Deep Research

Polycab India makes wires and cables — about 87% of revenue — plus a consumer electricals range (fans, switches, lighting, pumps, solar) and a turnkey EPC business, and it sells almost all of it through roughly 3,900 dealers and distributors inside India. It is a 30-year-old family-controlled manufacturer that listed in 2019 and has compounded revenue at 26.9% a year over the last five. The record, stated neutrally: the accounts are audited without qualification, no promoter share is pledged, there is no offshore holding vehicle anywhere in the group, and the single biggest number that moved in FY2026 was not profit — it was a ₹2,959 crore in…

Coinbase Global runs the largest US-listed crypto exchange: it charges consumers and institutions a fee to buy and sell crypto assets, and it earns a second, quieter stream by holding customer assets — custody fees, staking rewards, interest on customer cash, and a share of the interest earned on the reserves backing the USDC stablecoin. In FY2025 those two streams were 59% and 41% of net revenue respectively. The record shows a company that earned $7.18bn of revenue and $1.26bn of net profit in FY2025 — and then reported net losses in each of the three quarters that followed. It safeguards $245.9bn of customer crypto that appears nowhere on…

Marvell Technology designs semiconductors it does not manufacture — custom AI accelerators, optical interconnects, ethernet switches, storage controllers — and sells them mostly to a handful of very large buyers, 74% of the revenue now coming from the data centre end market. It made its first GAAP profit in five years in FY2026, and $1,830.4m of that year's $3,046.6m pre-tax income came from selling a business rather than from operations. The record shows a company rebuilt twice over by acquisition, owning no factory anywhere, with two counterparties accounting for just over half its revenue and three of the largest buyers of AI infrastructur…

IREDA borrows money — from bond markets, Indian banks and foreign development agencies — and lends it to people building solar parks, wind farms, small hydro plants and, increasingly, factories and storage projects that serve them. It makes money on the gap between what it pays and what it charges, which in FY26 came to a net interest income of ₹3,275 crore. What the record shows is a lender that has compounded income and profit at roughly 31% a year for five years, that is majority-owned by the Government of India with not a single promoter share pledged, that has no offshore entity anywhere in its structure — and whose gross non-performing…

Intel designs and sells x86 processors for PCs and data centres, and it owns the fabs that make most of them — a combination almost no other large chip company still runs. It earns money two ways that the accounts keep strictly apart: Intel Products sells chips to customers, and Intel Foundry manufactures wafers, overwhelmingly for Intel Products itself. One line from the June 2026 quarter frames the whole file. Intel reported operating income of +$1,796 million — its best operating quarter in more than two years — and, in the same three months, a net loss attributable to Intel of $11,033 million , the largest quarterly loss in its history. T…

Mazagon Dock Shipbuilders builds warships and submarines for the Indian Navy on a strip of Mumbai waterfront, and repairs and refits them afterwards. It gets paid in stages against long contracts, which means it collects large advances years before it delivers anything. That last sentence is the whole file in miniature. In FY2025-26 the company reported its highest-ever consolidated profit, ₹2,578 crore , and its worst-ever operating cash flow, minus ₹2,091 crore . Both numbers come from the same audited statement, and the bridge between them is a single balance-sheet line that fell ₹5,191 crore. Everything below is what the filings show, wit…

Sterlite Technologies makes optical fibre, turns it into optical fibre cable, and increasingly sells the connectors, patch panels and pre-terminated assemblies that plug that cable into a data centre. It earns money by selling those products, mostly to telecom carriers and, since roughly last year, to the operators building AI data centres. Here is the fact that frames everything else. Over the year to 3 September 2026 the share price rose about 554%, from a 52-week low of ₹84.60 to ₹713. Over the five years to FY26, consolidated revenue compounded at roughly minus 0.3% a year — FY26 revenue of ₹4,745 crore is still below the ₹4,825 crore the…

The Boeing Company builds commercial jetliners, military aircraft, satellites and weapons systems, and sells parts, maintenance and training to the airlines and governments that operate them. In the year to 31 December 2025 that produced $89,463 million of revenue and $2,235 million of profit attributable to shareholders — Boeing's first annual profit since 2018. That profit contains one item worth stating up front. Boeing's own segment note discloses a $9,566 million gain on the Digital Aviation Solutions divestiture , recorded inside earnings from operations. Reported operating earnings for the year were $4,281 million. Subtract the gain an…

Zen Technologies Limited builds combat training simulators — tank and infantry gunnery trainers, driving simulators, live-fire target systems — and anti-drone equipment, and sells them almost entirely to armed forces and police organisations. In FY2026 (year ended 31 March 2026) that business produced ₹687.69 crore of consolidated revenue and ₹193.45 crore of profit attributable to owners. Both numbers are down. Revenue fell 29.4% and owners' profit 31.0% from FY2025 — after four years in which revenue had risen 17.7 times. The audited geography note shows where the fall came from: domestic revenue was flat, at ₹610 crore then ₹609 crore, whi…

Robinhood Markets, Inc. runs a commission-free retail brokerage app. It does not charge the customer for the trade; it is paid by the market makers it routes those trades to, it lends the customer money against their shares, and it earns interest on the cash sitting idle in their account. In FY2025 those three engines produced $4,473 million of net revenue and $1,883 million of net income. The record shows a company that has gone from a $3.7 billion loss in its IPO year to a 42% net margin in four years, that draws 55% of its revenue from a handful of named trading firms, whose founders hold 58.1% of the votes on 12.3% of the shares, and whic…

