The story behind the numbers
I am Utsav Dalmia, a Chartered Accountant. My day job is corporate strategy: fundraising, investor relations and IPO work next to the managing director of a manufacturing company.
The Capital Minds is where I explain what I see in annual reports and deal filings, without jargon and without a sales pitch. A figure like ₹4,700 crore means nothing until you know what sits beside it, so the context comes first.
The writing is organised by subject. Each area has its own desk: Beyond EBITDA for cash and debt, Deal Street for how acquisitions are priced and paid for, Sector Wars for head-to-head comparisons, IPO Autopsy for how issues really work, and Rise & Ruin for businesses that went up fast and what the balance sheet said along the way.
Everything here is free to read. Nothing on this site is investment advice. Figures come from company filings and reports as cited in each piece, with our own arithmetic marked as such. The opinions are mine and not those of my employer.
Profit is an opinion. Cash is a fact.The one rule behind every article