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 closerContinue Reading
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 twentyContinue Reading
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 forContinue Reading
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 leadingContinue Reading
Record production, record sales volumes, coal mining commenced, capacity heading to 100 mtpa by FY31 India’s largest iron ore producer does not often generate excitement. NMDC is a PSU miner — methodical, capital-intensive and slow-moving by the standards of the broader market. But the fourth quarter of FY26 was, byContinue Reading
Fleet operators still committed to replacement plans, pent-up demand expected in H2FY27, margins above estimates — but diesel prices, commodity costs and geopolitical uncertainty are the clouds. Commercial vehicle companies live and die by freight demand, fleet replacement cycles and fuel economics. Ashok Leyland’s fourth quarter of FY26 showed theContinue Reading
Custom synthesis growing 17%, peptides scaling, contrast media under long-term contracts Among India’s pharmaceutical API manufacturers, Divi’s Laboratories occupies a rare position — a company trusted by global innovators with complex, long-duration supply relationships that are difficult to replicate and even more difficult to dislodge. The fourth quarter of FY26Continue Reading
Volume and ASP both rising, store densification working without cannibalisation, AI glasses launched, 25% margin target on track There are not many consumer businesses in India that can grow revenue 46% year-on-year, expand domestic same-store sales by 24%, improve margins by over 600 basis points and simultaneously launch an AI-poweredContinue Reading
Back-to-school demand firing, modern trade surging, capacity additions flowing through — but raw material inflation is the near-term test. India’s stationery sector does not often find itself in the spotlight. But DOMS Industries — the maker of scholastic stationery, art materials and hygiene products that has quietly built one ofContinue Reading
Volumes recovering, two new SUV launches planned, Pune capacity ramping — the short-term margin pain is real, but the medium-term growth story remains intact Not every strong business has strong quarters. Hyundai Motor India’s fourth quarter of FY26 was one of those moments where the headline numbers — a 372Continue Reading
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