Monographs
Sector reports from our research desk. Each one sizes a market, walks its value chain and economics, names who is winning and why, and ends on what a founder, MSME or investor should do about it.
The cash for gold business: how India buys back its household gold
A sector report on buying used gold back from Indian households: how much flows, the thin spread operators keep, the chains, jewellers and lenders competing for it, and what founders and investors should do.
Semiconductor industry analysis: global market, value chain and India's chip opportunity
A sector report for Indian founders and investors: how big the chip market really is in 2026, how its four business models earn, where the margin sits, and what India actually owns.
The medtech industry: AI platforms, surgical robots and India's window
A sector report on medical devices, global and Indian: the market size from four sources, how the leaders earn, what Indian policy has paid out so far, and where Indian companies can win.
The hospital industry in India: capital, care and the coming consolidation
A sector report on Indian hospitals: why nobody agrees on the market size, who pays the bill, what each tier of operator earns, and how the next wave of consolidation will run.
The wire and cable industry in India: size, margins and who wins
Cable volumes in India have grown more than 15 percent a year for five years. Now UltraTech is producing, Adani is building, and copper keeps setting records.
The farm equipment industry in India: tractors, implements and who earns what
A sector report on farm machinery in India: market size, the seven-stage value chain, custom hiring economics, the leading tractor makers, the risks, and what MSMEs, dealers and investors should do.
Solar Panel Manufacturing in India: Capacity, Policy and Who Makes Money
India now has more solar module factories than it can fill. The money and the risk have moved upstream, to cells and wafers, and to whoever can sell outside a closing US market.
Robotics in manufacturing: the India report
India installs more industrial robots than all but five countries, yet runs one of the thinnest robot fleets per factory worker. This report maps who buys, who earns the margin, and where an Indian company can build something defensible.
Employer of record in India: how it works, what it costs, when to exit
An employer of record lets a foreign company employ people in India without an Indian entity. It is fast and clean for a small team and expensive for a large one. This report sets out how it works, what it costs, and when to leave.
The staffing industry in India: size, economics and who wins
India's staffing and recruitment market is forecast to nearly triple by 2030, but most of that revenue passes straight through to wages. This report maps where the margin actually sits, who holds it, and what founders and investors should do about it.
Revenue Cycle Management in India: How the Industry Works and Where It Is Going
Revenue cycle management is the chain of work that turns a hospital visit into cash. India runs much of it for American hospitals and is only starting to build it for its own.
How India's design and creative industry makes money, and where it is heading
Demand for design in India is rising while the price of design execution is falling. This report sets out the market, the economics of a studio, where AI changes the value chain, and what founders and investors should do about it.
What each report covers
A monograph is the longest thing we publish, and it follows one structure so that two sectors can be read side by side. It starts with how big the market really is, which usually means reconciling analyst estimates that disagree, and says which number we trust and why.
- The value chain. Who does what, from inputs to the customer, and where the margin actually sits.
- The economics. What a business in the sector earns, what it spends, and what its working capital looks like.
- Who is winning. The listed and private players, the deals that have happened, and what buyers paid.
- The risks. Regulation, technology and concentration, ranked by how likely and how costly each one is.
- What to do. A separate section for founders, MSMEs and investors, because the same facts mean different moves.
Every figure is checked against its publisher or a primary release before it is used. Where we could not confirm a number, it is left out rather than repeated, and each report ends with the sources it relied on.