The Chatter: A Quarter That Refuses To Behave
Edition #37
Welcome to the 37th edition of The Chatter — a weekly newsletter where we dig through what India’s biggest companies are saying and bring you the most interesting bits of insight, whether about the business, its sector, or the wider economy. We read every major Indian earnings call and listen to the interviews so you don’t have to.
We’re always eager to improve—please share your ideas on how else we can innovate “The Chatter” format to better serve your needs.
In this edition, we have covered 17 companies across 4 industries, along with a few international features.
Retail
DOMS
Lenskart
Jubilant Foodworks
Financial Services
Aavas Financiers
Aptus Value Housing
Aadhar Housing Finance
ICRA
Groww (Billionbrains Garage Ventures Limited)
Pine Labs
Healthcare
Narayana Hrudayalaya
Max Healthcare
Software
IRCTC
International
GitLab
Vinfast Auto Limited
NVIDIA Corporation
Walmart Inc
Virgin Galactic Holdings, Inc.
Retail
DOMS | Small Cap | FMCG
DOMS Industries, formerly Writefine Products, is a company founded in 2006 in Gujarat, India. It specializes in manufacturing, marketing, and distributing school stationery and art materials under the brand names ‘DOMS’ and ‘C3’. With a market presence in India and internationally, DOMS Industries caters to the needs of students and artists.
[Concall]
Government’s GST 2.0 reforms, though positive long-term, caused temporary sales disruptions in September due to rate cuts and inventory adjustments.
“A notable highlight for the quarter was the government’s announcement of GST 2.0 reforms, slashing rates across some of our key product categories. Although we believe GST reduction is structurally positive, it led to temporary disruptions in September, including inventory clearance and order postponement by trade partners.”
— Rahul Shah, Chief Financial Officer
Reduced GST rates are expected to benefit organized players like DOMS by leveling the playing field and increasing demand for branded products.
“Furthermore, the GST rate reduction on some of our core products creates a level playing field between organized and unorganized players, providing better market penetration opportunities and shift in demand towards branded products.”
— Rahul Shah, Chief Financial Officer
DOMS partnered with Kaun Banega Crorepati to enhance brand visibility and connect with a wider consumer base.
“Among others, we also entered into a strategic partnership with Kaun Banega Crorepati as an official partner for the show, which we believe has helped the brand reach out and connect further with millions of consumers across age that are spread across the country and overseas.”
— Rahul Shah, Chief Financial Officer
The 44-acre expansion project faces minor monsoon-related delays, with the first building expected in Q4 FY’26 and commercial production commencing in Q1 FY’27.
“Coming to our expansion initiatives, we are progressing steadily on our expansion trajectory with our 44-acre project, albeit with slight construction delays on account of prolonged and intense monsoon conditions. But we are confident of getting the possession of the first building in Q4 FY ‘26 and start commercial production from Q1 FY ‘27.”
— Rahul Shah, Chief Financial Officer
U.S. tariffs had no immediate Q2 impact due to fulfilled open orders, but future U.S. sales may be affected, with capacities being diverted to other growing markets like Chile and the Middle East.
“So U.S. sales, because in the month of September, it was during the quarter that U.S. tariffs were introduced. So all the open orders that we had were fulfilled by our consumer. So in the last quarter, specifically, we did not see any significant impact of U.S. tariffs on our sales. But going forward, certain orders have been postponed and that have -- the capacities for that have been diverted to other growing markets. Both where DOMS was already significantly present and the distribution partnership with FILA that we started, like, for example, in Chile, where we initiated this FILA distribution arrangement, there we are seeing good repeat orders also coming in.”
— Rahul Shah, Chief Financial Officer
Lenskart | Mid Cap | Consumer Discretionary
Lenskart Solutions is a technology-driven eyewear company involved in designing, manufacturing, branding, and retailing eyewear products. It offers prescription glasses, sunglasses, contact lenses, and accessories under multiple brands. The company primarily operates in India, Southeast Asia, Japan, and the Middle East, focusing on an integrated approach to eyewear solutions.
[Concall]
Lenskart’s aggressive eye testing initiatives are effectively expanding the market by identifying and serving a large segment of first-time vision correction users, driving significant volume growth.
“In H1 FY26, we conducted 9.3 million eye tests in India, up 47% year-on-year. But here’s the number that matters most to us: 46% of these were first-time users—people who didn’t know they needed vision correction until we made eye testing accessible. The majority of them discovered a prescription issue and bought their first pair of glasses at Lenskart.”
— Piyush Bansal, Co-founder and Chief Executive Officer
Lenskart sees significant potential in its acquired brand Meller, viewing it as a fashion-forward brand with strong market reception and the possibility of becoming a dominant player like Ray-Ban for Luxottica.
“Meller is a gem. The love for this brand is the best we have seen in many years. It gives us the right price point for fashion sunglasses combined with a strong European design DNA and some of the most aggressive and creative marketing you’ll see in the eyewear category... Could Meller be to Lenskart what Ray-Ban is to Luxottica? I don’t know, but the potential is certainly there.”
— Piyush Bansal, Co-founder and Chief Executive Officer
Lenskart will launch its AI-powered “B” smart glasses in Q4 FY26, integrating advanced features like UPI payments, health monitoring, and real-time object scanning, built on Qualcomm’s AR1 chip and prescription-lens capable.
“In Q4 FY26, we will launch B — our AI-powered camera smart glasses... First version includes features such as UPI payments, health monitoring with food logging and recommendations, photo and video capture, real-time object scanning, translations, and personalised recommendations.”
— Management
Despite initial demand softening in September due to GST anticipation, Lenskart observed strong recovery and accelerated demand in October and November after passing GST benefits to consumers.
“We did see demand softening in the month of September because of anticipation of revision in GST rates, but I would say we still did fairly well. What we have seen is this has more than normalized in October and November. In fact, I would say because we passed the GST benefit to the consumers, we have seen a very, very strong demand coming from consumers in a category like ours.”
— Piyush Bansal, Co-founder and Chief Executive Officer
While Lenskart maintains economic discipline, its primary focus for store expansion is growth and market share rather than strict adherence to a 10-month payback period, leveraging its Geo Analytics for optimal location choices.
“See, we are not fixated on 10 months to be honest. I think we prioritize growth and market share. Our core goal is that we want to serve more and more customers and create the market. We do care about economics and discipline to make sure that it is making sustainable sense for us.”
