SYNERGY - THE FINTECH & CORPORATE CELL

RAMJAS COLLEGE, UNIVERSITY OF DELHI

INDUSTRY
PRIMER 2024-25
Copyright & Disclaimer
Issue Details

Industry Primer | Synergy

Ramjas College, University of Delhi
Academic Year: 2024-2025

This primer is curated by Synergy at Ramjas College, designed to provide students with essential insights into the world of equity research
and finance. The content is meticulously crafted to cover key financial concepts, case studies, and practical strategies that reflect
contemporary trends and challenges in the investment landscape.

Copyright

© 2024 Synergy, Ramjas College, University of Delhi. All rights reserved.

No part of this primer may be reproduced, stored in a retrieval system, or transmitted in any form or by any means—electronic,
mechanical, photocopying, recording, or otherwise—without the prior written permission of Ramjas College. The content is intended
solely for educational use within the institution and may not be used for commercial purposes without explicit authorization.

ISBN : 9798311125239

Page No. 1
From the Convenor’s Desk
Finance is more than just numbers; it is the art of decision-making, risk-taking, and value creation. As the convener of Synergy, We are proud to witness the
enthusiasm and curiosity that drive our students to explore the ever-evolving world of finance.

This year, our society has delved into insightful discussions, hosted industry experts, and conducted hands-on workshops to bridge the gap between theory and
practice. From investment strategies to fintech innovations, we strive to equip students with the knowledge and skills needed to excel in the financial domain.

As we continue this journey, we encourage every student to stay curious, think critically, and embrace the challenges that finance presents. Let this book be a reflection
of our collective learning and a source of inspiration for aspiring financial leaders.

This resource aims to provide valuable insights and spark meaningful discussions, helping you gain a deeper understanding of the industries that drive our economic
landscape. We hope it encourages curiosity and critical thinking, offering a fresh perspective on key market dynamics.

We are grateful for the dedication and efforts of everyone who contributed to this initiative. Looking ahead, we eagerly anticipate more opportunities to collaborate,
share knowledge, and continue exploring the ever-evolving world of industry and economics.

Mr. Deepaish Mr. Tanmoy Sardar

Assistant Professor Professor
Conveners, Synergy Co-Convenor, Synergy
Ramjas College Ramjas College

Page No. 2
Message From the Presidents
It is with great enthusiasm that I present a significant milestone for Synergy. Every new beginning carries the promise of a legacy. As I embark on this journey
This initiative reflects our unwavering commitment to equipping individuals with Synergy – The FinTech and Corporate Cell, our vision has been to create a
with knowledge that bridges the gap between academics and real-world industry platform that fosters knowledge, collaboration, and industry readiness. It is an honor
insights. to introduce the First Edition of the Industry Primer— a resource designed to bridge
the gap between academia and industry.

It gives me immense pleasure to present the collective efforts of my team in the From the very first idea to the final execution, this book has been a labor of passion.
form of the Industry Primer. Looking back at the countless discussions, Seeing it come to life has been truly rewarding, and I am grateful for the unwavering
dedicated efforts, and volunteer contributions that brought this initiative to life, commitment of my team, whose hard work has shaped this guide into what it is
it has truly been a one-of-a-kind experience. today.

I extend my sincere gratitude to everyone involved in creating this primer, I deeply appreciate the support of our convenors, mentors, faculty, and every
especially our convenors, mentors, college authorities, and the dedicated team individual who contributed their time and expertise to make this initiative a reality.
who made this possible. Their guidance and dedication have been invaluable in shaping this endeavor.

The primer provides a well-structured overview of 20+ industries, followed by a I hope this primer serves as a guiding tool for you to navigate the corporate world and
corporate finance guide that offers a concise sector-wise analysis. The team has seize the best opportunities ahead. Make the best use of this resource, explore the
meticulously ensured the accuracy and quality of the content, making it a insights it offers, and leverage its knowledge to stay ahead in the ever-evolving
valuable resource for all readers. industry landscape.

I trust this Primer will prove valuable to you in your future endeavors! Wishing you all the best in your journey!

Hardik Bedi Manya Gupta

President President
Batch of 2025 Batch of 2025

Page No. 3
Message From the Core Team
It is with great pride that we present this Industry Primer, a comprehensive resource that provides an economic perspective on various industries. This publication is
the culmination of extensive research, thoughtful analysis, and dedicated collaboration, and we sincerely appreciate the collective efforts that have brought it to
fruition.

We extend our deepest gratitude to our convenors, whose leadership and guidance have been instrumental in shaping this initiative. Their vision and commitment have
ensured that this primer is both insightful and relevant, serving as a valuable resource for our members.

We also wish to acknowledge and sincerely thank all members who contributed—whether through research, writing, editing, or reviewing. Your dedication, expertise,
and meticulous efforts have played a pivotal role in producing a publication of high quality and depth. This primer stands as a testament to the power of collaboration
and shared knowledge.

We hope that this resource proves to be informative and thought-provoking, fostering a deeper understanding of the industries that shape our economic landscape. We
appreciate the contributions of each individual involved in this endeavor and look forward to further opportunities for collaboration and knowledge-sharing in the
future.

Core Team
2024-2025

Page No. 4
 Message From the Mentors
I am delighted to support Synergy – The Fintech and Corporate Cell of Ramjas College in their initiative to launch an industry primer that provides a comprehensive guide to 20+ industries, along with a
corporate finance overview. This is a commendable effort to equip students with deep industry insights and real-world perspectives.

As someone who has closely witnessed the evolving landscape of finance and corporate sectors, I truly appreciate the importance of bridging academic learning with industry-relevant knowledge. This
primer, with its well-researched content and structured analysis, will serve as an invaluable resource for students, helping them gain a deeper understanding of sector-specific trends, opportunities, and
challenges.
Vaibhav Jain,
I extend my best wishes to the Synergy team for this remarkable endeavor, and I am confident that this initiative will have a lasting impact on students as they prepare for their professional journeys.
CFA

I am honored to endorse Synergy – The Fintech and Corporate Cell of Ramjas College – for their groundbreaking initiative in developing an industry primer that offers an in-depth guide to over 25 sectors,
complemented by a comprehensive corporate finance overview. This will enhance awareness and maximise reach of industry knowledge to the next wave of young professionals.

Having been a student of finance myself, and now as a CPA with extensive experience in audit, digital transformation, and finance, I recognize the critical importance of integrating theoretical knowledge with real-
world applications. This meticulously researched primer stands as a testament to Synergy’s commitment to equipping students with the tools necessary to navigate the complexities of various industries and corporate
finance.

I wholeheartedly commend the Synergy team for this remarkable contribution and am confident that this resource will significantly impact students as they embark on their professional journeys, fostering a
generation of well-informed and adept professionals. Arjun Abrol,
CPA
All the best, Team Synergy!

I am proud to support Synergy – The Finance and Corporate Cell of Ramjas College – for their remarkable initiative in creating an industry primer. This comprehensive guide covers over 25 sectors in depth and
includes a detailed overview of corporate finance.

This will enhance awareness and maximize reach of industry knowledge.

As a CFA charterholder and investment banking professional, I've seen firsthand the challenges students face when transitioning from academic learning to the complexities of the financial industry. A deep
understanding of industry-specific nuances and corporate finance principles is essential for success. These primers, with their comprehensive coverage and practical focus, provide precisely that foundation. I found them
to be insightful and a valuable tool for anyone seeking to navigate the intricacies of today's financial landscape.
Siddhartha Chabria,
CFA I sincerely applaud the Synergy team for this outstanding contribution and am confident that this resource will be invaluable to students as they navigate their journey into the world of finance
All the best, Team Synergy!

Page No. 5
About Synergy
Synergy - The Fintech & Corporate Cell of Ramjas College was established with the mission to help students explore and enhance their knowledge in the domains of
finance, corporate, and business affairs. With a unique semi-formal and team-like culture, the cell provides its members with a platform to take initiative, learn, and grow
in a joyous environment.

Comprising over 60 students from more than 10 departments, Synergy fosters skill development, knowledge acquisition, and networking opportunities through
regular sessions, workshops, and events. These initiatives focus on bridging the gap between academia and the fintech and corporate sectors, offering in-depth
knowledge of financial markets, corporate strategies, and emerging fintech innovations.

Synergy is driven by the core values of collaboration, innovation, and growth. The society thrives on building a community where members actively contribute, share
ideas, and take part in impactful discussions. It is dedicated to creating leaders equipped with essential skills, professional connections, and a forward-thinking mindset.

In just a year, Synergy has established a strong foundation, a cohesive team, and a sustainable culture. By organizing workshops, webinars, and networking events with
industry professionals, we aim to enhance essential skills such as financial analysis, investment strategies, and business management.

With an optimistic outlook, Synergy remains committed to empowering its members and shaping the future of the fintech and corporate landscape.

Page No. 6
Acknowledgement and Team Information
We extend our heartfelt gratitude to all the members of Synergy: The Finance and Corporate Cell of Ramjas College, whose dedication and efforts have contributed
significantly to the success of this society. This primer is a testament to their hard work, collaboration, and commitment to fostering financial literacy and corporate
awareness among students. We would also like to express our appreciation to our faculty advisors and the college administration for their continuous guidance and
encouragement.

The book is a result of the collective efforts of our students, and we've strived to present all material facts in an unbiased manner. However, if you notice any issues, feel
free to drop us an email at [email protected]. We would appreciate your feedback and suggestions for making future editions even more user-friendly.

Team Information
Batch of 2025 Batch of 2026 Batch of 2027
Hardik Bedi Vipin Kumar Aanchal Niroattam Abhimanyu Gaur Hardik Madan Riya Goyal
Yug Aditya Rai Piyush Pargal Agranshi Ishan Mehra Saksham Bakshi
Manya Gupta
Ansh Kapoor Ragini Singhal Akshita Rai Jai Anmol Malhotra Samarth Pandey
Aditya Sharma Md Sajid Akhtar
Apnatva Alok Kumar Verma Jatin Jindal Sarthak Jain
Surbhi Singh Sanchit
Anjali Verma Kartik Bansal Shreya Agrawal
Stuti Sareen Akshat Malhotra Shrisha Rawat
Anoushka Singh Manan Tyagi Soumya Negi
Ananya Anamika Blessen Raju Sreepriya Valsaraj
Anushka Maheshwari Misha Kapoor Sourjyo Dutta
Vishisht Nagpal Divvankur Vitusha
Anushka Mehra Nakul Sunayna Ghai
Eakansh Goel Komal Lalwani Parth Jain Vanshika Khanna
Aradhya Singh
Depanshu Lavanya Pratiksha Yadav Viren Kakkar
Arav Seth
Mihika Gupta Manav Raunak Dammani Vivek Chhallani
Ashutosh Singh
Bhavya Gopalani Devavrat Pant Reyaan Vikram Singh Yashasvi
Suhana Abrol

Page No. 7
Index
Content Page No. Content Page No.
Copyright & Disclaimer 1 12. Fast Fashion 45
Notes - Convenor, Presidents, Core, Mentors 2 13. Fintech and Digital payments 48
About Synergy 6 14. FMCG 51
Acknowledgement 7 15.Food and Beverages 54
Index 8 16.Healthcare industry 57
How to use this Book 9 17. Insurance 60
Industries `11 18. Investment Banking 63
1. Accomodation 12 19. Mutual Funds & AMC 66
2. Aviation 15 20. Real Estate 69
3. Automobile 18 21. Retail 72
4. Banking 21 22. Semiconductor 75
5. Broadband 24 23. Sneakers 78
6. Defence Industry 27 24. Telecommunication 81
7. Digital Distribution 30 25. Waste Management 84
8. Edtech 33 The Corporate Finance Guide 87
9. E-Commerce 36 Appendix 104
10. Electric Vehicles 39 Team Photo 111
11. Entertainment and Media 42

Page No. 8
How to use this Book?
Welcome to Synergy's Industry Primer, your gateway to unlocking the intricacies of India's most dynamic sectors. This comprehensive guide is the culmination of
rigorous research and analysis, covering 20 key Industries that shape the country's economic landscape.

As students and researchers ourselves, we knew how hard it was to find reliable, easy-to-understand information on India's industries. That's why we created this primer
- to empower you with knowledge, spark curiosity, and inspire exploration.

Inside these pages, you'll discover:

In-depth analysis of market trends, growth drivers, and challenges in an industry, Insights into industry leaders, market share, and competitive landscapes. it is Expert-
reviewed content, ensuring accuracy and relevance and includes Valuable data points, including CAGR, value chain analysis, and more

We hope this primer becomes your trusted companion, helping you navigate the complexities of India's industries and unlocking new opportunities for growth, learning,
and success.

By leveraging this primer, you'll gain a competitive edge in your academic and professional pursuits. Whether you're a student seeking to enhance your knowledge, a
researcher looking for reliable data, or a professional aiming to stay ahead of the curve, this primer is your indispensable resource. Dive in, and discover the secrets of
India's most vibrant industries.

Page No. 9
How to use this Book?
Industry Name Description of the
Industry

Content of the
Primer

Page No.

Page No. 10
Industry Primers

Page No. 11
Accomodation
Accommodation Industry
The backbone of travel and tourism, driving economic growth and enriching cultural exchange globally.

Industry Overview Key Market Trends

Market Size: The accommodation industry in India is valued at ₹2.1 trillion in 2023, Accomodation Types
By Revenue Share
with a projected CAGR of 13%, indicating robust growth in the coming years.
₹210 billion

Contribution to GDP: The accommodation sector contributes approximately 3% to OYO, Airbnb, and Affordable Eco-friendly practices Domestic travel AI personalization and
India's GDP, accounting for both direct and indirect contributions to the economy. MakeMyTrip dominate, accommodations thrive and eco-resorts thrive increased 30%, fueled mobile check-ins
₹378 billion
₹882 billion with 50% bookings in Tier-2, Tier-3 cities. in Kerala, Uttarakhand. by staycations. enhance guest
Direct Jobs Generated: The industry generates around 8.7 million direct jobs, online. experience.
making it a significant source of employment within the country. Online vs Offline Bookings

Accommodation Sector's Contribution to Tourism Revenue: The accommodation

Online
₹630 billion
sector accounts for 40% of the total tourism revenue in India, highlighting its 50% 50%
Offline
crucial role in the overall tourism industry. Hotel Homestay Resort Hostel

International Benchmarking SWOT Analysis

Strengths Weaknesses
1.High domestic demand 1.Low average room rate
2.Growing online bookings 2.Seasonal revenue volatility

Global hotel chains like Marriott, Hilton, Accor, and Hyatt have established a strong presence in India’s luxury segment. These brands
collectively contribute approximately 20% of India’s total luxury market revenue. Their successful expansion into Tier-1 cities, Opportunities Threats
combined with the growing appeal of international brands, has fueled their revenue generation in India. 1.Luxury segment growth 1.Intense market competition
2.Tier-2 city expansion 2.Regulatory compliance costs
There is significant potential for global brands to expand into Tier-2 and Tier-3 cities in India, where the middle class is rapidly
growing. Cities like Jaipur, Surat, and Lucknow offer untapped potential for international hotel chains, as domestic and international
travelers seek accommodation in emerging urban areas.

Sources : Page No. 13

Accommodation Industry
The backbone of travel and tourism, driving economic growth and enriching cultural exchange globally.

Comparison of Top Accommodation Industry Players

Sources : Page No. 14

Aviation
Industry
Aviation
The aviation industry drives global connectivity, trade, and economic growth through passenger and cargo air transport.

Market Overview Total No. of Passangers ( in millions ) Growth Drivers

500 Factors of Growth
• The India Aviation Market size is estimated at
400 Cost Drivers
$13.89 billion in 2024 and is expected to reach Higher
300 Insurance of flights equipment
$26.08 billion by 2030, growing at a CAGR of Increased FDI Househo
200 Other flights operations… ld
11.08% flows
100 Rentals of flight equipment Income
• The number of total passengers is also expected to Station expenses
0
Passenger services Entry of
rise from 295.5M to 467.93M during the forecasted 2022 2023 2024 2025 2026 2027 2028 2029 2030 Increase
General and administrative LowCost d
period. Ticketing sales and promotion Carriers Tourist
Other operating expenes (LCC) Inflows
Flight crew salary and…
User Charges Development of
Depreciation and amortization Modern
Airports with Supportive
Flight, equipment,…
New Governme
Aircraft fuel and oil nt Policies
High ATF Cost Rapid Technology Technologies
Major Players in the Industry 0.00% 20.00% 40.00% 60.00%
(40%+ of total cost) Upgradation

Revenue Drivers Value Chain Analysis

Revenue Streams
• The aviation value chain consists of a diverse set of sectors in terms of size, structure, and performance. All the actors work together
to create an impressive network that enables 4.5 billion passengers to travel safely and efficiently across the globe.

Cargo & Charter & • In 2022, most industries in the aviation value chain continued their post-Covid recovery, but the value chain remained loss-making,
Passenger Airline generating a total economic loss of USD 69 billion.
Freight Private Jet
Revenue Partnerships • Fuel and freight forwarders were the only value-creating subsegments, with their economic benefit relating to aviation activities
Services Services
estimated at USD 7.4 billion and USD 7 billion, respectively.
• Ticket Sales → Economy, • Air Cargo Transport → • Code-sharing agreements • Luxury private jet Frequent
Business, and First-Class Revenue from shipping goods, (Revenue-sharing deals Domestic International Cargo Ancillary Fuel Cost
rentals for high-net- Flyer
fares. including perishable, high-value, between airlines) Traffic Traffic Services Revenue Optimisation
worth individuals & Programs
• Ancillary Revenue (Non- and urgent cargo. • Interline agreements executives.
ticket earnings): Baggage • E-commerce Boom → Airlines (seamless connections & • Corporate charters
fees partnering with Amazon, Alibaba, revenue sharing) for business groups
• Seat selection fees DHL, FedEx, etc. • Loyalty program & sports teams
• In-flight services (WiFi, • Belly Cargo → Utilizing partnerships (selling
meals, entertainment) underutilized passenger aircraft miles/points to credit card
• Cancellation & change fees capacity for freight companies & hotels)

Sources : Page No. 16

Aviation
The aviation industry drives global connectivity, trade, and economic growth through passenger and cargo air transport.

Key Performance Indicators (KPI)

Customer Safety & Sustainability

Financial Operational
Experience Compliance & ESG
KPIs KPIs
KPIs KPIs KPIs

❑ Revenue per Available Seat Kilometer

(RASK) = Revenue / Available Seat ❑ Accident Rate (Per Million Flights) ❑ CO₂ Emissions per Passenger
Kilometers (ASK) ❑ On-Time Performance (OTP) (%) = ❑ Net Promoter Score (NPS) = %
→ Critical metric for airline safety Kilometer (kg CO₂/pax-km)
→ Measures how much revenue is (Flights on time / Total Flights) × 100 Promoters - % Detractors
→ Measures passenger loyalty & ❑ Safety Incidents per Flight → Key metric for sustainability.
→ Measures punctuality; industry
generated per seat per km flown → Includes near misses, technical ❑ % of Sustainable Aviation Fuel (SAF)
❑ Cost per Available Seat Kilometer benchmark is 80%+ likelihood to recommend.
failures, etc. Used
(CASK) = Operating Cost / ASK ❑ Flight Cancellations (%) = (Cancelled ❑ Customer Satisfaction Score (CSAT)
(%) ❑ Regulatory Compliance Score (%) → Tracks airline’s green fuel adoption
→ Shows how much it costs to operate Flights / Total Flights) × 100
→ Adherence to aviation safety ❑ Waste Reduction per Flight (kg)
each seat per km. → Lower = better operational efficiency → Based on passenger surveys post-
regulations → Measures in-flight waste management
❑ Yield per Passenger Kilometer = ❑ Aircraft Utilization (Hours/Day) = flight.
efforts
Total Flight Hours / Fleet Size ❑ Baggage Mishandling Rate (Per 1,000
Revenue / Revenue Passenger ❑ Carbon Offsetting %
Kilometers (RPK) → Measures average daily aircraft usage passengers)
→ How much emissions airlines are
→ Measures profitability per paying ❑ Turnaround Time (TAT) (Minutes) → Tracks lost/delayed baggage incidents
offsetting.
passenger per km → Measures time taken between landing ❑ Average Delay per Flight (Minutes)
❑ Load Factor (%) = (Revenue Passenger & next takeoff (shorter = better) → Measures passenger experience
Kilometers / Available Seat Kilometers) ❑ Fuel Burn Rate (L/Km or $/Km) impact.
× 100 → Measures fuel efficiency; critical for ❑ Complaints per 1,000 Passengers
→ Shows how efficiently airline seats cost control → Evaluates service quality & pain
are filled. points

Sources : Page No. 17

Automobile
Industry
 Automobile
India's automobile industry revolutionizes innovation and sustainability and transforms global mobility solutions.

