Bharti Airtel: Initiation of Coverage
India's best telecom franchise, close to a fair price. Valued part by part, initiated 8 Oct 2026
- HOLD · Rs 1,946
- 12-month target, 6.2% above the 7 Oct 2026 price
Work
All 22 pieces: selected work, dashboards, reports and working papers. Filter by subject or type, search titles and tools, or switch to the table to compare headline numbers before opening any.
Papers and reports on their own: the research index.
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22 items
Selected work
6 items
The six to open first: an equity initiation on Bharti Airtel, two commercial strategy cases, an audit of India's data centre buildout, a causal test of El Niño commodity trades, and a quant study whose strategy failed out of sample.
India's Wide-Body Window
Where should Indian carriers deploy their next 100 long-haul aircraft, and can the India-Gulf corridor absorb them?
- 78.0M
- India international sector passengers, 2025
Dashboard
India FS Pulse
Who captures the value in India's UPI, when the busiest half of the network is priced at zero?
- 63.9% / 23.0%
- merchant share of UPI transactions against value
Dashboard
Ground Truth
India announces data centres in gigawatts and delivers them in megawatts. How much of the announced capacity is actually switched on?
- 10.6 GW / 619 MW
- announced against live capacity, 8 operators
ENSO Macro Risk Desk
When the ENSO cycle shifts, which commodity exposures are causally real, and which are spurious?
- 6
- headline links causal-tested
Dashboard
Signals Before Storms
A regime-switching (HMM) overlay tested out of sample: the model worked, the strategy did not.
- 1,814
- out-of-sample days graded
Dashboard
Dashboards
4 items
Interactive dashboards on public data. Each starts from one question and shows the data and method behind its answer.
Sellside Research Engine
An equity research dashboard: DCF valuation through NLP scoring of earnings calls, on one screen.
- 5
- factor pillars in composite
Capital Markets Intelligence Platform
IPO event studies, sovereign risk scoring, M&A screening and yield-curve decomposition, all on open data.
- $483.5B
- M&A pipeline screened
Dashboard
Dynamic Debt Covenant Surveillance Engine
Translating credit agreements into programmatic surveillance models for private credit.
- $263B
- debt monitored
India Sustainable Finance: Transition Dashboard
Green bonds, SEBI/RBI frameworks, and transition finance for India's hard-to-abate sectors.
- ₹65,100Cr
- green bond issuance mapped
Dashboard
Reports and decks
10 items
Equity research, markets, strategy and policy reports. Each opens as a PDF.
IndusInd Protect: Bancassurance Product Case Study
Turning insurance inside a bank's app from a one-time transaction into an ongoing protection service.
- 5
- competitors benchmarked
Report
NephroPlus: Initiation of Coverage
India's largest dialysis chain: a growth stock's multiple on prices the government sets
- HOLD · Rs 605
- 12-month target, 6.8% below the 1 Oct 2026 close
India Markets Monthly: Bonds Have Stopped Hedging Equities
October 2026 sample desk note on rates, FX, flows and external funding
- 0.07 to 0.45
- Nifty and G-sec return correlation, 2025 to 2026
Report
Maha Navonmesh: Wiring Maharashtra's Innovation Money
One pipeline to test, buy and scale deep tech by 2035, on money already earmarked
- 234x
- the ₹2,920 Cr earmark against the ₹12.5 Cr reaching startups as pilot orders
Report
Cipla: A Point of Care Diagnostics Business
Turning prescriber reach into test and treat, on ₹954 Cr of capital, 10% of net cash
- ₹615 Cr
- FY32 revenue, base case, on labelled assumptions
Report
India's Critical Minerals & Green Steel Transition
A strategic roadmap for securing the energy-transition value chain
- 300 MT
- 2030 steel capacity target
Report
Bridging India's MSME Credit Gap
Account Aggregator rails, the analytical last mile, and a DPI-native RegTech execution layer
- ₹20–25L Cr
- MSME credit gap
The ESG Advantage
Forging resilience and value at RPG Life Sciences
- +707%
- share performance against peers
Report
River-as-a-Service: Intelligence & Enforcement
From service vendor to strategic river manager, on a software-driven ecosystem
- 15%
- targeted Water Quality Index gain
Report
EUR/USD: Reading the Majors
Currency movements, trading patterns, and signals in the euro/dollar pair
Report
Working papers
2 items
Working papers on SSRN. Each states its design up front and reports results whether or not they support the hypothesis.
