Sometimes, a single slide can explain more than a long report. Points and Figures is our way of breaking down what India’s leading companies are telling their shareholders and analysts. We comb through the decks, pull out the charts and data points that actually matter, and highlight the signals behind the numbers—whether about growth plans, margins, new markets, or risks on the horizon.
This is an extension of The Chatter. While The Chatter focuses on management commentary and earnings call transcripts, Points and Figures dives into investor presentations—and soon, even annual reports—to decode what companies are showing, not just what they’re saying.
We go through every major investor presentation so you don’t have to—bringing you the sharpest takeaways that reveal not just what the company is saying, but what it really means for the business, its sector, and the broader economy.
In this edition, we have covered 14 companies across 10 industries.
Chemicals
Himadri Speciality Chemical
Software Services
Tech Mahindra
Trishakti Industries
Real Estate
Smartworks Coworking Spaces
Energy
Waaree Renewable Technologies
Reliance Industries
Metals
Hindustan Zinc
Financial Services
ICICI Bank
HDFC Bank
Building Materials
Nuvoco Vistas Corporation Ltd.
Engineering & Capital Goods
Emmvee Photovoltaic
Atlanta Electricals Ltd.
Healthcare
Nureca Ltd.
Media & Entertainment
Tips Music Ltd.
Chemicals
Himadri Speciality Chemical | Small Cap | Chemicals
Himadri Speciality Chemical Limited, formerly known as Himadri Chemicals & Industries Limited, is an Indian public company established in 1987. It specializes in manufacturing carbon materials and chemicals. The company operates in domestic and international markets with subsidiaries like Equal Commodeal Private Limited in India, AAT Global Limited in Hong Kong, and Shandong Dawn Himadri Chemical Industry Limited in China.
Global cathode and anode material demand is set to rise sharply, driven by accelerating Li-ion battery adoption. India is emerging as a strategic alternative in global battery supply chains, creating export opportunities for CAM and anode material producers.
Durofresh™ marks a strategic move into the consumer naphthalene market, leveraging legacy manufacturing strength to capture higher margins. The brand targets steady domestic and global market growth while building direct consumer engagement and brand equity.
The product portfolio is aligned with multiple high-growth sectors including EV batteries, defence, infrastructure, construction chemicals, and power. This diversification positions the company to benefit from long-term structural demand across industrial and energy transitions.
Targeted capex across tyres, LFP, specialty carbon black, and specialty chemicals is aimed at market share gains and forward integration. Investments span greenfield, brownfield, and acquisition routes with staggered operational timelines.
Global EV battery recycling volumes are expected to surge post-2030, creating a major circular economy opportunity. Recycling significantly lowers CO₂ emissions versus virgin materials, strengthening sustainability and reducing reliance on mined resources.
Li-ion battery demand is projected to grow ~27% annually, driven by mobility and stationary storage. India’s rising EV penetration and ESS adoption make it a key future demand center for battery raw materials.
Software Services
Tech Mahindra | Large Cap | Software Services
Tech Mahindra Limited, a global leader in digital transformation and consulting services, offers a wide range of solutions including Telecom IT & Network Services, Application Outsourcing, Engineering Services, BPO, and more. Combining physical and digital design with advanced technologies like AI, ML, IoT, and AR/VR, the company helps clients drive digital transformation and innovation for their businesses.
The company continues to see strong AI-led deal momentum across industries, winning large-scale transformation programs with global leaders in consumer, telecom, healthcare, retail, food & agribusiness, and cloud services. These wins span AI-first operating models, AIOps, data engineering, autonomous infrastructure, and GenAI-led development, strengthening long-term strategic relevance.
Headcount moderated across IT and Sales, while BPS scaled sequentially, reflecting mix optimisation. Offshore share remained stable near ~78%, utilization improved to 86.6%, and attrition stayed elevated but broadly controlled in the low-teens range.
The Americas remained the largest market with steady QoQ and YoY growth, while Europe delivered strong YoY performance. Vertically, Communications and Manufacturing drove growth, Retail & Logistics showed resilience, while BFSI and TME continued to face pressure.
Trishakti Industries | Nano Cap | Software Services
Trishakti Electronics & Inds. Ltd is one of the leading crane hiring company in India.The services offered by the company includes:Infrastructure & Oil & Gas exploration service provider.IT/ITES Service Provider.Consultancy Services for E&P Oil and Gas Industry.Agency Services.
The fleet is heavily skewed toward the renewable sector, which now accounts for nearly half of deployed assets, reflecting strong energy-transition demand. Segmental assets surged ~460% YoY in Q3 FY26, underscoring rapid scale-up and utilization.
