Fixing equity research for Indian investors at Multibagg AI. IIT Kanpur, Goldman Sachs, Shark Tank India S5. Biased opinions about markets, AI, and India.
Bengaluru, India
Joined April 2026
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We have moved into our new office in Indiranagar, Bangalore.
Someone asked me last night, "If you had complete control over where you were born, which country would you choose?"
I was born in Munger, Bihar. One of the poorest districts of one of India's poorest states. India itself was one of the poorest countries in 1997. If that was not enough, I was born in an extremely poor family.
But I studied hard. Went to super 30. Cracked IIT Kanpur. Worked with Amex and Goldman. Started my own company. Raised institutional money. Went to Shark Tank and presented my vision on national television.
Built a cracked team. Built a solid product. Got love from thousands of customers. And now we have our own office in the heart of Bangalore, the silicon valley of India.
None of this was guaranteed when I was born. But I got a chance despite the odds. Because the country I was born in gave me a chance to achieve all of this. A chance to study. A chance to work hard. A chance to work for great companies of the world. A chance to build something of my own.
If I had to choose, I will choose India. I will choose Bihar. I will choose Munger. Every single time.
Happy 80th Independence Day! 🇮🇳
L&T has won a major contract order to build Dhaka Metro Line 1. The contract is valued between 0.5 to 1 billion dollars. Wait till the radicals in Bangladesh start opposing this project.
Which private bank delivered the best Q2 results?
A. HDFC Bank
B. ICICI Bank
C. Kotak Mahindra Bank
D. Axis Bank
Best result means the best combination of growth, earnings strength, margin, operating leverage and asset quality.
If you just look at the PAT growth then Axis has delivered the best quarter. If you just look at the balance sheet quality then Kotak is the best. It's CET-1 ratio is 21.4% and total capital adequacy is 21.9% well above the other three banks.
But ICICI Bank has delivered the most complete result and the best quarter. PAT grew by 20%. Net Interest Income grew by 18%. Net Interest Margin is stellar at 4.2%. Net NPA improved to 0.3%.
Even if you exclude FCNR(B)-linked international-branch flows, their loans grew by 24% and deposits grew by 17%.
If I have to bet my bottom dollar, I will bet ICICI Bank to be the largest bank in India by market cap super soon.
Everyone is interested in Swiggy v/s Zomato story. But there is another story unfolding in India's banking sector which is far far bigger than you can imagine.
ICICI Bank has almost overtaken HDFC Bank to become the largest bank in the country by market cap.
There was a time when HDFC Bank was the undisputed king. It's market cap was twice that of ICICI. But look at today.
HDFC is valued at ₹10.68 LCr. ICICI is valued at ₹10.02 LCr. HDFC is down 18% in last 5 years whereas ICICI is up 84%. Today, market rewards ICICI with a better P/B multiple of 2.61x whereas HDFC is just 1.77x.
ICICI Bank's ROA, ROE and NIM is far better. They are growing faster than HDFC in terms of everything: from loans and deposits to revenue and profit.
So what exactly went wrong with HDFC Bank? Or what did ICICI Bank do differently?
I had a detailed conversation with Iris today. I asked it so many questions. I asked it to compare them on multiple metrics and ICICI Bank has simply outperformed dude. If you have time, you can go through the entire conversation here:
multibagg.co/iris/hdfc
Five years back, Swiggy looked like a clear winner but who would have thought?
In 2021, after years of assessment, SoftBank had to decide between Swiggy and Zomato. They ditched Zomato and chose to invest USD 450 million in Swiggy. This was SoftBank's first direct investment in Indian food delivery. It was like having God on Swiggy's side.
Swiggy was loved in metro. They had a two-year head start in quick commerce. They launched Instamart in Aug 2020 whereas Zomato acquired Blinkit in August 2022.
But today:
Zomato is a 3 lakh crore company whereas Swiggy's valuation is still at the 2021 level, 0.6 lakh crore. Zomato is five times bigger than Swiggy. Zomato is profitable whereas Swiggy is burning crazy cash every quarter.
I asked Iris, "If Swiggy keeps burning like this, how many quarters can they survive?"
Here is the answer: multibagg.co/iris/swiggy
eMudhra has embarrassed Indian cybersecurity in front of the entire world.
When you open your bank website in Chrome, your browser needs to check if it is actually talking to your bank.
The website shows a digital certificate signed by a trusted company (like eMudhra) and your browser checks that signature.
Secret keys used to sign these certificates must be impossible to guess. But eMudhra issued ridiculously weak keys. One was literally the number "4". Others were 56, 66, 115, 155, 156, 230 and 237.
With these keys, a hacker can create a fake certificate for your bank website. You enter your id and password thinking the connection (https) is secure and encrypted. But the other end who's receiving it is not your bank but a hacker.
A secure connection needs two things: privacy, and proof of who is on the receiving end. Without the second, you could be having a perfectly private conversation with a hacker.
Ladies and gentlemen, this is India for you. My trolley combination lock is harder to crack than these keys issued by eMudhra.
An IPO so goated that the rupee hit a six-week high, and the issue was 100% subscribed within minutes of opening.
There are 28,163 Jio employees as per the DRHP and FY26 profit was ₹30,049 crores. Basically, Jio is making more than 1 crore per employee. It gets more interesting.
Not even a single Jio share has changed hands in last 6 years. No buying or selling. Last buying happened in 2020 when Meta paid ₹488 per share.
Jio trademark is owned by Reliance Industries and not Jio. They just use it on a license. Same name gets handed around to JioMart, AJIO, Jio Finance, Jio Hotstar. Jio controls none of them.
When you recharge on Jio, that money does not go to Jio first. It goes to Reliance Retail. Jio sells the recharge to Reliance Retail, Reliance Retail sells it to you.
Jio IPO is 100% fresh issue. Nobody is selling anything. Neither Meta, Google or KKR. Most of the money raised will go towards paying debt.
This is important if you want to apply: If you own even one share of Reliance Industries, you get a reserved shareholders quota.
Read the bull case and bear case of JIO here:
multibagg.ai/ipo/jio-platfor…
An IPO so goated that the rupee hit a six-week high, and the issue was 100% subscribed within minutes of opening.
How desperate one can be. These evil politicians today is literally instigating the citizens to burn down their own country and its institutions. May these people burn in hell.
To all those having a negative eye on my beloved Bharat: for each one of you, there are thousands of nationalist willing to save the country.
If you are in thousands, we are in millions. If you are in millions, we are a billion.
Keep trying. Keep crying.
Tell me honestly. How many hours do you spend scrolling social media every day?
Now, how much time do you spend reading about the companies you have invested in?
You probably own 20–25 stocks. You bought each one for a reason. But you have no idea what's happening with most of them, because Indian companies have already sent 15,048 updates to the exchanges this October.
Here is a small fix to this problem. Timeline.
multibagg.co/timeline
Timeline is like Twitter, but only for your portfolio and watchlist stocks. And timeline is fast. If your company filed to exchange at 2:33pm, you will see it in your Timeline before 2:34pm.