Industry Overview
Value Chain
GDP Contribution: 7.1 %

Dealership Networks

Aftermarket Services
Key industry leaders The network is The industry is valued

Suppliers
There are more than extensive, with more at an impressive USD

OEMs
include Maruti
1,000 tier-1 suppliers than 15,000 dealerships 10 billion and is backed
\ CAGR: 9% (2022-2030) Suzuki, Tata Motors,
actively involved in strategically located by a highly efficient and
and Hyundai, driving
supporting the across the nation, robust logistics
market growth,
manufacturing of ensuring widespread network, ensuring
Employment: 35 million+ technological
various components, accessibility and smooth operations,
innovation, and
ensuring a robust and seamless customer timely deliveries, and
industry
efficient supply chain service. overall market stability.
competitiveness.
Total installed production capacity: 40 million+ units annually. for production.

● Revenue Contribution: Approximately USD 120 billion in FY23.

Key Performance Indicators Key Players

Manufacturers track the efficiency of their assembly lines, aiming to minimize production
Production Efficiency time per unit and reduce waste. For instance, a shift to lean manufacturing methods has
increased efficiency by 15-20% for some Indian OEMs. Commercial Vehicles

Capacity Utilization A critical metric, with most manufacturers aiming for over 85% utilization of installed
production capacity to optimize costs and maximize output.

Balancing high-margin vehicles (e.g., SUVs and luxury cars) with volume drivers like Two-Wheelers
Product Mix Profitability compact cars and two-wheelers. For EV manufacturers, margins on two-wheelers are
improving with falling battery costs.

Monitoring warranty claims to assess product quality. Companies aim to keep warranty costs
Warranty Costs Passenger Cars
below 1% of total revenue.

EV and AI-driven technologies push manufacturers to allocate 3–5% of revenue to R&D,

R&D Spending critical for staying competitive 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Others Ashok Leyland TVS Honda Hero MotoCorp Tata Motors Hyundai Maruti Suzuki

Sources : Page No. 19

 Automobile
India's automobile industry revolutionizes innovation and sustainability and transforms global mobility solutions.
Policy and Regulatory Landscape
Key-Performance Indicators
Manufacturers track the efficiency of their assembly lines, aiming to minimize
Government Production Efficiency production time per unit and reduce waste. For instance, a shift to lean
Regulations FDI Policy manufacturing methods has increased efficiency by 15-20% for some Indian OEMs.
Initiatives
A critical metric, with most manufacturers aiming for over 85% utilization of
Capacity Utilization installed production capacity to optimize costs and maximize output.

Balancing high-margin vehicles (e.g., SUVs and luxury cars) with volume drivers
Product Mix Profitability like compact cars and two-wheelers. For EV manufacturers, margins on two-
FAME II scheme, PLI wheelers are improving with falling battery costs.
Implementation of Bharat 100% FDI permitted in the
(Production Linked
Stage VI emission norms. auto sector.
Incentive) for EVs. Monitoring warranty claims to assess product quality. Companies aim to keep
Warranty Costs warranty costs below 1% of total revenue.

EV and AI-driven technologies push manufacturers to allocate 3–5% of revenue to

R&D Spending R&D, critical for staying competitive

Upcoming Industry Trends

• Product Portfolio Diversification
• Export Growth Electrification Shared Mobility Connected Vehicles
Revenue Drivers • After-Sales Services
• Connected Vehicle Feature

• EVs to account for 30% of vehicle

sales by 2030, supported by • Expected to grow at 20% CAGR, • Increasing adoption of IoT and AI
government initiatives like FAME driven by urbanization. for smarter mobility solutions.
• Raw Materials II and ACC battery production
incentives.
• Technology Investments
Cost Drivers • Compliance Costs
• Labor Costs
• Distribution and Logistics

Sources : Page No. 20

Banking
Industry
 Banking Industry
An overview of the industry listing the key competitors, Their GNPAs, the Geographical spread as well as the key drivers.
Industrial Structure GNPA's and Frauds In Banking Sector
Small Local Regional GNPA's as a part of Gross Advances Key Observations:
Local Area
Finance Payment Area
Market Capitalisation
Rural Small Banks 16 • GNPA Rise: From 2011-13 to 2014-17, GNPA increased across all
Banks 3%
3% Banks Private Finance 5% 14 banks.
3% 5% 0% 12
Regional Foreign
Rural
Induslnd Bank 4%
10 • PSBs: Significant rise, with GNPA at 12-16% for SBI, Bank of
Axis Bank 8
3% 6 Baroda, PNB, and Central Bank. Central Bank had the highest
Kotak Mahindra Bank 4
ICICI Bank 2
GNPA.
Private
Foreign HDFC Bank Private
0 • Private Banks: Smaller increase, with GNPA below 4% for HDFC,
4% Central Bank of India Indian ICICI, Axis, and IndusInd. ICICI showed a notable rise but remained
Private Punjab National Bank Public
28% below PSBs.
Indian Public Indian Overseas Bank Sector
22% Sector Bank of Baroda 60% • Trend: PSBs saw sharper asset quality deterioration than private
60% State Bank of India banks.
0% 10% 20% 30% 40% Saradha Chit ABG Shipyard
Loans & Advances Average 2011-13 Average 2014-17 Fraud
Market Capitalisation
Fund Scam
Deposits
• The above charts give an idea about the industrial structure of Banking in India in terms of deposits, Loans and Advances as well as • Rising GNPAs: The increase in GNPAs is largely driven by 2014-17 2017
Market Capitalisation. The structure of Banking in India in the present times has taken its form over several decades. The structure of growing financial frauds.
• Detection Challenges: Fraudulent activities continue to thrive due 2018
banking in India aims to serve the credit and banking services needs of the Indian economy. 2016
• In today’s banking structure of India, several layers cater to the specific and diverse needs of different borrowers and customers. to difficulties in detection and prevention.
• The structure of the banking system in the country plays a key role in the mobilization of savings and promoting economic growth. • Economic Impact: The frequency of frauds reflects the overall Vijay Mallya Nirav Modi-
economic well-being and standard of living of citizens. Scam PNB Scam

Geographical Spread and Business Segments Cost and Revenue Drivers

• Day-to-day expenses • The primary source,
Geographical Distribution of Branches Bank Business Segment Operational like personnel, Interest earned as a percentage of
Costs administrative, and the principal amount
2021(in %) Income loaned.
Wealth insurance costs.
Management, 15%
40

35
• Derived from services like
30 • Day-to-day expenses
Wholesale-Advisory Cost Cost of like personnel,
Revenue Capital sales and trading,
underwriting, and M&A
25 Retail-Non and Underwiting, Markets advisory, provided in
interest, 42% 10% Drivers Funding administrative, and Drivers exchange for client fees.
20 insurance costs. Income This income is volatile and
15 depends on market activity.

10 Wholesale-Trading,
13%
• Potential losses from
5 lending, calculated as • Non-interest fees from
Retail-Net Expected the product of default Fee- services such as credit card
0 \ charges, account
Rural Semi-Urban Urban Metropolitan
Interest, 20% Losses probability, loss given Based maintenance fees,
default, and exposure Income investment management, and
PSB's PVB's at default. custodial services.

Sources : Page No. 22

 Banking Industry
Covering the SWOT Analysis as well as the presence of AI in Banking

SWOT Analysis

OPPORTUNITIES
STRENGTH

THREATS
WEAKNESS
One of the oldest surviving industries Lack of rural coverage High level of NPAs
Technology advancement
The pillar of financial stability Vulnerable to new technology Global Uncertainty
Rural expansion opportunities
Online Banking Over-dependency on physical infrastructure System Stability
Social Evolution
So much competition

Features Banks
SBI, HDFC Bank, ICICI Bank,
Axis Bank, Bank of Baroda,
Andhra Bank, Kotak Mahindra
Chatbot
Bank, Canara Bank, City
Union Bank, Yes Bank,
Role and Benefits of AI in Banking IndusInd Bank
• Initial Role in Automation: AI was first adopted to Axis Bank, SBI, HDFC Bank,
automate simple tasks like data entry and routine ICICI Bank, Yes Bank,
customer queries. Federal Bank, South Indian
• Shift to Advanced Analytics: AI progressed to using Bank, Bank of Maharashtra,
machine learning for data-driven decision-making and Central Bank of India, IDFC
customer insights. Loan Processing Bank, IndusInd Bank
• Fraud Detection Advancements: AI improved SBI, ICICI Bank, Axis Bank,
security by identifying fraudulent transaction patterns Biometric Authentication and Kotak Mahindra Bank, HDFC
through advanced algorithms. e-KYC Bank
• Adoption by Major Banks: Larger banks led AI
adoption, with smaller banks following as its benefits PNB, IDBI Bank, City Union
became evident. Fraud Detection Bank, HDFC Bank
• Integration in Banking Processes: AI has been ICICI Bank, Axis Bank,
integrated into loan processing, risk assessment, and Allahabad Bank, City Union
CRM to modernize operations. Bulk Transaction Process Bank, HDFC Bank
ICICI Bank, Axis Bank, Yes
Document Scrutinizing & Bank, Bank of Baroda, HDFC
Digitization Bank
SBI, Axis Bank, IDBI Bank,
Risk Monitoring HDFC Bank

Sources : Page No. 23

Broadband
Industry
Broadband Industry
Backbone of digital connectivity, driving seamless communication, innovation, and economic growth

Industry size- Global trends and Forecasts Growth Potential

The Asia Pacific broadband services market dominating globally with a revenue share of 31.31% in 2024, followed by Europe being Cost Drivers
the second leading broadband services market 1) Infrastructure
2) Spectrum Licensing
3) Customer Acquisition

Revenue Drivers
1) Subscription Plans
2) Value-added services
3) Business Solutions

KPIs
1) ARPU(Average Revenue Per
User)
2) Subscriber growth
3) Network coverage
4) Data Usage

Players in India Players in India

Reliance Jio Fiber (Reliance Jio) BSNL (Bharat Sanchar Nigam Limited)
•Type: Private Sector •Type: Public Sector Undertaking (PSU) BSNL
•Overview: Jio, part of Reliance Industries, •Overview: BSNL is one of the largest broadband 3.17%
revolutionized the Indian telecom market with service providers in India. It has a strong presence in
Vodafone, Idea
affordable 4G services and has also become a rural and semi-urban areas, where it competes with 15.13%
major player in broadband with Jio Fiber. Jio. private-sector players.
•Key Services: FTTH, broadband, and bundled •Key Services: FTTH (Fiber to the Home), DSL, and
services with OTT platforms. broadband services with various data plans.
Reliance
Airtel Xstream Fiber (Bharti Airtel) You Broadband (Vodafone Idea) 52.31%
•Type: Private Sector •Type: Private Sector (Joint Venture between Vodafone and Bharti Airtel
•Overview: Airtel is one of India's leading Idea) 21.52%
telecom companies and a major player in •Overview: You Broadband is a prominent ISP offering
the broadband space through its Airtel internet services in several cities, primarily in Maharashtra,
Xstream Fiber services Gujarat, and a few other regions. It was acquired by Vodafone
•Key Services: Fiber broadband (FTTH), Idea, which strengthened its position in the broadband market.
OTT services, and bundled packages. •Key Services: Fiber broadband and various high-speed
internet packages.

Sources : TRAI (Telecom Regulatory Authority of India) Page No. 25

Broadband Industry
Backbone of digital connectivity, driving seamless communication, innovation, and economic growth

CAGR Growth Rate EBIT Margins of Broadband Worldwide

The Compound Annual Growth Rate (CAGR) of the EBIT (Earnings Before Interest and Taxes)
global broadband industry varies based on the segment margins in the broadband industry vary
(such as fiber broadband, satellite broadband, or fixed significantly based on factors such as the type of
broadband) and the region. broadband service (e.g., fiber, cable, DSL)
However, on average, broadband companies tend to
Global broadband services are projected to grow at a have moderate to high EBIT margins compared to
CAGR of 9.8% from 2025 to 2030 This growth is other sectors, particularly as they scale and improve
driven by several factors: their infrastructure efficiency.

Demand for High-Speed Internet •Fiber-to-the-Home (FTTH) services, particularly

those offered by larger players like Airtel, Jio, BT
Fiber-to-the-Home (FTTH) Expansion
Group, and Comcast, tend to have higher EBIT
5G and Fixed Wireless Access (FWA) margins, often in the 15% to 30% range. This is
Satellite Broadband Growth because fiber networks, once installed, provide a high-
Increased Internet Penetration in Emerging Markets capacity, low-maintenance solution that can deliver
excellent returns over time.

Mergers and Acquisitions Mergers and Acquisitions

Notable Mergers and Acquisitions Examples

Vodafone and Idea Cellular Reliance Jio and Reliance

Bharti Airtel and Tata
(2018) Communications' Spectrum Assets
Teleservices (2017)
•Sector: Telecom (2017)
•Sector: Telecom
•Deal: Vodafone India merged •Sector: Telecom
•Deal: Airtel acquired
with Idea Cellular to form •Deal: Reliance Jio acquired
Tata Teleservices' mobile
Vodafone Idea, one of the largest spectrum and other assets from
business, including
telecom operators in India. This Reliance Communications, boosting
spectrum and customer
$10 billion deal aimed at its 4G network and supporting Jio's
base, for approximately
improving operational efficiency aggressive expansion into the Indian
$240 million.
and market competitiveness. broadband market.
•Reason: Airtel sought to
•Reason: The merger was driven •Reason: The acquisition was part of
consolidate its market share
by the need to compete with Jio's strategy to expand its market
and strengthen its position
Reliance Jio, which disrupted the share rapidly by enhancing its
against competitors like
telecom market in India with infrastructure and acquiring spectrum.
Reliance Jio.
aggressive pricing strategies.

Sources : TRAI (Telecom Regulatory Authority of India Page No. 26

Defence
Industry
 Defence Industry
The defence industry also known as arms or weapons industry manufactures and sells weapons and military technology.
Production Report.
Cost Drivers, Revenue Drivers and KPI’s.
PRODUCTION VALUES in crores/
INR COST DRIVERS REVENUE DRIVERS KPI’S
Private companies
126887
108684 DPSU’S+OFB
95000 1. CUSTOMER
1. RESEARCH AND 1. GOVERNMENT SATISFACTION.
77640
OTHER PSU’S DEVELOPMENT. CONTRACTS
AND JV’S 2. PROJECT
2 REGULATORY 2..DIVERSIFICATION INTO PROFITABILITY.
COMPLIANCES CIVILIAN APPLICATIONS
2020-21 2021-22 2022-23 2023-24 3. LOGISTICS EFFECIENCY.
3 COMPLEXITY OF SYSTEM 3. MAINTENANCE AND
REPAIR SERVICES.
The government has set an ambitious target to achieve defence production worth ₹1.75 lakh crore (approximately $22 billion) by 2025, AND TECHNOLOGY 4. ON-TIME DELIVERY.
including ₹35,000 crore in defence exports. Currently, private companies contribute 20.89% and PSUs contribute 73.77% of total
production

Budget Allocation By The Government. India’s Defence Exports

B U D G E T U T I L I S AT I O N
100%
80%
60%
45.5 27.7 4.10% 22.70%
40%
20%
0%
Capital outlay Defense Mod (civil) Defense
on defense services pensions
services (revenue)

1. India’s defence budget of US$ 74.7 billion ranked fourth highest globally in 2024. India's defence exports developed from basic equipment to advanced systems under 'Make in India'. Future prospects augur well for
2. The budget is 12.90% of the Union of India’s Budgetary Estimate.
3. USA is at the top with USD 916 billion allocated. stronger contributions to the global defence market, with innovation, global collaborations, and self-reliance. Major export destinations
4. China is second, with USD 296 billion allocated for the defence industry. Are Vietnam, Philippines, UAE, Saudi Arabia, Mauritius, Mozambique, and Seychelles, Brazil and Chile.

Sources : Page No. 28

Defence Industry
The defence industry also known as arms or weapons industry manufactures and sells weapons and military technology.

NAME OF THE EV/EBITD PROFIT MARKET

COMPANY LOGO SALES GROWTH
COMPANY A GROWTH CAPITALIZATION

HINDUSTAN
19.38 12.82% 30.70% 2,74,492.01 Cr.
AERONAUTICS LIMITED

BHARAT DYNAMICS
37 – 4.83% 73.98% 34,346.91 Cr.
LIMITED

BHARAT ELECTRONICS
29.87 14.30% 33.70% 2,05,258.59 Cr.
LIMITED

MAZAGON DOCK
19.78 20.95% 100.00% 80,504.56 Cr.
SHIPBUILDERS LIMITED

BHARAT FORGE 23.19 18.43% 36.30% 61,359.93 Cr.

Sources : Page No. 29

Digital Distribution
Industry
Digital Distribution
Digital distribution has revolutionized media and entertainment, delivering content with unmatched efficiency and accessibility.

Industry Overview Digital Distribution Market Share by Industry

The digital distribution market is currently

● Digital distribution involves delivering content like music, films, books, and games over dominated by gaming, which holds the largest
the internet, bypassing physical formats such as DVDs and CDs. market share 30%. Music and video streaming
follow closely behind, each capturing 25% of
● It offers global reach, cost efficiency, and instant access, benefiting both consumers and creators. the market. Books make up a smaller portion at
10%, while education and user-generated
content represent niche segments with a 5%
● Traditional models face disruption, with independent creators gaining new opportunities but share each.
encountering challenges like piracy and platform dominance.

● The global digital media market has consistently grown, reaching $341 billion in 2023, driven by ● In 2023, global digital media revenue reached $341 billion, a 15.6% increase since 2021. Streaming services, gaming platforms, and
the popularity of streaming services, e-books, and gaming platforms. e-book sales contributed significantly to this growth.
● Physical formats, such as CDs and DVDs, saw a sharp decline, with global revenue dropping to $6.4 billion in 2023 from $8.1
billion in 2021.

Trends in Digital Distribution Benefits And Challenges

1. Streaming Fatigue: Consumers are selective
about streaming services due to market
saturation and financial pressures, leading to Benefits Challenges:
the rise of cost-effective ad-supported options.

2. Ad-Supported Content: Platforms like • Cost Efficiency: Cuts costs by removing physical • Piracy: Sharing unauthorized content reduces
YouTube and TikTok focus on advertising production and shipping, enabling affordable global revenue and undermines creators. DRM
revenue, with internet ad revenue expected to distribution. solutions combat piracy but remain imperfect.
surpass consumer spending in media and
entertainment. • Global Reach: Provides immediate access • Platform Dominance: Major players
worldwide, helping expand into emerging markets dominate, limiting competition and making it
3. Generational Shifts & Ecosystem with growing internet penetration. challenging for smaller platforms to thrive
Integration: Younger generations favor
immersive digital experiences like gaming and • Consumer Convenience: Delivers instant • Regulatory Hurdles: Navigating privacy
social media, prompting companies to integrate downloads, tailored recommendations, and access regulations and copyright laws is complex, with
entertainment sectors for greater cross-platform across multiple devices. non-compliance risking fines and reputational
engagement. harm.
.

Page. No 31
Digital Distribution
Digital distribution has revolutionized media and entertainment, delivering content with unmatched efficiency and accessibility.

Future Trends and Implications

● Emerging Technologies:
‣ AI and Personalization: Artificial intelligence is central to enhancing user experiences. Platforms like Netflix and Spotify analyze user preferences to deliver tailored recommendations,
improving engagement and retention.