— Piyush Bansal, Co-founder and Chief Executive Officer
Lenskart believes physical stores remain crucial conversion points, especially for the largest segment of digitally-influenced but offline-shopping consumers, supporting its omni-channel “omni-consumer” strategy rather than reducing store count.
“I would say that if I look at any market in the world, even the developed markets, you can segment the population into three buckets. There’s a population that is buying online... Then there’s a bucket which is influenced online, but they are shopping offline. And then there’s a bucket which is not online at all. Now, in any market you go to, the middle bucket is the largest... What a store is really doing is actually becoming the conversion point.”
— Piyush Bansal, Co-founder and Chief Executive Officer
Lenskart observes slightly better throughput in Tier 2 stores due to lower competition from high-quality opticians and a larger influx of first-time eyewear users in those markets.
“I would say it is slightly better only in tier 2. That’s been our learning. See, I think what we are seeing is that the availability of more high-quality and professional opticians in tier 2 is relatively lesser than what you see in a metro and a tier 1. And there is in fact even a larger set of population which is coming into the category for the first time in these markets as we go increasingly there.”
— Piyush Bansal, Co-founder and Chief Executive Officer
Lenskart successfully scaled a new lens-replacement initiative, attracting first-time users by allowing them to replace lenses in any brand’s spectacles, thereby expanding its customer base.
“In H1, we scaled a new lens-replacement initiative that allows customers to replace lenses in their existing spectacles from any brand at attractive prices through Lenskart. The objective was to break legacy purchase habits and bring new customers into our ecosystem.”
— Management
Jubilant Foodworks | Mid-cap | FMCG
Jubilant FoodWorks Limited (JFL) is part of the Jubilant Bhartia Group and is one of the India’s largest food service Company. The company was incorporated in 1995 and initiated operations in 1996. It is India’s largest and fastest growing food service company. The company is a food service company and engaged in retail sales of food through two strong international brands, Domino’s Pizza and Dunkin’ Donuts addressing different food market segments.
Domino’s and Popeyes experienced robust like-for-like growth across all regions, with notable performance in India, Turkey, and Sri Lanka.
“Domino’s across geographies had a strong, positive, like-for-like growth, with India growing at 9.1%, Turkey at 5.6%, adjusted for inflation, and Sri Lanka at 81%. Popeyes also grew double-digit SSG.”
— Sameer Khetarpal, Chief Executive Officer And Managing Director
India’s business significantly improved its pre-IndAS EBITDA margin due to better operating leverage and product innovation.
“On a standalone basis, our pre-IndAS EBITDA margins have improved during the last two quarters, up by 37 basis points versus the same quarter last year. We continue to drive innovation in our product portfolio. Following the successful launch of Big Big Pizza and Chicken Burst, we introduced four cheese sourdough pizzas in quarter two, which has received exceptional customer feedback.”
— Sameer Khetarpal, Chief Executive Officer And Managing Director
Dominos is a delivery-heavy business as opposed to dine-in, and the free delivery initiative, launched five quarters ago, continues to drive over 20% revenue growth in the delivery channel:
“Delivery channel revenue growth continues to be over 20%, demonstrating the lasting effectiveness of our free delivery initiative. Just to remind, it was launched five quarters ago and relentless focus on speed of delivery. JFL’s network expansion is ahead of our internal plan. It aligns with our internal expectation of growth in the QSR market and our ability to gain incremental market share.”
— Sameer Khetarpal, Chief Executive Officer And Managing Director
Jubilant has high expectations of Domino’s.
“So, we want the India Domino’s business to grow closer to 15% year-on-year. That is what internally we target. Now, roughly 5% to 7% should come from like-for-like growth and we should increase 7% to 10% on the store expansion.”
— Sameer Khetarpal, Chief Executive Officer And Managing Director
A GST reduction on key inputs like cheese and sauces has been selectively passed on to consumers to boost consumption.
“Yes, I think our internal estimates, while see we were at a 5% regime and we continue to be at a 5% regime with no input tax credit. Having said that, we are thankful to the government to bring down the GST on some of the input like the ingredients like cheese and sauces that we get from 12% to 5%. And therefore, the weightage of that in our mix is about 50 basis points in terms of margins.
Like the purpose of this initiative is to expand consumption in India. And we have passed on this selectively, like deeper into our products. Like for example, in Big Big Pizza, we had taken the price increase to Rs. 899. We have brought it down post-GST reduction to Rs. 799. So, on selective products, we have taken some deeper cuts. But at the moment, to drive consumption, especially, also during festive period, we have passed it on to the consumers.”— Sameer Khetarpal, Chief Executive Officer And Managing Director
Popeyes has shown surprisingly strong performance in Mumbai, surpassing expectations, while also seeing improved sales in Bangalore and Chennai.
“Over a three year period that we are very confident of achieving and you are beginning to see some bit of it reflecting in the coming quarter and we will do more in the current quarter. And the last piece on Popeyes, very delighted with the double digit growth. The product is now truly being loved by many, many customers.
Performance in Mumbai has totally surprised us, exceeded all expectations and Bangalore and Chennai continue to grow on ADS. Very, very strong performance and as a result, underlying profitability is also improving. “— Sameer Khetarpal, Chief Executive Officer And Managing Director
Dominos has a huge lead in the pizza industry, and sees plenty of opportunity in premium pizzas.
“We are materially ahead in terms of number of stores opening and also the ADS per store. So, our internal estimates suggest whatever between 65% to 70% market share , we continue to be there and growing.
Same news we also get from the aggregators to the extent they share the news. I think the opportunity to me is there is a growing opportunity on the premium end of the pizzas which is more gourmet, wood fired, sourdough and therefore, I believe the team has done a great job of bringing in a sourdough pizza into the mix.”— Sameer Khetarpal, Chief Executive Officer And Managing Director
Financial Services
Aavas Financiers | Small Cap | Financial Services
Aavas Financiers Limited, formerly known as Au Housing Finance Limited, is a registered housing finance company operating in the domestic markets of India under the supervision of National Housing Bank. It focuses on providing long-term financing for affordable housing to low and middle-income self-employed individuals in semi-urban and rural areas. The company caters to customers with restricted access to traditional banking credit by offering home loans for property purchase, construction, extension, and repair.
[Concall]
Aavas mitigates BT outs through its in-house sourcing model and proactive customer engagement, opting to retain strong credit customers while allowing others to exit if their historical performance indicates higher risk.