India’s ₹6.95 lakh crore renewable investment pipeline translates into a ₹11,300–17,500 crore crane rental opportunity. Wind, solar, and BESS projects drive sustained demand for high-capacity crawler and mobile cranes over the next decade.
India’s top energy players have committed over ₹6.95 lakh crore (~$83 bn) toward renewable capacity additions through 2030. With EPC partners already in its client base, Trishakti is well positioned to capture execution-linked equipment demand.
India is targeting 500 GW of renewable capacity by 2030, requiring 263 GW of additions in just five years. This creates a $300–350 bn opportunity, with solar, wind, and hybrid+BESS driving the highest need for specialized heavy-lifting equipment.
Real Estate
Smartworks Coworking Spaces | Small Cap | Real Estate
Smartworks Coworking Spaces provides customized managed workspace solutions with fully serviced, tech-enabled office environments. They offer aesthetic designs and essential amenities tailored to meet the specific needs of enterprises and their employees.
Global Capability Centers (GCCs) have emerged as the dominant occupiers of flex space, with international firms accounting for ~72% of flex adoption in 2024. Strong cost advantages and talent availability are driving GCC growth, with GCCs expected to occupy ~40% of flex demand by 2030.
Flex office growth is expanding beyond Bengaluru and Hyderabad into Pune, Delhi NCR, and Mumbai, which are emerging as high-growth engines. With ~72.3 msf of flex stock across the top 7 cities, penetration remains low (~9%), leaving significant headroom for expansion aligned with Smartworks’ footprint.
At scale, Smartworks is positioned beyond traditional flex, competing across the broader commercial real estate market. With ~15 msf footprint versus ~100 msf Indian flex stock and ~1 bn sq. ft. total office stock, it is uniquely placed to lease large full-building mandates.
India’s office market is rapidly shifting from conventional leases to managed, tech-enabled workspaces, driving incremental demand. Flex stock is expected to grow from ~38 msf in 2020 to ~140 msf by 2027E, with penetration rising to ~14%.
Smartworks continues to onboard marquee clients across financial services, consulting, manufacturing, logistics, and digital services. These wins reinforce its positioning as a national partner of choice for large, multi-city enterprise requirements.
Revenue diversification has improved, with IT/technology forming the largest share but reduced dependence on top clients over time. The contribution from 1,000+ seater deals has steadily increased, improving revenue visibility, tenure, and lowering concentration risk.
Energy
Waaree Renewable Technologies | Small Cap | Energy
Waaree Renewable Technologies is a Public Limited Company based in Mumbai, specializing in power generation from renewable sources and offering EPC services. The company’s energy generation site is situated in Maharashtra.
Government-led initiatives across solar parks, PLI, rooftop solar, and energy storage are driving strong growth in India’s solar ecosystem. EPC and O&M markets are scaling rapidly, backed by state-wise capacity additions, policy incentives, and domestic manufacturing support.
India and global solar capacity additions are set to accelerate sharply, with India targeting ~280 GW of solar capacity by 2030. Solar is expected to take a much larger share of the energy mix, supported by sustained annual additions and long-term renewable targets.
The group offers an end-to-end renewable energy ecosystem spanning PV modules, EPC, O&M, rooftop and floating solar, BESS, and allied equipment. This integrated portfolio positions it to capture value across the full solar and energy transition value chain.
Reliance Industries | Large Cap | Energy
Reliance Industries is India’s largest private sector company with diverse operations in hydrocarbons, refining, petrochemicals, renewables, retail, and digital services. It leads in managing a fully integrated Oil-to-Chemicals portfolio and emphasizes inclusive growth by partnering with various stakeholders.
RCPL delivered strong topline momentum in Q3 FY26, with gross revenue of ₹5,065 crore (1.6x YoY) and YTD revenue of ~₹15,000 crore (1.8x YoY). Growth was driven by general trade (80% of sales), daily essentials, and beverages, with multiple brands crossing the ₹1,000 crore milestone.
JioMart continued to scale rapidly, operating across 5,000+ pin codes and 1,000+ cities, with daily orders crossing 1.6 million in Q3. Customer additions remained strong, loyalty improved, and expansion of dark stores supported higher frequency and faster deliveries.
India’s oil demand rose 2.2% YoY to 62.9 MMT, led by gasoline (+5.7%) and diesel (+3.2%) growth. Higher personal mobility, automotive sales, and steady logistics activity supported demand, alongside healthy air travel trends.
Global oil demand increased by 0.6 mb/d YoY, driven mainly by Non-OECD Asia. Transportation fuel demand remained resilient, with gains in gasoline, diesel, and jet fuel partially offset by weakness in fuel oil and naphtha.
Domestic gas consumption edged up to 193 MMSCMD in Q3 FY26, supported by fertilizer demand and strong CGD growth. Power sector softness was offset by other segments, while regulatory moves toward unified pipeline tariffs aim to improve market efficiency.