‣ Blockchain and Decentralization: Blockchain technology offers transparency and fair compensation models. Decentralized platforms, such as Audius, empower creators by reducing
intermediary control.

● Sustainability Efforts:
As streaming and digital distribution grow, data centers and energy consumption raise environmental concerns. Companies are
adopting greener technologies and carbon offset initiatives to address sustainability issues.

● Immersive Content:
Virtual reality (VR) and augmented reality (AR) are redefining engagement. From immersive gaming to virtual concerts, these technologies
create interactive experiences that captivate audiences.

● Interactive Storytelling:
Formats like choose-your-own-adventure games and shows allow audiences to participate in storytelling, creating deeper
connections between creators and consumers.

● Data-Driven Strategies:
Platforms leverage analytics to monitor user behavior, optimize content recommendations, and enhance audience retention. These insights guide content
creation, improve distribution efficiency, and maximize revenue, ensuring platforms adapt dynamically to evolving consumer demands.

Page No. 32
Edtech
Industry
Edtech
EdTech companies are organizations that leverage technology to enhance education and learning experiences.
Industry Metrics Market Segment
With an estimated valuation of 5. Vedantu 1. Think and Learn The EdTech market is segmented by target audience (K-12, higher education, corporate training, lifelong learners) and learning objectives
$7.5 Bn in 2024, the sector is Innovations PvLtd. (Byju’s) (skill-based training, test preparation, language learning, STEM education). It also includes various delivery models like e-learning
projected to expand at a CAGR Leading platforms, live tutoring, and blended learning.
(compound annual growth companies in the
rate) of 25.8%, education
4. Individual technology 2. Physics Wallah
Learning Pvt Ltd market.
Reaching a staggering $29 Bn
by 2030, with over 100 Mn
3. Eruditus
paid users.
Education Pvt Ltd

. Several factors such as the availability of reasonably priced online education, increased technology adoption via the use of
mobile devices, availability of high-speed internet, and flexible learning modules have influenced growth in the market.
Skill development, K12, test preparation, and online certification are the fastest-growing subsegments of India's edtech
sector. EdTech platforms assist students in overcoming hurdles to receive a comprehensive education by utilizing India, a significant player, sees its edtech market valued at $7.5 billion in 2024, with a CAGR of over 19%, expected to expand rapidly by
technology for learning and teaching. 2028. Revenue multiples for edtech companies vary, with early-stage firms often valued between 5x to 8x annual revenue, depending on
growth and profitability. Industry leaders like BYJU'S, Coursera, and Duolingo dominate this expanding ecosystem.

Revenue, Cost drivers and KPI’s Business models

In the edtech industry, revenue, cost drivers and KPIs play a crucial role in determining the sustainability and growth of companies.
• The pay-per-use model is a more traditional business model in which customers pay for each use or session of a product or
Revenue Drivers Cost drivers KPI’s Pay-per- service. Examples: Coursera Byju’s live classes.
use model
1. Subscriptions and Course Fees 1. Content Development 1.Cost per Acquisition (CPA)
• Subscription is a business model in which customers pay a recurring fee to access a product or service, usually monthly or
2. Freemium Models. 2. Technology Infrastructure 2.Churn Rate Subscripti annually. Examples: Vedantu Pro, Unacademy Plus and Iconic Plans
on model
3. Enterprise Partnerships 3. Marketing and Customer Acquisition 3.Customer Retention Rate
• Freemium is a business model in which a company offers a basic, free version of its product or service while charging for
4. Advertising and Sponsorships 4. Employee Salaries 4.Monthly Recurring Revenue
Freemium premium features or upgrades. Examples: Khan Academy Byju’s free trial lessons.
(MRR) model
5. Live Tutoring and Mentoring Services 5. Licensing and Compliance. 5.Average Revenue per User
(ARPU) • A marketplace is a business model in which a company creates a platform for buyers and sellers of goods or services.
Market Examples: Vedantu (marketplace for tutors), Classgap.
6. Merchandising and Ancillary Services 6. Customer Support 6.Conversion Rate place

Sources : Page No. 34

EDTECH
Competition Analysis

Company Services Market Share Viewer Demographic Marketing Channels

60.00%
• Covers kindergarten to grade 12 with interactive 50.00%
48.13% 47.58%
video lessons Digital Marketing
• Offers storytelling-based learning for younger 40.00%
students via Disney collaboration 24% 52.42% Traditional Media
• Through its subsidiary WhiteHat Jr., Byju's offers 30.00%
Advertising
coding and technology-focused learning for kids. 19.10%
20.00%
• Hybrid Learning model for a better experience 14.11% Event Marketing and
8.85% Sponsorships
10.00% 5.07%
Word of Mouth and
0.00% Referral Programs
18-24 25-34 35-44 45-54 55-64

45.00% 41.41%
40.00% 36.8%
• Online and offline learning courses for NEET, 35.00% Digital Marketing
JEE, UPSC, and government exams in various
30.00%
formats.
• Free content on platforms like YouTube with 25.00% 63.2% Traditional Media
optional premium subscriptions for advanced
10% 20.00% 18.22% Advertising
features. 13.94%
15.00% 11.45%
• Modular learning for self-driven students and 10.00% 7.82%
Event Marketing and
Sponsorships
structured guidance for competitive exams.
5.00%
Word of Mouth and
0.00%
Referral Programs
18-24 25-34 35-44 45-54 55-64

50.00%
40.69% 55.2%
40.00% Digital Marketing
• Offers educational content in a variety of
formats, focusing on STEM topics, humanities, 30.00%
and early college subjects. 23.55% 44.8% Traditional Media
• Tracks progress and customizes the learning 9% 20.00% 16.74% Advertising
path. Event Marketing and
9.68%
• Content available in 56 languages, broadening 10.00% 5.31% Sponsorships
global accessibility Word of Mouth and
0.00% Referral Programs
Page No. 1 18-24 25-34 35-44 45-54 55-64

Sources : Page No. 35

Ecommerce
Industry
E-Commerce Industry
E-Commerce connects buyers and sellers globally through digital platforms, transforming shopping with innovation.
Market Overview Key Growth Drivers
Global Market Size: $5.78 trillion in 2023, projected at $6.3 trillion in 2024. Mobile Penetration: Responsible for 40% of the eCommerce boom, especially in emerging markets.
Indian Market Size: $102 billion in 2023, projected at $123 billion in 2024. Digital Payments: Contributes 30%, driven by UPI, wallets, and secure gateways.
The Indian eCommerce markets are expected to grow rapidly in the near future due to digitization and increasing Internet penetration. Global Connectivity: Accounts for 20%, boosted by improved logistics and cross-border policies.

10000 GLOBAL MARKET 350 INDIAN MARKET Mobile Penetration Mobile Digital Payment
Region
300 Penetration (%) Adoption (%)
IN BILLIONS($)

8000
250 Digital Payments North America 85 70
6000
200
Europe 80 60
4000 150 Global
100 Connectivity Asia-Pacific 75 80
2000
50 Other Factors India 90 85
0 0
2019 2020 2021 2022 2023 2024 2025* 2026* 2027* 2019 2020 2021 2022 2023 2024 2025* 2026* 2027*
Global Market Growth: Expected to reach $8.03 trillion by 2027, driven by rising smartphone usage and cross-border trade. Impact Summary: It reveals regional differences in the implementation of adoption measures as specific approaches to developing
Indian Market Growth: Projected to hit $300 billion by 2027, led by digital payments and rising demand in tier-2 and tier-3 cities. electronic commerce and optimizing the flow of supplies and products in developing countries. These trends run together to reinforce
Both markets highlight the critical role of technological advancements and consumer behavior shifts. the importance of invention in the sphere of portable and payment solutions.

Competitive Analysis Future Trends

M-Commerce Integration of AI
Mobile commerce will make Expect Personalization to
up over 40 % of all online 01 02 remain an area that is
retail sales by 2024 to be increasingly improved on by
boosted by such technologies Artificial Intelligence
as biometric sign-in and ranging from products we
mobile payment methods. use to the services.

Omnichannel Strategies Eco-Friendly Practices

Retailers will adopt integrated With growing consumer
03 04 demand for ethical shopping,
approaches across multiple
platforms to create seamless brands will prioritize eco-
shopping experiences. friendly products and
India’s eCommerce market, led by Flipkart, Amazon, and Meesho, thrives on electronics and groceries. Flipkart gains an edge through packaging and adopt carbon-
Omnichannel marketing helps
exclusive tie-ups and competitive pricing, Amazon excels with a robust supply chain and diverse verticals like fresh food delivery and build customer loyalty​ neutral shipping methods.​

video streaming, while Meesho empowers micro-entrepreneurs in tier 2 and 3 cities with affordable bulk orders.

Sources : Page No. 37

E-Commerce Industry Growth
Understanding the EBIT margins of the ecommerce along with major acquisitions as well as the market dynamics
Key Players Growth (based on 2023 data)
EBIT Margins Of E-commerce Industry
Ecommerce growth is very similar in all key players globally with Amazon's EBIT improving slightly due to growth in it's AWS.
Alibaba has seen steady margins due to it is dominance in Chinese E-commerce. Walmart's margins have been improving driven by it's EBIT (Earnings Before Interest and Tax) Margin is calculated by dividing the operating profit by total revenue and expressing it as a

aggressive push into e-commerce. Shopify's margins have improved significantly as it is SaaS model generates higher margins. percentage. The EBIT Margin of top performers in the e-commerce industry globally are as follows :
30.00%
These figures are indicative and derived from overall trends and
Interest 25.00% analysis of company financial reports.
Company EBITDA 2023 CAGR Return Sales Growth
Coverage
20.00%

Amazon 12.6% 47.94% 11.83% 12.79 15.00%

Amazon's margins (3–5%) are relatively low due to high
logistics and fulfilment costs, which are necessary to maintain
its competitive edge. Alibaba, with its asset-light marketplace
Alibaba 16.74% 28% 17% 14.77 10.00% model, enjoys much higher margins (18–22%), although
regulatory challenges have slightly impacted profitability.
5.00% Walmart operates with thin margins (2–4%) because of its focus
Walmart 7.3% 13.4% 12% 10.45 on price competitiveness and expanding grocery delivery. eBay
0.00% leads with 25–30% margins, thanks to its marketplace model
Amazon Alibaba Walmart eBay requiring lower operational costs.
Shopify 26% 109% 26.07% -0.94
2022 2023

Mergers and Acquisitions Revenue Drivers

Over 200 deals were identified, signalling consistent activity despite market cooling compared to the high volumes seen in
2021. The decline in deal-making from the pandemic-era boom reflects a return to normalcy. Many acquisitions focused on Product Sales Subscription Services Logistics
niche areas, such as apparel, health, beauty, and consumables, while others targeted platforms and marketplaces to expand Platforms like Flipkart and
cross-border capabilities or logistics. Indian eCommerce GMV is
Amazon Prime has over 22 Amazon boost revenue with
expected to reach $150 billion
million subscribers in India, premium delivery options and
Walmart, which already owns a majority stake i.e. 80.5% in 2023 in Flipkart, continues to
by 2026, growing at a 27%
contributing to steady income third-party logistics
invest heavily to expand the e-commerce giant’s logistics and reach in India, further CAGR
partnerships.
consolidating its lead in the market and to grow significantly in the coming years. Walmart
is keen to expand Flipkart's role as a leader in e-commerce in India.
Value-Added Services Advertisements Cross-Border Trade
Initiatives like Amazon's "Global
Seller services, including
In a deal focusing on quick commerce, Zomato acquired a 100% stake in Blinkit (formerly Ads contribute up to 20% of Selling" program allow Indian
Grofers) in 2022. This acquisition has bolstered Zomato’s footprint in the grocery delivery training and logistics, are
revenue for platforms like merchants to access international
segment. It was their strategy to diversify it's food delivery business by entering the quick projected to grow at a 20% customers, significantly boosting
Flipkart and Amazon
commerce sector. CAGR revenue streams.

Sources : Page No. 38

Electric Vehicles
Industry
 Electric Vehicles Industry
The EV industry drives the shift to sustainable electric transportation.
Market Overview Types of EV
Global Market Size: $618.9 billion in 2023, projected at $671.47 billion in 2024. MARKET
SEGREGATION
Indian Market Size: $8.03 billion in 2023, projected at $23.38 in 2024.
The Indian EV industry saw the market size skyrocket in FY24 and anticipates more growth going forward.
Global Market Indian Market

Market size (in Billions)

Market size (in Billions)

2000 120
100 Vehicle type Price Category
1500 80 Segments
Segments
1000 60
40
500 20
0 0
Passenger Vehicles Commercial Two and Three
• Battery Electric Vehicles wheelers Luxury EVs Affordable EVs
• Plug-In hybrid • Electric buses • Electric scooters
Global Market Growth: The global electric vehicle (EV) market is expected to grow to $1,891.08 billion by 2032. electric • Electric trucks & & motorcycles
vans • e-Rickshaws
Indian Market Growth: The Indian electric vehicle (EV) market is expected to grow to $113.99 billion by 2029.

Benefits of Electric Vehicles Challenges faced in the Electric Vehicle (EV) Industry
Lower Running cost Low Maintenance costs High Purchase Cost Range Anxiety
Charging EVs is cheaper than With fewer moving parts than
fueling petrol or diesel cars, EVs are more expensive upfront, primarily due Limited driving range and slower charging
01 02 traditional vehicles, EVs to costly batteries, though operating costs are times, especially in cold weather, contribute to
especially when using renewable require less maintenance and lower in the long run. concerns about EV suitability for long trips.
energy like solar, making them have lower servicing costs,
more cost-effective and eco-friendly resulting in overall savings.
Challenges faced

Environmental Benefits Tax & Financial Benefits

Limited Vehicle Selection Charging Infrastructure
EVs reduce the reliance on fossil
fuels, offer higher energy EVs often enjoy lower The limited availability of public charging
While options are expanding, there are still
efficiency, and emit significantly 03 04 registration fees, road taxes, fewer EV models available, particularly for stations remains a barrier, though government
and government incentives, trucks and minivans. investment is helping expand the network.
less CO2, contributing to cleaner
air and less environmental damage. making them more affordable.

Sources: JMK Research, Fortune business insights , Economic times Page No. 40
 Electric Vehicles Industry
The EV industry drives the shift to sustainable electric transportation.

Key Players Growth Government Policies

1.The FAME India Scheme
COMPANY CEO SALES MARKET SHARES YOY%
• Launched: April 1, 2019, for 5 years.
• Budget: INR 10,000 Cr ($1.2 billion).
Tata Motors Marc Llistosella 69,153 72.00% 59%
• Focus: Adoption of 7,000 e-buses, 500,000 e-three-wheelers, 55,000 e-four-wheelers, and 1 million e-two-wheelers.

Ola Electric Bhavish Aggarwal 156,251 units 24.80% 24.50%

2. The Production Linked Incentive (PLI) Scheme
• Launched: September 2021.
TVS Motors K N Radhakrishnan 166,372 units 11.54% 216%
• Budget: INR 25,938 Cr ($3.1 billion).
• Focus: Boost domestic manufacturing of EVs, hydrogen vehicles, and high-tech components.
Mahindra Anish Shah 75,000 units 8.50% 48%
• Investment: INR 74,850 Cr ($9 billion) attracted, exceeding the INR 42,500 Cr ($5.1 billion) target.

KEY INDUSTRIAL DEVELOPMENTS Revenue Drivers

In August 2023, Mahindra & Mahindra Ltd. introduced its new EV brands (XUV and BE) in the United Kingdom last year.
The company has now announced that it will launch five new electric SUVs in India by 2026. These upcoming products will
be based on Mahindra’s state-of-the-art INGLO EV platform.

Vehicle sales Battery & Charging

Hero Electric signed a strategic contract with Mahindra Group. Under this partnership, Mahindra Advertisement Subscription Services
EV sales in India are Solutions
will manufacture two of Hero Electric’s most popular electric scooters – the Optima and NYX – Strategic campaigns and
growing rapidly, with a
Connected car features
at its Pithampur four-wheelers in Madhya Pradesh. The Mahindra Group has been pioneering partnerships drive 10- Services like Battery-as- and software
projected 49% CAGR, a-Service (BaaS) and
electric three- and for many years while driving the transition to EV across the consumer and 15% revenue growth in subscriptions are growing
driven by affordability charging infrastructure
B2B segment. competitive markets. at a 30% CAGR globally
and incentives are expanding at a 25%
CAGR
The Kia announced that it would launch the next-generation Carnival premium MPV and the EV9
electric SUV in India in the next two years. The company plans to launch three new models in the
country, two of which will be electric vehicles by 2025. The company offers EV6 as its only car in
India

, Sources : IBEF , Statista , Straits research Page No. 41

Entertainment
and
Media
Entertainment and Media Industry
A sector that informs, entertains, and connects audiences worldwide.

Market Overview Modes of Entry

Market Size Challenges 1 2 3

Live Internet
• 2024 Size: USD 29.88 Billion • Piracy Radio
Entertainment Advertising
• Intellectual Property Infringements
• 2029 Projected Size: USD 43.5 • Regulatory Challenges
Billion • Changing Consumer Behavior
• Increasing Competition
• CAGR: 7.80% (2024-2029) • Mental Health And Well Being 4 5 6
Social Media Out-of-Home
Print Media
Advertising

Key Drivers Key Market Players

❑ The Walt Disney Company : Disney+, ESPN, ABC

Technological advancements And Easy Access [150M+ Disney+ subscribers (2023) ]

❑ Netflix [238M+ Subscribers (mid-2024)]

Digital transition
❑ Warner Bros. Discovery:
J HBO Max, CNN, live
sports
Smartphone usage & Rising Standards
❑ ViacomCBS (Paramount Global ) : Paramount+
❑ YouTube (Google)
Regional content

Sources : Page No. 43

Entertainment And Media Industry
A sector that informs, entertains, and connects audiences worldwide.

According to EY’s report, the Indian media and entertainment industry surpassed a value
of Rs 2.3 trillion in 2023. All major segments of this industry — such as television, film,
Current Market Trends
digital media, print media, music, and animation, visual effects, gaming (AVGC) — have
experienced rapid growth. The industry’s diversification and its increasing digitization The Indian media and
The digital media
have elevated it to new heights. India’s Media and entertainment sector
segment is the 2nd
Entertainment industry is posted a robust 19.9%
largest M&E sub-
expected to reach $100 growth in 2022 and
segment, witnessing a
Bn by 2030. crossed the Rs. 2 trillion
15% growth in 2022 to
(US$ 24 billion) mark in
Share of Major Industry Segments by 2026 reach INR 654 Billion.
annual revenue.

1.20%
1.80% India’s internet users are
The share of traditional expected to reach 900 The GOI has taken various
4.60%
0.90% media (television, print, initiatives like digitizing the
6% million by 2025, from
filmed content, music, cable distribution sector to
Digital Media ~622 million internet
31% radio) stood at 57% of the attract institutional funding
Television users in 2020, increasing & increasing the FDI limit
7.70% media and entertainment
Online Gaming at a CAGR of 45% until from 74% to 100% in cable.
Print Media sector revenues in 2023. 2025.
Filmed Entertainment
Animation and VFX
9.30%
Live Music
Out of home Media
Radio
Regional OTT platform
Music Social media penetration Video is the largest
12.60% plans to invest Rs 1000
reached 32% of India’s earning segment of media,
crore over the next three
24.90% population. with 67% growth in 2023.
years.

Sources : Page No. 44

Fast Fashion
Fast Fashion
The fast fashion industry fuels creativity and accessibility, bringing the latest global trends to consumers at remarkable speed
and affordability.
Industry Overview Value Chain
India's Fast Fashion market size was valued at US$ 9.90 billion in 2023.
Trend Analysis and Manufacturing Logistics and Marketing and Sales and
Design Distribution Retail Customer
• Leverage large- Feedback
• Identify global scale • Use streamlined • Aggressive
It is expected to reach US$ 28.84 billion by 2030 fashion trends production, supply chains to marketing • Leverage data
through market often in low- transport finished through digital analytics to
research, social cost goods to campaigns, monitor sales
media, and manufacturing warehouses or influencers, and trends and
The CAGR of the Indian fast fashion market is expected to be 16.5% from influencers. hubs, to produce directly to retail collaborations gather customer
2023 to 2030 • Procure fabrics garments outlets. • Operate feedback.
and raw efficiently. through
materials, often physical stores
from cost- and online
The fashion industry in India employs around 100 million people. effective platforms.
suppliers.

