The Chatter: Making It Work
Edition #20
Welcome to the 20th edition of The Chatter — a weekly newsletter where we dig through what India’s biggest companies are saying and bring you the most interesting bits of insight, whether about the business, its sector, or the wider economy. We read every major Indian earnings call and listen to the interviews so you don’t have to.
We're always eager to improve—please share your ideas on how else we can innovate "The Chatter" format to better serve your needs.
In this edition, we have covered the 20 commentaries across 12 industries:
FMCG
Varun Beverages
Emami Ltd
Britannia Industries
Consumer Durables
Dixon Technologies
Financial Services
Motilal Oswal Financial Services
Punjab National Bank
Energy
Adani Green
Tata Power
Real Estate
Godrej Properties
Lodha
Prestige Estates Project
Building Materials
JK Cements
Dalmia Bharat
Aviation
Interglobe Aviation
Auto
Bajaj Auto
Telecom
Bharati Airtel
Engineering & Capital Goods
Bharat Forge
Healthcare
Mankind Pharma
International
Tesla
Apple
FMCG
Varun Beverages | Large Cap | FMCG
Varun Beverages is a significant player in the beverage industry as the second largest franchisee of PepsiCo products worldwide (outside the US).They produce and distribute a wide range of carbonated soft drinks and non-carbonated beverages, including popular brands like Pepsi, Seven-Up, Mirinda, Mountain Dew, and Tropicana. Additionally, they offer packaged drinking water under the Aquafina brand.
The entry into snacks through PepsiCo’s Cheetos in Morocco signals a strategic pivot beyond beverages, with the potential to broaden the company's addressable market.
“In international markets, Varun Beverages Morocco has commenced commercial production of PepsiCo’s snack product ‘Cheetos.’ This marks another milestone in strengthening our presence in the high-potential snack category, complementing our beverage portfolio and diversifying our revenue streams."
— Ravi Jaipuria, Chairperson
The management shows an ability to protect margins and earnings despite significant top-line headwinds in India, highlighting the resilience and diversification of their business model.
"We delivered a resilient performance during the quarter. In-spite of unusually early onset of monsoon rains in the peak summer months in India, we could keep our realizations per case and EBITDA margins intact. Due to growth in international markets supported by strong positive currency movement in Africa territories, Company ended the quarter with a positive PAT in-spite of 3% decline in consolidated sales volume.”
— Ravi Jaipuria, Chairperson
This detailed operational breakdown reveals a multi-pronged, enduring approach to cost-cutting, not just seasonal or one-off. They reflect structural improvements in logistics, returns on past capex, and process optimization, which should protect margins and boost ROCE (Return on Capital Employed).
“What we have done in terms of freight cost optimization, we have consolidated a lot of distributors of ours, which has helped us send larger load sizes and has helped us in the freight cost per case.At the same time, we have opened larger plants as well which are closer to markets. So, that has again helped us in reducing freight costs because the distances have come down.”
— Ravi Jaipuria, Chairperson
Management's openness around weather unpredictability as a key driver is notable, and the optimism seems based on a low base rather than on actionable internal levers. This signals continued earnings vulnerability to seasonal volatility—even with better margins and cost controls.
"The real answer would depend on the rain gods, which is very difficult to predict. The rainy season has been quite prevalent in July and it's not been the best of the seasons. But overall, we are looking quite positively because last year was not a very good quarter. Hopefully with slight breaks in the weather, we will do well. And otherwise, we are well poised for growth, things are looking good and our products are doing well.”
— Ravi Jaipuria, Chairperson
Clear messaging that large-scale expansion in India is over and future capital will be deployed primarily to international growth and M&A (mergers & acquisitions). Implies a material shift in capital allocation policy versus past domestic capacity focus.
“In India, we are not looking at more than Rs. 600 - 700 crore for next year. In international markets, we do not have the exact numbers, but we are looking to expand in South Africa and some other countries."
"We are looking for new acquisitions, and we are very actively looking at it and also expansion in the international market."
— Ravi Jaipuria, Chairperson
Management remains dismissive of competitive threats despite acknowledged increased investments by industry peers. Strong conviction about sustainability of elevated margins.
"We always have guided consolidated margins at 21% and never guided beyond that. However, we have shown better results. We are quite clear on the margins and the challenges we are going to have, that is why we are becoming more and more nimble.
We are cutting costs where it needs to be. We are making sure our plants are more productive. The newer plants are efficient and closer to the distributors, we are saving in efficiencies and freight cost. Plus, the company is totally debt-free, there is no interest cost. Rather we are actually earning interest on the funds which are lying in the bank. In all aspects, we are much stronger, and we don't see any reason why these margins should come down."
— Ravi Jaipuria, Chairperson
Clear evidence of a rapid portfolio transition to healthier beverages and adapting to changing consumer health preferences. This is ahead of where many “old world” beverage bottlers sit.
“CSD (carbonated soft drinks) accounted for 75% of the total volumes in Q2 of CY2025 with packaged drinking water contributing 18% and NCB (non-carbonated beverages) making up the remaining 7%...Low or no added sugar products contributed around 55% of the consolidated volumes in H1 2025, reflecting our continued efforts to evolve with consumer preferences.”
— Ravi Jaipuria, Chairperson
The international portfolio—once considered volatile—is now stabilizing and growing even in previously weak territories, post-sugar tax. The DRC is flagged as a “watch area” but not under stress.
"Regarding Zimbabwe, the demand has started to stabilize. Our volumes are coming back to original volumes, we hope by the end of this quarter it will start growing. On the snacks side, the plant in Morocco has already started in June last month and the initial response is very good. The plant in Zimbabwe is going to start in October, however we have already started distribution for snacks in the Zambia and Zimbabwe markets."
—Ravi Jaipuria, Chairperson
The visi-cooler push is both a distribution and brand-building lever—by securing in-house supply, capex hurdles in further expansion are reduced.
"Sheela, in fact, you should see that today we made an announcement of forming a JV (Joint Venture) with Everest cooler for manufacturing of Visi-coolers in-house. If we have such a kind of availability, we will definitely try to use that in expansion of our business."
"As we have already announced that we have already taken 50% equity in the Sri Lankan plant of Everest. We are going to start using that facility for our South and West territories."
—Ravi Jaipuria, Chairperson
Emami Ltd | Small Cap | FMCG
Emami Limited, a prominent FMCG company in India, specializes in manufacturing and marketing personal care and healthcare products. With a diverse range of popular brands like Boro Plus, Navratna, and Zandu, Emami's portfolio includes hundreds of ayurvedic formulations.
This is critical for investors to differentiate between temporary external shocks (weather-induced softness) and secular demand trends. It suggests that the underlying portfolio remains strong and the decline is not due to competitive displacement or structural declines in core brands.
“The talcum powder and prickly heat powder category, which is highly dependent on summer demand, was significantly impacted and declined by 17%. Excluding talc and prickly heat powders, our core domestic business delivered a healthy 6% revenue growth and a 3% volume growth, reflecting the underlying strength and resilience of our broader offerings. It is important to contextualize the 17% year-on-year decline in talc and prickly heat powder range, which comes off a significantly high base of 54% growth in last year's same quarter. So on a 2-year CAGR basis, this category continues to be healthy with a 13% growth. And when we look at the full summer season, that is from Jan to June '25, the category posted flat growth, despite weather-related headwinds, a clear reflection of consumer stickiness and a very strong brand equity."
— Mohan Goenka, Director & Chairperson
This insight reveals Emami’s strategic commitment to male grooming, accepting past challenges but emphasizing pipeline innovation and brand rejuvenation.
“I think Male Grooming is still a very underexploited and an underdeveloped segment of the market, and we are seeing ... there is a huge potential for that. ...we have not really worked on the brand and the top of the funnel for some time, and I think that rejuvenation is required. We are already seeing a trend where if you look at sequential trends... they are looking positive and month-on-month, it's looking better. So from that perspective, we strongly believe that this is a segment that will grow quite handsomely in the near term as long as we work on the fundamentals."
— Mohan Goenka, Director & Chairperson
It confirms increased strategic focus on fast-growing organized retail and online channels, underscoring a shift toward modern trade and quick commerce amid traditional channel pressures.
"See, for sure, we are not competing with each other. There is a clear market. They are primarily e-commerce and others. Their pricing is very different than what we are doing.
There is a market for both.
Both for the Man company, they are more into fragrances and other categories. We are more into some personal care and other categories and pricing is also different.
...We are definitely focusing after our relaunch big time. And let us see which brand we get traction, it is very difficult for us to say at this point of time. But we're not going to leave this, because it's a prime brand for us, both Man and Smart & Handsome."
— Mohan Goenka, Director & Chairperson
This strategic clarity on focusing innovation within core franchise brands, combined with digital channel acceleration, signals a disciplined growth approach. It also reveals a calibrated capital allocation strategy.
“But excluding the talc, honestly, and with the relaunch of Kesh King in this quarter and some of the new launches in Smart & Handsome, I'm confident that we will be able to recover much better. There are definitely some green shoots. I'm not saying no in urban areas either. But unless the overall results, overall sentiment goes up, which in our case, is backed by the summer, unfortunately, and specifically talc. Other than that, I think we are very, very well placed."
— Mohan Goenka, Director & Chairperson
The international business is segmented, with some geographies showing strong momentum and others posing short-term risks. The mention of scaling new markets with focused portfolios indicates a strategic shift toward geographic diversification and possibly more localized product development.
