Hospital occupancy rates in India are ~65%

Yet reports show how patients are being turned away from hospitals because there are "NO BEDS AVAILABLE"

That's got to be bad for business!

But despite that, Apollo, Fortis, Medanta, etc have posted record profits!

Here's how

1/10 To understand what's happening, you need to first understand a metric common in the healthcare sector, Average Revenue Per Occupied Bed or ARPOB

Here's a simple analogy

Like hotels track revenue per occupied room, hospitals track revenue per occupied bed

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A strange trend is playing across the Indian healthcare, major hospital chains are being acquired by global Private Equity

Manipal, Apollo, Care, Max, Sahyadri, Ujala Cygnus-- every major hospital chain in India has recently seen investments from PE funds

Here's why

1/10 First, coming to PE's interest in India’s hospital

-Temasek owns 59% stake Manipal Hospital
-Blackstone now owns a majority stake in CARE Hospitals and KIMS Health
-CVC Capital owns majority stake in Healthcare Global
-General Atlantic owns majority stake in Ujala Cygnus

2/10

Five years ago, the Adani group was operating ZERO airports in India

Today, they manage nearly 25% of the airports in India!

Here’s how Adani became India’s largest private player operating airports in just 5 years, without any prior experience!

1/7 In 2018, the govt invited bids to privatise 6 airports.

And Adani won all the 6 contracts!

But how did a player with Zero airport operating experience win all contracts in a single go, beating players like GVK, GMR, Fairfax, etc?

2/7

Something strange is happening in India's nuclear sector

The government swore for 76 years that private companies touching uranium would be "catastrophic for national security"

Yet suddenly it is now begging them to mine it!

But why?

1/9 Well, it is all in the numbers

The current government wants to expand nuclear capacity by 12x by 2047

That would take India from 8.18 GW to 100 GW

But here's the problem, the government can only fund 44% of what's needed

The math simply doesn't work

2/9

India imports 38% of its oil from Russia, that's 17 lakh barrels/day

We're saving ~$3-5/barrel, almost $15 Bn a year

So, it's cheap oil. But is that why we are not giving into US's demands?

If tariffs get worse, can we make do without Russian oil?

Turns out, we can't!

1/12 Before Russia-Ukraine war, 2% of our oil came from Russia, now it is 38%

Since then we have literally tweaked our industries and policies around the assumption that we will keep importing Russian oil

For starters, Indian refineries have been DESIGNED for Russian oil

2/12

-TCS laid off 12,000 people and has placed a hiring freeze
-Wipro lost a third of its market cap in 2 yrs, restructured workforce
-Infosys deferred campus offers and saw deal wins drop 30%

Also, add AI and tariffs to the list of troubles

So, is Indian IT dying?

1/12 India’s $250 billion IT industry is built on one simple idea, labour arbitrage

In the 1990s and 2000s, US companies realised they could hire engineers in India for 1/10th the cost

This arbitrage created giants who billed in dollars but paid in rupees, pocketing the margin

2/12

Zomato posted its Q1 FY26 results

-Revenue up 71%
-Margins expanding
-Blinkit growing faster than ever

The stock markets were so happy the stock went up 10% today

It seems like a solid quarter, but what if I tell you a lot of it is financial engineering?

1/10 Zomato posted a consolidated revenue of Rs 7,167 Cr, up 71% YoY.

Net profit came in at Rs 25 Cr.

Wait, what? Rs 25 Cr on Rs 7,167 Cr in revenue?

That’s a net margin of 0.35%.

Something seems off, no?

2/10

Ever wondered how Mumbai became the economic powerhouse that it is?

Well, it is not the stock markets or cotton mills or the railways

It is actually because of Opium and China. Here's the full story

1/15 Late 1700s the British have a problem-- a big trade deficit with China.

England keeps buying tea, silk, porcelain, etc but in return China doesn’t want British goods

So instead the British have to keep giving them silver in exchange.

Not a great deal, no?

2/15

Tesla just opened its first showroom in India.

And this move was long expected, Elon Musk himself said coming to India is “the natural progression” for Tesla

But here's are 5 reasons why I think Tesla is bound to FAIL in India

1/8 First, overall car demand in India is small

In 2024, 42.7 lakh cars were sold in 2024 in India, compare this to China where 3.14 cr cars were to a nearly equal sized population

I have compiled the data of car penetration across major countries for your refernce below

2/8

Let me tell you a secret, Jio is not a telecom company!

You might say, but what of its 47 Cr subscribers, 1 lakh towers?

But here’s the thing, Meta, KKR, Saudi PIF and others have invested in Jio at over 22x EBITDA, those are not telecom valuations!

1/8 Those are actually tech valuations!

-2020 funding valued Jio at Rs 5.16 lakh crore (~$65B), implying an EV/EBITDA multiple of ~22× for FY20
-Bof America values Jio at $107 B (big tech liek valuation)

Chart below compares EV/EBITDA multiples of Indian telcos and big techs

2/8

Lately, the Adani Group has been on an acquisition spree, buying companies across sectors

So far they have spent over Rs 62,000 Cr buying over 15 companies

But you know what is common between all these companies? Well, they are all BANKRUPT!

So why is Adani buying them?

1/8 Earlier this week Adani put in a bid to buy JP Associates at ~Rs 12,600 Cr

The group has been throwing its money at insolvent companies, like--

-Rs 27,000 on KSK Mahanadi
-Rs 3500 on Coastal Energen
-Rs 4100 on Lanco Amarkantak

it is a long list, I have compiled it below

2/8

You know what is common between Manipal Hospital, Max Hospital, Apollo Hospital, Medanta Medicity?

Private Equity firms own a large stake in each of them. Infact, PE firms now own majority stake in some of India's largest hospital chains!

But how and why did this happen?

1/7 Let me first list the hospital chains where PE funds hold majority stake-

-Temasek in Manipal Hosp
-Blackstone in CARE Hosp
-General Atlantic in Ujala Cygnus
-CVC Capital in Healthcare Global
-Arpwood Partners in Sterling Hosp

It is a long list, I have compiled it below

2/7

Something strange is happening in India

Private Equity firms like KKR, Kedaara, Apollo, etc are pouring billions of dollars in Indian schools!

But here's why it is weird, schools in India are required to be non profits by law!

So why are PE funds investing in them?

1/7 Let me give you a breakdown of PE deals in Indian schools

-Kedaara invested Rs 1200 cr in Orchids Intl
-KKR invested Rs 1475 cr in EuroKids, EuroSchools, Lighthouse Learning
-Gaja Capital invested in Kangaroo Kids

It is a long list!
I have compiled it below for you

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