Key Performance Indicators SWOT Analysis

Indian fast fashion brands prioritize rapid production cycles to launch new designs in
Quick Turnaround Time response to market demand.
STRENGTHS WEAKNESS OPPORTUNITY THREATS
Manufacturers leverage economies of scale to produce clothing in bulk, catering to India's
High Volume of Production large and diverse consumer base. India's fast fashion Growth in
The industry struggles Intense competition,
industry benefits from e-commerce,
with low product regulatory pressures,
Low Cost of Goods Sold Efficient supply chains and cost-effective sourcing allow brands to maintain competitive high demand, quick sustainable fashion
quality perception, economic instability,
(COGS) pricing. trend adaptation, cost trends, rural market
reliance on imports, and a shift towards
efficiency, and potential, and global
environmental slow, sustainable
Indian brands closely monitor global and local trends to ensure their collections stay extensive market reach brand collaborations
concerns, and labor- fashion pose risks to
Trend Responsiveness relevant and appealing. through physical and present significant
related criticisms. the industry's growth.
online platforms. avenues for expansion.

Brand Strategy and Strong branding and innovative campaigns enhance consumer loyalty and market reach.
Marketing

Sources : Page No. 46

Page No. 47
 Fintech
and
Digital Payments
Fintech and Digital Payments
Using tech like AI and mobile wallets to deliver modern financial solutions empowers businesses and individuals.
Introduction and Market Size Major Segments in the Industry and their CAGR
SEGMENT ROLE CAGR INDIAN LEADER GLOBAL LEADER

DIGITAL PAYMENTS Online payment 20-25% Paytm PayPal

platforms, UPI, wallets,
etc.
LENDING TECH Peer lending and credit 30-35% Lendingkart SoFi

WEALTH TECH Robo advisors and 25-30% Zerodha Robinhood

portfolio management

InsurTech Digital Insurance and 35-40% Policybazaar Lemonade

policies

Global Fintech Market (2023-2032): Indian Fintech Market (2022-2025): RegTech Compliance and fraud 15-20% IDfy NICE Actimize
○ Valued at $294.74 billion in 2023. ○Market size of $584 billion in 2022 detections
○ Projected to reach $1,152.06 billion by 2032 ○Estimated to grow to ~$1.5 trillion by 2025 CRYPTOCURRENCY Exchanges and 50-60% WazirX Coinbase
blockchain apps

Growth of Fintech Legalities and Regulations

1. Technological Advancements:
Reserve Bank of India Securities and Exchange Board of India
Integration of AI, Blockchain and big (RBI) (SEBI)
data.
2. Consumer Demand: The rising need Personal Data Protection Bill, National Payments Corporation of India
for convenient, fast, and personalised
financial solutions. Information Technology Act, 2000 (NPCI)
3. COVID-19 Impact: Accelerated shift
to digital payments and online financial In January 2024, the RBI barred Paytm Payments Bank from onboarding new customers and accepting deposits after February
tools. 29 due to supervisory concerns, causing a decline in its user base and revenue.
4. Increased Investments: Surge in
venture capital and private equity In November 2023, the RBI halted Bajaj Finance's ‘e COM' and 'Insta EMI Card' services over compliance issues. The
funding. restrictions were lifted in May 2024 after corrective measures.

Sources : Page No. 49

Fintech and Digital Payments
Using tech like AI and mobile wallets to deliver modern financial solutions empowers businesses and individuals.

Sources: Page No. 50

FMCG
FMCG
The FMCG sector offers high-demand, low-cost essentials like food and personal care items.
SWOT Analysis Value Chain Analysis Service
5%

Strengths Weaknesses Opportunities Threats Inbound

Procurement Production Inventory Distribution and Marketing
Efficiency and services Logistics
• Robust distribution • The prevalence of • The increasing adoption • Economic downturns Matrices Management Logistics 25%
networks, especially in counterfeit goods can of e-commerce platforms 20%
can reduce consumer
rural areas, ensure erode brand reputation presents new avenues for spending and impact Effective sourcing Maintaining defect Efficient inventory Outbound
Achieving 90%+
widespread product and market share. growth. demand. strategies can rates below 2% management in the Logistics
on-time delivery
availability. • Consumers, particularly • Diversifying product • Increasing input costs reduce costs by 10- improves product FMCG value chain 15%
Operations
enhances retailer 35%
• The industry has a large in rural areas, are highly portfolios can tap into can erode profit margins. 15%, often quality, minimizes ensures optimal satisfaction and
consumer base and price-sensitive. new consumer segments • Intense competition from achieved through waste, and reduces stock levels, ensures consistent
employs nearly 3 million • High dependency on and preferences. both domestic and bulk purchasing production costs. minimizes waste, product
people. distribution channels, • Government initiatives international players can and long-term and enhances availability.
• Well-established brands any disruptions in supply aimed at boosting the put pressure on market supplier contracts supply chain
enjoy high brand loyalty chains or logistics can economy can positively share. Breakdown of
efficiency. FMCG Value
and recognition. hamper sales impact the sector.
Chain Costs

KPI – Key Performance Indicators Key Drivers

Cash Conversion
Cycle (CCC):
Cash Conversion Measures the time to convert resources into cash. Shorter cycles improve liquidity. Industry Avg. -
Cycle (CCC) 24 days CCC. Revenue Drivers Cost Drivers Growth Drivers

• High Volume Sales • Raw Materials • Growth of E-Commerce

Tracks how quickly goods are sold, which is crucial for perishable products to minimize waste. Only 81.4% • Brand Loyalty • Manufacturing • Rising disposable income of
Sales Speed •
of perishables sold within three days. • Distribution Network Distribution Indian consumers.
• Product Diversification • Marketing • Rapid Urbanization
• Promotions • Packaging • Changing Lifestyle
Out-of-Stock • Global Expansion • Labor preference
Indicates inventory depletion. The average FMCG OOS is 8%, often caused by poor shelf
Rate (OOS) • Strategic Pricing • Regulatory Compliance • Brand-conscious consumers
replenishment.

Fresh Goods Monitors the percentage of inventory sold before its freshness date, which is critical for quality
Sold assurance. Industry Avg. 81.4%

Sources : Page No. 52

 FMCG
The FMCG sector offers high-demand, low-cost essentials like food and personal care items.

Market Overview Distribution Network

Market Growth Challenges Opportunities Key Players:

• Manufacturer → Produces FMCG products. SPLIT BY MARKET
• Market Size Projection: $456.6 billion • Supply chain disruptions raise • AI and data optimise marketing. • Super Stockist → Bulk distribution to smaller distributors.
by 2028, driven by rising consumer costs. • Health trends drive product • Distributor → Regional distribution to wholesalers/retailers. SHARE
demand and evolving retail landscapes. • Inflation squeezes profit margins. innovation. • Wholesaler/Retailer → Final point of sale to consumers. Urban Rural
• Sustainability expectations are • E-commerce and D2C are expanding. • Retailer → Stores (supermarkets, kirana stores, online platforms)
• CAGR: 3.27% (2023-2028), reflecting rising. • Tech-driven logistics boost efficiency.
steady expansion despite inflationary • Regulatory compliance is getting • Personalized marketing strengthens
pressures and supply chain disruptions stricter. loyalty. Key Trends:
• Digital adaptation lags behind • Eco-friendly products gain traction • E-commerce Growth: Increasing online sales channels.
• Revenue Growth: 7-9% YoY growth • Modern Trade: Growth of supermarkets/hypermarkets. 35%
demand.
(2022-23), fueled by increased • E-commerce logistics remain a • Technology: Use of digital platforms to improve efficiency.
urbanization, digital transformation, and challenge. 65%
premiumization trends.
Super
Manufacturer Distributor Retailer Consumer
Stockist

Recent trend analysis Market Segment Distribution

• Rural India has seen a marked increase in the average basket size from 5.88 in 2022 to 9.3 in 2024, driven by higher Consumer-Based Geographic Channel-Based
Product-Based Behavioral
consumption in convenience categories like RTE, beverages, etc. Companies like Hindustan Unilever (HUL), Dabur,
and ITC are focusing on rural markets. • Premium products • Urban – • Traditional Retail
• Food & Beverages • Health-Conscious
• Increasing Investment: 100% FDI in food processing and single-brand retail. USD 208 FDI in FY21. contributes to 65% consumers
• According to a Propulse Global report, sustainable FMCG products are expected to contribute 25% of total industry • Value-Focused
• Personal Care • Modern Trade
sales by 2025 • Rural – • Eco-Conscious
• Home Care • Essential Value contributes to 35% consumers • E-Commerce

250 • Health Care

230
200 192
170 Food & Beverages Rising demand for Urban areas fuel
150 145 Private labels are E-commerce & D2C
110 121 dominate premium & organic premium product gaining traction, and are the fastest-
100
(50-55% market products, though growth, while rural impulse purchases growing, while
50 share), followed by mass-market FMCG, markets drive high- remain strong in traditional retail still
0 Personal Care (18- still drives bulk volume, low-cost snacks & beverages. dominates in rural
2020 2021 2022 2023 2024 2025 22%). sales. sales. areas.
Recent Market Growth Graph

Sources : PagePage
No.No.
11
Sources : Page No. 53
Food and Beverages
Food And Beverages Industry
The F&B market is a global industry driven by taste, trends, and technology.
Market Overview Cost Drivers
Global Market Size: $6.3 trillion in 2024, projected at $7.1 trillion in 2025.
Indian Market Size: $50.99 billion in 2024, projected at $85.19 billion in 2025. COST
India’s food and beverage market is expected to grow rapidly with urbanization, innovation and government initiatives.

Global Market Indian Market

8 8

7 7

6 6

5 5 Raw
Grains Dairy Packaging Labour
4 4
Materials
3 3 (25%) (20%) (10%) (1%)
2 2 (35%)
1 1

0 0
2017 2018 2019 2020 2021 2022 2023 2024 2025* 2026* 2017 2018 2019 2020 2021 2022 2023 2024 2025* 2026*

Urbanization and Demographics Revenue Drivers

The F&B industry in India experiences a transformation as changes occur within consumer demographics. Foodservice sales in India
Urbanization and Rising Disposable Income: Online food delivery and QSR growth:
reached 65% due to urban consumers constituting 35% of the population who have higher purchasing ability and an expanding Growth in urban areas drives higher demand for Increased adoption of online food services and quick
presence of Quick Service Restaurants, fast-food chains, and modern retail. The urban consumer sector wants convenient food that premium, convenience-based, and international service restaurants (QSRs) caters to the growing need for
01 02 fast, accessible dining options
includes premium flavours and international cuisine, thereby leading to the growth of ready-to-eat eateries and gourmet kitchens. food products.
.

Most of the Indian population resides in rural regions, i.e. 65%, yet generates only 35% of food and beverage revenue from basic
staple foods and affordable items. The food market suffers from restricted luxury food availability as well as low purchasing power and
traditional eating patterns, but improved internet connectivity and better logistics systems, along with governmental support, have opened
new growth prospects.
Tier 2 and Tier 3 city expansion:
03 Health-Conscious eating:
Young residents of Tier 2 and Tier 3 locales have led an increase in purchases of modern, time-saving and nutritious food items. Rising Growing purchasing power and exposure to 04
Rising health awareness prompts demand for
consumer spending power and exposure to international fashion trends exist in these cities and provide valuable market opportunities to international trends in smaller cities increase
healthier, organic and diet-specific food options.
comsumption of branded and packed products.
both domestic and international brand companies. The F&B industry will experience enduring growth opportunities because online food
delivery, in combination with the café culture, modifies current meal consumption practices.

Sources: Page No. 55

 Food And Beverages Industry
The F&B market is a global industry driven by taste, trends, and technology.
Value Chain and Supply Chain Investment Landscape
• Market Growth:
• Upstream (Farmers and Suppliers):
• Current size: $332 billion (2023).
• Raw Materials: Farmers supply dairy, grains and produce.
• Projected: $691.47 billion by 2030 (CAGR: 11.05%).
• Solutions: Precision farming and contract farming
• High-Growth Segments:
• Midstream (Processors and Manufacturers):
• Gourmet Foods: $1.3 billion, driven by demand for premium, healthy options.
• Role: Companies like ITC, Amul, and Nestlé process raw materials into products.
• Dairy: Growing at 9-11%, with value-added products like frozen yogurt.
• Technology: Automation (Increases speed and consistency), AI (Optimizes quality control and efficiency).
• Health Foods: Expected to reach $100 billion, fueled by sugar-free and high-protein products.
• Downstream:
• FDI Drivers:
• Retailers and e-commerce platforms (Big Basket, Swiggy) deliver products.
• PLI schemes, streamlined regulations, and proximity to global markets.
• Trends: D2C models and meal kits for convenience.
• Major players: Nestlé, Coca-Cola, PepsiCo expanding investments.
Supply Chain: Challenges and Solutions
• E-commerce & Exports:
• Challenges:
• Growth in ready-to-eat and instant food sales via platforms like BigBasket and JioMart.
• Wastage: 30-40% wastage due to inadequate cold storage and logistics.
• Increased global demand for Indian spices and processed foods.
• Cold chain issues: Lack of refrigeration during transit leads to spoilage.
• Solutions:
• Trends:
• IoT and blockchain for tracking and transparency.
• Startups like Ninjacart reduce wastage by connecting farmers to retailers • Investments in plant-based foods, tech-driven startups, and sustainability initiatives.

Competitive Landscape and KPIs Recent Developments

• Inventory Turnover Ratio: Measures how quickly • E-commerce Growth:
Market Players and EBIT • Platforms like BigBasket, JioMart, and Swiggy Instamart focus on quick commerce and direct-to-consumer models.
inventory is sold and replaced, indicating stock efficiency.
High turnover suggests strong demand, while low turnover Margins • Meal kits and ready-to-eat options cater to convenience-focused consumers.
signals excess stock. 16%
• Sustainability:
14% • Companies are adopting recyclable packaging and zero-waste supply chains.
• Average Revenue Per Customer (ARPC): Tracks 12%
revenue generated per customer, helping assess business • Local and sustainable sourcing initiatives (e.g., Nature’s Basket stores).
10%
performance. It measures customer spending behavior over a
given period.
8% • Mergers & Acquisitions:
6% • Major players like Nestlé invest in plant-based and health-conscious brands.
• Distribution Efficiency: Assesses the effectiveness of the 4% • Smaller startups acquired to expand portfolios in niche markets.
supply chain, focusing on cost and speed. High efficiency 2% • Innovations like Swiggy’s "Food Rescue" reduce wastage.
improves delivery and reduces operational costs. 0% • Subscription models for beverages, snacks, and meal kits are gaining popularity.
Amul Nestle ITC Pepsi co Colo Cola
• Sustainability Metrics: Carbon footprint reduction, • Beverage Innovations:
renewable energy adoption • Demand for mushroom coffee, probiotic teas, and cold brews reflects the shift toward health-conscious and unique
flavors.

, Sources : Page No. 56

Health Care
Industry
Healthcare Industry
The healthcare industry is a collection of organizations and services that provide medical care and support to people.

Industry Overview Key Growth Drivers

Global Scenario Global Market Size Govt. Healthcare Expenditure FDI Inflow between 2000-2024
• The global healthcare industry is one of the world's largest and (% of GDP) (US$ Billion)
25

MARKET SIZE ( IN TRILLION $)

fastest-growing industries, and it has a significant impact on a 3
country's economy. 20 2.6 3.28
2.5 2.5
10.26
• The global hospital services market was valued at USD 12.31 2.2
15 2
trillion in 2023 and is expected to reach around USD 22.57 trillion 1.8
1.6
by 2033 at a CAGR of 6.05%. 10 1.5 1.3
Indian Scenario
1
• In India, the healthcare industry is a major part of the economy 5
that provides medical care and support to individuals. 0.5 22.57
0
• It includes a wide range of services like hospitals, medical
0
devices, health insurance, and medical tourism. FY19 FY20 FY21 FY22 FY23 FY25* Drugs Hospitals Medical Appliances
• It is growing at 22% CAGR since 2016.

Key Players in Hospital Recent M&A Deals

Apollo 24/7 - Keimed Fortis – Agilus
• In a recent deal, Apollo 24|7 merged with Keimed in a $296 • Fortis Healthcare recently acquired Agilus Diagnostics in a
million deal.
$595.5 million deal.
• Advent International holds a 12.1% stake in a newly formed entity
valued at $2.96 billion. • From this deal, Fortis acquired an additional stake of 31.52%,
Key Ratios Apollo Fortis Max Global Health Narayana • Apollo Hospitals will maintain a majority stake of at least 59.2% making a total of 89.2% holdings in the company.

OM 15% 22% 24% 26% 22%

EBIT 669 cr. 293 cr. 345 cr. 162 cr. 266 cr.

PAT 7.08% 9.70% 16.5% 13.68% 14.21%

No. of Beds 10000+ 4500+ 5000+ 2400+ 6100+

BOR 73% 72% 75% 64.3% 60%

Sources : Page No. 58

Healthcare Industry
The healthcare industry is a collection of organizations and services that provide medical care and support to people.

Supply Chain Analysis

1. Manufacturer 2. Distributor 3. Third Party Logistics Provider 4. Provider 5. Patients

• Manufacturer plays a vital role in the • The next level in this supply chain is the • As the supply chain moves ahead, the next • Providers refer to any organisation that • While many might not think patients are a
supply chain of the healthcare industry. ‘Distributor’. level consists of ‘Third Party Logistics provides some type of healthcare service. link in the supply chain, they do play a
• Different types of products are needed in • After manufacturing, the goods are needed Provider’. • This includes hospitals, pharmacies, role.
the industry, like bandages, surgical to be distributed in a efficient manner • It is difficult for a producer to cover all the assisted living facilities, etc. • Patients provide the demand for goods and
equipment, diagnostic tools, etc. without any problem. organisations alone, he needs a small • In the supply chain, providers are tasked services, influencing what types of
• PPE products are also made by healthcare • Distributor performs the function of distributor to cover it. with receiving medication to disperse to products are being sold and the quantities
manufacturers, with the most common inventory management, which means • They play a unique role for certain patients and refilling prescriptions. of those items.
being gloves, gowns, and masks. maintaining an optimal level of inventory organisations. These smaller logistics • Also, tracking and managing • They are the source of information through
• The medical device manufacturing to ensure that medical supplies and providers are often more knowledgeable information related to supply chain which hospitals, insurance companies,
industry in India has been growing at a medications are available when needed about a certain area. operations. This involves using data clinics, medical stores, etc., forecast trends
CAGR of 10-12% over the last decade, without overstocking, which can lead to • Thus, they help in efficiently distributing analytics to forecast demand, track in the market.
with an estimated size of around $11 waste. medical supplies and drugs to various inventory levels, and optimize supply chain
billion. facilities like hospitals, clinics, and processes.
pharmacies. This includes managing
logistics.