Global LNG prices trended lower due to weak demand, high inventories, and rising supply led by the US. Near-term prices are expected to stay soft, though risks remain from winter demand and stronger-than-expected Chinese imports.
Metals
Hindustan Zinc | Large Cap | Metals
Hindustan Zinc is the world’s largest integrated zinc producer and a top global silver producer. It excels in mining critical minerals and metals with a diversified portfolio, known for operational excellence, innovation, and sustainability. The company integrates mining to marketing, ensuring efficiency and high-quality zinc, lead, silver, and value-added products. It invests in technology, safety, and capacity expansion to enhance operations and support India’s mineral self-reliance.
HZL delivered a record-breaking 3Q with highest-ever mined and refined metal output, alongside its best quarterly financial performance. Strong cost control led to 5-year lowest zinc cost, while superior ROCE, ROE, and shareholder returns reinforced value creation.
HZL is uniquely positioned to benefit from the global silver upcycle, with silver now contributing 44% of profits. Silver production has grown over 20x in two decades, placing HZL among the top 5 global silver producers with rising scale and profitability.
Silver prices hit record highs driven by tight supply and rising industrial and investment demand, especially from solar, EVs, and electronics. Demand continues to outpace supply, supporting a structurally strong price outlook.
Despite macro volatility, zinc and lead prices remained resilient, supported by declining exchange inventories. Forecasts indicate stable prices ahead, with only marginal surpluses expected and improving refined metal balances.
Financial Services
ICICI Bank | Large Cap | Financial Services
ICICI Bank is a leading private sector bank in India providing a wide range of financial products and services to retail, SME, and corporate customers. With a strong presence across urban and rural areas, the bank offers digital banking solutions, international services, and financial solutions to businesses and government entities.
The retail book is anchored by mortgages, which form ~64% of the portfolio, with conservative LTVs and strong existing-customer relationships. Personal loans and credit cards focus on salaried customers, with growth driven by partnerships, UPI-linked payments, and EMI-led affordability.
The loan book is well diversified, with retail loans accounting for 51.2% of total advances, led by mortgages, business banking, and corporate lending. Granularity across products and segments helps balance growth with risk stability.
Total advances grew to ₹14.66 trillion as of Dec 31, 2025, delivering 11.5% YoY growth, driven by retail and business banking. The domestic book dominates at 97.6%, while overseas exposure remains limited and controlled.
Retail loans grew 7.2% YoY, led by mortgages (+11.1%), while vehicle loans and personal loans showed steady expansion. Credit cards saw a moderation, reflecting a cautious stance amid tightening underwriting and portfolio recalibration.
HDFC Bank | Large Cap | Financial Services
HDFC Bank and its subsidiaries offer various banking and financial services such as retail banking, wholesale banking, treasury operations, insurance, and asset management. With overseas branches in multiple countries, the bank operates in segments including Wholesale Banking, Treasury, and Retail Banking.
HDFC Bank continued steady branch expansion, taking the network to 9,616 branches by Dec’25, with a consistent mix across metro, urban, semi-urban, and rural locations. The customer base scaled to 100 million, underlining strong franchise reach and deepening customer relationships.
Average deposits and advances maintained a steady upward trajectory through FY25–FY26, though YoY growth moderated from post-merger highs. Deposit growth remained ahead of advances in recent quarters, reflecting balance sheet normalization and liquidity build-up.
The loan book is well diversified, led by consumer loans at ~29% of total exposure, with no single industry showing outsized concentration. Exposure is spread across retail, services, infrastructure, manufacturing, and financial sectors, supporting portfolio stability.
Building Materials
Nuvoco Vistas Corporation Ltd. | Small Cap | Building Materials
Nuvoco Vistas Corporation Limited is the largest cement company in East India and fifth largest in India. It is a leading ready-mix concrete manufacturer with strategically located plants in East and North India. The company ensures a steady supply of raw materials like limestone, slag, and fly ash to its plants. With captive railway sidings at six plants, Nuvoco has a competitive edge in transporting materials efficiently.
There’s still a lot of government spending in the pipeline—45% of the central capex budget (₹6.2 lakh crore) and 61% of the top 20 states’ capex (₹3.8 lakh crore) remain unspent as of November 2025. The macro picture looks positive: above-normal monsoon in 2025, steady rural consumer confidence with strong future expectations, and repo rates at their lowest since mid-2022 at 5.25%. These factors point to sustained demand for cement in the coming months.
Engineering & Capital Goods
Emmvee Photovoltaic | Small Cap | Engineering & Capital Goods
Emmvee Photovoltaic Power Ltd is India’s second largest integrated solar PV module and cell maker with module and cell capacity. It produces TOPCon and Mono PERC modules, ALMM-listed, serving major IPPs and C&I clients.
