Insights
Perspectives on value, governance, and the public markets.
Considered analysis drawn from our engagements and from our study of the Indian primary market. We publish when we have something substantiated to contribute, rather than to a schedule.
Capital Markets
15 June 2026 · 5 min read
SME IPO or Mainboard: Choosing the Right Route
The decision between the SME platforms and the Mainboard is not a matter of ambition. It is a matter of fit, and choosing wrongly is expensive in both directions.
ReadCapital Markets
10 June 2026 · 7 min read
The Indian Primary Market in 2026: Opportunity and Its Conditions
The Indian market has rarely offered a more favourable environment for raising public capital, nor applied a more demanding standard to those who seek it. The distinction matters.
ReadGovernance
3 June 2026 · 5 min read
Independent Directors: From Compliance to Genuine Oversight
Appointing an independent director satisfies a regulation. Building a board that genuinely challenges management is a different undertaking, and it is the one investors reward.
ReadGovernance
28 May 2026 · 4 min read
The Woman Director Requirement: Beyond the Checkbox
The Companies Act made a woman director mandatory for many companies a decade ago. Treating it as a compliance formality is a missed opportunity, and increasingly a visible one.
ReadMarkets
20 May 2026 · 5 min read
The Rebalancing of Indian Capital and What It Asks of Issuers
The most consequential change in India's primary market over the past five years has been a shift in whose capital fills the order book. It has altered what a successful listing requires.
ReadFamily Business
12 May 2026 · 5 min read
Succession: The Test Most Family Businesses Fail
Only about three in ten Indian family businesses survive into the second generation, and far fewer into the third. The cause is rarely the business. It is the absence of a plan.
ReadValue Creation
30 April 2026 · 5 min read
The Anatomy of a Business Diagnostic
A diagnostic is not a health check to be filed and forgotten. Done properly, it is the document that governs everything that follows.
ReadValue Creation
22 April 2026 · 6 min read
People, Process, and Profit: A Framework for Durable Value
Enduring enterprise value rests on three interdependent dimensions. The most common reason a sound business stalls short of its potential is that it has developed one and neglected the others.
ReadLeadership
8 April 2026 · 5 min read
From Founder-Led to Institution-Led
The qualities that build a business are not always the ones that scale it. The transition from founder-led to institution-led is the hardest, and most valuable, a company makes.
ReadValue Creation
20 March 2026 · 4 min read
Working Capital: The Quiet Lever of Value
Promoters chase revenue and margin. The cash trapped in working capital is often the larger and faster opportunity, and it costs nothing to unlock but discipline.
ReadGovernance
5 March 2026 · 4 min read
Related-Party Transactions: Getting the Framework Right
Related-party dealings are normal in promoter-led businesses. Undocumented, they are one of the fastest ways to derail a transaction or a filing.
ReadLeadership
18 February 2026 · 5 min read
The CFO a Pre-IPO Company Actually Needs
The finance leader who kept the books through the growth years is not always the one who can carry a company into the public markets. The gap is worth confronting early.
ReadIPO Readiness
2 February 2026 · 5 min read
The Ind AS Transition Promoters Underestimate
Moving to Indian Accounting Standards is treated as an accounting exercise. It is closer to a re-examination of how the business reports its own performance, and it takes longer than anyone expects.
ReadGovernance
15 January 2026 · 4 min read
ESG for Indian SMEs: A Pragmatic Starting Point
For a mid-sized Indian business, ESG can feel like a large-company concern. Approached pragmatically, it is a manageable discipline that investors increasingly expect.
ReadIPO Readiness
10 December 2025 · 5 min read
The Offer Document: What the Regulator Actually Looks For
An offer document is not a marketing brochure. Understanding what the regulator scrutinises, and why, is the difference between a clean process and a stalled one.
Read