Sources : Page No. 59

Insurance
 Insurance
The insurance sector is a key component of the financial system, providing risk coverage and financial protection across various
segments.
Introduction and Forecasts Growth Drivers
⮚ India is the fifth-largest life insurance market and is set to become the sixth-largest insurance market in the world.
⮚ Insurance market in India is expected to reach US$ 222 billion by 2026. .
⮚ The insurance industry has 57 insurance companies, 24 of which are in the life insurance business, while 34 are non-life INCREASING INVESTMENT
insurers. Over the past nine years, the insurance sector has attracted significant foreign direct investment (FDI) amounting to nearly Rs.
⮚ The Insurance industry is regulated by The Insurance Regulatory and Development Authority of India (IRDAI). 54,000 crore (US$ 6.5 billion), driven by the government's progressive relaxation of overseas capital flow regulations.
Insurance Density (Premium per Capita in
30
Gross Written Premium Change (in %)
100
USD)
90 25
POLICY SUPPORT
80 The government’s flagship initiative for crop insurance, Pradhan Mantri Fasal Bima Yojana (PMFBY), has led to growth in
70 20 income for crop insurance. Ayushman Bharat Pradhan Mantri Jan Arogya Yojana aims to provide a health cover of Rs. 5 lakh per
60 family per year for secondary and tertiary care hospitalization.
50 15
40
10
30
20
ROBUST DEMAND
5
10 The recent pandemic has emphasized that health insurance would play a critical role in the effort to strengthen the healthcare
0 0 ecosystem. It was announced that the insurance industry of India has become a Rs. 59 crore industry as of February 2023.
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 2016 2018 2020 2022 2024 2026 2028 2030

Life Non-life Non-life Life

CSR Analysis Key Players

⮚ Claim settlement ratio (CSR) is a percentage of claims the insurer has paid against the number of outstanding claims during ⮚ In FY 2024, health insurance premiums exceeded Rs. 1 trillion (US$ 12.02 billion), reflecting a 20.2% increase, while motor
a financial year. insurance reached Rs. 91,781.3 crore (US$ 11.03 billion), growing by 12.9%.
⮚ The life insurance industry's individual death claim settlement ratio was 98.45% in 2022-23.
Life Insurance Non-Life Insurance
Total Claims Claims
Life Insurance Company Claims Paid CSR (in %)
Received Repudiated
Life Insurance Corporation (LIC) 7,42,243 7,32,309 9,934 98.66
HDFC Life Insurance 13,739 13,526 213 98.45
ICICI Prudential Life Insurance 11,546 11,329 217 98.12
SBI Life Insurance 29,849 29,477 372 98.75
Max Life Insurance 19,922 19,646 276 98.61
Bajaj Allianz Life Insurance 6,089 5,992 97 98.41
Tata AIA Life Insurance 5,660 5,573 87 98.46
Reliance Nippon Life Insurance 7,149 6,998 151 97.89 LIC SBI Life Insurance The New India Assurance United India, Oriental, National (Public Sector)
Birla Sun Life Insurance 10,312 10,123 189 98.17 HDFC Life Insurance ICICI Prudential Life Insurance ICICI Lombard General Insurance Bajaj Allianz General Insurance
Max Life Insurance Other Private Insurers HDFC ERGO General Insurance Star Health and Allied Insurance
Other Private Insurers

Sources: IBEF, Statista, ET Page No. 61

Insurance
The insurance sector is a key component of the financial system, providing risk coverage and financial protection across various
segments.
Value Chain Analysis

PRODUCT DEVELOPMENT DISTRIBUTION AND SALES MARKETING

UNDERWRITING CLAIMS MANAGEMENT
Using customer and market insights to Driving, monitoring and enabling sales and
Understanding and strategically penetrating Evaluating and settling claims, including
design, develop and deploy products and customer retention through brand Analyzing risk profiles and premium
the addressable market to deliver products payment, reinsurance recovery and
services management, advertising and customer pricing models to bind and issue policies
and services and to generate revenue litigation; managing administrative activities
engagement

.
Industry Trends Porter’s Five Forces Key Drivers

Lack of organized data: Unorganized data makes underwriting complex, leading to • Supplier Power: Supplier power is high due to control over customer data, giving
inaccuracies in risk assessment and pricing. This could result in either overpricing or them leverage in pricing and terms. This makes it harder for businesses to negotiate
underpricing of insurance policies, affecting profitability and customer satisfaction. favorable deals. Rising Health Economic
Awareness Growth
• Barriers to entry: High barriers exist due to licensing, regulations, and
Low insurance penetration to tier 2+ cities: Insurance penetration remains low in compliance requirements. New entrants face significant challenges in meeting these
Tier 2+ cities due to limited awareness and trust in insurance products. These regions standards.
also face challenges like a lack of financial literacy and access to tailored products.
• Threat of substitutes: The threat of substitutes is high as similar services make
it easy for customers to switch providers. This creates constant pressure for
Distribution challenges: Insurance is a push product that requires active selling, differentiation.
which remains difficult in Tier 2+ cities where personal interactions are more Consumer
effective. The digital education model struggles in these areas, as many customers Regulatory
• Buyer Power: Buyer power is high because customers have many options to awareness and
are less tech-savvy and prefer face-to-face communication. choose from. This forces businesses to offer competitive prices and value. environment
education
Lack of trust: Consumers in Tier 2+ cities often view insurance as complex and are • Rivalry: Rivalry is strong, with many players offering customized services.
wary of policies due to past negative experiences or lack of understanding. This Competition pushes companies to innovate and improve to stay relevant.
mistrust makes them hesitant to engage with insurance products, hindering market
growth.

Sources : B&C, ET Telecom(M&A), ET Telecom ,Invest-India Page No. 62

Investment Banking
Industry
Investment Banking
Investment banking involves financial advisory services, specializing in raising capital and facilitating mergers & acquisitions.

Overview of the industry Market Size

Investment banking in India plays a crucial role in facilitating capital markets, corporate finance, mergers & acquisitions (M&A), The Global Investment Banking Industry is valued at $121.5 Billion in 2023 and is expected to threefold in the next decade; the Indian
and other financial services. The industry has evolved over the past few decades, with both global and domestic players actively Market constitutes 2% of the global market
participating in this sector. Investment banks serve as intermediaries, connecting companies looking to raise capital with investors,
Key players include Kotak Mahindra Capital (15-
and offer advisory services for a variety of financial transactions.
18% market share), ICICI securities (12-15%), Axis SBI Capital Markets
Capital (10-12%), SBI Capital markets (8-10%) and
JM financials (6-8%), each leveraging parent bank Global Players(JP Morgan,
9% 10% Goldman sachs)
networks, industry expertise and technology to 12% HDFC Investment Division
strengthen their market position. Future growth is 22%

Any India M&A top projected at 12-15% CAGR. Key trends include
14% Kotak Investment Banking
India Investment Top IB fee earner financial advisor diversification of services, focus on analytics, and
involvement
banking fees sector-specific solutions to drive client-centric Axis Capital
M&A 18%
State Bank of Goldman
strategies. It is expected to show an annual growth 15%
ICICI Securities
rate (CAGR 2024-2028) of 1.96%, resulting in a
$1.3 Billion India $83.8 billion Sachs & Co. projected total amount of US$13.99bn by 2028. Other Players

Types of Investment Banks Segments

• Bulge Bracket: Major, international investment banks that regularly handle billion-dollar transactions
Mergers and Acquisition Debt Capital Markets Equity Capital Markets
• Regional Boutique firms: Smallest in firm size and typical deal size(may only specialize in a single area in the market sector) M&A investment bankers advise
It is where companies and The Equity Capital Market (ECM)
companies on transactions
governments raise funds by trading is where companies raise capital by
involving selling, acquiring, or
• Elite Boutique: Resemble bulge bracket banks in dollar value of deals managed (frequently over $1 Billion) divesting businesses, divisions, or
debt securities, such as bonds and issuing stocks or equity securities
Credit Default Swaps. to investors.
assets.
Key Functions
• The front office drives revenue generation and includes divisions such as corporate finance, sales and trading, and
research Restructuring Underwriting
Leveraged Finance
It is the process of reorganizing a It refers to the process where banks
It involves raising capital through
company's finances, operations, or assess, assume risk, and guarantee
• The middle office supports processes that are related to revenue generation, such as risk management and treasury. loans or bonds, typically with high
structure, typically to address the sale of securities on behalf of a
levels of debt, to finance
financial distress, improve company, usually in an initial
acquisitions, buyouts, or other
• The back office includes roles that exist regardless of revenue generated, such as compliance, accounting, information efficiency, or facilitate mergers and public offering (IPO) or debt
high-risk investments.
technology (IT), and HR. acquisitions. issuance.

Sources : Merger and Inquisitions Page No. 64

Investment Banking
Investment banking involves financial advisory services, specializing in raising capital and facilitating mergers & acquisitions.

Growth Pestle Analysis

INDIA INVESTMENT BANKING FEES(US$ BIL) Political: The government of India approved a tax cut to 22% from 30% on M&A Activities, but restriction exists in IPO segments
India's investment banking industry, valued at $1.8 due to recent grey premium gains on listings, making the environment moderate to work in
1.4
billion in 2023, has grown at a 12% CAGR over the
past five years. This growth is fueled by increasing 1.2 Economic: There has been a robust flow exceeding $40 Billion in 2021, which has helped more than 135
M&A activity, IPOs, and private equity investments. startups to go public hence increasing the demand for IB services
M&A activity in the current year comprised 494 deals 1

amounting to USD 25.2 billion, reflecting a 72% Social: India's rapidly growing middle class and young, tech-savvy population

$ billion
0.8
decrease in values compared to the previous year are increasingly interested in financial products, leading to a rise in wealth
largely due to the absence of marquee high-value 0.6 management and retail investment services
transactions, unlike 2022, which witnessed three
marquee deals valued over USD 10 billion each 0.4 Technological: Fintech innovations, AI-driven analytics, and digital trading
platforms enhance efficiency.
(HDFC Bank- HDFC Ltd; L&T-Mindtree and Adani - 0.2
Ambuja Cement, ACC) witnessed in 2022. The Indian
investment banking industry is expected to grow due 0
Legal: The introduction of stricter regulations on IPO disclosures by SEBI,
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 along with enhanced compliance requirements for foreign investments, has
to India's expanding economy, increasing demand for
Year added complexity to the legal landscape.
capital, and growing entrepreneurial activities.
Environmental: ESG investing and sustainable finance trends
influence investment banking strategies

Role of Investment Banks

Revenue Drivers Cost Drivers
1.Advisory Fees- Revenue from M&A, 1.Compensation- High employee salaries and
restructuring, and strategic advisory services, bonuses, particularly for senior bankers and
driven by increased corporate activity. traders.
2.Capital Raising- Income from IPOs, follow-on 2.Technology- Investment in advanced tech Client Engagement: Due Diligence: Deal Structuring: Capital Raising:
offerings, and private placements infrastructure, platforms, and tools to enhance Understand the Advisory: Offer Help clients raise
Conduct detailed Design and structure
3.Private Equity & Venture Capital- Fees earned client’s financial strategic guidance funds through equity
operations and trading efficiency. research, valuations, deals, ensuring they
from advising on PE and VC investments, needs, such as raising on funding, M&A, (IPOs, private
3.Regulatory Compliance -Costs associated with and market analysis meet financial goals
particularly in India's thriving startup ecosystem. capital, mergers, or market placements) or debt
adhering to SEBI, RBI, and other regulatory to assess risks and and comply with
4.Research Fees- Revenue from equities research acquisitions, or opportunities. (bonds, loans).
bodies' rules and reporting requirements. opportunities. regulations.
and market analysis, driven by demand from restructuring.
4.Legal Expenses- Fees for legal services related
institutional investors. to transactions, contracts, and compliance.
5.Syndicated Loans- Fees from arranging 5.Marketing & Client Acquisition-Expenses for
syndicated loans for large projects and corporate branding, advertising, and acquiring new clients,
financing, supported by infrastructure growth and particularly in competitive markets
corporate financing needs.

Sources : Page No. 65

Mutual Funds and AMC
Industry
Mutual Funds & AMC
The Mutual Fund Industry drives wealth creation and financial inclusion through diverse investment options.

Industry Overview Market Size

Average Assets Under Management (AAUM) of Indian Mutual Fund Industry for the month of October 2024 stood at ₹ 68,50,321 crore
with projected CAGR of the next 5 years as 18%.
INVESTMENT PORTFOLIO MANAGEMENT
Investors pool money through lump sum or SIP. Units are Fund managers invest in diversified assets and monitor
allotted based on NAV. performance. NAV is calculated daily. MARKET SHARE OF INDIAN MUTUAL FUND COMPANIES
SBI mutual Fund
19% 19%
SETUP ICICI Prudential Mutual Fund
A sponsor creates the fund, appoints an AMC, 6% HDFC MUTUAL fund
trustees, and other entities, and gets regulatory 15%
approval. 8% axis mutual fund
nippon india mutual Fund
9%
REDEMPTION 14% aditya birla
RETURNS 10%
Investors can redeem units anytime (open-ended funds) or at
Gains are distributed as capital appreciation or dividends. UTI mutual fund
maturity (closed-ended funds). Proceeds are based on NAV.
others

Key Players Mutual Funds vs. ETFs vs. Index Funds

Mutual Funds are pooled investment

ETFs (Exchange-Traded Funds) are Index Funds are investment funds
instruments managed by
traded on exchanges just like stocks, designed to track a benchmark market
professionals, offering diversification
offering flexibility and lower costs. index.
and access to various asset classes.

• Key Features: Both actively or • Key Features: Passively managed, • Key Features: Passively managed,
passively managed, higher fees, lower expense ratios, real-time low fees, track a market index.
priced at the close of the trading day. trading. • Advantages: Broad market
• Advantages: Professional • Advantages: Lower costs, liquidity, exposure, low cost, long-term
management, diversification, and tax efficiency. performance.
automatic reinvestment. • Disadvantages: Potentially less • Disadvantages: Limited flexibility,
• Disadvantages: Less flexibility and active management, requires no active management.
higher management fees. brokerage accounts for trading. • Examples: UTI Nifty 50 Index
• Examples: HDFC Top 100 Fund, • Examples: HDFC Gold ETF, Fund, HDFC BSE Sensex Index
ICICI Prudential Blue-chip Fund NIFTY BeES Fund

Sources : Page No. 67

Mutual Funds & AMC
The Mutual Fund Industry drives wealth creation and financial inclusion through diverse investment options.

REVENUE DRIVERS COST DRIVERS Growth

• Management Fees • Technology Infrastructure India's mutual fund industry has experienced rapid growth, with its Assets Under Management (AUM) increasing from ₹10.96 trillion in
The typical mutual fund management fees range between Funds spend significant amounts in developing tech in October 2014 to ₹67.26 trillion by October 2024, a CAGR of 20%. Key drivers include rising investor awareness, regulatory support from
0.001% to 2%, the exact amount depending on order to execute trades Cost Drivers
as quickly as possible without any SEBI, and the rise of digital platforms​.
management strategy. substantial loss in per asset value while executing bulk
orders.
• Performance Fees GROWTH DRIVERS Feb'23 vs Feb'24-YoY Growth
Most funds charge a premium on their returns by the • Regulatory & Compliance Increasing Investor Income/Debt Oriented Schemes 17.9%
percentage they beat the benchmark Index. Funds pay significant amounts while entering and exiting Awareness
positions, with short-term taxes ranging as high as 20%. Growth/Equity Oriented Schemes 54.0%
• Ancillary Fees Regulatory Support from
• Other Transaction Costs Hybrid Schemes 45.7%
Funds earned from financial advising and administration. SEBI
Every Mutual fund has its own prime brokers, which help Solution Oriented Schemes 36.9%
• Product Differentiation in capital introduction, derivatives trading decks, and Digitalization & Online
Most funds offer fund options that resemble products of lines of credit, funds pay annual fees for these services. Investment Platforms Others 36.8%
other mutual funds, a key revenue driver today has
become product differentiation, the latest between Small Total AUM 38.2%
Cases’ Solar Energy specific funds and Roth’s Taiwan
Semi Conductor industry Fund. 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

Distribution Channels
. Challenges Market Volatility: Mutual funds are subject to market risks, especially equity funds, which can
Direct Indirect
Online
and Risks fluctuate with market conditions.
Investment in Investment
Platforms
Funds Through Brokers High Fees: Some actively managed funds have high management fees, which can erode investor
returns, particularly in a low-growth market.

Important Industry Terms Fraud and Mismanagement: Investors need to be cautious of fraudulent schemes or
mismanagement of funds, though strict regulatory oversight helps reduce these risks.

ASSET UNDER MANAGEMENT STRESS TEST RESULTS Economic Downturns: Mutual funds can experience losses during economic recessions or financial
AUM measures the total value of A liquidity stress test, specifically a SHARPE RATIO crises, particularly in sectors like equity and real estate.
assets a firm manages. Tracking liquidity one, helps funds assess how It evaluates risk-adjusted returns,
AUM growth provides insight into their liquidity level levels will helping to compare fund
the firm's ability to attract and retain change in different stressful performance while accounting for Low Financial Literacy: Many potential investors in India lack sufficient knowledge about mutual
clients, as well as the popularity of situations like deep recession the level of risk taken. funds, leading to misconceptions and mistrust.
its investment offerings. financial market crashes.

Sources : PNB Page No. 68

Real Estate
Industry
Real Estate
The Indian real estate sector, a key driver of economic growth, shaped by urbanization, policy reforms, and evolving market dynamics.

Industry Overview Segments of Real Estate

The Indian real estate sector is a vital contributor to the nation’s economic and social infrastructure. Encompassing residential, Residential Real Estate Retail Real Estate
Commercial Real Estate
commercial, retail, and industrial segments, it supports job creation, housing initiatives, and foreign investments.
•
18
• Soaring housing demand due to Organized retail expanding at
GDP Contribution to Real Estate Indian Real Estate Market Size Growth • Record office leasing of 63
16
6000 urbanization and higher incomes. 25-30% annually.
million sq. ft. in 2023.
14 • Luxury housing grew by 75% in • Luxury brands leased over
5000 • Tier-II cities emerging as hubs
2023, with sales surpassing 600,000 sq. ft. in 2023,

Market Size (in Billion USD)

12
558,000 units. for office spaces.
10
4000 marking 170% YoY growth.
8 3000

6
2000 Hospitality Real Estate Industrial and Logistics Real Estate
4

1000
2
• 12,000 hotel rooms added in
• Logistics space absorption
0 0 2023; inventory is projected to
2021 2047 2020 2025 2030 2035 2040 2045 reached 24.2 million sq. ft. in
grow by 3.3% annually till
Market Size: Market size is projected to grow from $200 billion (2021) to $1 trillion (2030) and $5.8 trillion (2047). the first half of 2024.
2025.
Economic Contribution: Contribution to GDP expected to rise from 7.3% (2021) to 15.5% (2047).

Recent Trends and Developments Growth Drivers Rising Tourism and

Regulatory Technological Growth of Data Centers
Investments
Developments Advancements Sustainability flexible spaces Tourism GDP contribution to
Cumulative FDI reached
$60.53 billion (2000- grow from $199 billion
• The Real Estate (2023) to $512 billion(2028).
(Regulation and • Adoption of 2024), with 37% growth
E-commerce and cloud
Development) digital platforms Government in H1 2024.
Economic adoption fuel data
Act ensures for property
• Increased Initiatives center demand.
transparency. management. • India’s flex
Growth
focus on green “Housing for All” aims to
space stock is Rising incomes and
buildings and construct 20 million urban
• SEBI’s • Demand for expected to homes. Smart Cities Mission
employment boost real
data centers is energy- Urbanization estate demand.
introduction of surpass 80 drives real estate growth in Demand for
Real Estate projected to efficient
million sq. ft. smaller cities. Rental Housing
Investment grow at a designs.
by 2025. Urban population is The rising migration of
Trusts boosts CAGR of 48% professionals and students
(2020-2032).
expected to rise to
liquidity. to urban centers is
675.5 million by
increasing the demand for
2035. rental properties.

Sources : Page No. 70

 Real Estate
The Indian real estate sector, a key driver of economic growth, shaped by urbanization, policy reforms, and evolving market dynamics.