"International business showed around 2% growth because of one country — Bangladesh — where we had a decline. Rest of the business has grown close to 14%. The issue is largely market-specific in Bangladesh. We are refreshing efforts to get back on track there.
"New geographies are a continuous effort along with portfolio development to make the current portfolio relevant. We scaled up one new geography successfully in the last 5–6 months, not naming it at the moment.During this financial year, we will open new geographies facilitated with new portfolio launches."
— Mohan Goenka, Director & Chairperson
Britannia Industries | Large Cap | FMCG
Britannia Industries Limited, founded in 1892 in Kolkata, is a prominent player in the food industry with a focus on bakery, dairy, and snacking categories.
Re-frames the volume growth narrative, which appears weak (~2%), by introducing "transaction growth" (12%) as the more relevant metric for its price-pack-driven business, providing crucial context for top-line analysis.
“The point is that with the kind of inflation that we've seen, there is bound to be revenue growth more than volume growth, you know, in these times. However, the way to look at it in our business—because 60% of our business comes out of price packs which are 5 rupees and 10 rupees—the way to look at it is to see what kind of transaction growth we have. How many consumers are interacting with our brands? [And the transaction growth has been 12%. So, you know, we are pretty happy with our transaction growths of 12%, and volume will also come back slowly and steadily. But I would say the delta between volume and revenue will remain at about 6%, 7%, 8% for the coming two or three quarters.”
— Varun Berry, Executive Vice-Chairman & Managing Director
A candid admission that a strategic price-point increase in the cake category backfired, leading to volume losses. The company is now reconsidering this strategy, which could impact future category growth and profitability.
“Bread has been doing really well for us. […] Cake has not been a great story. Cake growths are single-digit; they are not double-digit as I spoke about for the other categories. [The reason for that is again margins-led. We had a margin issue on cake, and we tried to move the price point from a 10 rupees to a 15 rupees, and we sustained certain volume and revenue losses when we did that. So, that was a strategic move from our side.] We thought price points are not as critical today, but it seems that they are. So, we are reassessing that strategy. Obviously, we do want to get the margins up, but we are reassessing that strategy, and we will be in a good place as far as cake is concerned as well.”
— Varun Berry, Executive Vice-Chairman & Managing Director
Capex guidance of Rs.100 crores is substantially lower than recent annual spending, signalling a shift towards sweating existing assets and preserving cash flow after a period of capacity expansion.
“Capex, we are just keeping it very tight this year, Latika. We just want to make sure… we've got enough capacity. Wherever we need capacity, like for example, Jim Jam, we need capacity. We put up some new plants recently. We put a plant in Tirunelveli, in UP, and, you know, we enhanced our capacity in Orissa. So, we've got good capacity right now. We've got decent headspace. [I won't say that it's sort of too much, but we've got decent headspace, so we want to keep the capex low. So I would say about 100 crores is what it would be this year, which is much lower than what we've seen in the past few years.”
— Varun Berry, Executive Vice-Chairman & Managing Director
Clarifies that recent market share loss in the East—a key market—is due to a deliberate, internal distribution overhaul rather than intensifying competition, framing the weakness as a temporary, strategic investment.
“Let me answer your second part first. So, the region that we've had a little bit of turmoil is the East. And the reason for that is not the regional players, but it's an internal restructuring of distribution that we are doing. We are looking at mega-distributors; we are trying to create infrastructure for the future. [And as a result of that, there's been some amount of turmoil, and that is one region where we've lost share. And that is one region where also you tend to have a lot of local players, so I guess the local players have benefited from, you know, basically our stumbling a bit in the execution there.”
— Varun Berry, Executive Vice-Chairman & Managing Director
Highlights the rapid shift within the online channel, with quick commerce now accounting for three-quarters of Britannia's digital sales and serving as the primary launchpad for high-margin, innovative products.
“Yeah, so, out of our total digital commerce business, almost 75% now is coming from Q-comm. The category also is pretty salient in Q-comm, so that is how the entire ratio is changing.The market place for us is not very big because the average order value for us is not very big. So, therefore, the big tailwind is coming from Q-comm. Now, coming to a lot of the innovations that we've launched. So, you know, like Crozzo, almost 35% of the sale is coming from e-com. Pure Magic Stars that we recently launched, almost half of that sale is coming from Q-comm. And similarly, brownie and a lot of other innovations.”
— Vipin Kataria,Chief Commercial Officer
Confirms that the strategic focus on the under-penetrated Hindi heartland is yielding significant results, with growth far outpacing the national average and leading to tangible market share gains.
Consumer Durables
Dixon Technologies | Large Cap | Consumer Durables
Dixon Technologies (India) Limited is a leading design-focused company in India, specializing in manufacturing consumer durables, lighting, and mobile phones.
The management is signaling an intention to move up the value chain and become less reliant on imported components. This builds medium-term margin levers and supply chain control—critical as PLI incentives phase out.
“We have begun Financial Year ‘26 with robust all-round operational and financial performance... focus towards backward integration and creation of the component ecosystem gives us confidence... We continue to make strategic investments to expand our manufacturing capacities, enhance our manufacturing capabilities and focus on deepening the component ecosystem, which would help us with resilience and future-ready business.
— Atul Lall, CEO
The company is positioning itself not just for growth, but for market leadership. Reporting 15% sequential volume growth implies robust demand pipeline and execution muscle.
“We witnessed strong momentum in the quarter with healthy volume growth across various smartphone brands. Order books for Q2...looks even stronger...Ahead of the festive season we expect volume growth of at least 15% QoQ. Dixon remains the largest domestic manufacturer... Construction of our 0.8 million square feet...campus is progressing well...”
— Atul Lall, CEO
JV moves allow Dixon to access not just volumes, but also technology/design leverage, and deepen customer stickiness when government subsidies end—an intelligent long-term play.
“In Longcheer, it is one of the largest ODMs globally...JV firms up our relationship and secures our business in also the post-PLI scenario. Further, it helps us in deepening manufacturing...and also expanding the product portfolio beyond smartphones...commitment of a joint design center...”
— Atul Lall, CEO
Clear-headed decision to exit or avoid complex/low-return businesses even if they are ‘flavor of the month’ with policymakers.
PCB- Printed Circuit Board
ECMS- Electrical control & Management System
“CCTV business: “...we only have a minority stake of 6.5%...we are not running that anymore.”
(PCB), as of now, we are not pursuing it. We were working on strategic acquisition. To be candid, we are working on a very tight timeline so that we can file the applications of ECMS and leverage the government policy framework. So, as of now, no. But definitely, we feel that PCBA is a very large opportunity. Now the next phase of the line is to create a business resource and a strategy for pursuing that opportunity undoubtedly.
— Atul Lall, CEO
Shows high awareness of execution risk and organizational scaling; proactive addition of global/technical talent.
“We have recently hired vice president, strategy and digital transformation...vice president for components...Taiwan expat for display...Korean expat for washing machines/appliances...HR. Many hirings are on...has to be scaled much more.”
— Atul Lall, CEO
Financial Services
Motilal Oswal Financial Services | Mid Cap | Financial Services
Motilal Oswal Financial Services Limited provides a variety of financial products and services, including wealth management, retail broking, asset management, and investment banking.
This signals a structural pivot from volatile, transactional brokerage income toward stable, annuity-style fee and trail income channels, reducing business cyclicality and enhancing revenue visibility.
"Our focus in the interim continues to increase share of our fee-based and trail-based revenues, which will be driven by the asset management business, the private wealth business, the distribution business and the lending book growth."
— Navin Agarwal, Group MD
Management acknowledges investment in people is critical for growth but is balancing it against operational efficiency, maintaining margin stability—a sign of disciplined financial stewardship.
“The sharp increase in employee expenses (34% YoY and 23% QoQ) was addressed candidly:“Over the last 18 months, we have hired over 450 senior talent across all business segments. The rise also includes annual increments effective April 1. Additionally, strong quarterly performance has increased variable pay provisions. Despite this, profit before tax margins remain stable at around 50%, consistent with last year.”
— Shalibhadra Shah,CFO
Demonstrates industry leadership in active asset management backed by strong performance, which is driving significant organic inflows and robust fund-raising momentum in alternatives.
“Assets under management (AUM) crossed ₹1.5 lakh crores, a more than 50% increase over average AUM of last year. Gross flows in Q1 reached ₹14,568 crores, a 59% YoY jump. 92% of AUM outperformed benchmarks in the last 12 months. SIP book stands at ₹26,051 crores, crossing ₹1,200 crores monthly run rate recently.”
— Navin Agarwal, Group MD
Portfolio Wealth Management is a key growth engine, leveraging expanding talent and client base with a long runway to close significant market share gaps.
“Strong 53% top-line and 49% bottom-line growth in Q1 FY26; 615 relationship managers (RMs) onboarded, with only 33% vintage beyond 3 years, signaling runway for productivity gains.
“Families served increased from ~13,400 to ~16,600 over the past year, including High Net Worth Individuals (HNIs) and Ultra-HNIs (UHNIs). The segment remains underpenetrated compared to market leaders and has substantial room to grow, driven by organic wealth growth and monetization events like IPOs.”
— Navin Agarwal, Group MD
Confirms sound asset quality while scaling, maintaining confidence in housing finance growth strategy with low credit risk.
“Housing finance AUM crossed ₹5,000 crores, growing 22% YoY. The sales team increased by 50% YoY (to 1,430 RMs), driving 57% growth in disbursements.
Despite some seasonal uptick in non-performing assets (NPAs), new book NPAs remain very low at ~0.6% Gross NPA (GNPA). Coverage ratios are healthy, and management expects recoveries and improvement shortly.”
