UPDATE: The analysis proved to be true. Amitabh announced the pregnancy through Twitter.
In her recent appearance in a horse race in France, Aishwarya was seen wearing a loose fitting dress, probably to cover her pregnant belly.
Accompanied by her mother Vrinda, Aish was clad in a pale pink dress and an elaborate hat, and at least one hand on or around her belly – most of the time. The event was the 162nd edition of the Prix de Diane horse race in Chantilly, north of Paris.
Aishwarya seem a bit more chubbier than she was seen at the 64th Cannes Film Festival, on May 13, 2011 (photo below). Although the dress at that time was a bit more revealing and smart, it also was cleverly designed to hide the belly curves. It is clear that there was no "hour-glass" body underneath the robe.
Well, there is a possibility that Aish has stopped doing work-outs and started living on junk foods. But, I don’t believe ‘most beautiful’ lady in Bollywood would do like that!