EMMVEE’s solar module order book is well-diversified, with 50% coming from commercial and industrial (C&I) clients, 32% from independent power producers (IPPs), and 18% from others. The company is steadily improving customer quality and retention—average order size among top 10 customers jumped from 18 MW in FY2023 to 121.2 MW in FY2025, while the largest single contract grew from 350 MW to 1,500 MW. Revenue concentration is also reducing, with the top 10 customers now contributing 89% versus 81% in FY2023, and repeat customer rates holding steady around 32%.
India has one of the lowest per-capita electricity consumption rates globally at just 1.2 kWh, far below the world average of 3.5 kWh, signaling significant room for growth. Power demand is expected to grow at 5-7% annually from FY25 to FY30, driven by rising EV penetration (targeting 30% by 2030), green hydrogen production (5 MTPA target by 2030), and data center growth (18% CAGR from 2025-30). This surge in electricity needs, combined with India’s green energy transition, sets up strong tailwinds for the solar and power infrastructure sector.
India aims to add 500 GW of renewable energy capacity by 2030, with solar expected to dominate at 280 GW—making up 44% of total installed capacity by FY30. Solar capacity has grown rapidly from just 1.2 GW in FY15 to 23.8 GW in FY25, and is projected to hit 140-180 GW by FY26-30. Overall renewable energy capacity is set to nearly double from 247 GW in FY25 to 360-380 GW by FY30, with the bulk of solar additions (100-105 GW) coming from ground-mounted projects, followed by rooftop installations boosted by C&I and residential demand through net metering.
Atlanta Electricals Ltd. | Small Cap | Engineering & Capital Goods
Atlanta Electricals Ltd. is engaged in manufacturing and supplying power conditioning and distribution equipment, including transformers, stabilizers, and switchgear. The company serves diverse industrial, commercial, and infrastructure sectors across India.
The global transformer market is set to grow at 6.9% CAGR, expanding from $5.46 billion in 2023 to $8.15 billion by 2029, with India’s share expected to rise from $20.5 billion to $27.6 billion. Within India, the power transformer market is projected to grow at 26.37% CAGR, reaching $3.3-3.4 billion by FY29, driven by demand across voltage segments. The specialty transformer market, propelled by renewable energy, green hydrogen, and mobility applications, is growing even faster at 17.35% CAGR, from $320.4 million in FY25 to $836.6 million by FY29, as India shifts toward environmentally friendly energy systems.
Healthcare
Nureca Ltd. | Nano Cap | Healthcare
Nureca Limited is a B2C company specializing in home healthcare and wellness products. They offer a range of high-quality and innovative products to help customers monitor chronic ailments and improve their lifestyle. Operating as a digital-first business, Nureca sells through online channels like e-commerce platforms and their own website. With a diverse product portfolio focused on the home healthcare sector, Nureca aims to cater to a wide customer base by providing a variety of trusted brands and quality products.
The healthcare products market in India and neighboring countries is set to grow at a healthy 9.9% CAGR, expanding from ₹3,240 crore in 2025 to ₹5,203 crore by 2030. Digital blood pressure monitors dominate the market and are expected to grow from ₹725 crore to ₹1,289 crore over this period. Other fast-growing segments include humidifiers and steamers, nebulizers, and self-monitoring glucose devices, reflecting rising health awareness and demand for at-home monitoring solutions.
Media & Entertainment
Tips Music Ltd. | Small Cap | Media & Entertainment
Tips Industries Limited is a Company limited by shares, incorporated and domiciled in India. The Company is engaged in the business of Production and Distribution of motion Pictures and acquisition and exploitation Music of Rights. The Equity Shares of the Company are listed on BSE Limited and National Stock Exchange of India Limited.
India’s music streaming volume is surging—growing 34% from 5.3 trillion streams in 2022 to 7.1 trillion in 2023, with India accounting for 15% of global volume. However, music label revenues tell a different story: global revenues stood at $28.5 billion in 2023, while India contributed just $0.4 billion, or 2% of the total. This massive gap between consumption and monetization highlights India as the fastest-growing music market by volume, presenting a significant opportunity to convert high engagement into revenue.
Digital advertising already commands 49% of total media spending in India and is set to grow rapidly, reaching 55% by 2025 and 61% by 2026. Television’s share, meanwhile, is steadily declining from 42% in 2020 to a projected 20% by 2026, with print also shrinking from 26% to 13% over the same period. The shift is clear: digital is becoming the dominant force in India’s advertising landscape, driven by changing consumer behavior and platform growth.
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Quotes in this newsletter were curated by Meher & Vignesh.
Disclaimer: We’ve used AI tools in filtering and cleaning up the quotes from the images 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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