Punjab National Bank | Large Cap | Financial Services
Punjab National Bank is a leading banking institution in India known for its prudent banking practices. They offer a wide range of financial products and services including personal banking, corporate banking, international banking, and capital services.
Shows a foundational digital pivot and robust risk controls; signals improved asset quality relative to the past and to peers.
"A lot of digital initiatives Bank has undertaken — the Bank is continuously augmenting its digital base...building digital capabilities under AI/ML (Artificial Intelligence/Machine Learning) and analytics-based business generation...share of digital transactions has reached more than 95% for Q1 FY26 versus 89% in Q1 FY25. There is a more than 100% increase in UPI (Unified Payments Interface) transactions done through our mobile application 'PNB One'."
— Ashok Chandra, MD & CEO
Implied confidence that bond gains will offset margin compression despite possible future rate cuts; management expects to materially benefit as yields fall.
"We have built a very strong treasury book now...entire total portfolio under treasury itself is around touching Rs.5 lakh crores...with the lower interest rate regime...this book is going to contribute in a very, very bigger way...very confident that good treasury book is going to give us a good income in Q2, Q3 also...trend will continue."
— Ashok Chandra, MD & CEO
Signals confidence despite known compression; investors should monitor deposit rate pass-through and Q3-Q4 margin trajectory.
NIM- Net Interest Margin
NII - Net Interest Income
"Q1 and Q2 will be a challenging quarter...I am expecting that Q3 onwards, definitely the Bank will have...good NIM and NII. Our guidance for the NIM is around 2.8% to 2.9%. Definitely, we are going to hold on to this guidance."
— Ashok Chandra, MD & CEO
Elevated OPEX is not structural; normalization expected. One-off PSLC cost is called out and bounded.
"Because of the PSLC (Priority Sector Lending Certificate) which we purchased...that amount itself is around Rs.850 crores...one of the reasons the operating cost...is high...Otherwise, definitely there will be stable expenses in Q2, Q3 onwards."
"In the Q4 also, our operating expenses was Rs.8,697 crores, and in Q1 also it is Rs.8,765 crores...except that one head where we said around Rs.800 crores, PSLC certificate. That only the cost has gone up...[guides for] Rs.8,000 crores to Rs.8,200 crores."
— Ashok Chandra, MD & CEO
Emphasizes focus on diversified, less risky lending segments, reinforcing balance sheet health and earnings stability.
"Within the RAM (Retail, Agri, MSME), MSME has grown by 18.6% and core retail by 17.7%...massive outreach activity...generating lots of good leads...digital footprint in the RAM sector...expecting good growth under overall RAM...share of corporate and RAM will be, with the initiative, I am expecting somewhere around 58%-59% under the retail and remaining 40%-41% under the corporate."
— Ashok Chandra, MD & CEO
Aggressive move to acquire/stick customers and compete on product richness, at potential short-term cost to fee income.
"...despite the stress on our income, we have waived minimum balance charges. Now, there are no minimum balance charges...providing some add-on facility like health check-up, term life insurance, Rs.1 crore accidental insurance free, OTT subscription...digital initiative like PNB Mobile App...you need not visit the branch for any banking activity..."
— Ashok Chandra, MD & CEO
Management acknowledges historical underperformance yet publicly commits to resolving a recurring pain point.
"Self-help group, one segment, which takes care of the small and marginal farmer category also...and the 40%, the agriculture target of 18% also, it falls under both...that is where we are missing the target...going in an aggressive way for the self-help group onboarding now...already created a roadmap for totally coming out of the PSLC purchasing. Within three years...going to come out of this entire PSLC borrowing...Next year...save from the income side now..."
— Ashok Chandra, MD & CEO
Energy
Adani Green | Large Cap | Energy
Adani Green Energy Limited (AGEL) is the renewable energy platform of Adani Portfolio. The company has one of the world’s largest renewable portfolios.
Underscores rapid scaling and industry leadership, with Khavda as a keystone project driving market share and credibility. Solidifies long-term growth trajectory and enhances ability to attract capital and large offtake contracts.
“With this 45% year-on-year increase, our operational capacity now stands at 15.8 gigawatt. This not only demonstrates our best-in-class project execution capabilities but also reaffirms our position in India as India's largest renewable energy company.”
“A major highlight has been our continued progress in developing the world's largest renewable energy plant of 30 gigawatt at Khavda, Gujarat.”— Ashish Khanna, CEO
Management candidly recognizes operational bottlenecks but maintains confidence in near-term resolution.Minor, if resolved swiftly; however, continued delays or structural evacuation issues could cap utilization and revenue realization.
“ I think it is very difficult to tie both the things, your capacities, with the transmission capacities. There will always be some lag of weeks or months in that process. Having said that, in the current context, yes, there is a little bit of a challenge coming from the Khavda evacuation. However, having said that, it's hardly less than 5% of our EBITDA as we speak. We are very closely monitoring and largely supporting how the evacuation from Khavda is coming out.”
— Ashish Khanna, CEO
Reveals a shift in revenue quality, with lower margin merchant sales diluting blended average realizations. But also highlights improved project economics as CapEx and tariffs decline.
“We have two parts, about 50% of it basically pure-play merchant and 50% is infirm revenue. … The merchant revenues, as I said, it is volatile. In Q1, it has been less because of the monsoon arriving early and possibly things could change in the later quarters.”
“The third part is the new PPAs that we are implementing. Gradually, over many years, the tariffs have gone down … the return expectations on the PPAs remain the same, but the tariff trajectory is down, and the CapEx is also down.”
— Ashish Khanna, CEO
Shows restraint and a pivot towards quality over quantity, indicating significant internal prioritization of risk-adjusted returns and financial sustainability.
“We don’t need to be very hungry and go very aggressive on the tenders. We choose the tenders, which gives us predictable and better returns. More importantly is then executed in a manner which gives us the return which are required for it. So, it’s not only just winning, but also the matter that you win, then you execute and then you get the returns.”
— Ashish Khanna, CEO
Indicates strong delivery in major partnership, foresees more stable consolidated profit lines as project completion stabilizes.
“Out of 4,500 capacities with Total as a joint venture, about 4,000-odd capacity has already been commissioned, and another 500 in the pipeline will be commissioned by next six months to one year. So, after that … [swings] from that perspective should be minimal.”
— Ashish Khanna, CEO
Invests in labor welfare as a productivity strategy, crucial for timely execution of mega-projects with minimized turnover.
“What we have done is created infrastructure [for labor]; our labor colony is the best equipped. … We are there for next five years for 30 gigawatts. … I would really request and suggest please come to Khavda and look at the way we are supporting and facilitating this labor to stay, to play, having the best food for them, and all the other infrastructure which we have created for them.”
— Ashish Khanna, CEO
Adani Green remains selective about FDRE (firm and dispatchable renewable energy) tenders, prefers engaged, value-creating projects, and is evaluating adding battery energy storage systems (BESS) to its merchant capacity.
“We are evaluating all options right now. We have a strategy in place; you will hear from us about it. … We do things at a scale and at a level and at a time which is most appropriate for us from a return standpoint.”
— Ashish Khanna, CEO
Tata Power | Large Cap | Energy
Tata Power Company Limited is a pioneer credited with steering the energy sector on technology, process and platform. Powering emerging technologies for the 'smart' customer, the company’s latest business integrated solutions, focusing on mobility and lifestyle, are poised for multi-fold growth.
Signals a deliberate pivot from third-party EPC (Engineering, Procurement, and Construction) orders to maximizing value from captive capacity development, marking a shift in capital allocation and execution resources.
“We have a pipeline of 5.4 gigawatts of our own projects in which we are the developers. So, for us, the focus is how do we first cater to this 5.4 gigawatt. So, in the next 2 years, we want to complete all this and then see if we have capability to take up third-party projects. So, that is why we have taken a pause on that and we will first complete our project and then look at outside orders."
— Dr. Praveer Sinha, CEO
Clear signals of shifting regulatory environment shaping both addressable market and competitive dynamics, with potential gating effect for non-compliant producers.
"I first of all wanted to check that recently the list of cell suppliers under ALMM-II (Approved List of Models and Manufacturers—solar policy) was released. I think there were 5 or 6 players who were identified. Can you give any color why we were not on that list?"
"On the cell, because they have not completed the inspection. I am told that they are inspecting next week. So, as and when they complete the inspection of plants, they keep on adding. So, they will add it as soon as they complete the inspection."
— Dr. Praveer Sinha, CEO
Operational flexibility and earnings volatility hinge on regulatory negotiation outcome; indicates disciplined stance not to restart until commercial certainty is achieved.
"So, we have taken maintenance shutdown for all the units and some of the work relating to FGD (Flue Gas Desulfurization) is going on. We do expect that as soon as the SPPA (Supplementary Power Purchase Agreement) is finalized, we will be in a position to operate all the 5 units continuously for the balance of the year. So, we are waiting for this finalization of the SPPA before we start the plant."
"…this will get finalized hopefully within August because…there is a general consensus that is building…This will definitely be much more than the PPA, otherwise there is no need of doing the SPPA and it will also protect us from any increases in cost of pool that happens”
— Dr. Praveer Sinha, CEO
Illustrates strong balance sheet discipline despite aggressive expansion. Provides comfort on solvency, but suggests large investments are ramping.