Kaynes Technology India Limited builds electronics for other people: printed circuit board assemblies, box builds and complete products for automotive, industrial, railway, medical, aerospace and defence customers, plus smart electricity meters sold to state power utilities. It earns a manufacturing margin on other companies' designs, and increasingly on its own — it is building an OSAT semiconductor packaging plant at Sanand and a high-density PCB plant. The record shows a company whose reported profit has compounded at over 70% a year for four years, and whose cash from operations over the same five years adds up to a negative number. Both…

Credo Technology sells the plumbing that moves data around an AI data centre — SerDes chiplets, retimers, optical DSPs and, most visibly, the copper "active electrical cables" (AECs) that link racks of AI accelerators together. It makes money by selling those parts to a small number of very large buyers, and by licensing its IP. In the year to 2 May 2026 its revenue tripled to $1.34 billion and it earned $472 million after tax on an effective tax rate of 0.66%. Over the same twelve months, its directors and officers sold $479.7 million of stock into the market and bought none. Both of those sentences come from primary filings. This is…

Dixon Technologies (India) Ltd is a contract manufacturer: it builds smartphones, televisions, washing machines, lights and telecom gear for other companies’ brands, and its money comes from the thin margin between what those brands pay and what a bill of materials costs. On roughly ₹48,873 crore of FY26 revenue it earned an operating margin of about 3.8%, and an increasing slice of its pre-tax profit — about 35% in FY26 and over 60% in the June-2026 quarter — came not from making things but from “other income.” That single sentence is the whole file in miniature; the rest of this note documents it, source by source. Origin — the company’s bi…

CoreWeave rents out artificial-intelligence compute: it buys enormous quantities of NVIDIA graphics processors, installs them in data centers, and sells access to that capacity to a handful of very large customers under multi-year contracts. It makes money on the spread between what those contracts pay and the cost of the chips, the power, the buildings and — increasingly — the interest on the debt used to buy the chips. The record shows a company that has grown revenue more than twenty-fold in two years, still reports a net loss, and now carries more than twenty billion dollars of debt against a business whose single largest customer was abo…

One97 Communications Ltd, which owns and runs the Paytm brand, makes money by processing payments for merchants (subscriptions on QR codes, soundboxes and card machines, plus a margin on payment volumes) and by distributing other companies' financial products — chiefly loans, for which it earns a fee and, on part of the book, a trail linked to a Default Loss Guarantee. It also has smaller broking, insurance-distribution and commerce lines. Here is what the record shows, top to bottom, from incorporation to the quarter just gone — the numbers, the owners, the regulators, and every primary document behind them. Origin — the company's birth cert…

Vertiv Holdings Co (NYSE: VRT) designs, builds and services the equipment that keeps a data centre running: the uninterruptible power supplies, switchgear and busway that deliver clean electricity to the servers, and the air- and liquid-cooling systems that carry the heat away. It makes money by selling that hardware — split roughly 82% product, 18% recurring service — to hyperscale cloud operators, colocation providers, telecoms and enterprises, and increasingly to the operators building AI computing capacity. What the record shows is a five-year transformation: a debt-heavy, low-margin industrial carve-out that was losing money in 2018–2020…

Vedanta Limited digs metal and pumps oil: it mines and refines zinc, lead, silver, aluminium, iron ore and copper, and produces oil & gas, selling the output to smelters, cable-makers, refiners and the open commodity market in India and abroad. It is the listed Indian arm of a group ultimately controlled from London and the Caribbean, and almost every number in its file has a second story sitting behind it — a group reorganisation, an offshore holder, a dividend, a pledge. This is the whole file, top to bottom, from the 1965 birth certificate to the demerger that split the company apart in April 2026 — facts and primary sources only, no ratin…

Palantir Technologies builds software platforms — Gotham, Foundry, Apollo, and the newer Artificial Intelligence Platform (AIP) — that sit as an operating layer on top of an organisation's data, and it makes money by selling multi-year subscriptions to two kinds of customer: governments (defence, intelligence, health agencies) and large commercial enterprises. What the record shows is a company that spent its first eighteen years losing money, turned GAAP-profitable in 2023, and by the year ended December 31, 2025 was compounding revenue in the mid-50s percent while generating more than $2 billion of operating cash — all while three founders…

Suzlon Energy designs, builds, installs and maintains wind turbines. It earns money three ways: selling wind turbine generators (WTGs) and their components, executing the projects that erect them, and — increasingly — charging annual fees to operate and maintain the ~15 GW of turbines it has already put in the ground in India. It is the kind of business where the same company can lose ₹2,692 crore in a single year (FY2020) and, five years later, report a ₹3,163 crore profit (FY2026) without changing what it makes. What the record shows, stated plainly: a company that was minutes from insolvency a decade ago and is now net-debt-free with a CRI…

Micron makes DRAM and NAND memory chips in its own fabs and sells them to cloud, data-centre, phone, PC and automotive customers. It makes money on the spread between what a bit of memory costs to manufacture and what the market will pay for it that quarter — which is why it earned $8.7bn in FY2022, lost $5.8bn in FY2023, and earned $28.2bn in a single quarter in FY2026. What the record shows: a 42-year unbroken audit relationship, no promoter, no related-party transactions disclosed in FY2025, and a profit that is almost entirely operating. It also shows a company whose plants are mostly outside the United States, whose receivables grew by $…