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Research Reports

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

11 reports

India Autos FY27 Opens at Record Wholesale: But EV Share at 6.2% Masks a Two-Wheeler Problem Nobody Wants to Say Out Loud

PV wholesales hit record highs in April FY27 but EV penetration stalls at 6.2% while rural 2W demand recovery remains 18% below pre-COVID peaks in volume terms.

18 May 2026

9 min readFree

AUTOSEVCONSUMPTION

India Auto FY27: Wholesales Are Up, But 3 Numbers Suggest the Retail Story Is Murkier Than It Looks

April 2026 wholesale data looks strong, but inventory build, slowing rural 2W credit, and EV mix-shift are creating winners and losers inside one headline number.

11 May 2026

9 min readFree

CHEMICALSEXPORTSCAPEX

India Chemicals: The 18% Tariff Deal Opens a ₹40,000 Cr Export Window — But Three Companies Will Capture 70% of It

The US-India trade deal capping tariffs at 18% is a structural unlock for specialty chemicals, but margin recovery and CDMO order conversion — not the headline — will determine who wins.

4 May 2026

9 min readFree

AUTOSEVCONSUMPTION

India Auto: FY26 PV Sales Hit Record 4.3M Units — But the FY27 Setup Is Uglier Than the Headlines Suggest

FY26 closed with record PV wholesales led by Maruti and Tata Motors, but ICRA's 3–5% FY27 growth call and West Asia supply chain stress are being ignored by the market.

27 Apr 2026

9 min readFree

CHEMICALSEXPORTSCAPEX

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 readSubscriber

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 readSubscriber

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 readSubscriber

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 readSubscriber

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