GenAI deflation is accelerating, West Asia is hitting revenues, guidance midpoints are out of reach — Kotak cuts fair values by up to 21% and tells investors to back challengers over incumbents The India IT sector has spent the last eighteen months navigating a slowdown that most analysts expected to be temporary. Kotak Institutional Equities’ … Read more
8,131 beds, India’s largest pharmacy network, a digital health platform and a merger that could reshape the pharmacy business There are healthcare businesses and there are healthcare platforms. Apollo Hospitals has spent the last several years quietly building the latter — a diversified ecosystem spanning hospital care, pharmacy distribution, digital health and retail diagnostics, each … Read more
Monthly SIPs have crossed Rs 310 billion despite zero equity returns over two years and massive foreign selling. The conventional wisdom about retail investor behaviour is that it is driven by returns — people invest when markets go up and pull money out when they fall. India’s SIP story is dismantling that assumption in real … Read more
Jio IPO imminent, AI infrastructure being built at Jamnagar, FMCG targeting Rs 1 trillion revenue, New Energy entering commercialisation Every year, Reliance Industries’ AGM is less an annual general meeting and more a statement of intent about the direction of one of the world’s most complex conglomerates. The FY26 edition was no different — and … Read more
Beauty scaling 2.5-3x, fashion breaking even and targeting 10% margins, Dot and Key crossing Rs 10 billion There are investor days that reveal something genuinely new about a business, and there are investor days that confirm what the market had already begun to price in. Nykaa’s latest one sits closer to the second category — … Read more
2 million POS devices, 866 million prepaid cards issued, online payments growing 56%, and an AI architecture built for the next decade of commerce There is a payments company sitting quietly in India’s listed fintech space that processes transactions for Flipkart, Myntra, DMart, Apollo Pharmacy, Marriott International and over twenty global airlines — and most … Read more
Credit growing at 17%, GNPA at a multi-decadal low, RoA held at 1.1% despite margin headwinds, and capital ratios restored India’s largest bank does not need to be flashy to be compelling. State Bank of India’s FY26 performance was exactly what long-term investors in the franchise have been waiting for — broad-based credit growth, asset … Read more
Double revenue, double EBIT, 1,400 jewellery stores, Caratlane at 23% CAGR, watches targeting the premium segment — the FY30 vision is compelling. Titan Company is one of those rare Indian businesses that earns the right to be ambitious. Tanishq is the country’s most trusted jewellery brand. Caratlane is the leading omnichannel fine jewellery play. The … Read more
Top line at a three-year high, midcaps leading profit growth, margins holding Every quarter, the aggregate of BSE500 earnings tells a story that individual stock reports cannot — a panoramic view of where Indian corporate India actually stands, stripped of the noise of any single company’s result. Nuvama’s Q4FY26 earnings aggregate is out, and the … Read more
India’s datacentre capacity is set to grow at 30% annually through 2030. The companies supplying the industrial equipment to build them are sitting on multi-year order backlogs — and the market has barely noticed. There is a version of the AI investment thesis that most people know — semiconductors, hyperscalers, software platforms. And then there … Read more