The House Always Wins

India's options exchange is the surest bet in a market where most punters lose. It is now selling shares.

Jun 23 • Manish Singh

16

Why Indian Consumer Giants Don't Do Debt

Hindustan Unilever ended FY26 holding $640 million more in cash and short-term investments than debt, while global consumer giants run two to three…

Jun 8 • Manish Singh

6

The Law of Diminishing Points

Large credit card issuers in India are cutting points, capping redemption and spend-gating the lounge.

Jun 5 • Manish Singh

6

May 2026

India's Missing Magnet

India's equity premium, IPO pipeline and China+1 pitch all depend on capital that has stopped arriving

May 21 • Manish Singh

17

2

The Indian IT Compounding Machine Has Stopped Compounding

Bookings grew 10% in FY26. Revenue grew 2%. Headcount fell. The four assumptions that made the sector a buy for a decade have weakened at the same time…

May 3 • Manish Singh

18

2

April 2026

How Big is India's E-commerce Market? Don't Ask Bain.

Bain has been updating its answer since 2020. The answer keeps getting smaller.

Apr 10 • Manish Singh

27

3

1

Speaking Volumes

The world's frontier AI labs are racing toward voice interfaces. India has been building the training ground for a decade without knowing it.

Apr 7 • Manish Singh

14

1

March 2026

Distribution Is Still Destiny

India still rewards whoever is easiest to find, easiest to trust and easiest to replenish.

Mar 23 • Manish Singh

11

1

2

India's Insurance Commission Problem

The regulator wants to cut what distributors earn, but distributors are the only reason protection gets sold at all.

Mar 10 • Manish Singh

8

1

February 2026

In Defense of India's IT Industry

The cost of electricity does not run an enterprise.

Feb 26 • Manish Singh

16

1

Indian Payments' Most Durable Revenue Line?

India's payment platforms earn more from renting speakers than from UPI.

Feb 19 • Manish Singh

15

PhonePe's $15 Billion IPO and the Cost of Building on Government Rails

India's largest payments company has comparable financials to the rival it was supposed to have surpassed.

Feb 3 • Manish Singh

21