"Our balance sheet is very sturdy in spite of the increase in CAPEX. We spent in this quarter Rs. 3,700 crores against our full year plan of Rs. 25,000 crores and we are on track to implement all those projects. Our net debt has gone up by nearly Rs. 2,900 crores to Rs. 47,578 crores and in spite of this increase in net debt compared to the previous quarter, our leverage ratios have been very, very stable. Net debt to underlying EBITDA is 2.93 and net debt to equity is 1.08 which is I think one of the best in the industry."
— Dr. Praveer Sinha, CEO
Signals exponential growth in Tata Power's rooftop segment, underpinned by policy tailwinds and product-market fit.
"…this year, March, we supplied 8,000 units. This year, June, we supplied 20,000 units and hopefully later part of this year, we will supply 40,000 to 50,000 units per month. So, the demand is humongous…even at these rapid month-on-month growth rates the total market opportunity is very, very large…"
— Dr. Praveer Sinha, CEO
Real Estate
Godrej Properties | Mid Cap | Real Estate
Godrej Properties Limited brings the Godrej Group philosophy of innovation, sustainability, and excellence to the real estate industry. It is a real estate company.
The tempered optimism indicates management’s realistic acknowledgment that the market has matured beyond boom conditions but remains healthy. It suggests that investments should be evaluated with an expectation of sustainable performance rather than continued exponential growth.
“I think we have now entered a period where prices have reset to a higher and quite attractive level. We are continuing to see strong demand at these levels. But I don’t think at this stage of the cycle, we are going to see very sharp pricing increases or volume jumps from here. So, I think it’s more about steady growth from here, that seems to be playing out in most of the numbers we are looking at.”
— Pirojsha Adi Godrej, Executive Chairman
Management emphasizes capital discipline and prioritizes growth from high-return real estate development over buybacks, signaling confidence that high-IRR projects remain available. The openness to opportunistic buybacks also signals management’s belief that the stock is undervalued.
“I think we have so much opportunity as a company that I think buybacks, in my view, more something to consider if you are throwing up huge amounts of cash, don’t see great deployment opportunities for it. If we can continue to deploy 20% plus IRRs as we seem to be continuing to have opportunities to do, I think it would be more sensible to deploy that.”
“…The promoters have actually bought back some shares on the market over the last 6 months. And if this weakness continues, we may use it as an opportunity to continue to do that.”— Pirojsha Adi Godrej, Executive Chairman
Management is signaling operational readiness and an ambition to outperform guidance by leveraging a multi-market launch strategy. Their willingness to squeeze in more projects based on approvals and execution reflects confidence in internal capabilities and market demand.
“I think we remain very optimistic on the deal pipeline. So, we endeavor to add projects especially in cities like Bangalore and Mumbai and also to some extent even in Pune. And NCR, we are acquiring a few projects mostly on the plotted side, like in Panipat, you would have recently seen an acquisition, and we have been very selective currently on the NCR acquisition unless we find the valuation very attractive. So, you would definitely see very strong business development growth, but more calibrated more about where the take-up rate can be very fast from buyout opportunity to launch and churn.”
— Pirojsha Adi Godrej, Executive Chairman
Management has gone beyond standard industry practices by using direct worker feedback to create retention programs, leading to materially improved labor stability—even during peak absentee periods. This operational reform is likely to reduce the risk of project delays and cost overruns.
"We have worked on the labor strategy very exhaustively. We realized that in India, labor is a very, very seasonal thing. There's a very huge attrition issue. And we identified after meeting about 800-plus laborers, our teams went on the ground and met 800 laborers for sites to kind of decode the problem statements of their life, why don't they like to work for a longer time... we could curate certain programs."
"In Holi, normally we get a dip in labor percentage from, say, X to, say, about 70% and sometimes even 65%... but for the first time, in spite of Holi, we saw pre and post-Holi numbers at 98.7%, which was very extremely heartening. And we are seeing month-on-month growth in our labor volume."
— Pirojsha Adi Godrej, Executive Chairman
Despite rising inventory and higher prices, Godrej Properties is still taking price increases and breaking conversion/walk-in records in key markets. This resilience highlights strong consumer demand for their brand and strategic land positions, offsetting some of the broader cyclical industry softness.
"In most markets and, of course, there are some exceptions of some projects where we may not have increased prices, but in most projects in the North, we have been able to increase price between 2% to 3%. We have been able to increase between 1% to 2% in Bombay, marginally basically less than 1% in the Pune market and about 2% to 3% in the South market."
"We were able to secure a project and launch and sell INR 925-odd crores at INR 14,000 plus rate, if I am not wrong, probably INR 14,500 was the realized price. And we had fantastic walk-ins, fantastic conversions, and we are still seeing walk-ins happening in that side."
— Pirojsha Adi Godrej, Executive Chairman
Management is frank about regulatory risks—most notably with Ashok Vihar—and provides a nuanced, realistic time frame based on actual regulatory developments rather than aspiration.
"As frustrating as it is, the honest and candid answer is that it's a bit of a frustration for us that we have not been able to launch this project for a while... There has been a set of approval authority issues in the government setup on which department grants approval where and how. There have been some views from the court also on the overall tree cutting policy of Delhi. So, it is difficult to predict exactly how the court will decide and how exactly the authorities will sort of move forward."
"But if things continue the way they are, we remain very, very positive for a launch. But I don't think so at the current state of data that I get to see, I will be able to give you a very accurate timeline for a launch."
— Pirojsha Adi Godrej, Executive Chairman
Godrej is rebalancing its approach to land deals as the cycle matures, showing flexibility to JVs/area share where strategically advantageous, but remains firm on absolute return requirements.
"I think some amount as we get closer towards the mid to end stages of the up cycle, I think rebalancing a little bit towards JVs will make sense. So, I think these, frankly, were more driven by kind of deal-specific requirements of the landowners..."
"The interesting part is, whatever we acquire agnostic to structure, our return metrics are intact, which means that the PAT (Profit After Tax) margins that we always target as the main metric. And of course, IRR is exactly the same threshold that we maintain for any reconstruction."
— Pirojsha Adi Godrej, Executive Chairman
Lodha | Large Cap | Real Estate
Macrotech Developers Limited, a major player in the Indian real estate sector, specializes in affordable housing projects. In addition to residential developments, the company has expanded its portfolio to include logistics, industrial parks, and commercial real estate.
Shows clear intent to not just defend but dramatically grow share in multiple metro markets, leveraging brand and landowner partnerships—a critical driver in India’s consolidating real estate sector.
“We added five projects in this quarter across Mumbai, Pune as well as Bangalore with a combined GDV (Gross Development Value) of about Rs. 227 billion, which is more than 90% of the business development guidance for the full year. I am happy to share that out of this, we have added about Rs. 84 billion in Bangalore, which is more than what we had added in the full year last year in Bangalore. This shows that landowners are now starting to see in Bangalore what others have seen in Mumbai and Pune: the strength of the Lodha brand and the increasing desire to collaborate with Lodha for the development of their land holdings. This gives us confidence and strength that our growth phase in Bangalore will be well supported with land availability.”
— Abhishek Lodha, Managing Director & CEO
Contradicts negative sector sentiment arising from IT/jobs market noise—offers data-driven validation of ongoing demand, particularly in core segments like mid-income.
“I am sure that the recent news headlines from some of the lenders as well as some of the IT companies might raise concerns about the resilience and strength of the demand. I would like to mention that we have so far continued to see actually a strengthening of demand. We measure the health of our business through various metrics, but most particularly the non-launch weekly sales... Even now in the month of July… we continue to see weekly sales, around Rs. 275 crores, Rs. 280 crores per week, much higher than the same period last year and tells us that there is good, strong on-ground demand across different segments, and there is a continued strengthening in the mid-income demand...”
— Abhishek Lodha, Managing Director & CEO
Openly quantifies potential supply-side risk while asserting confidence in eventual resolution—a rare display of granular risk disclosure.
“As some of you may be aware, environmental clearances have not been considered in many parts of the country since August 2024 due to the NGT (National Green Tribunal) order... The matter is now expected to be decided by the Supreme Court in this quarter, and that will further enable us to scale up our supply and comfortably achieve our overall presales as well as operating cash flow guidance... In Mumbai, the total value which is affected potentially by these environmental constraints is at about Rs. 3,000 crores to Rs. 4,000 crores of launches for the year. So that’s the value which we expect will get unlocked for being open to launch in the second half of the year, but that’s the one which is currently impacted by these.”
— Abhishek Lodha, Managing Director & CEO
Demonstrates a proven playbook for brand premiumization in new cities; focus on experiential sales and design sets Lodha apart from volume-centric peers.
“Our differentiation lies in our product detailing, our design of the product, both inside the unit and outside, and our overall package of product as well as service, which together is what people see in our brand... We tend to focus on homes between Rs. 1 crores to Rs. 5 crores with a particular emphasis on homes between Rs. 1 crores to Rs. 3 crores”
— Abhishek Lodha, Managing Director & CEO
Shows discipline versus sector peers noted for high leverage; room for further expansion or resilience amid sector shocks.
“At the end of the quarter, our net debt stood at Rs. 50.8 billion, which is 0.24x net debt to equity, well below our ceiling of 0.5x. This is despite significant investments towards annuity initiatives and new project acquisitions. Our exit cost of debt for Q1FY26 came down by 40 basis points to 8.3%, among the lowest in the industry.”
— Abhishek Lodha, Managing Director & CEO
Defensive sales model manages inventory risk, avoids “boom-bust” of aggressive peers; allows for strategic price increases as market tightens.
“Our business model is not this heavy launch, let’s sell everything in one go model, which puts a lot of pressure on profitability. Our business model tends to be to sell about 40% of what we launch in the first 12 months... We like selling our product over time… and pricing ourselves for strong profitability. This has been an average of 45 days from launch, so we find that it's very much in line.”
