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
Research
2 working papers on SSRN, two equity initiations, and strategy, policy and market reports. Every item has a summary page and an open PDF.
Looking for the dashboards as well? The full work index has everything.
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12 items
Selected work
1 item
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.
Reports and decks
9 items
Equity research, markets, strategy and policy reports. Each opens as a PDF.
NephroPlus: Initiation of Coverage
India's largest dialysis chain: a growth stock's multiple on prices the government sets
- HOLD · Rs 605
- 12-month target, 6.8% below the 1 Oct 2026 close
India Markets Monthly: Bonds Have Stopped Hedging Equities
October 2026 sample desk note on rates, FX, flows and external funding
- 0.07 to 0.45
- Nifty and G-sec return correlation, 2025 to 2026
Report
Maha Navonmesh: Wiring Maharashtra's Innovation Money
One pipeline to test, buy and scale deep tech by 2035, on money already earmarked
- 234x
- the ₹2,920 Cr earmark against the ₹12.5 Cr reaching startups as pilot orders
Report
Cipla: A Point of Care Diagnostics Business
Turning prescriber reach into test and treat, on ₹954 Cr of capital, 10% of net cash
- ₹615 Cr
- FY32 revenue, base case, on labelled assumptions
Report
India's Critical Minerals & Green Steel Transition
A strategic roadmap for securing the energy-transition value chain
- 300 MT
- 2030 steel capacity target
Report
Bridging India's MSME Credit Gap
Account Aggregator rails, the analytical last mile, and a DPI-native RegTech execution layer
- ₹20–25L Cr
- MSME credit gap
The ESG Advantage
Forging resilience and value at RPG Life Sciences
- +707%
- share performance against peers
Report
River-as-a-Service: Intelligence & Enforcement
From service vendor to strategic river manager, on a software-driven ecosystem
- 15%
- targeted Water Quality Index gain
Report
EUR/USD: Reading the Majors
Currency movements, trading patterns, and signals in the euro/dollar pair
Report
Working papers
2 items
Working papers on SSRN. Each states its design up front and reports results whether or not they support the hypothesis.
SSRN working paper · 34 pp
Evidence from India's 2024–25 equity index derivatives reforms
Regulating the Retail Options Boom
Evidence from India's 2024–25 equity index derivatives reforms
- 37–43%
- index-options notional below counterfactual
Working paper
SSRN working paper · 19 pp
Administrative burden and delivery architecture across four co-located social protection schemes in rural India
Awareness Without Uptake
Administrative burden and delivery architecture across four co-located social protection schemes in rural India
- 0.42
- AB-PM-JAY conversion, against 0.79 to 0.98 in-village
Working paper
| Cover | Open | ||
|---|---|---|---|
| Bharti Airtel: Initiation of CoverageIndia's best telecom franchise, close to a fair price. Valued part by part, initiated 8 Oct 2026HOLD · Rs 1,946 | HOLD · Rs 1,94612-month target, 6.2% above the 7 Oct 2026 price | |
| NephroPlus: Initiation of CoverageIndia's largest dialysis chain: a growth stock's multiple on prices the government setsHOLD · Rs 605 | HOLD · Rs 60512-month target, 6.8% below the 1 Oct 2026 close | |
| India Markets Monthly: Bonds Have Stopped Hedging EquitiesOctober 2026 sample desk note on rates, FX, flows and external funding0.07 to 0.45 | 0.07 to 0.45Nifty and G-sec return correlation, 2025 to 2026 | |
| Maha Navonmesh: Wiring Maharashtra's Innovation MoneyOne pipeline to test, buy and scale deep tech by 2035, on money already earmarked234x | 234xthe ₹2,920 Cr earmark against the ₹12.5 Cr reaching startups as pilot orders | |
| Cipla: A Point of Care Diagnostics BusinessTurning prescriber reach into test and treat, on ₹954 Cr of capital, 10% of net cash₹615 Cr | ₹615 CrFY32 revenue, base case, on labelled assumptions | |
| Regulating the Retail Options BoomEvidence from India's 2024–25 equity index derivatives reforms37–43% | 37–43%index-options notional below counterfactual | SSRN | |
| Awareness Without UptakeAdministrative burden and delivery architecture across four co-located social protection schemes in rural India0.42 | 0.42AB-PM-JAY conversion, against 0.79 to 0.98 in-village | SSRN | |
| India's Critical Minerals & Green Steel TransitionA strategic roadmap for securing the energy-transition value chain300 MT | 300 MT2030 steel capacity target | |
| Bridging India's MSME Credit GapAccount Aggregator rails, the analytical last mile, and a DPI-native RegTech execution layer₹20–25L Cr | ₹20–25L CrMSME credit gap | |
| The ESG AdvantageForging resilience and value at RPG Life Sciences+707% | +707%share performance against peers | |
| River-as-a-Service: Intelligence & EnforcementFrom service vendor to strategic river manager, on a software-driven ecosystem15% | 15%targeted Water Quality Index gain | |
| EUR/USD: Reading the MajorsCurrency movements, trading patterns, and signals in the euro/dollar pair | Independent research · 106 pp |