“in-house sourcing model also enables us that we have deeper customer relationships and stronger retention... for strong credit customers, we offer selective rate rationalizations or top-up wherever we feel... Wherever we let go, the performance really deteriorates and historically, that is what we have seen.”
— Sachinder Bhinder, Managing Director and Chief Executive Officer
Aavas strategically shifted borrowings to EBLR-linked and shorter-tenure MCLR instruments, allowing liabilities to reprice faster and improve cost of funds in a softening interest rate environment.
“we proactively anticipated a potential softening in interest rates and strategically shifted a sizeable portion of our borrowings to EBLR-linked instruments and shorter-tenure MCLR structures. This forward-looking approach has continued to yield tangible benefits in Q2, as our liabilities are repricing faster than those of many peers.”
— Ghanshyam Rawat, Chief Financial Officer
Over 61% of borrowings are linked to external benchmarks or short-term MCLR, allowing for rapid repricing in response to interest rate changes.
“We have optimum mix of various benchmark of interest rates such as 36% of borrowings linked to external benchmarks such as Repo, T-Bill, and MIBOR, and 25% linked to sub-3-month MCLR, enabling faster repricing of nearly 61% of our borrowings in line with interest rate movements.”
— Ghanshyam Rawat, Chief Financial Officer
Aptus Value Housing | Small Cap | Financial Services
Aptus Value Housing Finance India Limited is a company focused on providing housing finance solutions to self-employed individuals from low and middle-income families in semi-urban and rural markets. They offer a range of financial products including home loans, loans for property purchase and self-construction, home improvement loans, extension loans, loans against property, and business loans to cater to the diverse needs of their customers.
[Concall]
Q2 FY26 disbursement growth was modest due to a strategic increase in the minimum loan ticket size to over INR7 lakhs and temporary weather-related disruptions.
“The disbursement growth of 3% Q-o-Q in Q2 FY ‘26, was largely influenced by our calibrated conscious increase in the minimum login ticket size of over INR7 lakhs per proposal along with some temporary weather-related disruptions.”
— M. Anandan, Executive Chairman
The decision to raise the minimum loan ticket size was made to attract higher quality customers through enhanced data analysis, not due to underperforming smaller-ticket portfolios.
“But it is really taken with a very clear purpose of moving to a better quality, better profile customers where, in fact, we have now started very actively, very closely in our PD, in our credit bureau data analysis, in the account aggregated data analysis with the purpose of clearly improving the profile of our customers itself.”
— M. Anandan, Executive Chairman
The company plans to gradually increase its average ticket size by INR1 lakh annually, reflecting construction cost inflation, without taking on higher risk.
“Progressively, our plan is really increase it by INR1 lakh average ticket size per year. So if it is INR10 lakh login today, we may look at INR11 lakhs next year and maybe INR12 lakhs year after. That’s the way we go. And this also reflects partly the inflation that takes place in the construction cost. So it is not really taking a higher risk in that sense.”
— M. Anandan, Executive Chairman
The strategic decision to move to higher ticket sizes is driven by the desire for a better customer profile, not by existing credit delinquency issues in smaller loans.
“But despite that, I think I’ve repeated several times on this, credit delinquency is not the reason at least for us. We are wanting to move to a better category, better class of customers.”
— M. Anandan, Executive Chairman
Aadhar Housing Finance | Small Cap | Financial Services
Aadhar Housing Finance is a major player in low-income housing finance in India, catering to the home financing needs of the underserved. It focuses on enabling millions to own their first homes by providing a variety of mortgage-related loan products for residential and commercial properties.
[Concall]
Recent GST 2.0 reforms are expected to reduce construction costs, boost affordable housing demand, and accelerate growth in the low and middle-income housing segment.
“As mentioned earlier, we are very positive on the recent GST 2.0 reforms and are expected to significantly accelerate growth in the low and middle-income housing segment. The reduction in GST on inputs such as cement, marble, granite and bricks is lowering the cost of construction for developers, improving project viability and supporting price affordability for homebuyers with lower EMIs.”
— Rishi Anand, Managing Director and Chief Executive Officer
Aadhar Housing Finance maintains strong asset-liability management with 73% floating borrowings and 75% floating assets, ensuring good matching.
“In terms of fixed and floating nature of our book, 73% of our borrowing is floating and 75% of our assets are floating. So there is a great degree of matching in these.”
— Rajesh Viswanathan, Chief Financial Officer
Flattish home loan disbursements were primarily due to extended monsoons impacting self-construction in the North and a cautionary approach to underwriting in sectors like gems and textiles, though future quarters are expected to be positive.
“Primary reason is extended monsoons. When there are extended monsoons and good chunk of our AUM incremental portfolio happens to be self-construction. For example, the entire Uttarakhand belt, in fact, the entire North belt saw a heavy impact on login when it comes to self-construction.
And to add to it, we had slightly issued a caution to our underwriting teams with respect to whatever was going around with the tariff situation across gems and jewellery, pharma to some extent and primarily textile. I think both of them have contributed a little bit on the login side. But having said that everything is now behind us and coming quarters look very positive.”— Rishi Anand, Managing Director and Chief Executive Officer
The company is on track with its strategy to achieve a 50-50 balance between urban and emerging markets, with emerging markets currently contributing 45% of the business.
“Whatever we had planned and the timeline that we had planned and the momentum we had planned, we are completely on track. If you recall, we mentioned at some stage that today 45% of the business comes from the emerging markets and eventually we want to get into a 50-50 model. Are we on track? I would say we are on track... I don’t see anything disturbing that 50-50 balance figure that we had indicated.”
— Rishi Anand, Managing Director and Chief Executive Officer
ICRA | Small Cap | Financial Services
ICRA Limited, formerly known as Investment Information and Credit Rating Agency of India Limited, is a professional investment information and credit rating agency established in 1991. It is backed by leading financial institutions and operates through segments like rating, research, consulting, outsourcing, and information services.
[Concall]
The acquisition of Fintellix expands ICRA’s risk technology and RegTech capabilities, reinforcing its position in risk and investment analytics.
“Key milestone this period was a successful acquisition of Fintellix, a Bangalore-based RegTech and risk solutions company. This acquisition significantly expands our risk technology portfolio and strengthens our position as a preferred partner for risk and investment analytics.”
— Ramnath Krishnan, Managing Director and Group Chief Executive Officer
ICRA ESG ratings are experiencing rapid growth, with 7 ratings issued in H1 FY26, exceeding the prior year’s total, indicating strong market demand for sustainability insights.