— Abhishek Lodha, Managing Director & CEO
Prestige Estates Project | Mid Cap | Real Estate
Prestige Estates Projects Limited is a company focused on real estate development, offering services such as property development, construction, leasing of commercial properties, and partnership profit-sharing.
The NCR region's 59% contribution to sales is a massive strategic shift, demonstrating successful geographical diversification. Management's decision to maintain, not raise, its full-year guidance despite this blowout quarter could be viewed as conservative.
“In the first quarter, we achieved a record-breaking sales of Rs.12,126 crores, growing nearly 300% year-on-year, setting a new benchmark in our company's history. [The geographical sales mix this quarter marks a decisive milestone in our evolution as a truly pan-India player. For the first time, the NCR region contributed the largest share at 59%, followed by Bangalore at 21%, Mumbai at 12%, and Hyderabad at 5%.] We launched our four new residential projects during the quarter totaling 14.94 million square feet, including our maiden launch in NCR, The Prestige City Indirapuram. The response was phenomenal, with nearly 80% of the inventory sold at launch, setting the tone for our expansion in North India.”
— Zaid Noaman, Executive Director
Achieving lease rates of Rs.350-370/sqft (vs. a Rs.325 benchmark) for a project still years from completion indicates exceptionally strong demand for premium office space. The strategy to slow leasing aims to maximize future rental income.
“Our leasing rate is above Rs.350. By the time we complete it, I think it should go above Rs.400. But right now, what we've achieved is about Rs.350. Around Rs.370 is the rate that we have. The corporate rate will be almost double of this. […] So what I'm talking about is super built, not carpet.”
— Irfan Razack, Chairman & Managing Director
Provides a clear forecast that despite robust operating cash flows, significant investment in construction and new land will lead to an increase in net debt, a key input for financial models and balance sheet analysis.
“If you see our cash flow during the quarter, we have almost got a gross inflow of around Rs.5,000 crores. If you see the same run rate, the entire year we should be getting around Rs.18,000 to Rs.20,000 crores, of which we will be spending around Rs.8,000 crores on construction and around Rs.2,000 crores on your overheads, land owner payments and all that. So from the operating activity, we should have free cash flows of around Rs.7,500 to Rs.8,000 crores. Of which in the investing activity, we will be deploying close to Rs.3,200 crores on the capex for the full year guidance, and Rs.4,000 crores on our business development. [So on a full-year basis, I think our debt should increase by Rs.1,000 to Rs.2,000 crores if we don't do any further monetization plans.”
— V. V. B. S. Sarma, CFO
This provides near-term visibility on sales drivers for Q2 FY26. The potential Rs.8,500 crore GDV launch is substantial and critical for achieving the full-year sales guidance of Rs.25,000-27,000 crore.
GDV- Gross Development Value
“Now, launches for this quarter in Bangalore, we have the Prestige Glenbrook, it's a plotted development. We have Prestige Crystal Lawn, it's a plotted development. We have also Prestige Autumn Leaves, which is a plotted development. Along with this, we are also trying to see whether we can bring the Evergreen at the Prestige Shantiniketan Park, which is a fairly large development again in Whitefield. […] If you're able to get that through, even that will be the launch for this quarter. That is in Bangalore. [In Mumbai, we're trying to bring in the Prestige Highline Park which is Dahisar, where we bought the land, and that hopefully will happen in September. And then the other one which we already have RERA will be the third phase, Mayflower of the Prestige City Indirapuram. Even that will happen in September.”
— Irfan Razack, Chairman & Managing Director
The company added a massive Rs.20,000 crores of future GDV while spending only around Rs.250 crores upfront for these specific deals. This demonstrates a highly capital-efficient growth model, enabling rapid scaling without stressing the balance sheet.
JDA - Joint Development Agreement
“Some of them are actually JDA, so there's no major payment. Like Kellambakkam, Kodihalli, Thanisandra, these are JDA projects, so there's not major payments on these projects. What is owned land is actually Vellore and Polimeni. In Vellore, we have paid Rs.100 crores. In Polimeni, another Rs.70 crores is what we have paid. So total Rs.170 crores on this. And apart from that on other projects as well... [For the entire quarter, it was Rs.650 crores is what we have paid for the residential segment. Total business development, we have paid Rs.650 for the quarter. On these projects, close to Rs.200-250 crores is what we have paid.”
— V. V. B. S. Sarma, CFO
This sets a clear, long-term timeline for a potential value-unlocking event via a REIT for its commercial and retail portfolios. It helps manage investor expectations, positioning it as a medium-term catalyst rather than an immediate one.
“That is an after-thought. It is been saying this. There will be a REIT for retail as well as for commercial when we reach the critical mass, which is three to four years down the line.”
— Irfan Razack, Chairman & Managing Director
Building Materials
JK Cements | Mid Cap | Building Materials
JK Cement Limited, an affiliate of JK Organisation, produces grey cement, white cement, and waterproof products in Rajasthan, India. Their grey cement includes OPC and PPC in grades 53, 43, and 33-grade. Products are sold under brand names like J.K. Cement, Sarvashaktiman, J.K. Super, J.K. White, and Camel.
The company plans to accelerate its expansion cycle by overlapping projects, aiming to add capacity every year and achieve 50 million tons of capacity by 2030.
"Yes, you are right. The company is thinking, earlier we were actually taking projects after completion. So, there was a gap of maybe about 2 years. So, 18 months from when the project was getting completed, then we used to take up the next project. Now with our capacity reaching 30 million tons and the cash flow supporting the investment and with a view that we get to 50 million tons by 2030, I think we could be in a way adding up a project, announcing a project every year. So, this should mean that there will be two projects going on at a particular time. It's not that we will not be announcing two projects at one time, but in between when we have already started work, we will take up the next project, not wait till completion of the project."
— Ajay Kumar Saraogi, CFO
JK Cement is aggressively expanding in emerging markets (e.g., Bihar) with new grinding units, capitalizing on underlying market growth of 12-15 million tons in North and Central India. Market growth is expected to absorb upcoming capacity additions without significant pricing pressure.
“Yes, we have already started with the expansion in view. So, we expanded, first we put up 4 million, then we expanded it to 6 million and now adding another 6 million. We are already doing a good volume in Bihar; we have entered Bihar. And hopefully, end of this fiscal itself we should be doing about close to a million ton maybe in Bihar."
“One, the market is also growing. If you look at the total growth in the market, when you see North and Central being sort of a twin market, if you look at the overall growth in that market, there is an incremental requirement in that market of about 12 to 15 million tons. So, as the capacity gradually ramps up, we don't see... Yes, there could be some periodical impact, but otherwise, we don't foresee any major competitive intensity which may affect the profitability."
— Ajay Kumar Saraogi, CFO
Despite operational efficiencies, fuel cost pressure due to rising pet coke prices and increased freight led to higher quarter power & fuel costs; freight costs increased slightly due to expanded market servicing into Bihar.
“Power and fuel cost increase mean there are two reasons. One reason is because of the increase in the pet coke price with the average consumption rate has gone up. And second is like a balanced clinker production in this quarter. If you are comparing QOQ basis, last quarter it was low because we consumed some clinkers from the stocks. And this quarter the clinker production was balanced... Freight cost increased because our lead has gone up by 2 kilometers because of seeding the Bihar markets and all that and that has resulted in a part-time freight increase by around say Rs. 5-6 per ton."
— Ajay Kumar Saraogi, CFO
JK Cement’s inorganic growth strategy hinges on leveraging acquired assets like Saifco for immediate upgrades and exploring limestone mining tie-ups to unlock longer-term capacity expansion in Odisha via Toshali.
"Saifco is now a subsidiary; we are working on upgrading the kiln from about 600-650 tons per day to 850-900 TPD, with good limestone reserves and potential for expansion up to 2 to 2.5 million tons. Toshali plans depend on securing long-term limestone tie-ups with the government of Odisha or auction opportunities. If secured, potential could be 2.5 to 3 million tons capacity."
— Ajay Kumar Saraogi, CFO
Dalmia Bharat | Mid Cap | Building Materials
Dalmia Bharat Limited is a prominent cement company in India known for its innovation, excellence, and sustainability. With a focus on low cost and eco-friendly practices, it contributes to national development through quality products and advanced sustainability initiatives.
This shows that Dalmia is pursuing growth with financial discipline, balancing stakes in existing markets and targeted greenfield expansions. The linkage of Jaisalmer commitment with JPA acquisition illustrates risk-managed capital deployment.
"Our growth strategy focuses on expanding into totally new and untapped regions or increasing capacity in existing areas where we are already operating at high utilization or cater to white spaces." "Before committing to the Jaisalmer project in the North, we would like to wait for the outcome of our bid for acquisition of Jaiprakash Associates... These projects are within our defined capital allocation framework.
— Puneet Yadu Dalmia, MD
Dalmia’s deliberate move from volume chasing to value-driven sales is a strategic pivot designed to improve long-term profitability and brand strength.
"There are markets where we want to prioritize margins, and markets where we want to prioritize market share... We don't want to do sales at low margins, even if it means holding back volume growth in the short term."
"Our realization improvement has outpaced industry price increases, reflecting improving sales quality."
— Puneet Yadu Dalmia, MD
Indicates disciplined financial management balancing aggressive growth with leverage prudence, which reduces risk and limits cost of capital. Transparent limits on leverage also build investor confidence.
