Snapshots That Wow!

There are things we cannot blame tariffs for

With 69000+ compliances for doing business in India- ease of doing business still remains a mere tagline.

Source: Akram VC Annual Meet

In the long run, euphoria and we are dead

In the long run, returns converge to growth in nominal GDP of 11-12% for Indian public equities. This is the whole truth.

Source: Spark Fund Research

Valuation ke pankh ne bhari hai yeh udaan

Indigo airlines is now the number 1 company in aviation by market capitalisation.

Delta has a fleet size of 982 aircrafts, more than twice that of Indigo’s 432.

Delta reported record full year 2024 revenue of $61.6bn, $5bn of pre-tax income, $8bn of operating cash flow and $3.4bn of FCF. Indigo on the other hand has a $9bn revenue run rate with less than a billion in pre tax income. Ofcourse, the net debt to EBITDAR for Indigo is much lower at 1x vs. 1.9x for Delta.

Source: Alpha Research

The fertile plains can barely keep up in job creation!

States with the highest fertility rates are all in the fertile hindi belt whereas better work opportunities lie in the more developed western and southern states.

Source: Akram VC Annual Meet

The rate is too damn high!

Source: DSP Netra April 2025 edition

Trump and tariffs bringing in equality in more ways than one

Post Trump’s election, the concentration of MAG7 in the SPX500 has fallen by almost 500 bps. MAGA has turned out to be quite problematic for MAG7.

Source: Kobeissi Letter