The Indian Space Research Organisation's (ISRO) PSLV-C62 mission, launched on January 12, 2026, from Sriharikota, tragically failed to achieve its intended orbit, resulting in the loss of all payloads. The mission encountered a critical anomaly near the end of its third stage, characterized by an increased 'disturbance in the vehicle roll rates' and a subsequent deviation in its flight path. This incident marks a significant setback as it is the second consecutive failure for the Polar Satellite Launch Vehicle (PSLV), often hailed as ISRO's reliable 'workhorse.' The previous mission, PSLV-C61 in May 2025, also suffered a third-stage failure due to a reported drop in chamber pressure. The PSLV-C62 carried the crucial EOS-N1 (Anvesha) Earth observation satellite, developed for the Defence Research and Development Organisation (DRDO) for strategic purposes, along with 15 co-passenger satellites from various domestic and international clients. While most payloads were lost, the Spanish Kestrel Initial Demonstrator (KID) re-entry capsule, designed to fall back from orbit, managed to separate and transmit data for a brief period during its non-nominal descent. ISRO Chairman V. Narayanan confirmed the anomaly, stating that a detailed analysis has been initiated. The repeated failures, particularly within eight months and affecting the same critical third stage, have raised serious questions about ISRO's quality assurance protocols, manufacturing processes, and the transparency surrounding the Failure Analysis Committee reports, as the C61 report was not made public. The grounding of all PSLV missions pending investigation is expected to impact ISRO's ambitious launch schedule and its commercial arm, NewSpace India Limited (NSIL), potentially affecting international confidence and insurance premiums in the competitive global launch market. This situation presents a formidable challenge for India's space aspirations.