“ICRA ESG continues to gain strong traction. In just the first half of this year, we published 7 ratings, already surpassing the total number of ratings issued in the previous year. This rapid growth underscores our commitment to supporting clients and investors with credible and independent ESG assessments that reflects increasing demand for sustainability - linked insights across in our sectors.”
— Ramnath Krishnan, Managing Director and Group Chief Executive Officer
ICRA’s credit ratio improved significantly to 2.8 in H1 FY26, with 214 upgrades versus 75 downgrades, reflecting improved corporate fundamentals and reduced risks across sectors.
“In the first half of this financial year, ICRA upgraded ratings of 214 entities and downgraded 75, resulting in a robust credit ratio of 2.8, a significant improvement over previous period.”
— Ramnath Krishnan, Managing Director and Group Chief Executive Officer
Q3 and Q4 FY26 may see a pickup in bank credit as banks reprice deposits downwards, with infrastructure and consumption sectors expected to drive borrowing growth.
“If that doesn’t happen, quite likely in Q3 and Q4, the banks would be able to reprice their deposits downwards, which can lead to a pickup in bank credit. Now this is purely from the funding side or the borrowing side. In terms of growth segments, we do see infrastructure to continue to remain strong in terms of borrowing, partly driven by government spend.”
— L. Shivakumar, EVP, Business Development and Chief Business Officer
AI-led automation within Moody’s ecosystem is impacting ICRA Analytics’ global business by reducing the volume of work flow to them.
“This business, which is the global business for ICRA Analytics, there are various drivers which are in play in the Moody’s business and one, of course, is the fact that there is a lot of automation which keeps happening within Moody’s ecosystem. And as a result of that, some of the business which comes our way does get automated and therefore, there could be an impact there.”
— Jayanta Chatterjee, Managing Director and Chief Executive Officer - ICRA Analytics Limited
Despite the ESG business discontinuation impacting top-line, the non-ratings business achieved modest growth, primarily driven by strong performance in risk management and market data verticals.
“Just to add further to that, I mean, if you look at the non - ratings business, despite the discontinuation of the ESG business and the consequent impact on the top line, there has still been growth in the non - ratings business or what we call the Research and Analytics business, albeit modest growth and that is largely on the back of a fairly significant growth that we have seen both in the risk management vertical and in the market data vertical.”
— Ramnath Krishnan, Managing Director and Group Chief Executive Officer
Shifting focus towards non-Knowledge Services in the non-ratings business may lead to some margin dilution due to the inherent nature of these businesses, but ICRA will ensure they meet internal margin-accretive thresholds.
“One must acknowledge that the margins in the non - Knowledge Services business just is likely to be lower than what might be the margins in Knowledge Services. That is just the nature of the business. As we rebalance that book will we see some dilution in margins as far as the non - ratings business is concerned and as the non - Knowledge Services business grows, But as long as it is margin - accretive meet our internal thresholds, we will be fine and will be working towards that.”
— Ramnath Krishnan, Managing Director and Group Chief Executive Officer
ICRA is integrating AI into its Ratings business not for data monetization, but to enhance operational efficiencies and reduce the analytical team’s workload.
“But if I look at just the Ratings business, I mean, naturally, we are not looking at using AI tools to monetize any of the data that we have. But what we are looking at and some of it has gone into application or into production already, is to use AI to bring in better operating efficiencies in our processes itself.”
— Ramnath Krishnan, Managing Director and Group Chief Executive Officer
Billionbrains Garage Ventures Limited (Groww) | Mid Cap | Financial Services
Groww, founded in 2017 in Bengaluru, is India’s leading digital investment platform offering stocks, mutual funds, ETFs, F&O, IPOs, and credit services. With a user-friendly app and strong technology, it enables millions to invest and build wealth easily.
[Concall]
Groww’s revenue is primarily driven by derivatives (70%) with a flat fee of INR20 per trade, while cash transactions account for the remaining 30%.
“If you look at the pricing is very simple. We charge INR20 on the derivative side. The rest is on the cash. The split is actually very similar. Roughly, you can say 70% odd will be on the derivative side and 30 odd will be on the cash side.”
— Ishan Bansal, Co-Founder and CFO
Groww is targeting the contribution from derivatives in their overall business will go below 50%
So I think it is beyond 50% [contribution of derivatives], definitely it can come below 50. But that is like output number in the way to look at where if everything else goes or grows faster, this definitely can come off. But some of this will happen because wealth will start contributing, commodities will start contributing just as a way to kind of squeeze the 100% into other products will also reduce this 57% in the coming quarters.
— Ishan Bansal, Co-Founder and CFO
Customer Acquisition Cost (CAC) varies quarterly due to fixed branding costs and variable acquisition volumes, tending to normalize on an annual basis.
“See, part of our growth, the cost to grow that we report is part of it is a branding which is a fixed cost and some part of it is in the variable cost. If you see different quarters, the CAC will also be a result of how many new acquisitions happen in that particular time frame and going forward like across the year, it then normalizes.”
— Harsh Jain, Co-Founder and COO
Groww maintains a fixed MTF pricing of 14.95% and believes customer experience, rather than aggressive pricing, is the primary competitive differentiator for this secondary product.
“Our pricing is simple. It is 14.95%. Other than that, the growth rate I think it’s not very -- we don’t see competition from an MTF perspective specifically because it is a second product typically that customer is using... The experience is what matters to them.”
— Ishan Bansal, Co-Founder and CFO
Groww’s Loan Against Securities (LAS) product is in its nascent stages, currently limited to mutual funds, and is expected to require time to achieve significant scale similar to MTF.
“LAS is very early stage today... Loan against securities is yet to be launched... This is a AUM product, very similar to MTF... So we think LAS also will take some time for us to kind of come to a product with where the scale is larger.”
— Ishan Bansal, Co-Founder and CFO
Groww aims to achieve a double-digit market share in MTF within three years, anticipating this growth will come from expanding the overall market rather than just capturing existing share.
“especially on the MTF side, our growth rate has been really good in the past. And what we are expecting in the future is that we have a fair share that we want to kind of reach. And it will take at least three years to probably reach there. And the fair share is significantly higher than where we are today, probably like a double digit number on the market side, where it’s not going to be like we are taking share from the market. But we think we will end up expanding the market by that amount itself.”
— Ishan Bansal, Co-Founder and CFO
A significant 80% of Groww’s customer acquisition is organic, supplemented by digital performance marketing and a small, non-commercial referral base.
