Bharti Airtel: Initiation of Coverage
India's best telecom franchise, close to a fair price. Valued part by part, initiated 8 Oct 2026
- HOLD · Rs 1,946
- 12-month target, 6.2% above the 7 Oct 2026 price
Anklesh Rawat
Investment research, strategy and financial analysis. MBA, IIM Bodh Gaya.
Equity research, commercial strategy cases, market and credit dashboards, and two working papers on SSRN. Every chart on the site names its source.
Selected work
The six to open first: an equity initiation on Bharti Airtel, two commercial strategy cases, an audit of India's data centre buildout, a causal test of El Niño commodity trades, and a quant study whose strategy failed out of sample.
India's Wide-Body Window
Where should Indian carriers deploy their next 100 long-haul aircraft, and can the India-Gulf corridor absorb them?
- 78.0M
- India international sector passengers, 2025
Dashboard
India FS Pulse
Who captures the value in India's UPI, when the busiest half of the network is priced at zero?
- 63.9% / 23.0%
- merchant share of UPI transactions against value
Dashboard
Ground Truth
India announces data centres in gigawatts and delivers them in megawatts. How much of the announced capacity is actually switched on?
- 10.6 GW / 619 MW
- announced against live capacity, 8 operators
ENSO Macro Risk Desk
When the ENSO cycle shifts, which commodity exposures are causally real, and which are spurious?
- 6
- headline links causal-tested
Dashboard
Signals Before Storms
A regime-switching (HMM) overlay tested out of sample: the model worked, the strategy did not.
- 1,814
- out-of-sample days graded
Dashboard
Everything else
16 more pieces, grouped by type. Each row opens its own page.
Dashboards
4 items
| Cover | Work | Open | |
|---|---|---|---|
 | Sellside Research EngineAn equity research dashboard: DCF valuation through NLP scoring of earnings calls, on one screen.5 | 5factor pillars in composite | Live |
 | Capital Markets Intelligence PlatformIPO event studies, sovereign risk scoring, M&A screening and yield-curve decomposition, all on open data.$483.5B | $483.5BM&A pipeline screened | Live |
 | Dynamic Debt Covenant Surveillance EngineTranslating credit agreements into programmatic surveillance models for private credit.$263B | $263Bdebt monitored | Live |
 | India Sustainable Finance: Transition DashboardGreen bonds, SEBI/RBI frameworks, and transition finance for India's hard-to-abate sectors.₹65,100Cr | ₹65,100Crgreen bond issuance mapped | Live |
Reports and decks
10 items
| Cover | Work | Open | |
|---|---|---|---|
 | IndusInd Protect: Bancassurance Product Case StudyTurning insurance inside a bank's app from a one-time transaction into an ongoing protection service.5 | 5competitors benchmarked | |
 | NephroPlus: Initiation of CoverageIndia's largest dialysis chain: a growth stock's multiple on prices the government setsHOLD · Rs 605 | HOLD · Rs 60512-month target, 6.8% below the 1 Oct 2026 close | |
 | India Markets Monthly: Bonds Have Stopped Hedging EquitiesOctober 2026 sample desk note on rates, FX, flows and external funding0.07 to 0.45 | 0.07 to 0.45Nifty and G-sec return correlation, 2025 to 2026 | |
 | Maha Navonmesh: Wiring Maharashtra's Innovation MoneyOne pipeline to test, buy and scale deep tech by 2035, on money already earmarked234x | 234xthe ₹2,920 Cr earmark against the ₹12.5 Cr reaching startups as pilot orders | |
 | Cipla: A Point of Care Diagnostics BusinessTurning prescriber reach into test and treat, on ₹954 Cr of capital, 10% of net cash₹615 Cr | ₹615 CrFY32 revenue, base case, on labelled assumptions | |
 | India's Critical Minerals & Green Steel TransitionA strategic roadmap for securing the energy-transition value chain300 MT | 300 MT2030 steel capacity target | |
 | Bridging India's MSME Credit GapAccount Aggregator rails, the analytical last mile, and a DPI-native RegTech execution layer₹20–25L Cr | ₹20–25L CrMSME credit gap | |
 | The ESG AdvantageForging resilience and value at RPG Life Sciences+707% | +707%share performance against peers | |
 | River-as-a-Service: Intelligence & EnforcementFrom service vendor to strategic river manager, on a software-driven ecosystem15% | 15%targeted Water Quality Index gain | |
 | EUR/USD: Reading the MajorsCurrency movements, trading patterns, and signals in the euro/dollar pair | Independent research · 106 pp |
Working papers
2 items
| Cover | Work | Open | |
|---|---|---|---|
| Regulating the Retail Options BoomEvidence from India's 2024–25 equity index derivatives reforms37–43% | 37–43%index-options notional below counterfactual | SSRN | |
| Awareness Without UptakeAdministrative burden and delivery architecture across four co-located social protection schemes in rural India0.42 | 0.42AB-PM-JAY conversion, against 0.79 to 0.98 in-village | SSRN |
Filter by subject, search across titles and stacks, or see all 22 side by side in the full index.
About
I work in investment research, strategy and financial analysis, and hold an MBA from IIM Bodh Gaya. The work here spans equities, credit, macro, private equity and sustainable finance.
Where the analysis allows it, I publish it as a dashboard rather than a deck: a covenant monitor that reads SEC filings, a research terminal with reverse-DCF pricing, an ENSO commodity desk with causal tests, and an open-data trace of who earns the value in India's UPI network.
The written work includes a sample India markets note, initiations of coverage on NephroPlus and on Bharti Airtel, which sets out in advance the event that would change its rating, and two SSRN working papers: one estimates what SEBI's 2024–25 index derivatives curbs did to retail participation, the other asks why rural households who know about a benefit still do not receive it.
Two pieces report results against their own starting hypothesis. In the regime-switching study the model worked and the strategy did not. The aviation case reversed its recommendation partway through and records why.
Strategy & Consulting
- Market Sizing & TAM
- Industry & Competitive Analysis
- Financial Modeling
- Product Strategy & Roadmapping
- User Research & Personas
Investment & Valuation
- DCF & Reverse DCF
- Sum-of-the-Parts & Scenario Valuation
- LBO Modeling
- Credit & Covenant Analysis
- Comparable Analysis
- Risk Metrics (VaR / Sharpe)
Quantitative & Technical
- Python
- Causal Inference (DiD / Event Study)
- Causal Inference (Granger / CCM)
- NLP for Finance
- SEC EDGAR / Data Pipelines
- Policy & RegTech Analysis
Contact
Open to roles in investment research, strategy, financial analysis and policy research.