"FY26 capex expected at INR4,000 crores, primarily funded by a mix of internal accruals and debt." We remain confident of staying below 2x net debt-to-EBITDA threshold; net debt likely to rise to INR5,000 crores with ongoing projects." Kadapa project includes clinker, grinding units, and a bulk terminal for Northern Tamil Nadu."
— Puneet Yadu Dalmia, MD
These ongoing disputes present material legal and financial risk, particularly the retrospective revocation of incentives which could impact cash flows and earnings if unresolved unfavorably.
"We have a strong legal case to challenge the constitutional validity of the Revocation Act and will vigorously defend ourselves."
"An interim stay has been granted on income tax reassessment from FY2010-11. We believe the department’s case is unsustainable."
— Puneet Yadu Dalmia, MD
Cost leadership is critical in this commoditized industry for margin resilience, especially when pricing could be volatile.
"It is a 3-year journey to reduce cost per ton by Rs 150–200; some savings will become visible by H2 FY26."
"Renewable energy commissioning and logistics efficiency are main cost levers."
— Puneet Yadu Dalmia, MD
Aviation
Interglobe Aviation | Large Cap | Aviation
Interglobe Aviation Limited, known as IndiGo, is India’s largest low-cost carrier focusing on domestic air travel in India. Emphasizing on low fares, punctuality, and a customer-centric experience, IndiGo has established a reputation for its on-time performance.
IndiGo is accelerating its transition into true long-haul international operations, both through new orders (irrevocable commitment to Airbus widebodies) and immediate access via damp leases from Norse. The move is a definitive strategic pivot, expanding beyond its traditional short and medium-haul model.
"...we signed an MoU with Airbus to convert 30 purchase rights into firm order. These widebodies will give us the reach, flexibility, and scale to tap into unserved global routes and position us as the preferred airline for long-haul journeys. As the deliveries of our initially ordered widebodies will start from 2027 onwards and deliveries of these additional 30 aircraft are expected to start from 2032 onwards, to ensure that we do not lose on the opportunity, we signed an agreement with Norse Atlantic for 6 widebodies on damp lease. We have already inducted one widebody aircraft which is currently flying from Mumbai to Amsterdam and Manchester... We will be inducting the remaining 5 aircraft during this financial year... We will also be launching London & Copenhagen in the coming months."
— Pieter Elbers, CEO
IndiGo is not only outgrowing the market at double the rate of the industry, but is displaying confidence in its ability to maintain cost leadership against new and established rivals in expanded markets.
"...indeed we have grown significantly on the international front. ... We have competition both from the Indian operators as well as from the local operators in that part. ... our proposition and our cost leadership are equipping us very well to deal with that regional competition... The market has grown 5% to 6%, and that's a combination of domestic and international, and IndiGo has grown 12%... That competition is there. We welcome competition. It's good it's there. ... When it comes to the new flights to Amsterdam and Manchester... it’s a great opportunity for Indian travellers to fly nonstop... We have seen a very positive response... We actually went out live just after less than a month of being open for sale and we have seen both bookings from the European as well as from the Indian side."
— Pieter Elbers, CEO
IndiGo is betting on sustained outbound demand from the diaspora and new Indian travelers, driving its global expansion and service upgrades, with early traction seen in loyalty program growth.
“Given the huge Indian diaspora, the emergence of [the] Indian aspirational traveller who likes to go abroad... we are planning to add many more new international destinations – from all directions in India. ... our loyalty programme has received a very positive response with around 3.8 million members already enrolled... we have launched Co-Branded credit card in partnership with Kotak Mahindra Bank.”
— Pieter Elbers, CEO
Despite prior industrywide A321XLR delays, IndiGo is publicly reiterating on-time delivery, signaling supply chain resilience or privileged access.
The A321XLR is a version of the Airbus A321neo aircraft, and the "XLR" stands for "Extra Long Range."
“We still expect our XLR to come in this year. ... this one now is very consistent. ... thereafter, we continue to build our network in the calendar year following, ... we are not yet given any capacity guidance for FY27, and neither are we going to do today... over the years ... we have the ability to find alternative aircraft if needed."
— Pieter Elbers, CEO
Massive cost efficiency achieved via improved fuel environment and strategic shift away from expensive damp leases. Non-fuel cost inflation is contained but persistent due to contractual items
"On the cost side, the fuel CASK [Cost per Available Seat Kilometer] reduced by 21.9 percent on a year over year basis driven by a reduction in average fuel prices, contract negotiation and redeliveries of older generation aircraft, which were inducted as part of mitigation measures for the AOG (Aircraft on Ground) situation... On a year-over-year basis, the CASK ex fuel ex forex has increased by 1.8 percent primarily due to annual contractual increases across line items partially offset by reduction in the number of damp leases. ... CASK ex fuel ex forex for this financial year is expected to remain at similar levels as for the financial year 2025."
— Pieter Elbers, CEO
Management is allocating resources toward adjacent innovation and technology plays, signaling both confidence in core business cash generation and a desire to diversify for optionality and strategic edge.
“...we launched our venture capital arm, IndiGo Ventures, in August 2024 primarily to invest in early-stage startups driving innovation in aviation and allied sectors. ... first close of fund at INR 450 crores... debut investment in Jeh Aerospace, ... one of the fastest growing aerospace startups, based in Hyderabad, focused on high-precision aerospace and defense manufacturing."
— Pieter Elbers, CEO
Auto
Bajaj Auto | Large Cap | Auto
Bajaj Auto Limited is a prominent Indian company known for being the largest motorcycle exporter in the country, with a significant global presence.
Reaching near double-digit EBITDA for the entire EV business is a major milestone, challenging the view that EVs are a long-term drag on profitability.This is a significant positive surprise. It suggests the company is navigating the EV transition more profitably than peers, which could lead to a re-rating.
“We've continued to invest in top-class activation as a key route to build both KTM and Triumph brands through curated experiences. Finally, a couple of quick updates. Foremost, our 100% subsidiary BACL (Bajaj Auto Credit Limited) had an excellent quarter with penetration scaling to 40% plus levels. [Our EV portfolio profitability has improved significantly from the red ocean we were once in, not too long ago, to now getting to an EBITDA margin for the entire portfolio very close to double digits. So between electric two-wheelers and electric three-wheelers, the electric portfolio is now very close to a double-digit EBITDA margin.] Thanks to the work done on R&D;, localization, and procurement, this is now landing well and yielding benefits. Of course, the profitable electric three-wheelers make up for Chetak, but the unit economics of Chetak per se have improved over time. We now have some of the models already clocking in EBITDA positive. The drag at the enterprise margin level, therefore, has reduced, allowing us to expand now more sustainably.”
— Dinesh Thapar, CFO
Quantifies a severe, ongoing 50% production shortfall in the Chetak electric scooter, directly impacting near-term volume, revenue, and market share goals in a key growth segment.
“However, as you all know, we are facing supply chain headwinds due to the HRE magnet issue. Non-availabilities had begun to compromise production in June itself, resulting in some shortfalls in deliveries to dealers in June. [July has seen a 50% shortfall. While we expect production in August to be better than July, we may still see a shortfall of similar levels of 50% in this quarter in Chetak and about 25% to 30% or so in e-autos.] Multiple options, both short-term and long-term, are being pursued at the same time, ranging from simply working with the authorities to reopen the flows of HRE magnets, as well as developing alternate sources and alternatives to HRE-based components. The situation is evolving every day and, as can be imagined, this is an area of very high focus for resolution.”
— Dinesh Thapar, CFO
Provides a concrete production capacity target for the high-potential Brazil market, signaling a key pillar of future export volume growth is being established this year.
“The new Pulsar portfolio, the Pulsar 400 NS, the new 150s, and the new 125s, were all launched in key markets around the world in Q1 to a very good reception, and they hold the promise of accelerating growth for us in their segments. [Sales in Bajaj Brazil again touched 7,000 units in this quarter. With production capacity set to get expanded in Q2, higher sales will get unlocked. We are on track to expand capacity to 50,000 units per annum this year.] The global tariff issue has not had any significant direct impact on us as exports to the U.S., which would be vulnerable to higher tariffs, are mainly the KTM and Triumph brands and constitute less than 1% of our total revenue.”
— Dinesh Thapar, CFO
The resumption of KTM exports, which represented a significant 5-6% of the export business before halting, provides a material and quantifiable tailwind for volumes and revenue.
“Business operations, including production, have commenced at KTM Austria. This has also unlocked the export of KTM motorcycles from India to KTM's overseas markets. [These used to constitute about 5% to 6% of our total exports and had now dropped to nil. Given this performance of the emerging markets, our strengthening competitive position, and the return of KTM exports, overall, we expect exports to continue to maintain the growth tempo in the coming quarters at similar levels as has been achieved this quarter and previously.”
— Dinesh Thapar, CFO
A crucial milestone confirming that electric three-wheeler profitability has already overtaken its ICE counterpart, validating the economic viability of the company's EV strategy.
“This was powered by the highly successful introduction of the 7012 variant, a wide-body three-wheeler with best-in-class range, specifically tailored for the large ticketing segment in semi-urban and rural areas. [This has lifted both the ASPs and profitability of the EV segment beyond the ICE segment in three-wheelers. The mobility needs of Middle India are expanding furiously, and we expect the category to grow and for us to outpace the industry.] We have maintained a 100,000-plus unit run rate for eight consecutive quarters in our three-wheeler business, anchored by our undisputed leadership in ICE and the steady scale-up of our electric portfolio. We will further advance this position on the e-rickshaw front.”
