Deep Dive
Space is no longer a prestige industry. It is becoming infrastructure. Our new Deep Dive traces the shift, and asks the question that matters for investors: where along the value chain do the economic rents actually accumulate?
Read More
Solar and wind are winning on cost, but the next phase of the energy transition will be decided by grids and storage, not generation. Our latest Deep Dive looks at why rising grid costs could offset nearly half the savings from falling renewable prices, and what a 25-fold growth in battery storage means for investors.
Read More
India's energy transition is one of the most documented stories in domestic capital markets. And yet, the more deeply we researched it, the more we found that the conventional framing was leaving the most important parts of the story untold. What drew us in was a question that seemed simple: how much module capacity does India actually need? The further we pursued it, the more the answer diverged from what the market assumes. Demand, it turns out, is not one number. It is several, each driven by a different mechanism, each with its own trajectory. And when you account for how the nature of tenders is changing, the true module requirement looks very different from what the gigawatt headlines imply. The supply picture surprised us too, not in the direction most expect. The further upstream you go in the value chain, the more interesting and the more consequential the picture becomes. Underlying all of it is a policy architecture of unusual deliberateness. India has not left its solar manufacturing ambition to market forces. The government has engineered a system in which the domestic value chain is protected, incentivised and progressively deepened, layer by layer, in a sequence that has a clear and knowable logic. Understanding that sequence is what separates a structural view of this sector from a thematic one. And then there is the power generation story, which is where the real long-term conviction comes from. The economics of how India will power itself over the next two decades have shifted in ways that are still not fully reflected in how investors think about this sector. This report, eighteen months in the making is our attempt to document that shift with the rigour it deserves.
Read More
The global energy transition is accelerating, with solar and wind now leading new capacity additions worldwide. However, the key constraint is no longer generation capacity — it is system resilience. Renewable electricity is variable, dispersed, and inverter-based, fundamentally changing how grids operate and shifting stability responsibilities toward transmission, storage, and digital controls. Recent disruptions such as the Texas (2021) and Iberian (2024) outages highlight the risks of rapid renewable deployment without parallel investment in grid strength. As India scales capacity, the critical question is whether infrastructure and institutions can keep pace.
Read More
By Arvind Ananthanarayanan • Aniket Dharamshi The evolution of aerospace manufacturing has always mirrored the broader ambitions of nations seeking to project both technological prowess and economic resilience. Its history is interwoven with the narratives of industrial progress, technological audacity, and, at times, existential national priorities. From the crucible of postwar reconstruction to the restless […]
Read More
By Aniket Dharamshi • Arvind Ananthanarayanan • Vishrut Bubna From legacy importer to global defence contender — India’s push towards self-reliance and high-tech manufacturing India’s defence sector is undergoing a strategic shift—shedding its import-heavy past and stepping confidently into a future driven by self-reliance, innovation, and private sector agility. At the heart of this transformation […]
Read More
By Sameer Shah • Darshan Engineer • Dhara Ganatra CRDMO 2.0: From Mastering the Process to Mastering New Technologies India’s pharma industry is entering a new era of Pharma R&D Outsourcing, aiming to capture a larger share of the $302 billion global CRDMO market by 2028. While India currently holds just 3.6% of the global market, […]
Read More
By Sagar Dhawan & Ravi Dharamshi Investing in the energy transition involves recognizing a substantial external opportunity, but that’s only the beginning. To maximize returns, this opportunity must be paired with a predictable environment where differentiation and industry maturity play crucial roles. As the world embarks on energy transition, transmission stands out with remarkable potential: […]
Read More
By Sameer Shah & Anirudh Agarwal We have arrived at an inflection point as far as wealthy Indians are concerned. Despite being the 5th largest global economy, we already have the 3rd highest number of billionaires, leading the way in new billionaires addition over the last few years. Alongside the growth in wealth, a real […]
Read More
The energy transition is emerging as a transformative megatrend, reshaping how we consider and consume energy. Analogous to how Wi-Fi has become a fundamental need in Maslow’s hierarchy, energy is quickly establishing itself as an essential, foundational requirement. This transition is not merely significant; it represents a pivotal, multi-decadal opportunity, marking one of the most […]
Read More
Presentation made by Our CIO, Ravi Dharamshi @ India Investor Conclave (IIC season 8) at Goa in Dec 2021. Summary of Presentation: 1. There has been tremendous wealth creation in Specialty Chemicals sector – 60x in 7 years. 2. Currently market has priced the sector to perfection and is ignoring all the inherent risks. 3. […]
Read More
By Sameer Shah and Ritika Agarwal The pandemic has been one of the most scarring periods in living memory. Through this unfortunate devastation, if there is one key takeaway, it is that hope begins at home. More than ever before, a home is not just a physical space, it is a feeling. A home is […]
Read More