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Inve Reading Track

Sector Analysis

How to analyse each kind of business — banks, sugar, steel, cables, city gas and more — and the numbers and policy levers that decide the outcome.

59 articles

  1. 1

    How to Analyse a CDMO / CRAMS Pharma Company

    How to analyse a CDMO or CRAMS stock through its RFP funnel, pipeline mix, asset turns, client concentration, capex discipline and biotech-funding cycle.

  2. 2

    How to Analyse a Consumer Durables Stock

    How to analyse a consumer durables stock through volume growth, product mix, channel inventory, copper costs, margins and weather-driven demand swings.

  3. 3

    How to Analyse a Fertilizer Stock (Subsidy, Mix)

    How to analyse a fertilizer stock through product mix, subsidy receivables, gas cost, EBITDA per tonne and its growing non-subsidy crop-protection business.

  4. 4

    How to Analyse a Media & Entertainment Stock

    How to analyse a media stock through ad and subscription mix, content costs, footfalls, ATP, OTT, gaming GGR and the difficult shift from linear to digital.

  5. 5

    How to Analyse a Metals & Mining Stock (Non-Ferrous)

    How to analyse a metals and mining stock through LME prices, cost per tonne, captive integration, EBITDA per tonne, net debt and sensible mid-cycle value.

  6. 6

    How to Analyse a Ports and Shipping Stock

    How to analyse a ports and shipping stock — cargo volume, mix and realisation for ports; charter rates, TCE and NAV for shipping; EV/EBITDA vs deep cyclical.

  7. 7

    How to Analyse a Renewable Energy (Solar/Wind) Stock

    How to analyse a renewable energy stock — order book in GW, contracted vs merchant capacity, PLF/CUF, PPA tariffs, cost of capital, IPP vs wind-OEM lenses.

  8. 8

    How to Analyse a SaaS Software Product Company

    How to analyse a SaaS company: read ARR, net revenue retention, billings, gross margin and the Rule of 40 to test whether its revenue is truly recurring.

  9. 9

    How to Analyse a Staffing / Business Services Stock

    How to analyse a staffing and business services stock in India: read EBITDA per associate, markup, DSO and the statutory-compliance moat that decides survival.

  10. 10

    How to Analyse a Sugar and Ethanol Stock

    How to analyse a sugar and ethanol stock — cane cost, recovery rate, sugar realisation, the ethanol diversion margin, and why policy sets the price.

  11. 11

    How to Analyse a Textiles and Apparel Stock

    How to analyse a textiles stock: read cotton pass-through, capacity use and export mix, then value branded apparel differently from commodity spinning.

  12. 12

    How to Analyse an Airline Stock (RASK, CASK, PLF)

    How to analyse an airline stock in India: read RASK vs CASK, load factor, fleet ownership mix, fuel and forex exposure, and value it on EV/EBITDAR — not P/E.

  13. 13

    How to Analyse an Alcobev Stock (P&A, Premiumisation)

    How to analyse an alcobev stock — P&A volumes, premiumisation mix, the ENA-and-glass gross-margin bridge, realisation per case, A&P spend and state excise risk.

  14. 14

    How to Analyse an ER&D Engineering Services Company

    How to analyse an ER&D engineering services company — read vertical mix, SDV/EV exposure, deal TCV, utilisation and the client-R&D-budget cyclicality.

  15. 15

    How to Analyse an Industrial Machinery Stock

    How to analyse an industrial machinery stock: read aftermarket revenue, capacity use, working capital and capex-cycle leverage before paying a P/E premium.

  16. 16

    How to Analyse an Oil and Gas Stock (GRM, SOTP)

    How to analyse an oil and gas stock: read GRM, marketing margin, throughput, upstream realisation, petchem spreads and value each segment without peak bias.

  17. 17

    How to Analyse a Bank Stock (NIM, CASA, GNPA, ROA)

    How to analyse a bank stock in India: read NIM, CASA, GNPA/NNPA, PCR, credit cost, slippage, CRAR and ROA — and value a bank on P/B vs ROE, not on P/E.

  18. 18

    How to Analyse a Building Products Company (Pipes, Tiles)

    How to analyse a building products stock through volume vs value growth, realisation, inventory swings, capacity use, dealer reach and branded market share.

  19. 19

    How to Analyse a Cables and Wires Stock

    How to analyse a cables and wires stock in India: read volume vs value growth, B2B vs FMEG mix, copper pass-through, capacity utilisation and exports.