“So for us, see organic is the biggest channel and almost I think we reported also almost 80% people come organically. The other channel is primarily the performance marketing, which is digital marketing that happens. And a very small part of it is referral, but we are not running a commercial referral.”
— Harsh Jain, Co-Founder and COO
The recently acquired Fisdom business, representing 3% of current revenue, is in early stages of integration with its P&L yet to be fully consolidated.
“So on the wealth side, I think we are very early today. We did the acquisition on the Fisdom side, which got the balance sheet got consolidated as of 30th of September, but the P&L will start getting consolidated soon. And roughly 3% revenue is coming from that business.”
— Ishan Bansal, Co-Founder and CFO
Fisdom’s revenue model is primarily based on distribution income across mutual funds, PMS/AIF, insurance, and unlisted securities.
“So on Fisdom side, it is largely distribution income coming across different four products primarily. One is mutual fund, regular mutual fund. Second is the PMS distribution, PMS and AIF distribution. Third is the insurance distribution. And fourth is on the unlisted security side.”
— Ishan Bansal, Co-Founder and CFO
Groww expects the recently launched PMS of mutual funds to accelerate growth and contribute significantly through advisory fees.
“So, there are future products. Some of them are already launched. So, for example, we have launched the PMS of mutual funds recently. And I think that part will obviously grow faster and we’ll start contributing where effectively we are charging the customer for the advisory under the PMS route.”
— Ishan Bansal, Co-Founder and CFO
Regulatory changes led to a churn of low-quality FNO users, resulting in a smaller but higher-quality and more active user base, which is considered beneficial for Groww and the industry.
“So on FNO side, what is happening for us, especially after the last year’s regulation is there is a churn in the users, which we saw specifically till Q3, Q4 last year. After that, there is a small growth rate in users. But the quality of the user is like doing really well... But the low-quality customers who were earlier placing significantly lesser number of orders and the turnover was also significantly lower is actually moving away from the platform, which we think is a good thing both for us as well as industry as it becomes more niche and will be only serving the high-quality customers who understand FNO as a product better.”
— Ishan Bansal, Co-Founder and CFO
Groww’s personal loan book is approximately INR1250 crores, and the lending business, being only three years old, is in a stabilization phase regarding its credit book.
“I think from a book perspective, I think we are more closer to 1,250 odd. And hence, this number is slightly lower in percentages. And some of these are like variable in nature, we are still in a phase where we are stabilizing our book from a vintage perspective. So, this business is just 3 years old. And we are closer to where I think it will get stabilized.”
— Ishan Bansal, Co-Founder and CFO
Groww explains their focus for the coming 2-3 years for their business
“Next 2 to 3 years, I think we are kind of super focused on few of the products that we have taken up, like, as one big data point that we are seeing, and we are also elaborated in our documents earlier that a lot of our customers now are kind of becoming affluent, and they need wealth management. Wealth management is going to be a big game for us going forward. Of course, like, broking kind of will continue kind of focusing and continue growing that.
And then in broking also, they are like bunch of products that we are kind of launching. As Ishan spoke about MTF, right, which is a relatively new product. Again, lot of, again, lot more products need to be built there. Commodities, we just launched a few months back, so that is going on.”
– Lalit Keshre, Co-Founder and CEO
Pine Labs | Small Cap | Financial Services
Pine Labs is a technology company specializing in digital commerce solutions, offering digital payment infrastructure and transaction platforms for merchants, enterprises, and financial institutions. It operates in India, Malaysia, UAE, Singapore, Australia, the U.S., and Africa, helping businesses transition to digital payments. Its offerings include Digital Infrastructure and Transaction Platform as well as Issuing and Acquiring Platform.
[Concall]
Pine Labs has been successfully implementing programmable currency concepts through its stored value and prepaid card constructs for years, offering targeted solutions ahead of the stable coin and CBDC discussions.
“What programmable currency really means is that a currency that can be used for very specific purposes. Now, stable coins and CBDCs have been in the headlines for some time now, and they call program money a big part of their vocabulary. But what we have been doing successfully so for many, many years now, is to use the same concept to bring up through our stored value constructs and the prepaid card constructs the programmability of it.”
— Anand, Chief Product & Technology Officer
Pine Labs asserts its dominant market position by powering all top banks, retailers, petroleum, e-commerce, and quick commerce companies in India, distinguishing itself as the only payments company serving all these major stakeholders.
“Pine Labs is one of the only companies which is powering all the top five banks in India... When it comes to the top five retailers in the country, we are a dominant partner... In the case of the top three petroleum companies, we are with all the three... Also with all the three e-commerce companies, top three e-commerce companies of India. Also with all the three Q-commerce companies of India, Pine Labs is the sole provider. So one thing I do want to highlight is there is no other payments company in India which is actually delivering solutions to all of these large stakeholders in the country today.”
— Amrish Rao, CEO
Pine Labs has significantly reduced employee costs as a percentage of revenue from 50% to 37% over two years by leveraging AI and operational efficiencies, with minimal headcount growth and no expected major increases in the future.
“This has been achieved through a conscious effort to drive productivity through use of AI and operational efficiencies. This is also now reflecting in our ratios as employee cost as a percentage to top line has significantly come down to 37% for this quarter versus almost 50% 2 years back. Our overall headcount also has marginally increased by only 6% which is at about 4,500. Our tech engineering and product team is roughly about 1,000 people strong, and we do not expect any significant headcount increase as we scale our businesses across all the four pillars.”
— Sameer, CFO
With only 25% of deployed devices currently utilizing value-added services, Pine Labs sees substantial untapped growth potential by further monetizing its existing merchant network.
“Only one out of the four DCPs (digital checkpoints/in-store checkout devices/terminals) today actually are active on value-added services and affordability, which means there is a huge potential within our existing network to kind of scale up these businesses because the same DCPs are where these rails run.”
— Sameer, CFO
Pine Labs expects no significant increase in its 1,000-strong tech headcount, largely due to 80% of its code being AI-developed and pervasive AI integration in customer service and legacy code modernization.
“I do not know why I would require more than 1,000 people on the engineering and technology and product side... Today we believe 80% of all code which is being written in Pine Labs has been developed using AI. We are bringing a lot of AI on our customer services side. We are bringing a lot of AI in terms of rewriting our legacy code on some of the platforms that we have out there. So the short answer is I do not think we are going to be requiring more headcount in our business...”