Challenges
1.2

Demand- Environmental Economic

:. Residential Housing Space
Regulatory Urbanization
Supply RESIDENTIAL HOUSING SPACE
Hurdles Challenges Risks Uncertainties
1
Imbalance
Oversupply of luxury Natural disasters
Delays in approvals Unplanned growth
housing; and climate change Inflation and high
and compliance causing poor 0.8
underdeveloped mortgage rates. The residential housing sector in India has experienced
issues. infrastructure impact investments
affordable housing. significant growth, driven by rapid urbanization, rising

UNITS SOLD
disposable incomes, and government initiatives like
Opportunities Pradhan Mantri Awas Yojana (PMAY).
0.6

Senior Living The following reasons have further boosted the sector:
Green Real Tier-II and Technology 0.4
Diversification and Affordable
Estate Tier-III Cities Integration 1. Increasing demand for affordable and mid-segment
Housing housing
0.2
Mixed-use 2. Infrastructure development
Demand for AI-driven property
Emerging as key developments Expanding markets 3. Improved access to home loans
sustainable management and
markets for residential, retail, for these niches
developments smart homes. 0
and commercial spaces 2023 Projected 2024

Market Evaluation
FDI Inflows in Indian
Regulatory Economic Investment FDI INFLOWS
Real Estate(in billion USD)
Environment Conditions Trends 70
Benefits: The Real Estate (Regulation
and Development) Act (RERA) has Benefits: Urbanization has led to a Benefits: Institutional investments in Indian 1. Regulatory Reforms: RERA and REITs improved 60

increased transparency, leading to a real estate reached $5.7 billion in 2023, up transparency, boosting investor confidence.
6.5% CAGR growth in housing
17% YoY. Warehousing and logistics space 2. Urbanization & Infrastructure: Smart Cities Mission 50
30% increase in organized real estate demand. The government’s "Housing
absorption grew to 24.2 million sq. ft. in H1 and Housing for All increased demand.
transactions. Foreign Direct Investment for All" initiative aims to construct 20 2024. 3. Commercial Boom: Office leasing (63M sq. ft. in 2023) 40
(FDI) in construction development million urban homes by 2030.
surged to $60.53 billion (2000-2024). and 170% YoY retail growth attracted investors.
Challenges: Market volatility in Tier-II and 30
Challenges: High mortgage rates 4. Tech Integration: AI-driven property management and
Tier-III cities led to a 10% decline in new
Challenges: Land acquisition costs (~8.5-9% in 2024) have slowed down data centers (48% CAGR till 2032) enhanced investment 20
project launches in 2023. Complex taxation
have risen by 20-25% in metro areas appeal.
home purchases. Economic slowdowns on Real Estate Investment Trusts (REITs)
due to increased regulatory approvals. 5. Economic Growth: Rising incomes and demand for 10
led to a 5% YoY drop in commercial impacts retail investor participation.
luxury housing further drove investments.
Frequent tax amendments and real estate leasing in Q1 2024.
The steady FDI rise reflects strong investor confidence and 0
compliance costs impact 2015 2017 2019 2021 2023 2024
sustained growth potential.
profitability.

Page No. 71
 Retail
Industry
Retail Industry
The Indian retail industry is rapidly growing, fueled by evolving consumer trends.
RETAIL MARKET
Industry Overview – Key Metrics SIZE(US$ BILLION) Industry Overview - Continued
2000

1800
267
KEY PLAYERS KEY PERFORMANCE INDICATORS
❑ Retail Market size- USD 1200 million as of 2023
1600
124 ❑ Reliance Retail
❑ Global rank in retail- 4th in terms of retail market 1400 ❑ Sales per Square Foot
price. 186 374 ❑ Future Group
❑ Gross Margins Return On Investment (GMROI)
1200 89
❑ Increase in customer spending in 2024- 6.7% ❑ V-Mart Retail
1000 249
❑ Customer Retention Rate
❑ India’s retail trading sector attracted US$ 4.63 800 ❑ Avenue Supermarts Ltd (ASL)
102
billion FDIs between April 2000 and March 2024. 600
48 87
38 ❑ Conversion Rate
180 104 1119 ❑ Lakme
883
❑ Retail sales in India grew 4% in February 2024, 400
❑ Inventory Turnover Ratio
compared to the same period in 2023 449 476 ❑ Shahnaz Herbals
200

0 ❑ VLCC
2019 2020 2026F 2030F

Food & Grocery Lifestyle Electronics Others

Macroeconomic Analysis Value Chain Analysis

PESTLE ANALYSIS PORTER’S 5 FORCES

❑ Economic Factors: Provisions made by the Small ❑ Threat of New Entrants: Low-
Industries Development Bank of India (SIDBI) and INBOUND OPERATIONS OUTBOUND MARKETING &
Moderate LOGISTICS LOGISTICS SERVICE
India Aspiration Fund (IAF) to provide loans under 1. Arrangement of SALES
1. Merchandise billing counters 1. Paid/free door 1. Promotion & 1. Pre-purchase
the Make in India scheme and small enterprises ❑ Bargaining Power of Suppliers: Management 2. Providing product delivery service Advertising Services
scheme Moderate-High 2. Quality in 2. Post-purchase
2. Category information 2. Sales
product delivery Services
❑ Social Factors: Indian culture is generally risk- ❑ Bargaining Power of Buyers: Moderate
Management 3. Processing 3. Receiving 3. Customer 3. Ancillary
averse and has moderate-high resistance to change 3. Stock guarantees and feedback from relationship Services
Management warranties customers management
❑ Threat of Substitute Products or
❑ Technological Factors: Services: Moderate
1. Constant innovation in the industry
2. Rise of Quick Commerce ❑ Intensity of Competitive Rivalry: High
3. Shift of consumers towards E-commerce from
traditional retail outlets

Page No. 73
Retail Industry
The Indian retail industry is rapidly growing, fueled by evolving consumer trends.
Revenue and Cost Drivers Market Segments and Category Analysis

REVENUE DRIVERS COST DRIVERS

❑ Customer Foot Traffic ❑ Procurement Costs
❑ Product Mix and Assortment ❑ Logistics and Distribution
❑ Pricing Strategy ❑ Labor Costs
❑ Customer Experience ❑ Real Estate and Rent
❑ Brand Loyalty and Retention ❑ Technology and Infrastructure
❑ Online Sales Channels ❑ Marketing and Advertising
❑ Geographic Expansion ❑ Shrinkage and Loss Prevention
❑ Seasonality and Trends ❑ Utilities and Operational Overheads

New Risers – the Advent of Quick Commerce Challenges & Opportunities

❑ Quick E-Commerce platforms like Blinkit, Zepto and
Swiggy’s Instamart operate on a dark store, which has
the advantage of locational flexibility. INDIA'S RISING QUICK CHALLENGES OPPORTUNITIES
COMMERCE REVENUE(US$
❑ This gives them an edge in reducing rent and store
BILLION) ❑ Intense Competition ❑ Large Number of Retail Outlets
maintenance costs compared to regular stores.
15
❑ Quick E-Commerce companies have expanded their ❑ Changing Consumer Preferences ❑ Luxury Retailing
9.95
categories very rapidly; from cereals to whey protein, 10 8.89
they have it all. 6.94 7.89
5.38
5 3.35 ❑ Regulatory and taxation issues ❑ Sourcing Base
❑ Even though they are funded heavily, most of the quick 0.04 0.19 0.58
1.58
commerce companies are loss-making. 0 ❑ Rural Market Penetration ❑ Increased Online Spending
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
❑ However, they have shown improvement in their
financials with decreasing losses year on year.

Page No 74
Semiconductor
Industry
Semiconductor
The semiconductor industry is the aggregate of companies engaged in the design and fabrication of semiconductors and
semiconductor devices, such as transistors and integrated circuits.
Market Overview and Figures Key Initiatives of the Government
India Semiconductor Market was valued at USD 6.67 Billion in SEMICONDUCTOR MARKET SIZE FROM 2023 TO 2033 (USD
2024 and is expected to reach USD 14.09 Billion by 2032, at a BILLION)
CAGR of 10.1% during the forecast period 2024 – 2032 INDIA SEMICON
SEMICONDUCTOR INDIA
The global semiconductor market size was valued at USD 611.35 MISSION PROGRAM
billion in 2023 and is projected to grow from USD 681.05 billion
in 2024 to USD 2062.59 billion by 2032, exhibiting a CAGR of The India Semiconductor Mission (ISM), a new unit
In December 2021, the Government approved the
14.9% during the forecast period (2024-2032). under the Digital India Corporation, is dedicated to
Semicon India Program to develop a sustainable
the Semicon India Programme. It aims to develop a
semiconductor and display ecosystem, with a budget
long-term strategy for sustainable semiconductor and
The CHIPS Act, authorized in 2020 and expanded in 2022, of INR 760 billion. Revised in September 2022, it
display manufacturing and serves as the focal point
aims to boost U.S. semiconductor manufacturing, design, and supports companies involved in semiconductor fabs,
for the efficient deployment of the programme in
research, enhancing the economy and national security. By display fabs, semiconductor packaging, and design to
collaboration with government, industry, and
2032, U.S. semiconductor production is projected to grow by establish India’s semiconductor industry.
academia.
203%, the highest global increase. .

Market Segments and Breakdown Key Challenges

The semiconductor market is structured into four different
markets based on the functionality of the semiconductors as
follows:
∙ The Discrete Semiconductors market represents the
semiconductors that have a basic function and are
mostly built using a single semiconductor device.
∙ The Integrated Circuits market is the largest market
and represents the semiconductors that have specific
functionality. They generally consist of several basic
semiconductor devices.
∙ The optoelectronics market represents the
semiconductors that have functionality related to light.
∙ Sensors & Actuators represent the semiconductors
that sense real-world factors and those that actuate
other devices.

Sources : Page No. 76

Semiconductor
The semiconductor industry is the aggregate of companies engaged in the design and fabrication of semiconductors and
semiconductor devices, such as transistors and integrated circuits.
Global Initiatives
Value Chain
TAIWAN USA
• POLICY- Angstrom Semiconductor • POLICY-Chips & Science Act, 100-day
Initiative, Moonshot Program supply chain review
DESIGN FABRICATION ASSEMBLY TEST • AIM- To breakthrough 1nm(nanometer) by • AIM- Achieve adaptability in the
2030 semiconductor supply chain
• BUDGET- $16 Billion (in tax incentives) • BUDGET- $39 Billion (in grants)

DESIGN CHINA EU
SOFTWARE MATERIALS • POLICY-National IC(Integrated Circuits) • POLICY- DIGITAL COMPASS
outline,14th five year plan 2030: your digital decade
• AIM- Reach a staggering 70% Self- • AIM- Gain at least 20% global share
sufficiency by 2025
• BUDGET- $142 Billion (in equity funds)
in manufacturing by 2030
PATENS &
EQUIPMENT • BUDGET- $47 Billion (in grants)
COPYRIGHT

Supply Chain Supply Chain Disruption

DESIGN EDA & CORE IP EQUIPMENT
Main Players – USA & EU Main Players – USA & EU Main Players – US & Korea
• High specialization and GEO
• High cost of R&D • Use of AI for efficiency
• Diverse location for hiring • Power and performance- R&D POLITICAL
• Major Training centers in INDUSTRY
and training talent focused area DEMAND SUPPLY TENSION
US & Korea only PRACTICE
Driven by remote work, Limited manufacturing Such as the US-China
consumer electronics, trade war, has led to Over-reliance on just-in-
capacity, raw material
automotive needs, and export controls, sanctions, time inventory and
shortages, and reliance on
ATP WAFER MATERIALS emerging tech like 5G and restrictions on limited investment in
a few producers (e.g.,
FABRICATION and AI. semiconductor older chip technologies.
TSMC, Samsung).
Main Players – Taiwan & China Main Players- Taiwan & China technologies, disrupting
Main Players – Taiwan & China
• Disruptive impact in • Vulnerabilities in specific global supply chains.
advance packaging.
• Huge CapEx requirement materials.
• Policy support in SEA. • Govt Incentives • Very Geo specific

Sources : Page No. 77

Sneakers
Industry
 Sneakers
The global sneaker industry is a dynamic $70+ billion market driven by fashion trends, athletic performance, celebrity
Endorsements and continues technological innovation in footwear design and materials.
Market Highlights Regional Analysis
Market Size( Billion USD) Share
• North America: Largest market, driven by high disposable income and
130
125 • The global sneaker market was USD 92.2B in 2023, sneaker culture.
120 projected to reach USD 128.3B by 2030 at a 4.8% CAGR • Asia-Pacific: Fastest-growing region due to rising middle-class consumers
(2024-2030). 5% 10%
115
Latin America and sports enthusiasm.
110
• Low-top sneakers dominated with USD 71.0B revenue in 20% Europe • Europe: Strong market for luxury and sustainable sneakers.
105 2023, while mid-top sneakers are the fastest-growing 35%
Aisa-Pacific
100 segment. • Middle East & Africa: Rapidly growing, driven by rising disposable
North America
95 incomes and a strong demand for both global and locally relevant brands.
Middle East and Africa
90 • Asia Pacific led as the largest market in 2023, while South 30%
Africa is expected to register the highest CAGR (2024- • Latin America: Fueled by a growing middle class, increased urbanization,
85
2030). and rising demand for global and streetwear-inspired brands.
80
2022 2024 2026 2028 2030 2032

The Value Chain The Competitive Landscape

Nike Adidas
• Raw Material Sourcing: Procurement of rubber, leather, textiles, foam, and synthetic fabrics for sneaker production. Nike blends performance innovation with Adidas blends sports performance,
sports lifestyle and fashion, leveraging lifestyle, and sustainability, leveraging
• Design & Development: Prototyping sneakers with innovations in comfort, style, and performance, often involving athletes and
cutting-edge technology like Air Max and Boost technology and a strong soccer
designers. Flyknit. With strong athlete endorsements, it OTHERS presence. Its Yeezy collaboration boosts
• Manufacturing: Assembly process, primarily outsourced to Asian factories, including cutting, stitching, molding, and finishing. dominates the global market, attracting 18% fashion appeal, attracting athletes and
athletes, Sneakerheads, and casual consumers. NIKE style-conscious consumers. The brand
• Branding & Marketing: Building brand identity through advertising, influencer collaborations, and exclusive releases.
The brand stands for premium, high- NB 37% stands for eco-conscious innovation and a
• Distribution: Multi-channel distribution via wholesalers, brand-owned stores, and online platforms. performance footwear with deep cultural 8% balance between sports and lifestyle.
• Retail & E-commerce: Direct sales through physical stores and digital platforms, shaping consumer accessibility. influence. New Balance
Puma New Balance prioritises comfort, running
• Aftermarket Services: Repairs, customization, and reselling, enhancing sneaker value beyond the initial purchase. Puma focuses on stylish and comfortable performance, and casual wear and is
sportswear, excelling in soccer, motorsports, known for high-quality craftsmanship. It
ADIDAS
and celebrity collaborations. It appeals to appeals to fitness enthusiasts and
25%
Raw Material Design and
Manufacturing
Branding and
Distribution
Retail and E-
Services young consumers seeking a mix of PUMA consumers, valuing durability over trends.
Sourcing Development Marketing Commerce
performance and streetwear aesthetics. With a 12% With a heritage-driven approach, the
sport-meets-luxury appeal, Puma emphasises brand is recognized for timeless design
trendiness and sustainability. and superior comfort.

Sources : Page No. 79

 Sneakers
Sneakers have transformed from sports gear to a multi-billion-dollar global fusion of fashion, lifestyle, and street culture.

Sources : Page No. 80

Telecommunication
Industry
Telecommunication
An overview of the telecom sector, highlighting its growth trajectory, key growth drivers, financial insights and the major players.
Introduction and Forecasts Growth Drivers
⮚ The telecom industry in India is the second largest in the world. Merger & Acquisitions
⮚ 4th largest sector in terms of FDI inflows, contributing 6% of total FDI inflow, and contributes directly to 2.2 Million
employment and indirectly to 1.8 Million jobs.
5G Expansion
⮚ 944.40 Mn Broadband Connections (as on 30th Sept 2024)
B2B Services Expansion
Parameter Value
Mobile data traffic per
Study Period 2019 - 2030 Rise of IoT &
device (in Gigabytes) Base Year for Estimation 2024 Smart Devices Growth in Streaming &
80
Forecast Data Period 2025 - 2030 Digital Content Consumption
60
Market Size (2025) USD 53.18 Billion
40
20
Market Size (2030) USD 83.34 Billion Cloud Computing &
CAGR (2025 - 2030) 9.40% Edge Computing AI & Automation
0
2019202020212022202320242025202620272028 Market Concentration High

Capex Analysis Key Players

⮚ In FY2024, Indian Telecom capex is estimated to reach approximately ₹70,000 crore. ⮚ In FY 2024, the industry gross revenue of India’s telecom sector reached 3.36 trillion Indian rupees.
⮚ Over the next 4-5 years, the total planned investment in the sector will be around ₹3 lakh crore (approx. $35 bn). ⮚ In the year 2023, there were close to 1.16 billion wireless connections in the country.

Revenue Share Market Share

Global Capex Growth Global Capex
Rate 200
Amount (in $ bn)

10 100
Rate (in %)

0
5
0 Years
2015 2020 2025 2030
-5
Years Fixed Broadband Capex
Mobile Broadband Capex
Fixed Broadband Mobile Broadband Airtel Jio VI BSNL
Airtel Jio VI BSNL

Sources: PwC Report, Statista, Statista, Airtel AR, Jio AR, VI AR, BSNL AR, MI Page No. 82
Telecommunication
Insights into regulatory frameworks, financial performance metrics, and the latest developments shaping the telecom industry.

Regulatory Framework Comparative Financial Analysis

National Telecom Policy (NTP) 2012: Aims to provide a framework for the growth and development of the telecom sector. Particulars Reliance Jio Bharti Airtel VI
Telecom Regulatory Authority of India Act, 1997: Establishes TRAI as the primary regulator for the telecom sector.
Current Ratio 0.51 0.43 0.34

Licensing: Telecom operators require licenses from the DoT to operate in India. Debt-Equity Ratio 0.22 1.24 -2.01
Spectrum Allocation: Spectrum is allocated through auctions conducted by the DoT.
Trade Receivables Turnover Ratio 59.39 9 18

Trade Payables Turnover Ratio 9.52 - 1.57

Regulatory Body Key Functions Net Profit Ratio 17.4% 5.3% -74%

Telecom Regulatory Authority of India (TRAI) Framing policies and regulations for the telecom sector Return on Capital Employed 13.1% 8.3% -5%

Return on Investment 7.5% 7.0% -

Department of Telecommunications (DOT) Policy formulation, licensing, and spectrum allocation

Mergers and Acquisitions Stay Updated

The telecom sector in India (2018) led the M&A deal activity in terms of total deal values, with six deals in the USD 100 mn club,
which cumulatively contributed to USD 25 billion, capturing over 60 per cent of total M&A deal values.

Global telecom M&A deal value

(by region)
Value (in $ bn)

200
Vodafone-Idea 100 Musk's win on India’s Vodafone Idea (the first BSNL unveils a new Nokia is to conclude a Total debt on major
⮚ The new brand identity was unveiled on 7 0 satellite spectrum raises telco to launch an AI- brand identity, becoming $2.3 bn acquisition of telcos hits Rs 4.09 lakh
September 2020. 2019 2020 2021 2022 2023 2024 the prospect of a price based spam detection the first company to Infinera by May-June crore in FY24, with
⮚ The merger was valued at $23 bn. war with Ambani. filter) will launch 5G by launch satellite-to- 2025, targeting AI data BSNL debt being lowest
⮚ Post-merger, VI’s market share stood at 35%, Years March 2025, starting device services. center and optical at Rs. 23,297 crores.
serving 400 mn subscribers. with Delhi and Mumbai. opportunities.
Americas
⮚ Vodafone owned 45.1% of the combined
company after transferring a stake of 4.9% to the Europe, the Middle East and Africa
Aditya Birla Group for Rs 39 billion. Asia-Pacific

Sources : B&C, ET Telecom(M&A), ET Telecom ,Invest-India Page No. 83

Waste Management
Industry
 Waste Management
The waste management industry drives sustainability by optimizing recycling, reducing costs, and enabling energy generation.

