demanding valuation, an in-line historic result was not sufficient: the loss of sales momentum prompted investors to rapidly reduce their expectations for FY27.

Overall, the season showed that share prices react less to whether profits rose or fell than to the gap between results and expectations. Bapcor was rewarded for being less troubled than feared, while several fundamentally profitable companies were punished because their outlooks failed to justify elevated valuations.