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Data-led explanations of how major Indian companies make money, what drives their economics and which numbers matter.
48 articles
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How India's Biggest Companies Make Money: Business Models Explained
A running guide to how India's largest listed companies actually earn. The revenue drivers, cost structures, and economics behind banks, IT, FMCG, autos, retail, and more, in plain language.
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The HDFC Bank Business Model Explained
How HDFC Bank makes money: net interest income from a large low-cost deposit base, plus fees from cards, payments, and distributing third-party products.
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The Titan Business Model Explained
How Titan makes money: Tanishq jewellery is the profit engine of this Tata group lifestyle brand, with watches, eyewear and newer categories alongside.
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Altys featured on ET Entrepreneur: A research operating system for Indian markets
ET Entrepreneur features Altys and our approach to AI-powered equity research: connected workflows, source-linked evidence and human judgment.
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LG Electronics India Results and Business Model: What Investors Should Track
LG Electronics India’s appliance economics explained through product mix, localisation, seasonality, commodities, currency, distribution and Q4 FY26 results.
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Tata Motors Demerger Explained: Record Date, Ratio and What Changed
A source-checked guide to the Tata Motors CV and passenger-vehicle demerger: 1:1 entitlement, 14 October 2025 record date, tickers and research implications.
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Axis Bank Business Model: Deposits, NIM, Credit Cost and ROA
How Axis Bank makes money, why deposits are its raw material, and how NIM, CASA, credit cost, NPAs and ROA fit together.
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Eternal Q1 FY27 Results: Why Revenue Grew 182% but Profit Stayed Thin
Eternal Q1 FY27 results show revenue rising from ₹7,167 crore to ₹20,211 crore. Here is the accounting and unit-economics framework behind the headline.
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HAL Order Book Explained: How ₹2.55 Lakh Crore Turns Into Revenue
What Hindustan Aeronautics' order book means, how aircraft and overhaul contracts become revenue, and why delivery capacity matters more than the headline backlog.
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HCLTech Business Model: Services, Software and the AI Revenue Question
How HCLTech makes money from technology services and software, why deal wins are not revenue, and how to assess its growing AI business.
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Indian Hotels Business Model: Owned Hotels, Management Fees and RevPAR
How IHCL makes money from Taj, Vivanta, SeleQtions and Ginger, and why rooms, occupancy, rates, RevPAR and management fees drive the model.
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Mahindra & Mahindra Business Model: SUVs, Tractors and Growth Gems
How M&M makes money from SUVs and tractors while owning financial services, technology, hospitality, logistics and other businesses.
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NTPC Business Model: Regulated Returns, Capacity and the Renewable Pivot
How NTPC earns from power generation, why availability and regulation matter, and how coal cash flows fund a much larger renewable build-out.
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Power Grid Business Model: How Transmission Assets Earn Regulated Returns
How Power Grid earns from electricity transmission, why availability and project commissioning drive revenue, and what to track beyond profit.
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Sun Pharma Business Model: India, the US and Specialty Medicines
How Sun Pharma makes money across branded drugs, US generics and innovative medicines, and why product mix, R&D and regulation matter.
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Jubilant Ingrevia: The Recovery Is Real but Not Complete
Revenue and PAT remain below FY22, but margins and operating cash flow have improved from the FY24 trough. Debt is the unfinished part.
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The HDFC Bank Business Model Explained
How HDFC Bank makes money: net interest income from a large low-cost deposit base, plus fees from cards, payments, and distributing third-party products.
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How India's Biggest Companies Make Money: Business Models Explained
A running guide to how India's largest listed companies actually earn. The revenue drivers, cost structures, and economics behind banks, IT, FMCG, autos, retail, and more, in plain language.
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The ICICI Bank Business Model Explained
How ICICI Bank makes money: the spread between loan and deposit rates at the core, plus fee income and a group of insurance, broking, and asset-management subsidiaries.
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The Infosys Business Model Explained
How Infosys makes money: billing global clients for software development, maintenance, consulting, and digital work, priced on people, rates, and utilisation.
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The Nykaa Business Model Explained
How Nykaa makes money: an inventory-led beauty retailer with higher-margin house brands, a marketplace fashion arm, and a growing network of physical stores.
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The Paytm Business Model Explained
How Paytm makes money: high-volume payments processing and device subscriptions at the core, plus financial-services distribution and marketing services on top.
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The Tata Motors Business Model Explained
How Tata Motors makes money: commercial vehicles and passenger cars in India, an electric-vehicle push, and Jaguar Land Rover selling luxury vehicles worldwide.
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The TCS Business Model Explained
How Tata Consultancy Services makes money: billing global clients for software development, maintenance, consulting, system integration, and business-process outsourcing.
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The Trent Business Model Explained
How Trent makes money: fashion retail through Westside and the fast-growing value chain Zudio, built almost entirely on its own private-label brands, plus a grocery joint venture.