Industry Overview Strategic Insights: Key Metrics

REVENUE DRIVERS

Global Market Size: $1.36 trillion in 2023, projected at $1.43 trillion in 2024. Recycling Revenue : Swachh Bharat Mission
Indian Market Size: $22.17 billion in 2023, projected at $24.98 billion in 2024. KEY PERFORMANCE INDICATORS Paper waste worth ₹81 billion Funding:
India's waste management sector is expected to grow rapidly with urbanization, innovation, and government initiatives. imported annually​. ₹2,00,000 crores allocated for waste
Recycling Diversion Rate management
2000 40 Operating Cost per Unit
GLOBAL MARKET INDIAN MARKET Compliance Rate with Regulations Waste-to-Energy Capacity Extended Producer
1500 30 Customer Engagement and Satisfaction Expansion: Responsibility (EPR):
250 MW current capacity, aiming for Producers must handle packaging
20 25% 2,000 MW by 2030​ waste recycling
1000 30%
COST DRIVERS
500 10

0 0 Collection Costs: Transportation Costs:

Waste collection in India costs ₹500– Transporting hazardous waste 300
2019 2020 2021 2022 2023 2024 2025 2026 2027 2019 2020 2021 2022 2023 2024 2025 2026 2027
20% ₹1,500 per ton, daily km costs ₹42 lakh for 40 tons
Global Market Growth: Expected to reach $1.74 trillion by 2027, driven by increased demand, regulations and sustainability efforts.
Indian Market Growth: Projected to hit $38 billion by 2027, led by urbanisation, government policies, recycling and technology. 25%
Landfill Costs: Labor and Compliance Costs:
KPIs are crucial for waste management efficiency, driving Landfill disposal costs ₹1,400 per ton TSDF charges ₹12,000–₹20,000 per
Both global and Indian waste management markets focus on regulatory compliance, sustainability initiatives, and technological
performance through recycling rates, cost optimization, and over 20 years​ ton for hazardous waste​
innovations, driving growth in recycling and waste-to-energy sectors.​ compliance, fostering growth.

Regional Distribution of Waste Generation (in Million Tons per Year) Global Waste Management Industry Growth Trends
Waste Generation (Million Tons) Market Size Growth
Waste Generation (Million Tons) 600
5.40% 5.20%
500 6.10% 5.70%
0
Oceania 10 400
Latin America & Caribbean 160 300
Africa 250 200
100
Asia 1,140 410 435 460 485 510
0
Europe 220 2020 2021 2022 2023 2024
North America 290
Market Size ($ Billion) CAGR (%)

Insights: Asia leads in waste generation due to its large population, followed by North America and Europe. Africa Insight: The global waste management market is steadily growing due to increased awareness, regulatory support, and
generates significant waste relative to its GDP due to inefficient waste management practices . innovations in recycling and waste-to-energy technologies.

Sources : https://www.nextmsc.com/report/india-waste-management-market Page No. 85

 Waste Management
There is no such thing as 'away'. When we throw anything away it must go somewhere
Value Chain Key Challenges

WASTE GENERATION TRANSPORTATION SEGREGATION RECYCLING

Inadequate Infrastructure
• Insufficient waste collection, transportation, and processing infrastructure hinders effective waste
• Sources: Household • Process: Dedicated • Process: Dry waste • Process: Wet waste management
waste, construction vehicles for collecting (plastic, paper) recycled. turned into compost.
debris, biomedical household, construction, ▪ Wet waste composted. ▪ Dry waste converted
waste, and e-waste.
• Issues: Poor segregation
and biomedical waste.
▪ E-waste collection points
▪ E-waste dismantled into into raw materials. Informal Economy
metals, glass, and ▪ E-waste refurbished or
at the source. in urban areas. circuits. recycled.
• Solution: Use separate • Solution: Optimized • The informal waste collection and recycling sector lacks regulation, leading to exploitation of
• Solution: Use • Impact: Reduces
bins for dry, wet, and routes and safer workers and environmental concerns
automated sorting and pollution, saves
hazardous waste. containers for hazardous protective equipment for resources, and promotes
waste. workers. sustainability.
Lack of Standardization
• Inconsistent waste management practices and lack of standardization hinder the efficiency of the
supply chain

Market Cap Of Indian Companies Legal Framework

Nupur Recyclers Key Legislations Regulations and Guidelines
• These rules provide a comprehensive framework for
EMS Ltd. ❖ Environment (Protection) Act, 1986: This Act provides the waste management in India, including segregation,
Waste
framework for environmental protection and management in Management Rules
(2016)
collection, and disposal of waste.
VA Tech Wabag Ltd. India, including waste management
❖ Hazardous Wastes (Management and Handling) Rules, • These rules govern the management of solid waste
Ion Exchange Ltd. 1989: These rules regulate the management and handling of Solid Waste
in India, including municipal solid waste and
hazardous wastes in India. Management Rules
(2016)
hazardous waste.
Antony Waste Handling ❖ Municipal Solid Wastes (Management and Handling) Rules,
Cell Ltd. 2000: These rules govern the management and handling of
municipal solid wastes in India. • These guidelines provide a framework for e-waste
Urban Enviro Waste Guidelines for E- recycling in India.
Management Ltd ❖ E-Waste (Management and Handling) Rules, 2011: These Waste Recycling
(2018)
rules regulate the management and handling of electronic
Eco Recycling Ltd. waste in India.
• These guidelines provide a framework for the
Guidelines for development of waste-to-energy plants in India
0 200 400 600 800 Waste to Energy
Plants(2018)

Market cap (Rs crore)

Sources : https://kushaagra.org/waste-management-value-chain/ Page No. 86

The Corporate Finance Guide

Page No. 87
 3 Financing Decisions
Capital budgeting decisions involve evaluating and selecting long-term investment projects to maximize a company's value.

CAPITAL BUDGETING DECISION

It determines which projects or assets a company should invest in to maximize shareholder value. It involves evaluating long-term
investments, such as new product lines, expansion projects, or equipment purchases.

Net Present Value Internal Rate of Return Profitability Index Accounting Rate of Return Payback Period

• It is the difference between • It is the discount rate at • It is a financial metric used to • It is a financial metric used to • It is the time required to
the present value of cash which the Net Present assess the attractiveness of an evaluate the profitability of recover the initial investment
inflows and outflows of an Value (NPV) of an investment or project. an investment. in a project or asset from its
investment, used to evaluate investment or project • PI = Present Value of Future • ARR=Average Annual generated cash inflows.
its profitability. equals zero. Cash Inflows​ Accounting Profit • Payback Period =
• NPV = Cash flow​/ (1+i)^t • IRR = Lower discount rate /Initial Investment /Initial Investment ×100 Initial Investment​
– Initial Investment + NPV at Lower rate • PI > 1: The project is • ARR is easy to calculate and /Annual Cash Inflow
• Positive NPV (NPV>0): The / (NPV at a Lower rate profitable and should be provides a quick profitability • It highlights how fast an
project is expected to - NPV at Higher rate) considered for investment. It measure, making it useful for investment recovers its cost,
generate more value than its x (Higher - Lower rate) indicates that the value comparing projects. aiding in short-term risk
cost and is considered • IRR > Required Rate of generated exceeds the cost. • It ignores the time value of evaluation.
profitable. Return: The project is • PI = 1: The project breaks money and focuses on • It ignores the time value of
• Negative NPV (NPV<0): profitable. even, meaning the value accounting profits, which money and profitability after
The project is not expected to • IRR < Required Rate of generated is equal to the cost. may not reflect actual cash the payback period, making it
recover its cost and is not Return: The project is not • PI < 1: The project is not flows. less comprehensive.
financially viable. viable. profitable and should
• NPV = 0: The project is • M IRR = Required Rate typically be rejected.
expected to break even, of Return: The project
generating just enough breaks even.
returns to cover the cost.

Sources : Page No. 88

 3 Financing Decisions
Financing decisions choose funding sources; dividend decisions allocate profits between payouts and reinvestment.
FINANCING DECISION
• It determines the best sources of funding for a company’s operations and projects, aiming
to balance cost, risk, and control.

DEBT FINANCING STOCK LEASING

Short-Term Funding Long-Term Funding Common Stock Preferred Equity Operating Lease Finance Lease
• Bonds: Debt • Represents • Combines features of • Short-term lease with no • Long-term lease that
• Used for working instruments issued ownership and debt and equity. transfer of ownership. transfers most risks
capital needs like to investors with voting rights in the • Priority over common • The lessor retains and rewards of
inventory and fixed interest company. stock for dividends ownership and ownership to the
receivables. payments. • Dividends are not and liquidation responsibility for lessee.
• Examples: Trade Bank Credits /Overdrafts (ODs) • Borrowings: Loans guaranteed and payouts. maintenance and risks. • Used for high-value,
credit, bank • Bank Credits: Loans granted by banks, from financial depend on • Dividends are • Lease payments are long-term assets like
overdrafts (ODs), often secured, with fixed or variable institutions or other profitability. typically fixed, considered operational heavy machinery or
and short-term interest. entities with • Higher risk for offering more stability expenses in financial manufacturing
loans. • Overdrafts: Flexible short-term structured investors but higher for investors but statements equipment.
borrowing where a company can repayment potential returns. limited voting rights. • Treated as an asset
withdraw more than its account schedules. and liability on the
balance, often at higher interest rates. balance sheet.

DIVIDEND DECISION
• It determines how much profit should be distributed to shareholders as dividends versus
Dividend Payout Ratio reinvested in the business. Retained Earnings

• Retained earnings are the profits that a

• A high payout ratio means the company is company keeps after paying dividends to
paying out a significant portion of its profits as shareholders.
dividends, which could be seen as a sign of
stability, especially in mature companies. • Retained Earnings =
• Dividend Payout Ratio = Net Income−Dividends Paid
• Dividend payout ratio is the proportion of a
company’s earnings that is paid out to • Growth Financing: Companies use retained
shareholders as dividends. earnings to finance capital expenditures,
acquisitions, or expansion plans.
Dividends per Share​ / Earnings per Share ×100
• Financial Flexibility: Retained earnings
• A low payout ratio means the company is provide a cushion for the company during
retaining more earnings to reinvest in growth economic downturns or periods of low
opportunities. profitability.

Sources : Page No. 89

Guesstimates
A guesstimate is an educated guess or rough estimate made using logic, assumptions, and available data to approximate a value
or solution.

TYPES SPLITS USED

Guesstimates are rough, logic-based estimates often used to approximate numbers without Some common splits used while solving a guesstimate are:
exact data. There are different types of guesstimates based on the approach and context in
which they are used.
• Gender Split
Here are some common types: • Urban vs. Rural Split
• Market Sizing • Market Penetration • Age Group Split
• •
•
Demand Estimation
Revenue Estimation •
Growth Projections
Operational Efficiency
• Geographic Split
•
•
Cost Estimation
Profitability Analysis
•
•
Pricing Strategy
Resource Allocation
• Income Level Split

APPROACH DEMAND AND SUPPLY APPROACH

BOTTOM-UP DEMAND APPROACH:

The demand approach, in guesstimates, estimates the total demand for a product or service by analyzing factors like market size,
Start with detailed consumer preferences and economic trends. It helps project sales and assess market potential based on consumer needs and
components and behavior.
Three primary factors that drive market demand are population statistics, economic income, and changing customer purchasing
build the
habits. Businesses use the method to predict growth opportunities and enhance supply strategies. Predicting the market is most
Top-Down estimate upward. valuable when conducting research for new product ventures or market expansions.
Begin with broad
estimates and SUPPLY APPROACH:
narrow down The supply approach, in guesstimates, estimates the availability or production capacity of a product, service, or resource in a
specific market. It focuses on factors like manufacturing capacity, supply chain efficiency, raw material availability, and industry
assumptions constraints to determine how much of a product can be produced and delivered. Key considerations include infrastructure, logistics,
technological advancements, government regulations, and competition. This approach helps businesses anticipate bottlenecks,
optimize production, and align supply with expected demand. It is particularly useful for assessing market entry feasibility and
expansion planning.

Sources : Page No. 90

Estimating the number of SUVs in India
ASSUMPTIONS STRUCTURE

POPULATION OF INDIA NUMBER OF CARS SOLD

The majority of People living in 35% of cars sold in rural areas

The population of India is 1.4
Urban areas are from middle- are SUVs, compared to 45% in
billion
income families urban areas MULTIPLIED BY PROBABILITY OF CAR BEIN
SPLIT INTO RURAL AND URBAN SUV

Urban areas in India are SPLIT INTO HIGH INCOME,MIDDLE INCOME

5 people per family in rural growing at a rate of 3% AND LOW INCOME NUMBER OF SUVS IN INDIA
Majority of India lives in Rural
areas and 4 people per family in annually, leading to an increase
areas
urban areas in the middle-income
population in cities.

SEGREGATED INTO NUMBER OF

HOUSEHOLDS MULTIPLIED BY AVERAGE SUV PRICE

Around 60% of rural

households have an annual
The majority of People living in
Average SUV price is 10 lakh income below 2Rs. Lakh, while
Rural areas are from low-
rupees 70% of urban households have MULTIPLIED BY PROBABILITY OF PURCHASING
income families
an income between Rs. 3-8 lakh A CAR SUV MARKET SIZE IN INDIA
annually.

NUMBER OF CARS SOLD

Page No. 91
Solution for the Problem

Page No. 92
Fundamental Analysis Framework
Economic Analysis
(Macro-level) Assess global economic trends, policies, and geopolitical factors shaping market conditions.

Industry Analysis
(Meso-level) Evaluate growth potential, competition, regulations, and technological disruptions in the industry.

Company Analysis
(Micro-level) Analyze the business model, management, financial health, and valuation metrics of the company.

Valuation and Determine intrinsic value, compare it with market price, and decide to buy, sell, or hold.
Investment Decision

Monitoring and Continuously track performance and adjust strategies based on evolving market dynamics.
Review

Page No. 93
Accounting Ratios
Accounting ratios are financial metrics that evaluate a company's performance, efficiency, liquidity, solvency, and market valuation
by analyzing relationships between financial statement items.

Profitability Ratios Liquidity Ratios Solvency Ratios

Measure a company’s ability to Evaluate a company’s capacity to Assess long-term financial
generate profit relative to revenue, meet short-term obligations and stability and the ability to meet
assets, or equity, highlighting manage cash flow effectively. debt obligations, reflecting
operational efficiency and returns. financial risk.
E.g.- Gross Margin Ratio E.g.- Current Ratio
E.g.- Debt to Equity Ratio

Efficiency Ratio Market Valuation Ratios

Return on Equity (ROE)
Analyze how well a company Help investors evaluate the market
utilizes its assets and manages value of a company relative to Measures profit generated from
operations to drive revenue and earnings, book value, and sales, shareholders' equity, indicating how
minimize waste. aiding investment decisions. effectively capital is used to
generate returns
E.g.- Asset Turnover Ratio E.g.- Price to Earning Ratio.

Page No. 94
Accounting Ratios and their Indicators
NAME FORMULA TYPE INDICATOR

INVENTORY TURNOVER Cost of Goods Sold / Average Efficiency Ratio Higher is better; too high risks
Inventory stockouts

NET PROFIT MARGIN (Net Income / Revenue) × 100 Profitability Ratio Higher is better; shows profit from
sales

RETURN ON EQUITY Net Income / Shareholder’s Equity Profitability Ratio Higher is better; indicates shareholder
profitability

P/E RATIO Market Price per Share / EPS Valuation Ratio Varies; higher suggests growth
expectations

EARNING PER SHARE Net Income / Number of Outstanding Valuation Ratio Higher is better; reflects per-share
Shares profitability

Page No. 95
Concall – The Analysis
What is a Concall? What are Financial Statements?
. Concall (Conference Call): A Concall is a formal conference call between a company’s management team and its stakeholders,
Financial Statements are formal records that outline a company’s financial activities and performance over a specific period. These
including analysts, investors, shareholders, and sometimes journalists. These calls typically occur after the release of a company’s
quarterly or annual financial results but can also happen for other significant events or announcements. documents are essential for understanding the company’s financial health and making informed business and investment decisions.

Income Cash Flow

Purpose: To discuss performance, strategies, challenges, and outlook. Balance Sheet:
Statements: Statement: Cash
Assets, Liabilities,
Revenue, Expenses, inflows and
Equity.
Key Elements: Profit/Loss outflows

Management Q&A Session: Operational Additional

Aspects: Prepared Periodically: Financial statements are typically prepared on a quarterly or annual basis, in line with accounting standards
Presentation: Stakeholders ask Insights: such as GAAP (Generally Accepted Accounting Principles) or IFRS (International Financial Reporting Standards).
Executives present Calls are audio-
questions for Management
based, last 30
financial results, clarity on shares data on minutes to an hour Purpose: Financial statements are vital for stakeholders such as investors, creditors, management, and regulators. They assess
strategies, and performance and sales, growth, and and may involve profitability, debt repayment ability, and strategic decisions and ensure compliance, providing a clear view of a company’s financial
challenges. plans. future plans global participants. health and value.

What is an Earnings Report? Example Illustrations:

An Earnings Report is a financial document issued by a company, typically on a quarterly or annual basis, that provides a
comprehensive summary of the company’s financial performance. It helps stakeholders evaluate how well the company is doing • Concall: Management explains why profits grew key challenges and responds to analysts' questions.
financially and whether it meets its goals and expectations.
• Earnings Report: Announces 15% revenue growth, 10% net profit increase, and updated EPS.

Contents: • Financial Statements: Provides detailed revenue breakdown, asset changes, and specific cash flow details.
• Revenue, net profit, and EPS (Earnings Per Share).
• Operating income, expenses, and cash flow data. • Balance Sheet: Lists assets worth $100M, liabilities of $50M, and equity of $50M as of the quarter-end.
• Year-over-year (YoY) or quarter-over-quarter (QoQ) comparisons.
Purpose • Income Statement: Reports total revenue of $20M, operating expenses of $12M, and net income of $5M for the year.
Audience
The main purpose of an earnings report is to provide
The primary audience for earnings reports includes
transparency regarding a company’s financial
investors, analysts, and shareholders, who rely on these
performance and ensure compliance with • Cash Flow Statement: Shows $3M cash inflow from operations, $2M outflow for capital expenditures, and a net
reports to make informed decisions regarding buying, increase in cash by $500K.
regulatory requirements such as SEC for public
holding, or selling stocks.
companies.

Sources : Page No. 96

Maruti Suzuki India Ltd (Q2 FY24 Concall)
Key Points to Look for in a Concall

Management Commentary: Competitive Landscape: Management Key Risks: Management outlines

Financial Guidance: Management discusses the company’s position in the
Management discusses key growth potential risks that could affect
provides future projections for revenue, market, including industry trends, market
drivers and challenges faced and provides performance, including market volatility,
profit margins, and capital expenditures. share, and competitors’ movements. This
an outlook for the future. This helps regulatory changes, or supply chain
This helps investors assess whether the helps investors understand how external
stakeholders understand what influenced challenges. Identifying these risks helps
company’s future financial performance factors might influence the company’s
results and the company’s strategic investors evaluate the company’s
aligns with market expectations. future growth.
direction. stability.

Concall Highlights

ESG Focus: Solar energy usage in plants is set Risks: Rising raw material costs are being Financial Guidance: Management expects a Investor Insights: The company plans to
to increase by 15% as part of the company’s mitigated through effective cost 10% revenue growth in the next quarter while enhance its digital presence and boost
sustainability efforts. optimization strategies. maintaining stable profit margins. online sales, aligning with market
trends.

Expansion: The dealer network was Revenue Growth: The company saw a 12%
Market Share: The company’s market share revenue growth, fueled by successful new Dividend: Interim dividend of
expanded in southern India, with a
increased by 2%, driven by the success of SUV launches and increasing export ₹10/share declared for investors
strategic focus on increasing investments
new product launches. demand
in electric vehicles (EVs).

Sources : Page No. 97

 Credit Rating Report
.
Framework
Overview and Key Highlights - Includes a summary of the entity being rated, often highlighting key
financial and operational development
Credit ratings are forward-looking opinions about an issuer’s relative creditworthiness. They provide a common and transparent
global language for investors to form a view on and compare the relative likelihood of whether an issuer may repay its debts on time
and in full. Credit Rating - Assigning rating (e.g., AAA, AA, A) based on the entity's ability to meet its debt
obligations. Higher ratings indicate lower risk.

Rating Outlook - Indicates the potential direction of the credit rating in the future, such as stable,
positive (potential upgrade), or negative (potential downgrade).

Rating Process
Key Rating Drivers - A detailed analysis of the factors that influenced the rating, including both
quantitative (financial metrics) and qualitative (management, governance) elements.