— Amrish Rao, CEO
The government’s clarification in January that gift cards are exempt from GST has led to a significant increase in brands aggressively promoting and distributing gift cards, boosting Pine Labs’ prepaid issuing business.
“In January of this year, the government of India clarified that gift cards do not attract GST. And because of that, what we have again started to see a lot of brands pushing out gift cards. Gift cards are being actually distributed at much aggressive levels.”
— Amrish Rao, CEO
Healthcare
Narayana Hrudayalay | Mid Cap | Healthcare
Narayana Hrudayalaya Limited is a healthcare company based in Bengaluru, India. It owns and manages hospitals through management agreements, with a focus on delivering high quality and affordable healthcare services. The company’s national network of hospitals extends across India, with a significant presence in Karnataka and eastern India, and an expanding footprint in western and central India.
The company is significantly ramping up niche subspecialty work, such as robotic cardiac surgeries, across its network to drive growth within existing bed capacity.
“In the month of September, we did 97 robotic cardiac surgeries and in the whole quarter we did around close to 200. This is a very large number, and all this pushes the niche work that keeps going up. This is just one example of a subspecialty work that is constantly growing and increasing in number , and we are slowly ramping this up across the entire network.”
— Dr. Emmanuel Rupert, Chief Executive Officer & Managing Director
CGHS rate hikes are expected to bring approximately 30% benefit on packaged services and up to 12% on non-packaged services, contributing to improved revenue.
“The rate revisions have come into force. What we’ve seen is that, we expect around 30% benefit on the packages because of this revision. But on the non -packaged part, we would not see any benefit beyond 12% because most of the component on the non-packaged part is the medicines consumables, which is around 55% of the numbers.”
— R. Venkatesh, Chief Operating Officer, East and South Regions
The company acknowledges its Mumbai hospital’s underperformance and difficulty in achieving breakeven due to operational challenges, but cannot provide a specific turnaround timeline.
“Agree. Our performance in Mumbai compared to the performance of most other Mumbai operators has not been good. It has been very difficult for us with our way of operating a hospital to be able to run it in a breakeven manner. The fault lies with us entirely, and this is something we are looking to address. But it will be very hard for us to give a timeline for when exactly the hospital turns around.”
— Viren Shetty, Vice Chairman
Robotic surgeries, despite being the future, are costly with high upfront and operational expenses, leading the hospital to initially offer them at breakeven or a loss due to training costs and patient affordability.
“So robotic surgeries, while they are the future, they are extremely expensive. They have a huge front -loaded cost as well as a significant operating cost. For the first couple of years, as a hospital, we will have to bear the cost of training the doctors, as well as the patients will not be able to absorb the full cost of doing robotic surgeries. So, we do those nearly at break -even or sometimes at a loss.”
— Viren Shetty, Vice Chairman
Max Healthcare | Large Cap | Healthcare
Max Healthcare Institute operates multiple facilities in Delhi, the National Capital Region, Mohali, and Bathinda. It offers a wide range of healthcare services including cardiology, orthopedics, cancer treatment, pediatrics, aesthetics, and various surgical specialties.
The recent CGHS price revision, effective October 13th, is expected to generate over INR 200 crore in additional revenue for Max Healthcare upon full implementation.
“After long last, CGHS has revised the prices effective October 13th. While some of it is yet to kick in, we expect a favourable impact of over INR 200 crore once fully implemented.”
— Abhay Soi, Chairman and Managing Director
Max Healthcare stated that senior doctor departures are normal attrition, immediately replaced, and are not expected to have any material impact on operations.
“Yes, that level of iteration is normal. You have certain teams always sort of move out, and new teams come in almost immediately. And that is what has happened. So, we do not expect any impact.”
— Abhay Soi, Chairman and Managing Director
Max Healthcare has permanently resolved issues with three insurance companies, including future revisions, and is currently negotiating renewals with other players including GIPSA.
“So Damayanti, first of all, whatever issues we had in terms of these three insurance companies, that we have already sorted out. And not only sorted out for now, but we are also sorted out for future. In the sense that when we concluded this arrangement, we also agreed the next revision with them. There are other companies, which are also up for renewal this time, including GIPSA. Those negotiations are underway, I would say.”
— Yogesh Sareen, Senior Director and Chief Financial Officer
The 25% growth in international patient revenue was primarily driven by higher patient volumes rather than an increase in Average Revenue Per Occupied Bed (ARPOB).
“Most of it was volume growth. I do not think there is any increase in the ARPOB in that segment. So, you can assume that 25% is entirely volume growth.”
— Yogesh Sareen, Senior Director and Chief Financial Officer
Software
IRCTC | Mid Cap | IT
IRCTC, authorized by Indian Railways, manages catering at stations and trains, along with internet ticketing, travel, and tourism services. It offers a one-stop travel solution, including hotel bookings, tour packages, and air tickets, catering to diverse tourist needs while enhancing passenger convenience.
The internet ticketing segment continues to be a key business driver: IRCTC’s platform handles most of Indian Railways’ reserved tickets.
“Internal ticketing segment continues to be a strong revenue and profit driver for the company. Revenue from this segment stood at Rs. 386 crores, marking a 4% growth on a year-on-year basis. This growth clearly proves IRCTC’s leadership in digital marketing. Currently 89.24% of total reserved tickets of Indian railways are booked through our online platform. This segment is the most profitable with EBITDA margin of 85%. And compared to last year it was 81% and it clearly reflects our improvement in efficiency.
— Sudhir Kumar, Director (Finance) and Chief Financial Officer
The tourism segment, where IRCTC offers tailored tours and packages — both domestic and international, reported robust improvements in revenue and margins from a negative margin last year.
“The touring segment has delivered a very robust performance with a revenue of Rs. 150 crores. It is 20.97% up year-on-year basis. This growth is particularly noteworthy given the temporary disruptions caused by geopolitical factors during this period. EBITDA margin of this segment further improved to around 7%, as against a negative margin in the same quarter in previous year, reflecting successful cost-rationalization efforts and better business mix.”
— Sudhir Kumar, Director (Finance) and Chief Financial Officer
IRCTC is developing a payment aggregator business, having received in-principle RBI approval and aiming for final license submission by January.
