Understanding
Businesses
Before You Invest
Independent business analysis, industry research and market insights explained in simple language.
In-Depth Business Analysis
Research Categories
Click any category to filter research by sector and industry.
Technology
Software, hardware, semiconductors
Banking
Banks, NBFCs, insurance
Consumer
FMCG, retail, lifestyle
Pharma
Pharmaceuticals, healthcare
Manufacturing
Industrial, capital goods
Auto
Automobiles, EV, ancillaries
Energy
Oil, gas, renewables
Aviation
Airlines, airports, logistics
Quick Takes & Notes
Shorter notes on quarterly results, industry news, and management commentary.
Infosys Q1 FY27
Infosys Q1 FY27: Revenue Miss, But Deal Wins Tell a Different Story
Indian Banking
Credit Growth Slowing: What the RBI Data Actually Means for Bank Stocks
Asian Paints
Asian Paints FY26 Annual Report: Three Things the Market Missed
Bajaj Finance
Bajaj Finance MD on Asset Quality: Reading Between the Lines
All Research
NVIDIA: The Infrastructure Layer of the AI Supercycle
Why NVIDIA's moat extends far beyond GPU hardware — a deep dive into CUDA, the data center roadmap, and why the competitive gap is wider than the market appreciates.
Meta's Reality Labs Bet Is Misunderstood
The market prices Reality Labs as pure burn. We disagree — here's the thesis for why Orion changes the calculus on the entire AR/VR opportunity.
Berkshire's Hidden Float Machine
A look at why Berkshire's insurance operations are worth more than the market assigns, and what Buffett's cash pile signals about near-term capital allocation.
Celsius: Category Creator or Fad?
Energy drinks are a brutal category. Celsius has defied gravity — but can it hold share as Monster and Red Bull respond aggressively in 2026?
Microsoft's Copilot Monetization Is Just Beginning
Azure growth re-acceleration, Copilot attach rates, and why the enterprise AI cycle benefits MSFT more than any other hyperscaler.
Amazon's Margin Expansion Story Has Years Left
AWS re-acceleration, advertising compounding, and a fulfillment network finally harvesting the investments of the past decade.
JPMorgan: The Compounding Machine Nobody Talks About
Jamie Dimon's fortress balance sheet, the consumer banking flywheel, and why JPM is the best-run bank in the world.
TSMC: The Chokepoint of the Global Tech Stack
Why TSMC's process technology lead is wider than it was five years ago, and what Arizona fabs mean for geopolitical risk pricing.
Independent thinking. No agenda.
Saiteja
Founder, Saiteja Research
Independent equity researcher focused on understanding businesses from first principles. Background in fundamental analysis with a focus on Indian and global equities.
Research Philosophy
Saiteja Research is a one-person operation. Every thesis is written by a single analyst with no conflicts of interest. No sponsored content, no affiliate deals — just honest, long-form business analysis.
The goal is to understand businesses deeply enough to have a view on their intrinsic value — and to explain that view in language anyone can understand.
Research Methodology
Investment Principles
Business First
Understand the business before looking at the stock price. A great business at a fair price beats a fair business at a great price.
Long-Term Lens
We think in years, not quarters. Short-term noise is the enemy of long-term compounding.
Intellectual Honesty
We update our views when facts change. Being wrong is fine; staying wrong is not.
Simple Language
If you can't explain it simply, you don't understand it well enough.
Timeline
Started reading annual reports as a hobby
First deep-dive research note on a consumer staples company
Began sharing research with a small circle of investors
Formalized the research process and methodology
Launched Saiteja Research as an independent platform