QUICK VIEW Ø FMCG's premium valuation is built on a sustained rural recovery. At ~34x forward PE, the sector continues to price in resilient rural demand through FY27, leaving limited room for disappointment. Ø The biggest risk is not rainfall itself, but its impact on rural income. Despite an improvement in July rains, uneven kharif sowing and strengthening El Niño conditions could weaken farm incomes if rainfall remains deficient through the rest of the season. Ø History

Tracking the Global Journey of FII Capital QUICK VIEW 1. FII Sector allocation vs DII prima facie reflects meaningful overweight in financial services and underweight in IT, energy, and industrials. However, a comparison of FII vs MSCI reveals that financial services is a mere index replication and the real structural overweight lies in consumer discretionary and healthcare. 2. Two years of net selling saw money going to US tech, China, Taiwan semis, USD cash. The return case

Three Lenders, Three Moats Home First Finance · Aadhar Housing Finance · Aavas Financiers QUICK VIEW All three lenders target the same customer earning roughly ₹40,000–50,000/month with loan sizes of ₹15–25 lakh. The similarities end there. Home First is the productivity leader: its 80-85% login-to-sanction and 2-day TAT are genuine, independently verified competitive advantages. Aadhar has built a franchise replication machine; the critical variable is whether per-emplo

I attended the recent investor conference hosted by Groww – which had multiple interesting conversations happening simultaneously in different halls – and I must tell you it was extremely hard to choose which ones to attend and which to let go. While I was expecting the usual market conversations i.e., valuations, sectors, interest rates – what really stood out was something deeper. Almost every speaker, in different ways, kept returning to the same idea: We may be entering a

I hadn’t imagined that the same year I wrote about a fiasco at Air India, I would find myself writing about one at IndiGo (link to previous note – https://shorturl.at/o4Euv ). There are only two plausible explanations for what unfolded — and neither reflects well on the airline. The first is plain mismanagement. IndiGo failed to plan for the implementation of the revised Flight Duty Time Limitation (FDTL) norms, despite having ample notice. Pilot hiring and capacity buffers

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Indian stock markets had a stellar week, fuelled by easing geopolitical tensions and trade optimism. The Sensex soared 3.62% to a record...

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India’s two largest cement companies viz Ultratech Cement (UTCEM) & Ambuja Cements (ACEM) recently released their Q4 & FY25 financial...

As Raymond Lifestyle Ltd. (RLL) prepares for its upcoming listing in September 2024, the company hosted a plant visit and analyst meet at...

Happy Weekend to you! The 2024 Paris Olympics has been a mixed bag of emotions for India. While our champions shone at shooting, hockey,...

Happy Weekend to you! “The number of transistors on an integrated circuit will double every two years with minimal rise in cost” –...

Happy Weekend and Happy Holi! I have always associated festivals with lots of delicious food, so here’s a thought – “Food may be an...

Happy Weekend to you! What better than to start with a thought for the day – “Sustainability is here to stay, or we may not be” Keeping...