“You see, we are already into this payment business. But of course, for our internal customer also only. And there we have a good sense and business sense of this particular business. And after six months, once we get the license, we are already in the process of putting our people right at the right place. We have already set up a subsidiary, which will be looking into the business alone. And we have our business plan, how we’ll go about it. But I can tell you that our business alone, presently we are doing with our I-Pay only 20% of the total transaction GMP value, which we have a scope of around going up to 100%. So, something around 70,000 crore, whereas we are doing only 13,000 crore round business, this business already existing, we’ll tap that. And we have business plan, which I don’t want to discuss openly here. You know that is a very competitive field. And you will get to know once we do it. Thank you.”
— Sanjay Kumar Jain, Chairman and Managing Director
For its Rail Neer business, IRCTC is reactivating and adding to its Bilaspur bottling plant, and expanding its Danapur and Ambernath plants:
“First of all our Bilaspur plant which is not working at the moment because of some reasons of state government, so now the issue is resolved and we will be very soon starting the Bilaspur plant. So, that will add capacity of 72,000 bottles per day. Besides, we are in the process of enhancing the capacity of our Danapur and Ambernath plant from 1 lakh bottles to 3 lakh bottles and we are also hoping to install four more plants across India.”
— Sanjay Kumar Jain, Chairman and Managing Director
IRCTC has an interesting balance sheet: over 80% of its debtors are from Indian Railways:
“Yes, mostly this is more than 80% with railways, which is our parent organization. It is basically that it’s a continuous business going on every day, there is a new bill coming in and we are getting this money back also. So, we monitor it in a better way. We are trying to use this automation also where HST, because bill verification is a critical issue here.”
— Sanjay Kumar Jain, Chairman and Managing Director
International
Gitlab | International
GitLab is a web-based DevOps platform that provides a single application for the entire software development lifecycle, from planning and version control to deployment and monitoring. It offers built-in tools for managing code repositories, automating builds and deployments with CI/CD pipelines, tracking issues, and facilitating code review. Its key function is to streamline development by consolidating these processes into one platform, improving collaboration and efficiency for development, security, and operations teams.
[Concall]
The CEO believes AI is expanding GitLab’s total addressable market by reducing barriers to software creation, reinforcing the company’s long-term growth potential.
“We’re seeing the rise of AI expand our total addressable market. AI has drastically reduced barriers to entry of software creation and is driving the marginal cost of code generation towards zero.”
– Bill Staples, CEO
GitLab Duo Agent Platform will address the challenges of AI adoption and introduce a new revenue stream, moving beyond the traditional seat-based model.
“GitLab Duo As a Asian platform is our answer to the AI paradox most companies are experiencing today as they adopt new AI tools and will be a driver of new revenue stream beyond seats.”
– Bill Staples, CEO
New usage-based pricing allows customers to pre-commit to pooled usage across all users rather than per-seat charges.
“Our plan is to capture through usage. I believe the right long-term approach to monetization is to have a pricing plan that provides an equal exchange in value for cost. And what I see competitors doing with AI pricing is really all over the place and it’s been rapidly evolving. I expect some evolution with regard to our price. But rather than introduce another seat-based price as I shared earlier, we’ll be moving to a more usage-based pricing model where customers can pre-commit upfront for usage to earn the very best rates. But that commitment is a pool of usage that can be shared across all users.”
– Bill Staples, CEO
Vinfast Auto Limited | International
VinFast Auto Limited is a Vietnamese automobile company that designs and manufactures a range of electric vehicles (EVs), including cars, e-scooters, and buses. The company focuses on creating a global presence with its smart EV lineup, advanced technology, and a focus on sustainable mobility.
[Concall]
E-scooter sales exploded 535% YoY driven by government policy banning gasoline motorbikes from city centers starting mid-2026.
“We delivered 12,052 e-scooters and e-bikes representing a 535% increase year-over-year and 73% quarter over quarter growth. The number of EV deliveries to related parties including GSM represents 26% of total deliveries. E-scooter deliveries to related parties including GSM accounted for less than 1% of total volume, reflecting overwhelming demand from retail consumers. The strong momentum in our e-scooters volume showcases the accelerated shift toward electric two-wheelers following the announcement of a new policy to restrict gasoline motorbikes from entering central districts in Hanoi and Ho Chi Minh City starting in mid 2026.”
– Madame Thuy Lê, Chairwoman of the Board
US expansion paused due to tariffs and EV market instability; no new dealership openings planned until conditions stabilize.
“We’re not going to, given in the US, given the tariff situation and the instability in the EV market, we just need to see how that settles before we kind of push hard in the US. So there would only be, like this year and maybe next year as well, there would only be certain number of vehicles that we can share across the dealership. So we of course would like our dealers, the dealerships that are committed to us to be profitable and have enough vehicles to get to profitability quickly. So I think until we see some growth and stability in the US market, we don’t intend to open more dealerships.”
– Madame Thuy Lê, Chairwoman of the Board
Battery costs declining 10-12% annually with transition to next-gen batteries expected to drive further unit cost reductions.
“Battery costs have continued to decline quarter over quarter, extending the downward trajectory established in 2024. On average, we have seen battery prices come down by approximately 10% or 12% year-over-year across various models. We are transitioning to a new, more cost-efficient battery generation underpinned by our suppliers’ technology advancements that bring meaningfully lower unit costs. And also we expect further cost optimization going forward driven by continued improvements in battery technology and manufacturing efficiencies.”
– Lan Nguyen Whitten, CFO
Vietnam to remain 70-80% of 2026 deliveries; new VF6/VF7 platform designed for improved cost competitiveness to drive international growth.
“In 2026, we expect more contribution as the green series scales more and the new VF6 and VF7 platform will come online. These products are designed to be more competitive both from the cost as well as market perspective. So their contribution should build steadily as we move through 2026 and into 2027 across our international footprint. We anticipate more meaningful volumes coming from India, Indonesia, and the Philippines as we expand the lineup in each of the markets. Vietnam will remain our anchor market in the near term. For next year we expect Vietnam to account for roughly 70% to 80% of total deliveries with the balance coming from international markets as they continue to develop.”
– Madame Thuy Lê, Chairwoman of the Board
NVIDIA Corporation| International
Nvidia is a technology company that designs and manufactures Graphics Processing Units (GPUs), which were originally for gaming but now power everything from high-performance computing and professional visualization to data centers and AI.
[Concall]
Nvidia is partnering with OpenAI to develop and deploy substantial AI data center infrastructure and has the option to invest in the company, deepening their strategic alignment.
“We are working on a strategic partnership with OpenAI focused on helping them build and deploy at least 10 gigawatts of AI data centers. In addition, we have the opportunity to invest in the company.”