  20. 20

    How to Analyse a City Gas Distribution Stock

    How to analyse a city gas distribution stock: read volume, EBITDA per scm, CNG-PNG-industrial mix, gas sourcing and APM allocation risk like a sector analyst.

  21. 21

    How to Analyse a Defence Stock (Order Book, Execution)

    How to analyse a defence stock in India — read order book, book-to-bill, execution, indigenisation and government receivables before paying up for visibility.

  22. 22

    How to Analyse a Diagnostics Stock (Volume, Realisation)

    How to analyse a diagnostics stock in India — read test volume, realisation per test, B2C vs B2B mix, lab network and EBITDA margin the way an analyst does.

  23. 23

    How to Analyse a General Insurance Company

    How to analyse a general insurer in India through its combined ratio, loss ratio, solvency, float and investment yield—and spot durable underwriting profit.

  24. 24

    How to Analyse a Hospital Stock (ARPOB, Occupancy)

    How to analyse a hospital stock in India: read ARPOB, occupancy, EBITDA per bed, ALOS, payor mix and the new-hospital drag before you trust the margin.

  25. 25

    How to Analyse a Hotel Stock (RevPAR, ARR, Occupancy)

    How to analyse a hotel stock in India: read RevPAR, ARR, occupancy, room pipeline and the owned-vs-managed mix to see operating leverage before the cycle turns.

  26. 26

    How to Analyse a Housing Finance Company (HFC)

    How to analyse a housing finance company in India: read spread vs NIM, GNPA, LTV, cost of funds and borrowing mix to tell a real spread from a borrowed one.

  27. 27

    How to Analyse a Jewellery Stock (SSSG, Stud, Stores)

    How to analyse a jewellery stock in India through SSSG, studded mix, store additions, making charges, inventory funding and gold-price effects on margins.

  28. 28

    How to Analyse a Life Insurance Company (VNB, EV, P/EV)

    How to analyse a life insurance company in India — read APE, VNB margin, persistency, product mix, solvency and embedded value, and value it on P/EV, not P/E.

  29. 29

    How to Analyse a Logistics Stock (Density, Mix, Realisation)

    How to analyse a logistics stock in India: read volume, realisation, network density and express-vs-FTL mix to spot operating leverage before it hits profit.

  30. 30

    How to Analyse a New-Age Internet Stock (GMV, Take Rate)

    How to analyse a new-age internet stock in India through GMV, take rate, contribution margin and adjusted EBITDA—and test whether reported profits are real.

  31. 31

    How to Analyse a Paints Stock (Volume, Value, Margin)

    How to analyse a paints stock in India: read volume versus value growth, raw-material margins, dealer reach, tinting capacity and market-share shifts.

  32. 32

    How to Analyse a Power Utility Stock (PLF, RoE, Merchant)

    How to analyse a power utility stock in India: read PLF and plant availability, regulated RoE vs merchant exposure, fuel under-recovery and discom receivables.

  33. 33

    How to Analyse a QSR Restaurant Company (SSSG, AUV)

    How to analyse a QSR restaurant stock in India: read SSSG, store adds, average unit volume and restaurant-level EBITDA before the headline P&L misleads you.

  34. 34

    How to Analyse a Retail Stock (SSSG, Density, Inventory)

    How to analyse a retail stock — read SSSG, revenue per square foot, store adds, inventory days and gross margin to tell real growth from a store-count mirage.

  35. 35

    How to Analyse a Specialty Chemicals Stock

    How to analyse a specialty chemicals stock: read volume vs spread, RM pass-through, asset turns, export mix and the China-dumping risk a growing topline hides.

  36. 36

    How to Analyse a Steel Stock (Spread, EBITDA/Tonne)

    How to analyse a steel stock: read realisation, coking-coal spreads, EBITDA per tonne, net debt and value-added mix without being fooled by the peak P/E.

  37. 37

    How to Analyse a Stock Exchange or Broker Stock

    How to analyse a stock exchange or broker in India — read ADTO, active clients, market share, take rate and revenue mix, and price the regulatory risk.

  38. 38

    How to Analyse a Telecom Stock (ARPU, Churn, AGR)

    How to analyse a telecom stock in India: read ARPU, subscribers, data usage, 4G/5G mix, capex, churn, spectrum costs and AGR liabilities like an analyst.

  39. 39

    How to Analyse a Tyre Stock (Margins, RM, Volume)

    How to analyse a tyre stock in India: read rubber versus realisation, tonnage, OEM-replacement mix, capacity use and exports before its margin turns.