SSRN working paper · 34 pp
Evidence from India's 2024–25 equity index derivatives reforms
Regulating the Retail Options Boom
Evidence from India's 2024–25 equity index derivatives reforms
- 37–43%
- index-options notional below counterfactual
Working paper
SSRN working paper · 19 pp
Administrative burden and delivery architecture across four co-located social protection schemes in rural India
Awareness Without Uptake
Administrative burden and delivery architecture across four co-located social protection schemes in rural India
- 0.42
- AB-PM-JAY conversion, against 0.79 to 0.98 in-village
Working paper
| Cover | Open | ||
|---|---|---|---|
| India's Wide-Body WindowWhere should Indian carriers deploy their next 100 long-haul aircraft, and can the India-Gulf corridor absorb them?78.0M | 78.0MIndia international sector passengers, 2025 | Live |
| India FS PulseWho captures the value in India's UPI, when the busiest half of the network is priced at zero?63.9% / 23.0% | 63.9% / 23.0%merchant share of UPI transactions against value | Live |
| Sellside Research EngineAn equity research dashboard: DCF valuation through NLP scoring of earnings calls, on one screen.5 | 5factor pillars in composite | Live |
| Capital Markets Intelligence PlatformIPO event studies, sovereign risk scoring, M&A screening and yield-curve decomposition, all on open data.$483.5B | $483.5BM&A pipeline screened | Live |
| ENSO Macro Risk DeskWhen the ENSO cycle shifts, which commodity exposures are causally real, and which are spurious?6 | 6headline links causal-tested | Live |
| Dynamic Debt Covenant Surveillance EngineTranslating credit agreements into programmatic surveillance models for private credit.$263B | $263Bdebt monitored | Live |
| India Sustainable Finance: Transition DashboardGreen bonds, SEBI/RBI frameworks, and transition finance for India's hard-to-abate sectors.₹65,100Cr | ₹65,100Crgreen bond issuance mapped | Live |
| Signals Before StormsA regime-switching (HMM) overlay tested out of sample: the model worked, the strategy did not.1,814 | 1,814out-of-sample days graded | Live |
| IndusInd Protect: Bancassurance Product Case StudyTurning insurance inside a bank's app from a one-time transaction into an ongoing protection service.5 | 5competitors benchmarked | |
| Ground TruthIndia announces data centres in gigawatts and delivers them in megawatts. How much of the announced capacity is actually switched on?10.6 GW / 619 MW | 10.6 GW / 619 MWannounced against live capacity, 8 operators | Live |
| Bharti Airtel: Initiation of CoverageIndia's best telecom franchise, close to a fair price. Valued part by part, initiated 8 Oct 2026HOLD · Rs 1,946 | HOLD · Rs 1,94612-month target, 6.2% above the 7 Oct 2026 price | |
| NephroPlus: Initiation of CoverageIndia's largest dialysis chain: a growth stock's multiple on prices the government setsHOLD · Rs 605 | HOLD · Rs 60512-month target, 6.8% below the 1 Oct 2026 close | |
| India Markets Monthly: Bonds Have Stopped Hedging EquitiesOctober 2026 sample desk note on rates, FX, flows and external funding0.07 to 0.45 | 0.07 to 0.45Nifty and G-sec return correlation, 2025 to 2026 | |
| Maha Navonmesh: Wiring Maharashtra's Innovation MoneyOne pipeline to test, buy and scale deep tech by 2035, on money already earmarked234x | 234xthe ₹2,920 Cr earmark against the ₹12.5 Cr reaching startups as pilot orders | |
| Cipla: A Point of Care Diagnostics BusinessTurning prescriber reach into test and treat, on ₹954 Cr of capital, 10% of net cash₹615 Cr | ₹615 CrFY32 revenue, base case, on labelled assumptions | |
| Regulating the Retail Options BoomEvidence from India's 2024–25 equity index derivatives reforms37–43% | 37–43%index-options notional below counterfactual | SSRN | |
| Awareness Without UptakeAdministrative burden and delivery architecture across four co-located social protection schemes in rural India0.42 | 0.42AB-PM-JAY conversion, against 0.79 to 0.98 in-village | SSRN | |
| India's Critical Minerals & Green Steel TransitionA strategic roadmap for securing the energy-transition value chain300 MT | 300 MT2030 steel capacity target | |
| Bridging India's MSME Credit GapAccount Aggregator rails, the analytical last mile, and a DPI-native RegTech execution layer₹20–25L Cr | ₹20–25L CrMSME credit gap | |
| The ESG AdvantageForging resilience and value at RPG Life Sciences+707% | +707%share performance against peers | |
| River-as-a-Service: Intelligence & EnforcementFrom service vendor to strategic river manager, on a software-driven ecosystem15% | 15%targeted Water Quality Index gain | |
| EUR/USD: Reading the MajorsCurrency movements, trading patterns, and signals in the euro/dollar pair | Independent research · 106 pp |