– Colette Kress, EVP and CFO
Nvidia identifies physical AI, including robotics and digital twins, as a nascent multi-billion dollar business poised for multi-trillion dollar expansion and a key future growth driver.
“Physical AI is already a multi-billion dollar business addressing a multi-trillion dollar opportunity and the next leg of growth for NVIDIA.”
– Colette Kress, EVP and CFO
Walmart Inc | International
Walmart is a multinational retail corporation that sells a wide variety of products through its stores and e-commerce platforms, including groceries, apparel, electronics, and home goods. It operates as a discount retailer with a strategy of providing low prices, and its business model is a mix of physical retail and online sales. Walmart also provides various services, such as financial and optical services, and owns warehouse club chain Sam’s Club.
[Concall]
Walmart announcing stock exchange move from NYSE to NASDAQ, signaling tech-forward strategic positioning and identity shift.
“I’d also like to share that we’re excited to announce that our stock listing will be moving to NASDAQ, aligning with the people-led, tech-powered approach of our long-term strategy. Walmart is setting a new standard for omni channel retail by integrating automation and AI to build smarter, faster, and more connected experiences for customers while enabling our associates to deliver even greater value at scale. We are appreciative of our long partnership with such a storied institution as the New York Stock Exchange, but we’re excited about partnering with NASDAQ on this next chapter of our growth story.”
– John David Rainey, CFO
Walmart building AI-powered multimodal shopping experience integrating voice, text, image, and video with contextual advertising and personalized recommendations.
“As it relates to AI, we continue building towards an e-commerce experience that is one more personalized and relevant. Two, multimodal, meaning a voice, text, image, and video experience that is more conversational. Interacting with our app will include improved imagery, short form video, live streaming, and interaction with influencers. Ads will still be present, but in a more contextual and helpful way, surfacing as recommendations or sponsored bundles that add value. And three, the new experience will be contextual, understanding customer intent and anticipating needs to save them time.”
– John Furner, Incoming CEO
OpenAI partnership enables direct purchasing through ChatGPT; internally, over 40% of new code is now AI-generated or AI-assisted.
“Our recent announcement with OpenAI is an example. This new partnership will allow customers and members to purchase items from Walmart and Sam’s Club directly through ChatGPT. This starts relatively simplistically with the checkout process. It’ll become more immersive, integrated, and seamlessly connected experiences that bring Walmart closer to customers in new ways. We’re adopting artificial intelligence in its various forms across the company. Take software development for example. When AI is used for software development, more than 40% of the new code is either AI generated or AI assisted.”
– John Furner, Incoming CEO
AI-powered predictive basket service “Carrito Listo” in Chile now represents 20% of e-commerce business, demonstrating agentic commerce potential for global rollout.
“We have all of the data from our customers who shop with us in store every day. And all of that transactional data is really helpful for us to be able to predict baskets for our customers. We’ve been trialing something called Carrito Listo down in Chile where we actually create customers’ orders for them. Send them a WhatsApp prompt to ask them if they’re interested in buying that basket. They go onto the app and they can see we’ve created a basket for them that actually has all the brands that they normally buy in the kind of intervals that they like to buy it. And what we’re seeing is that is really attractive and it’s become up to about 20% of our e-commerce business in Chile already.”
– Kath McLay, CEO Walmart International
Virgin Galactic Holdings, Inc. | International
Virgin Galactic Holdings, Inc. is an aerospace and space travel company that designs, develops, and manufactures spacecraft to provide suborbital spaceflight experiences for private individuals, researchers, and government agencies. The company aims to commercialize space travel through its reusable spaceflight systems, offering customers a few minutes of weightlessness and views of Earth from space.
[Concall]
Flight test timeline confirmed for Q3 2026 with first commercial space flight in Q4 2026, unchanged from prior guidance.
“Before diving into the details, I’m pleased to share the expected dates for flight test and our first space flight remain essentially unchanged from our prior forecast with our flight test program expected to begin in Q3 and our first space flight in Q4 of 2026. I’ll note that we are now using Q3 instead of summer and Q4 instead of fall as we’ve had feedback from customers and investors in the southern hemisphere who point out that fall in the US is actually spring in other parts of the world.”
– Michael Colglazier, CEO
A new oxidizer tank design has been qualified for 500+ flights, significantly increasing reusability and reducing future maintenance costs compared to the previous 40-flight limit.
“To give a bit of context on this achievement, in our original spaceship, the SS Unity, an earlier model tank had been built and qualified for 40 flights. While 40 flights is very impressive for first generation space vehicles, the 40 flight limit would have imposed substantial downtimes and cost every time it needed to be swapped out, which would have limited our revenue generation capacity. We cycled this tank 4,000 times and it passed with flying colors. This new tank design is now qualified for the life of our Delta class spaceships, which we expect to be 500 or more space flights. This is an order of magnitude increase in reusability.”
– Michael Colglazier, CEO
Launch vehicle EVE upgraded to fly on successive days with 3-4 flights per week capability, supporting 125 annual missions target.
“I’m excited to say our launch vehicle is now capable of flying spaceships on successive days and we’re planning to ramp to an average availability of three to four flights a week. We expect this enhanced capability will support excellent utilization of our first two spaceships as EVE’s ability to launch on successive days provides us with great flexibility to handle weather and unexpected issues so we can deliver our targeted rate of 125 space missions per year with our first two spaceships.”
– Michael Colglazier, CEO
Future ticket pricing expected above $600,000 with yield management approach; prices likely to “stair step upward” through successive sales tranches.
“Price, we haven’t said it publicly but I continue to expect it will be higher than the price, our last published price which was $600,000 and I think that is likely to be a trend you will see. To your second question on volume, I used the word tranche of sales specifically. We’ll put a quantity out, we’ll sell that at a price and do that assessment as a kind of yield management revenue management group would and then reset the price for the next tranche and I think we’ll do that. Our expectation is that will likely stair step itself upward.”
– Michael Colglazier, CEO
That’s it for now! Your feedback will really help shape how The Chatter evolves. Drop it down in the comments below!
Quotes in this newsletter were curated by Kashish, Vignesh, Krishna & Manie.
Disclaimer: We’ve used AI tools in filtering and cleaning up these quotes so there maybe some mistakes. Now, if you are thinking why we are using AI, please remember that we are just a small team of 5 people running everything you see on Zerodha Markets 😬 So, all the good stuff is human and mistakes are AI.
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