  40. 40

    How to Analyse an Agrochemicals Stock (CSM, Season, RM)

    How to analyse an agrochemicals stock in India: read CSM order book vs domestic mix, monsoon seasonality, exports, raw-material cost and channel inventory.

  41. 41

    How to Analyse an AMC Stock (AUM, Yield, SIP Flows)

    How to analyse an AMC stock in India: read closing vs average AUM, equity mix, yield in bps, SIP flows, MTM sensitivity and opex-to-AUM before the cycle turns.

  42. 42

    How to Analyse an Auto Ancillary Stock (Content/Vehicle)

    How to analyse an auto ancillary stock in India: read content per vehicle, OEM vs replacement vs export mix, EV exposure, RM pass-through and the order book.

  43. 43

    How to Analyse an Auto OEM Stock (Volumes, Mix, EBITDA)

    How to analyse an auto OEM stock in India: read volume, ASP, product mix, EBITDA per vehicle, market share and operating leverage before relying on P/E.

  44. 44

    How to Analyse an Electrical Equipment Company

    How to analyse an electrical equipment company: read order backlog, base vs project orders, exports, capacity, lead times and OPM through the capex cycle.

  45. 45

    How to Analyse an EMS Electronics Manufacturing Company

    How to analyse an EMS stock in India: read its order book, revenue mix, gross margin, ODM share, capacity use and working capital before paying for growth.

  46. 46

    How to Analyse an EPC Infrastructure Company

    How to analyse an EPC infrastructure company: read order book, book-to-bill, working-capital days, net debt and OPM to tell a real backlog from a cash trap.

  47. 47

    How to Analyse an FMCG Stock (Volume, Margin, Reach)

    How to analyse an FMCG stock in India: read volume vs value growth, gross margin, A&P spend and distribution reach to find real demand under the headline.

  48. 48

    How a Bank Makes Money: CASA, NIM and Bad Loans

    How does a bank make money? It buys money cheap and lends it dear. Learn CASA, net interest margin and the bad loans that sink banks, using HDFC Bank's numbers.

  49. 49

    Order Book: How a Capital-Goods Business Earns

    A capital-goods company is judged by its order book, not this quarter's sales — because revenue lags orders by years. How to read L&T's backlog like an owner.

  50. 50

    How a Cement Company Makes Money in India

    How a cement company makes money: a regional game of capacity, utilisation, pricing and freight. Learn to read one through UltraTech — not a buy call.

  51. 51

    How a Pharma Business Earns Money: Brands vs Generics

    How Indian pharma stocks earn money: steady domestic brands vs volatile US generics, price erosion, R&D lag, and the USFDA OAI inspection that can halt supply.

  52. 52

    Regulated Power Utility: How Power Grid Earns Money

    How a regulated power utility like Power Grid earns assured returns on capital, why its profits barely move, and why its only way to grow is to keep building.

  53. 53

    How a Real Estate Developer Stock Actually Makes Money

    How a real estate developer like DLF earns: pre-sales vs reported revenue, cash before construction, and why debt through the property cycle decides survival.

  54. 54

    Specialty Chemicals Stocks: How They Make Money

    How specialty chemicals stocks earn — niche molecules, sticky customers, China+1 and lumpy capex — read through Vinati Organics and its ATBS franchise.

  55. 55

    How Auto Stocks Earn: Volume, the Cycle, and Steel

    How a car maker really earns money: volume, the cycle, operating leverage, and the steel swing — read with Maruti Suzuki's real numbers, an owner's way.

  56. 56

    FMCG Business Model: How It Actually Makes Money

    How an FMCG company makes money: volume and pricing, distribution reach, brand, gross margin and working capital — read like an owner with Dabur's numbers.

  57. 57

    How Life Insurers Make Money: Float & Embedded Value

    How life insurance companies make money: float, persistency and embedded value, not the P/E line. Learn to read an insurer like HDFC Life as an owner would.

  58. 58

    How an IT Services Business Makes Money (Infosys)

    An IT-services firm rents skilled hours at a markup. Read it like an owner — utilisation, attrition, deal wins and the rupee — using Infosys as the example.

  59. 59

    NBFC Business Model: How a Money Wholesaler Works

    How the NBFC business model works: borrow wholesale, lend retail, earn the spread. Why funding access is life-or-death, and what the 2018 IL&FS freeze revealed.