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Research Reports

Deep-dives into Indian equities, sectors, and macro themes. Primary sources only.

7 reports

India Specialty Chemicals: ₹18,000 Cr in New Capex, But Only Two Companies Are Actually Converting It to ROCE

Post-tariff relief and China+1 tailwinds are real, but capex-heavy balance sheets at Aarti and Deepak are compressing returns — Navin and PI are the cleaner stories at current prices.

25 Apr 2026

9 min readFree

CHEMICALSDISCOVERYCAPEX

Indian Specialty Chemicals: The Quiet Compounder Most Investors Are Missing

China+1 tailwinds, import substitution momentum, and under-appreciated domestic pricing power are creating a multi-year compounding opportunity in specialty chemicals — but not every name will win.

1 Apr 2026

9 min readFree

Subscriber Only

From ₹499/mo

BANKINGMACRORESULTS

Private Banking Sector — Q4 2025 Review: NIM Pressure Finally Here

Net interest margins are compressing across private banks as deposit wars intensify and the RBI rate pivot arrives. HDFC Bank stabilising, ICICI outperforming, Kotak facing a trust deficit.

18 Mar 2026

8 min readPro

Subscriber Only

From ₹499/mo

CONSUMPTIONQSRFMCG

Indian QSR: Post-Covid Normalisation Complete?

Zomato and Swiggy's market penetration has permanently altered the unit economics of QSR. Same-store sales growth is stalling, but Jubilant and Devyani are finding value in delivery-only formats.

4 Mar 2026

7 min readPro

Subscriber Only

From ₹499/mo

EVDISCOVERYCAPEX

EV Supply Chain: Who Actually Makes Money?

EV assembly is a volume game with thin margins. The real money is in battery cells, thermal management, and software — and three Indian companies are quietly building strong positions.

18 Feb 2026

10 min readPro

MACRORBIRATES

RBI Policy Decoder — April 2026: The Pivot Is Here

RBI cut repo rates by 25 bps to 6.0% in its April MPC meeting — the second consecutive cut. We decode what this means for equity sectors, bond yields, and currency.

3 Apr 2026

6 min readFree

Subscriber Only

From ₹499/mo

DEFENCEPLIDISCOVERY

Indian Defence: PLI Reality Check

The defence export target of $5 billion by 2025 was missed by 40%. We revisit the timeline, separate genuine compounders from hype plays, and explain why HAL remains the only must-own.

28 Jan 2026

8 min readPro

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