Business analysis
Connecting a company's choices to its business model.
Now watching: Ayush
Big businesses.
Simple stories.
Making sense of business, one company at a time. Not an expert. A student who keeps asking why.
Company analyses
The notebook · More episodes in the makingFeatured notebookSugar
CosmeticsFY25
CosmeticsFY25
Analysis notebook · FY25
When expansion isn't enough
Sugar Cosmetics and the questions behind its growth.
Read the analysis →Business decodedBANKDAY 03
Analysis notebook · HDFC Bank
How a bank makes money
Following the money beyond the savings account.
Read the analysis →The fundamentals₹ ≠ ₹Explainer
Concept notebook
Revenue vs profit
A bigger top line doesn't tell the whole story.
Read the explainer →Concept₹ ≠ CASHDAY 04
Concept notebook
Profit vs cash flow
Profit is not the same as cash.
Read the explainer →The comparisonVS.DAY 05
Analysis notebook · ICICI vs HDFC
ICICI vs HDFC
Two banks. Different business questions.
Read the analysis →The moatMOATDAY 06
Concept notebook
Competitive advantage
What makes a business hard to copy.
Read the explainer →Business decodedRILDAY 08
Analysis notebook · Reliance
Reliance: not just oil
Telecom, retail, energy and more, segment by segment.
Read the analysis →The comparisonVS.DAY 09
Analysis notebook · Jio vs Airtel
Jio vs Airtel
Volume vs value in Indian telecom.
Read the analysis →The strategy₹DAY 10
Concept notebook
Pricing strategy
Penetration, premium and value-based pricing.
Read the explainer →The strategyP vs DDAY 11
Concept notebook
Product vs distribution
Why a great product can still fail.
Read the explainer →The comparisonVS.DAY 12
Analysis notebook · Zomato vs Swiggy
Zomato vs Swiggy
Food delivery economics, side by side.
Read the analysis →The fundamentalsP/EDAY 13
Concept notebook
The P/E ratio
What it means and where it misleads.
Read the explainer →The fundamentals+%DAY 15
Concept notebook
Judging revenue growth
Is the growth good growth?
Read the explainer →My journey
Season 01 · The foundationsSkills universe
Currently building · Not claiming masteryFinance basics
Learning what revenue, profit and cash flow really mean.
Content creation
Turning what I learn into clear, useful LinkedIn stories.
Communication
Explaining ideas simply, without hiding behind jargon.
Top picks for you
Continue the storyBehind AYUSH DECODES
Student first.
Curious, always.
Class 12Business & financeBBA / IPM 2027
I'm Ayush Raj, a Class 12 student learning how real businesses grow, compete and make money.
Between board exams and entrance prep, I study companies and share what I learn on LinkedIn. This isn't a highlight reel of having it all figured out. It's the process, one question at a time.
Follow the learning journey ↗The next episode is being written
TO BE CONTINUED...
No overnight-expert arc.
Just curiosity, consistency and the next good question.