Business Model
Lessons on Business Model.
Equity Research
7 lessonsThe Capital Reality of Indian Cement
They mine rocks and bake them at 1400°C. They ship heavy bags across the country. But the real money is made in the freight math. Before we dissect petcoke…
The Capital Reality of Indian Power
They spend billions to build a plant. They sell electricity at prices set by the government. But when the summer heat peaks, they quietly print cash. Before we…
The Capital Reality of Indian Pharma
They copy billion-dollar drugs. They manufacture them for pennies. But one FDA letter ruins it. Before we dissect R&D budgets and patent cliffs, let’s get the…
The Capital Reality of Indian Banking
Banks borrow your money for pennies. They lend it out for a fortune. But one bad loan cycle can wipe out a decade of profit. Before we dissect balance sheets…
The Capital Reality of Indian Hospitality
Hotels burn cash incredibly fast. Yet valuations are breaking records. Welcome to the hospitality upcycle. Before we dive into the deep mechanics of balance…
The Capital Reality of Indian Real Estate
Developers build towers with your money. For decades, they played with debt and lost. Now, the survivors are printing cash. Before we dive into the deep…
The Capital Reality of Indian Healthcare
Hospitals burn cash to build. They take years to break even. But mature hospitals print money. Before we dissect the balance sheets and operating leverage, let…