Economic and Industry Conditions- Provides a broader view of the economic environment and
industry-specific factors that could influence the rated entity’s creditworthiness.

Contract Pre-Evaluation Management Meeting Analysis

The issuer requests a rating and Assembling a team of analysts to Analysts meet with the management team to Analyse information and propose
signs engagement letter review pertinent information review and discuss information rating to the rating committee
Debt Structure and Repayment Profile - Details the entity's outstanding debt, its maturity schedule,
and the ability to meet repayment obligations, highlighting potential refinancing risks.

Historical Financial Performance- This section typically presents key financial metrics over 3-5
years, analyzing trends in liquidity, leverage, and profitability ratios to assess the entity’s past
performance and financial stability.

Rating Committee Notification Publication Surveillance of Rated Issuers and Issues

Reviews lead analyst's rating Providing issuer pre-publication Press release announcing public Keeping the rating current by identifying Sensitivity Analysis and Stress Test - Evaluates how the entity might perform under various adverse
recommendation, then votes on credit rationale for its credit rating for fact- rating and posting the rating on the issues economic scenarios, such as changes in interest rates or market conditions.
rating checking and accuracy website

Sources : Page No. 98

Credit
.
Rating Report
Apple Inc. Credit Rating Report Overview as per S&P
Understanding the rating scale of different agencies Global
Credit Rating - Apple typically enjoys a AAA credit rating from S&P, which is the highest rating
indicating an extremely low risk of default on its debt obligations.

Look at the ratio outlook as agencies Rating Outlook - The outlook is Stable, meaning S&P believes that the company's financial position
Debt maturity profile as large debt
might revise it owing to changing and creditworthiness are unlikely to change in the near term.
maturing in short span of time can pose
conditions
liquidity risk
Key Rating Drivers - Strong market position as a leader in the technology sector,
Robust financial performance, with large cash reserves and strong profitability.
Minimal debt load relative to cash flow, maintaining a conservative capital structure

Business Profile - Apple has a dominant global brand with a diversified product portfolio and high
Things to customer loyalty

keep in mind
Financial Profile - Apple’s financial metrics show consistent revenue growth and high profit margins,
while reading supported by its large cash reserves and significant free cash flow.
the report
Debt Structure - Apple has a mixture of short-term and long-term debt, but due to its massive cash
reserves, it poses little risk in terms of repayment.

Liquidity and Cash Flow - Apple has a strong liquidity position, with significant cash reserves and
External economic environment and stable operating cash flow, providing flexibility for future investments or debt repayments.
Focus on financial ratios like liquidity
industry specific risk also influence ratio , leveraging ratio and profitability
creditworthiness ratio
Governance and Management - Apple is known for its strong corporate governance, led by a skilled
management team that has delivered consistent performance over many years.

Economic and Industry Conditions - Apple operates in a competitive and constantly evolving
Qualitative factors like management technology industry, but its innovative products and brand loyalty provide resilience against economic
quality, competitive position and downturns.
regulatory environment should be given
equal importance

Sources : Page No. 99

 Annual Reports Framework
Understand the Purpose: What is the
report about? Identify the main topic,
subject, or issue being addressed.
KEY
An annual report is a yearly document that provides a
COMPONENTS
company's financial performance and activities. It's a way
for companies to share information with shareholders and BALANCE INCOME CASH FLOW Skim and Scan: Read the title, headings, and
SHEET STATEMENT STATEMENT subheadings. This will give you a quick overview of the
other interested parties. report's structure and key topics.

Key Sections to Focus On: Read Actively: Highlight or underline key points. This
will help you focus and retain information. Take notes
and summarize key findings in your own words. This
• Qualitative Insights: Provides a narrative overview of the company's performance, will help you understand the information more deeply.

including challenges faced, opportunities identified, and future outlook.

• Key Performance Indicators (KPIs): Highlights critical metrics like revenue

growth, profitability, market share, and customer acquisition. Analyze and Evaluate: Consider the evidence
presented. Is the evidence reliable, credible, and
sufficient to support the conclusions? Identify any
potential biases or limitations of the report.
• Risk Factors: Discusses potential threats to the company's operations and financial
stability.

Summarize and Synthesize: Summarize the main

findings and conclusions of the report. Draw
conclusions and make inferences based on the
information presented in the report.

Sources : Page No. 100

 Important Considerations Industry Benchmarking

• Identify key metrics that are relevant to the company's

industry, such as revenue growth, profitability, and debt
levels.
Comparative
Consider the Consult with Metrics
Read Critically: Be Context: Analyze Experts: If you're
aware that annual the company's unsure about any
reports often present performance within aspect of the annual
a positive view of the broader report, seek guidance
the company. economic and from a financial
industry context. professional.
• Gather industry averages for these metrics from reputable
sources, such as industry associations, financial databases,
and analyst reports.
Industry
Hidden Insights Averages

• Compare the company's performance to industry averages

to understand its relative strengths and weaknesses.
Management Discussion Notes to the Financial Industry News and Analyst
Statements Reports Performance
and Analysis (MD&A) Evaluation

Sources : Page No. 101

Alternate Investments
Non-traditional investment options beyond stocks, bonds, and cash which are known for offering higher returns.

Types of Alternate Investments Hedge Funds

Hedge funds are investment funds that pool capital from accredited investors and use various strategies to earn returns, often employing
Alternate investments are non-traditional investment options beyond stocks, bonds, and cash. They are known for offering higher returns
leverage and derivatives. They aim to achieve positive returns regardless of market conditions. Hedge funds are considered alternative
and diversification but often come with higher risk and low liquidity. These investments are typically accessible to institutional investors
investments and typically require high minimum investments.
or high-net-worth individuals due to their complexity and long investment horizons. They play a crucial role in enhancing portfolio
performance and mitigating market volatility. Investor 1

Aggressive
Portfolio
Hedge Funds Private Debt Digital Assets Commodities
Investor 2

Private Equity Venture Real Estate Hedge Fund

Capital Manager

Investor 3 Achieves the

Specified Return

Private Equity Private Debt

Private equity involves investment funds that buy and manage companies to improve their value before selling them. These funds often Private debt refers to loans or debt Others Private Sector Pension
acquire private companies or take public companies private. Private equity is an alternative asset class and usually requires significant investments provided by private 14% Fund
16%
capital commitments. entities, such as banks, hedge funds, Wealth Manager
or private equity firms, rather than 6%
public institutions. Fund of Funds Manager Public Pension Fund
6% 13%

It includes various forms of debt Asset Manager

6%
financing, such as direct lending,
distressed debt, and mezzanine Family Office Foundation
8% 13%
financing. Insurance Company Endowment Plan
9% 9%
Private debt is often used for
Players in Private Debt
business expansion, acquisitions, and
real estate development.

Sources : https://www.investopedia.com/ Page No. 102

Alternate Investments
Non-traditional investment options beyond stocks, bonds, and cash which are known for offering higher returns

Venture Capital Digital Assets

Venture capital is a form of private equity and a type of Digital assets include cryptocurrencies, tokens,
financing for startup companies and small businesses with long- and other digital forms of value that exist in NFTs Stablecoins
term growth potential. blockchain technology.

Digital
VC firms invest in exchange for equity stakes and often play an They are often used as a medium of exchange,
Crypto Assets
a store of value, or for investment purposes. Tokens
active role in the company's development. currencies

Venture capitalists provide backing through financing, Records of ownership of digital assets are held
technological expertise, or managerial experience. securely on a type of decentralised database, or
CBDCs Digital
electronic ledger, called a blockchain, which is Bonds
VC firms raise money from limited partners (LPs) to invest in distributed among its users.
promising startups or even larger venture funds.

Real Estate/Infrastructure Commodities

Infrastructure investments involve funding projects like roads, bridges, and utilities, while real estate investments focus on purchasing, Commodities are raw materials or
Spot
managing, and selling properties. Both are considered alternative asset classes and can provide stable, long-term returns. primary agricultural products, such as
gold, oil, and wheat, that can be bought
Market
Immediate delivery
Market Factors Driving Real Estate Investments and sold. and payment for
Options goods. Futures
Government Policies
and Subsidies
Commodities are traded on exchanges
Contracts offering
Market
and are often used as a hedge against Contracts to buy or sell
the right (but not the
The Economy inflation. obligation) to buy or a commodity at a
sell. predetermined price on
Real Estate a specific date
Types of Commodities: Energy,
Interest Rates
Metals, Agricultural Products, and
Livestock and Meat
Demographics

Sources : https://www.investopedia.com/ Page No. 103

Appendix

Page No. 104

GLOSSARY
Term Meaning
ABS (Asset-Backed Securities) Financial securities backed by pools of assets such as loans, leases, credit card debt, or receivables.

Arbitrage The simultaneous buying and selling of assets in different markets to take advantage of price differences.
ASBA (Application Supported by
A process in IPOs where the application amount remains blocked in the investor's bank account until the shares are allotted.
Blocked Amount)
Benchmarking The process of comparing a company's performance, processes, or products with industry standards or competitors.
Beta A measure of a stock's volatility in relation to the overall market, indicating its risk level compared to the market.
Brand Equity The value derived from a brand's recognition, reputation, and consumer loyalty.
Cannibalization When a new product reduces the sales of a company's existing products.
Cash Flow The total amount of money moving in and out of a business.
Collateral An asset pledged by a borrower to secure a loan.
Consortium (Loans) A group of lenders or financial institutions that jointly provide a loan to a borrower, typically for large projects requiring substantial funding.
Crowdfunding Raising small amounts of money from a large number of people, typically via the internet.
Debt-to-Equity Ratio A measure of a company's financial leverage calculated by dividing total liabilities by shareholder equity.
Derivative A financial instrument whose value depends on the value of another asset.
Disruptive Innovation A technology or process that significantly alters an industry by creating a new market or value network.
Dividend Yield A financial ratio that shows how much a company pays out in dividends relative to its stock price.
Economies of Scale Cost advantages gained as production increases, lowering the per-unit cost.
Equity Financing Raising capital by selling ownership stakes in a company.
Escrow Account A financial arrangement where a third party holds funds until certain conditions are met.
Exit Strategy A plan for an investor or entrepreneur to sell their stake in a business.
First-Mover Advantage The competitive edge gained by being the first to market with a product or service.

Page No. 105

GLOSSARY
Term Meaning
Fixed Cost Costs that remain constant regardless of production levels.
Greeks Financial metrics used to measure the sensitivity of options prices to various factors, such as Delta, Gamma, Theta, and Vega.
Hedge Fund An investment fund that uses advanced strategies to generate high returns.
Initial Public Offering (IPO) The first sale of a company's stock to the public.
Intangible Assets Non-physical assets, such as patents, trademarks, and goodwill.
Joint Venture A business agreement in which two or more parties collaborate on a specific project or goal.

Key Performance Indicator (KPI) A measurable value indicating how effectively a company is achieving its objectives.

LBO (Leveraged Buyout) The acquisition of a company using borrowed funds, with the assets of the acquired company often used as collateral.
Leverage Using borrowed capital to increase the potential return of an investment.
Liquidity The ability to convert an asset into cash quickly without a significant loss in value.
Market Capitalization The total value of a company's shares, calculated by multiplying the stock price by the number of shares.
Market Segmentation Dividing a market into distinct groups of customers with similar needs or characteristics.
MBO (Management Buyout) A transaction where a company's management team buys out the business from its current owners to take control.

MBS (Mortgage-Backed Securities) Investments backed by a pool of mortgages, which provide periodic payments to investors.

Monetization The process of generating revenue from a product, service, or platform.

Operational Efficiency The ability of a company to deliver products or services in the most cost-effective way without compromising quality.
Organic Growth Business expansion achieved through internal resources rather than mergers or acquisitions.
Overhead Costs Expenses not directly tied to production, such as rent, utilities, and salaries.
Pareto Principle The concept that 80% of outcomes result from 20% of inputs or efforts.
Portfolio Diversification Spreading investments across different assets to reduce risk.

Page No. 106

GLOSSARY
Term Meaning
Preferred Stock A type of stock with fixed dividends and priority over common stock in case of liquidation.
Profit Margin A measure of profitability calculated as net income divided by revenue.
Proforma Financial statements based on hypothetical scenarios or projections.
Rebranding The process of changing a company's image, name, logo, or marketing strategy.
Retained Earnings Profits that are not distributed as dividends but are reinvested in the business.
Scalability The ability of a business to grow without significantly increasing costs.
Secondary Market A market where investors buy and sell securities from each other rather than from the issuing company.
Shareholder Value The value delivered to shareholders through dividends and stock price appreciation.
SPAC (Special Purpose Acquisition
A company created to raise capital through an IPO to acquire an existing company.
Company)
Supply Chain Management The oversight of materials, information, and finances as they move from supplier to customer.
Target Market A specific group of consumers at which a company aims its products or services.

Total Addressable Market (TAM) The total revenue opportunity available for a product or service.

Turnaround Strategy A plan to reverse a company’s decline and restore profitability.

Underwriting The process by which an institution evaluates and assumes the risk of issuing securities or loans.
Variable Cost Costs that change based on production levels.
Vertical Integration A company's control over multiple stages of production or supply chain.
Working Capital The difference between current assets and current liabilities, indicating liquidity.
Yield Curve A graph that shows the relationship between interest rates and bond maturities.
YTM (Yield to Maturity) The total return anticipated on a bond if it is held until it matures, including interest payments and capital gains or losses.
Zero-Based Budgeting A budgeting method where all expenses must be justified for each new period.

Page
Page No.
No. 1
107
 Data Sheet
GDP OF PAST 3 YEARS
8.0 billion WORKING 2550
GLOBAL POPULATION LABOUR FORCE IN NON WORKING
POPULATION IN 2500
INDIA POPULATION
INDIA 2450
2400

GDP OF INDIA 3.55 lakh crores USD 600 MILLION / 625 2350
40% 60% 2300
MILLION
2250
AROUND 25 2200

POPULATION OF INDIA 142.86 crores 3.2% 2150

MILLION
(UNEMPLOYED) 2100
(UNEMPLOYED ) 2021 2022 2023

Male
POPULATION DIVIDED ON THE BASES OF AGE
Gender Divide Female GROUPS
0-14 15-64 >65
60% 40%
Literacy Rate 25.31% 67.8% 6.9%
Overall Male Female

75% 80% 70%

AVERAGE FAMILY SIZE
Important Splits Indian Urban Rural
URBAN RURAL
Access to water 70% 100% 50%
Smartphone Penetration 55% 70% 30% 31.6% 61.84

Internet Users 60% 70% 50% FAMILY SIZE 4 5

Population Divided as Working Working Non- Working

and Non- Working 65% 35% Area of India(in
‘000sq.km
Lower Middle High
Income Divide
40% 50% 10%
Consumption Saving Land Water Forest
Income Uses
70% 20%
Expenses ( Food ) 50% Terrain 70% 10% 20%
Expenses ( Travel ) 40%
Area 2310 330 660
Expenses ( Others ) 10%

Page No. 108

 Rural Urban divide Income Divide
Country Estimated Rural Population Estimated Urban Population Country Wealthiest 10% of Total Income Poorest 10% of Total Income Gini Coefficient
United States 40-45% 2-3% 0.42 - 0.45
United States 20% - 22% 78% - 80%
China 35-40% 3-4% 0.38 - 0.42
China 40% - 42% 58% - 60% India 40-45% 2-3% 0.48 - 0.50
India 65% - 67% 33% - 35% Japan 25-30% 4-5% 0.30 - 0.32
Germany 30-35% 3-4% 0.30 - 0.34
Japan 10% - 12% 88% - 90%
Germany 25% - 28% 72% - 75%

Transport System in India Airports in India State wise Population Division State wise Population
3.5
Transportatio Road Railways
State Wise Delhi Mumbai Chennai Bangalore 3
n Network 66,00,000 70,000 Population
3 2 1 1 2.5
Daily Trains Stations
Trains 2
13,000 7300 Delhi Mumbai Rajasthan Goa
Area of States
150 1.5
Airports 1500 600 3,00,000 4000
30 110 10 1

Number of Tier 1 Tier 2 Tier 3

Types of Cities 0.5
Highways 600
10 100 40 0
International Domestic Custom
Delhi Mumbai Chennai Bangalore

Market Trends
Product Growth Rate Average Price Growth Rate Average Prices Types of Cities
Car 10% ₹ 1,00,000 16% ₹ 1,20,000
14% ₹ 1,00,000
Two Wheeler 5% ₹ 50,000 12%
₹ 80,000
Air Conditioner 15% ₹ 30,000 10%
₹ 60,000
8%
Washing Machines 5% ₹ 20,000 6%
₹ 40,000

₹ 20,000
Refrigerator 10% ₹ 25,000 4%
2% ₹-
Mobile Phones 8% ₹ 15,000 0%

Television 15% ₹ 40,000

laptops 5% ₹ 50,000 Tier 1 Tier 2 Tier 3

Page No. 109

Economy’s GDP and CAGR Per Capita GDP Inflation Stats Economy’s BETA Employment Stats
Countries GDP CAGR Countries Per Capita GDP Countries Inflation Stats Countries Economy BETA Employment Labour Force Participation
Countries
Stats Rate
United States $25 Trillion 2.5-3% pa. United States $75,000 United States 2-3% United States 1.2-1.5%
United
China $10,000 China 2.5-3% 3.5-4% 62.5-63.5%
China $15 Trillion 5-6% pa. China 1.1-1.3% States

Japan $5 Trillion 0.5-1% pa. Japan $40,000 Japan 1-1.5% Japan 0.9-1.2% China 4.5-5% 65-66%
Japan 2.5-3% 62-63%
Germany $4 Trillion 1-2% pa. Germany $45,000 Germany 2-3% Germany 1.0-1.3%
Germany 4-5% 60-61%
India $3.5 Trillion 6-7% pa. India $2500 India 4.5-5.5% India 0.8-1.0% India 7-8% 50-52%

Major Index’s CAGR Major Index’s CAGR ( INDIA ) RISK FREE RATE
INDIAN MARKET U.S MARKET
(YIELD)
Index Estimated CAGR (2025-2035) Index Estimated CAGR (2025-2035)
6.85% 4.68%
S&P 500 (USA) 6% - 8%
Nifty 50 8% - 10% Literacy Rate Smart Phone Penetration Internet Penetration
NASDAQ 100 (USA) 8% - 10%
Dow Jones (USA) 5% - 7% Sensex 7% - 9% Urban 87.7% 700 million 548 million

FTSE 100 (UK) 4% - 6% Rural 73.5% 425 million 442 million

Nikkei 225 (Japan) 3% - 5% Nifty Next 50 10% - 12%

DAX (Germany) 4% - 6% Date Change%(INDIA) Date Change%(US)

BSE Midcap 10% - 13%
Jan 2024 -0.45% Jan 2024 -1.64%
Shanghai Composite (China) 5% - 7%
BSE Smallcap 12% - 15% Jan 2023 +0.22% Jan 2023 3.88%
Hang Seng (Hong Kong) 4% - 6%
Jan 2022 +3.56% Jan 2022 -17.88%
CAC 40 (France) 4% - 6%
Jan 2021 +0.93% Jan 2021 -4.42%
ASX 200 (Australia) 5% - 7%
Jan 2020 +0.69% Jan 2020 11.33%

Population Yearly Net Density Land Area Migrants Fert. Med. Urban World
# Country
(2024) Change Change (P/Km²) (Km²) (net) Rate Age Pop % Share

1 India 1,450,935,791 0.89 % 12,866,195 488 2,973,190 -630,830 2.0 28 37 % 17.78 %

2 China 1,419,321,278 -0.23 % -3,263,655 151 9,388,211 -318,992 1.0 40 66 % 17.39 %

3 United States 345,426,571 0.57 % 1,949,236 38 9,147,420 1,286,132 1.6 38 82 % 4.23 %

4 Indonesia 283,487,931 0.82 % 2,297,864 156 1,811,570 -38,469 2.1 30 59 % 3.47 %

5 Pakistan 251,269,164 1.52 % 3,764,669 326 770,880 -1,401,173 3.5 20 34 % 3.08 %

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