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The Adani Ports Business Model Explained
How Adani Ports and SEZ makes money: cargo handling fees at India's largest private port network, plus rail, warehousing and SEZ land at Mundra.
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The Asian Paints Business Model Explained
How Asian Paints makes money: decorative paint volumes, premium mix, a direct dealer network, and a supply chain competitors have struggled to copy.
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How Does SBI Make Money? India's Biggest Bank, Explained
SBI earns most of its money from the spread between low-cost deposits and a giant loan book, plus fees and stakes in SBI Life, SBI Cards and SBI MF.
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The Bajaj Finance Business Model Explained
How Bajaj Finance makes money as one of India's largest NBFCs: lending spreads, fees, a huge customer franchise, and why cost of funds and asset quality matter.
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The Bharti Airtel Business Model Explained
How Bharti Airtel makes money: mobile subscribers and ARPU at the core, plus broadband, enterprise, and a large Africa business.
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The Coal India Business Model Explained
How Coal India makes money: a state-owned mining near-monopoly that sells regulated-price and e-auction coal, mostly to power plants, and returns cash as dividends.
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The DMart Business Model Explained (Avenue Supermarts)
How DMart works: an everyday-low-price grocery chain run by Avenue Supermarts that buys well, owns its stores, and turns inventory fast for lean returns.
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Gross vs Net Revenue: The Excise Trap in Oil Marketing Companies
An OMC's reported topline includes excise duty collected for the government, so gross revenue overstates real operating scale. Net-of-excise revenue is the cleaner base.
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HDFC Bank CASA Ratio: History and What It Means
The CASA ratio is the share of low-cost current and savings deposits in total deposits. HDFC Bank ran in the low-40s for years, then eased to the high-30s after the 2023 merger.
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The Hindustan Unilever (HUL) Business Model Explained
How Hindustan Unilever makes money: everyday brands across home care, beauty and foods, sold through one of India's deepest distribution networks.
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How to Forecast HDFC Bank Earnings: A Framework
A step-by-step framework for building a large bank earnings forecast, using HDFC Bank as a worked example: growth, NIM, fees, costs and credit.
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The IndiGo (InterGlobe Aviation) Business Model Explained
How IndiGo makes money: a low-cost carrier model built on a single-type fleet, high aircraft use, low fares and a growing international network.
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The IRCTC Business Model Explained
IRCTC makes most of its money from a monopoly on online railway ticketing, backed by catering, packaged water, and tourism. Here is how each piece works.
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The ITC Business Model Explained
How ITC makes money: a high-margin cigarette cash cow funds a growing FMCG portfolio, paperboards, agri, and large dividends.
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The Larsen & Toubro (L&T) Business Model Explained
How Larsen & Toubro makes money: a project-driven EPC business built on order inflows and execution, plus valuable stakes in listed tech and services firms.
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The Maruti Suzuki Business Model Explained
How India's largest carmaker earns money: selling passenger vehicles at scale through a vast dealer and service network, plus exports and after-sales.
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The Nestle India Business Model Explained
Nestle India sells branded packaged foods and beverages through deep distribution, an asset-light supply chain, and pricing power, earning very high returns on capital.
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The Pidilite Business Model Explained (Fevicol and Beyond)
How Pidilite makes money: category-defining adhesives brands like Fevicol, deep distribution to carpenters and contractors, and crude-linked input costs.
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The Reliance Industries Business Model Explained
How Reliance Industries makes money across oil-to-chemicals, Jio telecom and Reliance Retail, and why the group runs on heavy capex cycles.
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Tata Motors Revenue Model Explained
How Tata Motors makes money: the large majority of revenue comes from Jaguar Land Rover abroad, with India commercial and passenger vehicles alongside it.
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The Titan Business Model Explained
How Titan makes money: Tanishq jewellery is the profit engine of this Tata group lifestyle brand, with watches, eyewear and newer categories alongside.
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Trent: The Business and How Its Valuation Works
How Trent's retail engine of Westside, Zudio and Star actually makes money, and why fast-growing retailers tend to carry high earnings multiples.
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The Varun Beverages Business Model Explained
Varun Beverages is one of PepsiCo's largest bottlers outside the US. Here is how a franchise bottler actually makes money and grows.
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The Zomato (Eternal) Business Model Explained
How Eternal, the parent of Zomato and Blinkit, makes money across food delivery, quick commerce, going-out and B2B restaurant supplies.
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TCS Financials Explained: Revenue, Margins and Returns
A factual overview of Tata Consultancy Services financials, covering revenue growth, operating margins, and return on equity, sourced from company filings.
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Infosys Financials Explained: Revenue, Margins and Returns
A factual overview of Infosys financials, covering revenue growth, operating margins, and return on equity, sourced from company filings.
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