Dinesh Pai
Business & investments @ Zerodha
DATA & VISUAL BRIEFS

Markets, Policy & Capital Flows in Numbers

Short, self-contained slide decks built from primary filings—NSE ownership trackers, RBI monetary archives, SEBI DRHPs, Supreme Court judgments, and Union Budget receipt documents. Flip through each deck below or open full-screen.

Venture & Startups · 1 Chart · November 2026 · Source: Venture Capital Fund LPAs · Public Market Multiples

The ₹500 Cr Venture Fund vs. Your Only Company

Why venture capital funds push founders for high burn, how guaranteed management fees cushion the fund, and why a business making ₹25 Cr in real profit is worth 25x earnings in public markets.

VC Portfolio Bets 30 Bets (25 Can Fail)
VC Fee Cushion ₹10 Cr/Yr (~₹65 Cr Total)
Public Market Multiple 25x Real Earnings
Single-Chart Exhibit · 16:9 Archival Print
Markets & Flows · 1 Chart · November 2026 · Source: NSE Nifty 50 Index History (1994–2024)

What Happens to the Indian Stock Market When Power Shifts in the US?

Nifty 50 returns in the first 1 month and the next 12 months after every US election flip since 1994 (Presidential and Midterm shifts), showing why US elections cause 1-month noise while Indian markets follow local growth.

First 1 Month Avg -0.1% (Noise)
Next 12 Months Avg +13.9% Return
Positive 12M Cycles 6 of 10 Elections
Single-Chart Exhibit · 16:9 Archival Print
Trade & Industry · 1 Chart · November 2026 · Source: UN Comtrade · WTO · DGCIS India

The World’s Top 10 Imports Total $7.28 Trillion; 55% Are Built in Factories

Ranked #1 to #10 by annual global merchandise import value, separating the $4.03T factory-built pool (microchips, cars, medicines, auto parts, phones, computers) from $3.25T in mined and pumped commodities, alongside India’s 1.5% factory export share.

Top 10 Global Imports $7.28 Trillion
Factory-Built Pool (6/10) $4.03T (55.3%)
India Factory Share 1.5% ($61.3B)
Single-Chart Exhibit · 16:9 Archival Print
IPOs & Corporate · 2 Slides · October 2026 · Source: Company FY26 Annual & Segment Disclosures

Where Do India’s Top 6 IT Companies Get Their Revenue? (FY26)

Industry and geographic revenue concentration across TCS, Infosys, HCLTech, Wipro, Tech Mahindra, and LTIMindtree—comparing BFSI vs. Telecom & ER&D exposure and US vs. Europe & RoW dependence.

Top 6 FY26 Revenue ₹7.67 Lakh Cr
BFSI Share (Most Peers) 28%–35%
US Revenue Share 49%–73%
01 / 02
Markets & Flows · 5 Slides · October 2026 · Source: NSE Ownership Tracker · AMFI · SEBI

Who Owns the Indian Stock Market (2000 to 2026)

How domestic institutions and households overtook foreign investors for the first time in 25 years—and why monthly SIP inflows changed how the market absorbs global sell-offs.

DII + Retail Share 27.4%
FII Share (15Y Low) 16.5%
Monthly SIP Inflow ₹26,400 Cr
01 / 05
Banking & Credit · 5 Slides · October 2026 · Source: Supreme Court Judgment · RBI Basel III · SEBI

Yes Bank’s ₹8,415 Cr AT1 Bond Case — And What Changed

What Additional Tier-1 bonds are, why ₹8,415 Cr was written down to zero before equity in March 2020, the April 2026 Supreme Court ruling, and how SEBI closed the retail mis-selling loop.

AT1 Written Down ₹8,415 Cr
Min Ticket Size Now ₹1 Crore
Equity Kept Alive ₹10,000 Cr
01 / 05
Policy & Tax · 8 Slides · October 2026 · Source: Union Budget Receipt Docs · NSE Market Pulse

20 Years of Stock Market Taxes in India — Capital Gains & STT

How India went from replacing LTCG with STT in October 2004 (0% LTCG) to collecting ₹63,670 Cr in yearly STT alongside 12.5% LTCG and 20% STCG across 13.5 Crore investors.

Yearly STT (FY26 RE) ₹63,670 Cr
Unique NSE Investors 13.52 Cr
LTCG Rate (2004 → 26) 0% → 12.5%
01 / 08
IPOs & Corporate · 7 Slides · September 2026 · Source: Jio Platforms SEBI DRHP · Telecom Filings

Inside the Jio Platforms IPO — SEBI DRHP Breakdown

Key numbers from Jio Platforms’ June 2026 SEBI DRHP: ₹30,049 Cr FY26 net profit, 100% fresh issue (~₹37,700 Cr with zero OFS from Meta, Google, or PE funds), and ₹27,500 Cr telecom debt paydown.

FY26 Net Profit ₹30,049 Cr
Offer For Sale (OFS) Zero (100% Fresh)
Debt Repayment ₹27,500 Cr
01 / 07