The result sets up a runoff between Bolsonaro and Lula on October 25, after neither candidate secured the majority required to win outright.
Brazilian financial markets reacted sharply, with the Brazilian real strengthening more than 4% against the US dollar. The market response reflected expectations that a potential Bolsonaro administration could focus on fiscal restraint, privatisation and lower taxes.
The October 25 runoff will be the next key political event for businesses operating in Brazil, with the eventual government’s economic policies likely to shape the operating environment for companies across sectors. Here are some of the major Indian companies with operations in Brazil:
UPL |The Mumbai-headquartered agro-chemcial firm has a substantial presence in Brazil’s crop-protection market, with products used across crops including soybeans, corn, coffee and fruit. The company has also invested in manufacturing capacity in the country, including an expansion at its Salto de Pirapora facility in São Paulo state. UPL share price settled over 3% lower on Monday, quoting at ₹499.70 on the NSE. The stock has corrected nearly 38% so far this year.
Mahindra & Mahindra | The Indian auto major has a presence in Brazil through its tractor business. According to M&M’s FY26 annual report, the company had a 6.6% market share in Brazil’s tractor market in the below-120 HP segment. Its business in the country is linked to agricultural activity and farm-equipment demand. M&M share price settled 0.23% down at 2,853.30 on the NSE. The stock has corrected over 24% year-to-date so far.
Tata Motors Passenger Vehicles | The Tata Group auto major has exposure to Brazil through Jaguar Land Rover’s operations in the country. Tata Motors PV is therefore linked to Brazil’s premium vehicle market, with sales affected by local demand, import duties and taxes, as well as currency movements. Tata Motors PV closed at ₹288.35 as of October 5, 2026, settling over 3% from its previous close. The stock is down over 21% YTD.Tata Consultancy Services | India’s largest software services exporter operates in Brazil through its delivery centre in Londrina and operations in São Paulo and Rio de Janeiro. The country forms part of TCS’s Latin American delivery and client network, with the company providing technology and digital services to businesses operating in the region. TCS share price ended nearly 2% higher at ₹2,114.40 on the NSE. The IT giant’s share price has corrected over 34% so far this year.