Operating leverage visibly kicking in, financial services scaling, AI accelerating the margin outlook to 15-20% in two to three years There is a moment in the lifecycle of every platform business when the operating leverage that was always theoretically present begins to show up in the actual numbers. For Paytm,Continue Reading
India-Japan Fund adding Rs 200 crore, a Rs 1,300 crore QIP completed, E2W penetration at 10.6% and rising — Ventura revises estimates upward and targets Rs 1,723 in 24 months There are moments in the lifecycle of a young company when the identity of its investors tells you as muchContinue Reading
Business banking surging, rural loans accelerating on gold demand, asset quality pristine, margins resilient There are banks that report strong quarters. And then there are banks that report strong quarters while simultaneously telling you something important about the direction of the entire business. ICICI Bank’s Q1FY27 results did both. AdvancesContinue Reading
RoA back at 2.1%, NIM holding firm, ECL impact contained for Kotak Mahindra Bank Kotak Mahindra Bank’s Q1FY27 results were, by most measures, a strong quarter — an 8% PAT beat, return on assets crossing 2% again, stable margins and asset quality that held despite seasonal slippage pressure. But theContinue Reading
Consolidated EBITDA up 10.7%, Jio at record 53.3% margins, O2C firing on elevated fuel cracks, Jio DRHP filed Reliance Industries does not often surprise on the upside in a single quarter — the business is too large and too diversified for any one segment to dramatically move the needle. ButContinue Reading
Dolvi expansion coming, debt declining, this one is going places Steel companies are not supposed to beat EBITDA estimates by 13% in a quarter where volumes declined sequentially and raw material costs rose. JSW Steel managed it — and the mechanism behind the beat tells you something important about theContinue Reading
AUM at Rs 11.1 trillion, PAT up 23%, TER regulations having zero earnings impact, alternatives scaling Among India’s listed asset managers, ICICI Prudential AMC has spent the last several quarters doing something that most of its peers have struggled with — consistently gaining market share while simultaneously expanding margins andContinue Reading
Vacancy at an 18-month low despite 46 million square feet of new supply, GCCs accounting for 38% of all leasing, and rentals rising in every major city The narrative around India’s commercial office market has been one of cautious optimism for the last several quarters — strong demand from globalContinue Reading
Sales per store falling, metro stores flatlining, D’Mart Ready retreating from 14 cities There is a version of D’Mart’s Q1FY27 result that looks acceptable on the surface — revenue growth of 15%, EBITDA margins holding at 8%, PAT growing 11%. And then there is the version that Prabhudas Lilladher’s noteContinue Reading
Indian equities are staging a determined recovery from their late-March lows. A confluence of macro tailwinds building beneath the surface suggests the Nifty 50 has a credible path back to its all-time high before the calendar year is out. The benchmark closed near 24,270 on July 4 and pushed aboveContinue Reading
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