— Dinesh Thapar, CFO
Provides forward-looking guidance for Q2, indicating that a favorable currency trend is expected to be a tailwind, helping offset commodity inflation and supporting margins.
“AUM now stands at 12,000 crores as of June end. Looking ahead to the next quarter, we are beginning to see some cost pressures across commodities, notably in aluminum, platinum, copper, and rubber. That said, our ongoing cost reduction program will continue to deliver benefits, and we've taken some pricing actions that are broadly expected to offset the inflation. [The currency has been very volatile of late but is expected to be a tailwind for the quarter, given the levels at which it's currently trending. And where operating leverage will finally settle for the quarter will be a function of how much supply we're able to pull through on the electric front.] You've just heard our most recent estimate looks like we will be able to deliver anywhere between 50% to 60% of our plans on electric two-wheelers.”
— Dinesh Thapar, CFO
Highlights a significant industry-wide regulatory risk that could dampen demand due to higher costs and create supply chain bottlenecks for up to two years.
“On your second question on the ABS... [Putting the ABS on the 100cc and below segment is certainly going to put huge requirements on the supply chain. The estimation of the industry, as a collective I'm talking about, is that it could take anything between 12 to 24 months to just get the supply chain right if every single two-wheeler has to be equipped with ABS.] Second, we feel that the cost implications of this are high... It will definitely have a dampening effect on demand... The good thing is that the government is in discussion and dialogue with us on this, and has asked us for more.”
— Dinesh Thapar, CFO
Telecom
Bharati Airtel | Large Cap | Telecom
Bharti Airtel Limited, a global telecommunication company based in New Delhi, is a leading provider of ICT services with a vast network spanning multiple regions.
Signals a major strategic pivot to a high-margin, low-capex global SaaS business by licensing its internally developed digital platforms to other telcos. Won initial deals with Singtel and Globe.
SaaS - Software as a Service.
“The second point about software is that, that is an even bigger ocean because you've got so many telcos around the world. And then, of course, there are other sectors, but to start with, even in telcos, there is a huge opportunity. And this is, as you know, a product that we've built for ourselves. It's got a roadmap that is ongoing for the next several years that will keep getting better and better. For example, I mentioned that we're going to put AI at the heart of it. That is going to come in the releases in coming quarters. And therefore, when you take this to market, which typically you have multimillion-dollar deals over five years—this is a typical software business, so it's just like a SaaS business where you're licensing software—the margins are very, very good and there's barely any capex. It's largely some managed services that you need to deploy to integrate the software.] So, we are very excited that we are playing in a very large market. This is now up to how we look at our own capabilities, which is where the gap is, in terms of go-to-market and so on, in order to strengthen our whole business. And that's really where our focus is.”
— Gopal Vittal, CEO
Provides a clear, multi-year roadmap for value unlocking across data centers, financial services, and minority stakes, with a potential listing for the high-multiple data center business.
“…Pocket number one is the infrastructure domain. Pocket number two is really financial services, whether it is Airtel Money, as you mentioned, or Airtel Payments Bank, as Gopal was mentioning. And pocket number three is our standalone but minority stakes, whether it is Axiata in Bangladesh or Axiata's Dialog operations in Sri Lanka. So in the infra space, data centers, you commented right, there is a minority shareholder. We're not mandated to necessarily list, but that's the natural path to take forward. Our belief is that while the business has probably more than doubled in the last three years, it's really still early. It can scale up faster. Data center globally, you know better than us, commands over 20 times EBITDA multiples. It has significant value, capability, and expertise is well in place. So we can continue to grow two, three X growth on the top line and the EBITDAs in the next two, three years and have possibly a listing of the data center entity over the coming years. No hurry, no mandate, no anxiety, very strong value, growing well, expertise in place..”
— Harjeet Kohli, Group Director
Confirms the structural trend of declining radio capex post-5G rollout peak, but flags that overall capex will be supported by ongoing investment in fiber and core infrastructure.
“Well, I think, firstly, this quarter's capex has been low, but the way that I would urge you to look at it, Manish, is look at it over Q4 and Q1. You know, you have sort of ups and downs in a particular quarter, so you average that out. That's the sort of run rate that we are currently operating at. You're right in the assumption that radio capex generally is trending down. But at the same time, when you look at transport capex, the investments that are going in on fiber, on our core networks, they continue because that is linked to our quest to connect more and more sites to fiber, upgrading our transport infrastructure, as also running our core networks based on the capacities and the bandwidths that get consumed.
— Gopal Vittal, CEO
Provides a granular breakdown of the five key drivers of the Enterprise business, detailing the different growth rates, margin profiles, and competitive dynamics for each sub-segment.
“If you look at the drivers of growth, we think of the business as having five sorts of broad segments. One is connectivity, which has historically been our bread and butter. Margins here are very good, in fact, better than what we report as the overall margin for the business, because this is what we manufacture ourselves. The underlying market growth here has now slowed down to maybe 4% to 5%. The second segment that we look at is IoT. Here, we have a market share of almost 60% and we are clearly winning this segment. This is a very fast-growing segment. The third area is really the wholesale business, which is what I would call largely messaging, both domestic, international, and incoming voice. Here, the margins are under pressure and the margins are low. It's a trading business. The fourth area is security. This is largely through partnerships, and requires very little capex. Margins are lower because capex is not required here. Then you come to cloud. In the cloud, where we are actually... Here the margins are very good, but it requires capex.”
— Gopal Vittal, CEO
The reported loss of 200k DTH subscribers was a deliberate strategic choice to end unprofitable hardware subsidies, a move the competition has since replicated, improving industry profitability.
“DTH net adds were impacted by structural changes that we initiated to eliminate subsidies on the set-top box. We believe this move will pay off well with very strong cash generation. Our competition has also followed us and reduced the box subsidies. Our IPTV is seeing strong acceptance from customers as it delivers a better experience and convenience combined with a very, very solid and expensive, and extensive content slate.] In the Airtel business segment, we reported revenues of about Rs.5,060 crores. Discontinuation of the commoditized low-margin business is now fully reflected on the base, and what you'll see going forward is really underlying growth.”
— Gopal Vittal, CEO
Postpaid, representing only 7% of the subscriber base, contributed a disproportionate 57% of new customer additions, highlighting strong momentum and successful premiumization in the high-value segment.
“ In mobile, we added 1.2 million customers to our overall base and 3.9 million smartphone data customers. Postpaid net adds remained steady at 0.7 million, accounting for 57% of total net additions. [KEY REMARK] You will recall that the base of postpaid is only 7% of our customer base. ARPU at Rs.250 had the benefit of one day extra in the quarter and continued underlying mix improvement.] We further strengthened our entertainment experience for our prepaid customers by launching an industry-first all-in-one OTT entertainment pack with access to over 25 OTT platforms.”
— Gopal Vittal, CEO
Engineering & Capital Goods
Bharat Forge | Mid Cap | Engineering & Capital Goods
Bharat Forge Limited is a global leader in metal forming, catering to sectors like Automotive, Railways, Aerospace, and more.
Clear near-term guidance indicating a weak Q2 due to US export slowdown, but an expected recovery in H2. This sets a timeline for the bottoming of the current cycle.
RFQ- Request for Quotation
“The good RFQ pipeline in the defense business, we expect to see some more orders getting finalized additionally in this fiscal. Q2 looks a little weaker, driven by US exports, and hopefully marks a low for this cycle. The second half should be better than the first half. Talking about the rest of the year, we expect that aerospace should continue its 20%+ growth annually YoY. This business has limited exposure to the US market.”
— Amit Kalyani, Vice Chairman & Joint Managing Director
Clarifies that tariff costs are ultimately passed through in pricing, mitigating a direct margin hit. It underscores Bharat Forge's critical supplier status, enabling collaborative solutions with customers.
“[Analyst: Who bears the tariffs? Is it distributed across the entire chain?] So, right now, you know, irrespective of who pays the tariff, whether it's a customer paying, you know, whether we pay the tariff or the customer pays the tariff, at the end of the day, it is compensated in price. And usually what happens is, you know, customers work with us to find such solutions because obviously these are extraordinary circumstances. And given the fact that we provide critical products, all customers are working with us to find suitable solutions, because, you know, that is the need of the hour right now.”
— Subodh Mitbander, Head of Group Finance
The defense order book is set to grow significantly to ~Rs.10,400 crores upon finalization of a new domestic contract, providing strong revenue visibility for the segment.
“As you know, we have announced that we had a pipeline of Rs.9,000 crores. After which, we have won one more tender which has to get converted into a signed order. Once that happens, that will add another Rs.1,400-odd crores to our order book. [Analyst: And that's domestic?] That's a combination. This last order that I'm talking about is domestic.”
— Amit Kalyani, Vice Chairman & Joint Managing Director
Provides a specific, material revenue contribution figure from the AAM acquisition for the current fiscal year and confirms the consolidation timeline from Q2.
“American Axle should add about Rs.1,000 crores to the consolidated topline for the year. We will see it consolidate from Q2 FY26. Our steel Europe, as I mentioned, in six months we will have a roadmap in place which will outline the entire process that we will undertake for this.”
— Amit Kalyani, Vice Chairman & Joint Managing Director
This is a clear long-term strategic statement. Management sees India not just as an export hub but as an increasingly attractive end-market, driving a re-focus of operations and investment.
“In India, our wide portfolio across steel forging, ferrous and aluminum casting is helping us increase our content per customer across sectors and geographies. In the medium to longer term, you will see the center of gravity shift back to our India operations as manufacturing in India becomes larger and more lucrative. And we are already seeing opportunities emerge for machine tools for supply to emerging sectors in the domestic market as well.”
