13 Oct 2026
Swan Defence H1 FY27 Results and the Cash Test Behind the Order Book
Swan Defence’s H1 FY27 profit includes a ₹563 crore tax writeback. The ₹6,500 crore order book still faces a delivery and cash-flow test.
Memo / Viewpoints
Ideas, frameworks and observations.
Shorter analytical pieces that complement the full company research library.
13 Oct 2026
HCLTech Q2 FY27: testing the AI story against cash earnings
Advanced AI revenue grew 78%, while company-wide constant-currency revenue rose 2.6%. HCLTech’s next test is turning new demand into durable cash earnings.
13 Oct 2026
RBL Bank Q2 FY27: The Capital Has Arrived. Now It Must Earn.
Emirates NBD’s capital has strengthened RBL Bank, but the shareholder test has shifted to sustainable earnings per share, funding quality and returns on equity.
12 Oct 2026
ITC’s ₹9,437 Crore Block Deal: What Changes for Investors?
ITC’s large block trade changes ownership. The investment case still depends on cigarette economics, sustainable cash generation and valuation discipline.
4 Oct 2026
Nykaa: the next test is the cash left after growth
Nykaa's Fashion business has reached quarterly EBITDA break-even. Its cash flows, leases and acquisition obligations show what shareholders should test next.
4 Oct 2026
Bajaj Finance’s ₹17,500 Crore Raise: The Cash and Per-Share Tests
Bajaj Finance’s proposed QIP and promoter warrants need a cash-timing, dilution and return-on-capital test after its September 2026 business update.
4 Oct 2026
ITC’s Yoga Bar Buyout: What ₹645 Crore Actually Buys
ITC’s Yoga Bar buyout examined through acquisition accounting, historical losses and the cash returns needed on its final ₹645 crore investment.
4 Oct 2026
Maruti Suzuki September 2026 sales and the cash flow test
Maruti’s September 2026 sales rose 24.4%. Examine the base effect, vehicle mix, margin pressure and reinvestment that matter to long-term investors.