— Amit Kalyani, Vice Chairman & Joint Managing Director
Outlines the strategy and significant market potential for its new server manufacturing JV. This diversification into high-tech electronics is a key part of its long-term growth story.
“So, you know, there are three sectors of servers that we are targeting in India. There is one sector where servers have to be made in India. There is a second sector where you have AI-based servers and the third is just data servers. So we're targeting all three. And, you know, I believe that there is a large market for servers, something in the order of 20,000 a year going up to 75,000 a year. And these are large servers, these are not the small servers. So, this is a big market and, you know, we want to see how we can be a competitive player in this market and a local player.”
— Amit Kalyani, Vice Chairman & Joint Managing Director
Healthcare
Mankind Pharma | Large Cap | Health Care
Mankind Pharma Limited is a company involved in the development, manufacturing, and marketing of pharmaceutical formulations across various therapeutic areas, along with consumer healthcare products in India.
BSV’s lack of immediate contribution is acknowledged, but management anticipates a pickup over coming quarters due to seasonality and integration efforts.
BSV- Biologics and Speciality Value
“Your observation is right. So, it is a flattish kind of growth on an overall basis. But because we have taken some corrective actions, and if you see BSV's past trends of the last 2-3 years, it is more skewed towards the second half. But at the same time, every quarter, you will start seeing improvements. So, Q2 will be better than Q1, Q3 will be better than Q2 is our expectation. And the performance which is delivered is as per our budget expectations. ... there is some growth, especially in the international business and also in the specialty. So, these two things ... if you look at, it is high single-digit growth, even in this quarter.”
— Prakash Agarwal, President
Clear and accelerated debt reduction plan signals prudent financial management post-acquisition, with tangible progress and future reduction in interest outgo.
“Okay, for the acquisition-related debt repayment, we have scheduled Rs. 2,000 crores to be paid in FY'26, out of which Rs. 500 crores has been paid in Q1 and the balance Rs. 1,500 crores, we are targeting to pay in October 2025. And the total interest cost towards this acquisition debt for this year would be in the range of Rs. 450 crores- Rs. 475 crores.”
— Ashutosh Dhawan, CFO
Demonstrates proactive capital deployment in deepening capabilities in a high-barrier market (biologics, specifically infertility)
Capex for the Biosimilar plant
“The Capex for Phase 1, we are looking at around Rs.150 - Rs.200 crores and it is expected to close and completed by end of next calendar year.”
“This biologic facility would be divided into two phases. The first phase would be for drug substance and the second phase would be for drug products.”
— Prakash Agarwal, President
The company doesn’t see new GLP-1 (glucagon-like peptide-1) entrants wiping out their existing brands, citing historical resilience of older therapies—implying lower downside risk to core franchise.
“...anti-diabetic portfolio, currently growth clearly is very strong ahead of IPM, but post-GLP-1 genericization, how do you see the impact on that base business?”
“...though anti-diabetic, as you said, Mankind has been doing quite well and even with our older brands, we are in a very good space. Our matured brands also are doing well, better than the market. ...coming to the newer therapies, once these newer therapies comes to the market, you have seen traditionally also that the old molecules doesn't go away. ... So we are present in all the segments of anti-diabetes. So, even if suppose something comes up, we will be strong in those segments as well as we will be maintaining our position in the older segments.”
— Rajeev Juneja, Chairman & Managing Director
International
Tesla | International
Designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally.
Musk is publicly committing Tesla to achieving robotaxi coverage for 50% of the US population within 5-6 months - an extraordinarily aggressive timeline that suggests internal confidence about both technical capability and regulatory approval speed.
"I think we'll technically be able to do it. So assuming we get regulatory approvals, it's probably addressing half the population of the US by the end of the year... But it the service areas and the number of vehicles in operation will increase at a hyper exponential rate."
— Elon Musk, CEO
This is remarkably candid guidance suggesting 6-9 months of potential financial pressure, followed by a dramatic inflection point.
“Well, we're in this weird transition period where we will lose a lot of incentives in the US... but we're still at the relatively early stages of autonomy... Does that mean like we could have a few rough quarters? Yeah, we probably could have a few rough quarters. Um, I'm not saying we will, but we could. Um, Q4, Q1, maybe Q2, but once you get to autonomy at scale in the second half of next year, certainly by the end of next year, I think I would be surprised if Tesla's economics are not very compelling."
— Elon Musk, CEO
Musk is positioning Tesla's core AI advantage not as raw computational power, but as efficiency - getting maximum intelligence per unit of hardware, which is critical for mobile applications.
"I have a lot of insight into this with with XAI. XAI is, you know, Grock is the smartest AI overall, but it's a, you know, Grock 4 is a giant beast. Um, you know, sort of at the terabyte level... Tesla has the best intelligence density and intelligence density will be a very big deal in the future."
— Elon Musk, CEO
This reveals deep anxiety about maintaining control as Tesla develops increasingly powerful AI and robotics technologies. The phrase "army of humanoid robots" suggests Musk views these as potentially dangerous technologies requiring careful stewardship.
“Yeah, that is a a major concern for me as I've mentioned in the past and I hope that is addressed at the upcoming shareholders meeting. Um but uh yeah, it is a big deal like you know I want to find that I've got like so little control that I can easily be ousted by activist shareholders after having built you know this army of humanoid robots."
"I think my control over Tesla should be enough to ensure that it goes in a good direction, but not so much control that I can't be thrown out if I go crazy."
— Elon Musk, CEO
This confirms Tesla is actively planning a complete business model transformation, with Musk personally drafting the strategic roadmap.
“Really what's going to happen over the next uh several years is a fundamental transformation of the company from a pre-autonomy world to a post-autonomy world. And uh I'm working on a new master plan to articulate that... there are some teething pains as you as you transition from a pre-autonomy to a post-autonomy world but I think the future vision for Tesla is incredibly exciting uh and will profoundly change the world in a good way."
Apple | International
Designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide
Apple is providing unprecedented specificity about tariff impact—$800M in Q3 rising to $1.1B in Q4—while simultaneously warning investors not to extrapolate.
“For the June quarter, we incurred approximately $800 million of tariff related costs. For the September quarter, assuming the current global tariff rates, policies, and applications do not change for the balance of the quarter and no new tariffs are added, we estimate the impact to add about $ 1.1 billion to our costs."
"This estimate should not be used to make projections for future quarters as there are many factors that could change, including tariff rates.”
— Tim Cook, CEO
"Substantial" capex growth driven primarily by AI suggests Apple is making generational infrastructure investments that could fundamentally alter its cost structure and competitive positioning in AI-driven markets.
"I would say a pretty significant driver as Tim talked about is the fact we are increasing our investment significantly in AI. So that is certainly a component of it... I would say a significant portion of the driver of growth that you're seeing now is really driven by some of our AI related investments."
"You are going to continue to see our capex grow. It's not going to be exponential growth, but it is going to grow, you know, substantially. And you know, a lot of that's a function of the investments we're making in AI."
— Kevan Parekh
Apple is benefiting from Chinese government subsidies for consumer electronics—an unusual reversal given typical China-US tensions. Having the top 3 iPhone models AND leading Mac positions suggests Apple maintains premium market dominance despite local competition.
“We did grow in greater China by 4% during the quarter versus the previous quarter. It was driven by an acceleration by iPhone... the government has placed certain subsidies that affect some of our products not all of them but there are some of them and I think that had some effect. it was the first full quarter of the subsidy playing out."
“According to world panel which was formerly known as Kantar, iPhone had the top three models in urban China which is extraordinary... also the MacBook Air was the top selling laptop model in all of China and the Mac Mini was the top selling desktop model in all of China."
— Tim Cook, CEO
These specific commitments suggest Apple's AI strategy is further along than markets realize, but also create concrete deliverables against which management will be measured, increasing execution pressure
"We're making good progress on a more personalized Siri and we do expect to release the features next year."
"We are significantly growing our investment. We did during the June quarter, we will again in the September quarter."
"We've acquired around seven companies this year... we're doing one, think of it as one every several weeks. We're very open to M&A that accelerates our roadmap."
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Quotes in this newsletter were curated by Apeksh & Kashish.
Disclaimer: We’ve used AI tools in filtering and cleaning up these quotes so there maybe some mistakes. Now, if you are thinking why we are using AI, please remember that we are just a small team of 5 people running everything you see on Zerodha Markets 😬 So, all the good stuff is human and mistakes are AI.
Introducing “What the hell is happening?”
We've been thinking a lot about how to make sense of a world that feels increasingly unhinged - where everything seems to be happening at once and our usual frameworks for understanding reality feel completely inadequate. This week, we dove deep into three massive shifts reshaping our world, using what historian Adam Tooze calls "polycrisis" thinking to connect the dots.
Frames for a Fractured Reality - We're struggling to understand the present not from ignorance, but from poverty of frames - the mental shortcuts we use to make sense of chaos. Historian Adam Tooze's "polycrisis" concept captures our moment of multiple interlocking crises better than traditional analytical frameworks.
The Hidden Financial System - A $113 trillion FX swap market operates off-balance-sheet, creating systemic risks regulators barely understand. Currency hedging by global insurers has fundamentally changed how financial crises spread worldwide.
AI and Human Identity - We're facing humanity's most profound identity crisis as AI matches our cognitive abilities. Using "disruption by default" as a frame, we assume AI reshapes everything rather than living in denial about job displacement that's already happening.
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Great work guys. I have a request - Can you provide a condensed form of this in video/audio format as you do with daily brief?
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