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Subtext by Zerodha

Zerodha 14 Episodes Aug 5, 2026

Subtext by Zerodha is a finance podcast that goes beyond surface-level noise to explore the deeper reasons behind market movements. Through conversations with experienced traders, fund managers, economists, regulators, and founders, it examines market structure, macro trends, and the evolution of financial infrastructure. The show focuses on India's financial landscape, offering insights from those who have lived through multiple cycles.

Episodes

Mausam Kumar on the state of India’s industrial policy Aug 5, 2026 01:37:57 We cover: - Why Tamil Nadu became a magnet for Apple and global manufacturers - How the PLI scheme differs from India's historical approach to industrial incentives - The tension between central and state-level policy in shaping manufacturing outcomes - India's place in a world turning toward economic nationalism and protectionism - The role of development finance institutions, the India-China dy

Sagar Lele on how to read company results like an analyst Jul 29, 2026 01:30:24 We cover: -Sell side vs. buy side: how each looks at quarterly results differently -Should long-term investors even care about quarterly results? -How to spot when management isn't telling the full truth — using numbers -Cyclical vs. structural changes and why it matters for your thesis -How to read sector trends across multiple companies -Why "observations" aren't enough — the shift from observat

Amit Tripathi on monetary policy and Indian banks Jul 23, 2026 00:52:40 We cover: -What is the repo rate and why can't banks just borrow from RBI forever? -Why banks' cost of funds has become delinked from the policy rate -How liquidity (not just the repo rate) drives real interest rates -The role of capital markets vs. banks in credit creation -What the RBI's FCNR announcement really solved -The future of Indian banking: securitization, efficiency & innovation Time

Suyash Singh on finding spaces in the space business Jul 20, 2026 01:12:43 We cover: - Why 70% of earth is always covered by clouds — and why that breaks most satellite imagery businesses - What synthetic aperture radar (SAR) is, and how it lets you see through clouds, fog, and even forests - The $0 → launch journey: 5 years of R&D, drone testing, and programme management - How GalaxEye miniaturised its sensor stack and tested it on drones before going to space - The rea

Tamal Bandyopadhyay on microfinance industry cycle Jul 8, 2026 00:41:42 We discuss how RBI's 2022 interest rate deregulation gave lenders a freedom they arguably misused, why borrowers ended up with 14 loans simultaneously, how the JLG model is collapsing in the digital age, and what investors should actually look for before betting on an MFI stock. If you want to understand credit cycles from first principles, this one's for you. Video Mentioned - Has the microfi

Brad Setser on the dollar and the world's trade imbalance Jun 22, 2026 01:00:13 Brad W. Setser, Senior Fellow at the Council on Foreign Relations and one of the most respected voices on global capital flows, joins us for a wide-ranging conversation on what is driving the dollar today, why China's export boom is a problem for the whole world, and what happens if the AI bubble bursts. Timestamp: 0:00 – Introduction 2:38 – History of Dollar Strength & What Drives It 5:26 – AI &

Zohra Khan on the Indian EV infra industry Jun 17, 2026 01:08:20 In this episode of Subtext, we sit down with Zohra Khan, CEO & Founder of IPEC India - a power electronics company building EV chargers for the Indian market. We cover: How EV chargers actually work and why they need to be customised for each vehicle brand Why India's power grid is both a challenge and an opportunity for EV adoption The push to standardise charging connectors and protocols for

Amit Kumar Gupta on copper supercycle Jun 9, 2026 00:47:50 0:00 Introduction 2:10 History of Copper Rallies (Last 25 Years) 2:22 China Industrialization Demand Shock (2000–2007) 4:48 Current Cycle: AI, EVs & Electrification 5:50 Falling Ore Grades — The Structural Supply Problem 7:14 Why Supply Takes So Long to Catch Up (5–15 Years) 13:48 Who Profits Most When Copper Prices Rise? 22:03 Global Mining Consolidation (Glencore, Rio Tinto, BHP) 25:11 Environme

Decoding Bain's India Venture Capital report Jun 4, 2026 01:27:27 📄 Read the Bain India VC Report 2026 to dig into the data behind this conversation - India Venture Capital Report 2026 | Bain & Company 0:00 Introduction 3:55 About the Bain VC Report 6:08 How the Data Is Sourced 11:16 Who Funds Indian VC — Global vs Domestic LPs 13:00 Why Family Offices Are Betting on VC 15:03 The 2020–22 Vintage Problem 20:48 How the VC Ecosystem Has Matured Since 2021 27:49 VC

Ajay Srivastava on India's place in the chaos of world trade May 27, 2026 00:57:52 In this episode we explore: How Trump's tariffs reshaped the global order — and why every major economy (except China) surrendered The Supreme Court ruling on tariffs and what it means for India's ongoing US trade deal negotiations Section 301 investigations: naked bullying or legitimate trade pressure? India's energy sovereignty dilemma — should we have continued buying Russian oil? Why India's t

Rosa & Tamoghana on India's Youth Employment Crisis May 19, 2026 00:41:43 In this episode we explore: The real role of education — human capital investment vs. social signalling Why India's graduate unemployment rate has been stuck at 35–40% since 1983 The "waiting vs. fallback" dilemma — is queuing for a job better or worse than underemployment? Internal migration patterns and how states are balancing labour surpluses Caste, gender, and identity in the Indian labour m

Kyle Chan on China's industrial dynamics May 8, 2026 00:41:54 What makes China's manufacturing machine so powerful — and what does it mean for the rest of the world? In this episode, we sit down with Kyle Chan — fellow at the Brookings Institution's China Centre, Princeton PhD, and author of the newsletter High Capacity — for a deep dive into China's industrial strategy. We cover: - How Chinese entrepreneurs operate within the state system - The rise of BYD,

Pranay Kotasthane on Navigating the New Uncertain World May 4, 2026 01:29:40 We used to live in a world of rules. Now, we live in a world of power. Pranav Agarwal and Pranay Kotasthane break down the "Matsya Nyaya" of modern geopolitics. We cover the weaponisation of critical minerals, the shifting influence of the US and China, and the strategic path India must take to thrive in an uncertain future. Key topics: Geopolitics, Rare Earths, India’s Foreign Policy, and the F

Dr. Aradhna Aggarwal on SEZs, their role in economic development, and India's growth ambitions Apr 30, 2026 01:04:13 Is India losing its competitive edge in labor-intensive industries? While big names like Foxconn, Kia, and Apple are setting up shop, the "spillover effect" that transforms a local economy often remains missing. In this episode, Pranav Manie sits down with Professor Aradhana, one of India’s foremost experts on Special Economic Zones (SEZs) and industrial policy. They explore why many industrial zo

Ameya P on how Indian IT can flip the AI script Apr 22, 2026 00:49:52 AI agents are reshaping the global IT industry and no one feels it more than Indian IT. In this conversation, Pranav Manie sits down with Ameya Pimpalgaonkar, a 20-year veteran of the IT industry (IBM, Accenture, Infosys) turned investor, to break down what's actually happening beneath the surface. We covered Why the shift from headcount-based to outcome-based pricing is real but slower than the

What Phillip Capital learned running a fund in GIFT City? Apr 15, 2026 00:38:08 Nishit and Ankush from Phillip Capital have spent years working with NRI and global investors navigating India's financial ecosystem — and they are two of the clearest voices explaining why Gift City is changing everything. Gift City sits in a 34-kilometre stretch between Ahmedabad and Gandhinagar — technically in India, but operating as an offshore jurisdiction. NRI onboarding, which used to take

Deepak Shenoy on what's happening with the rupee Apr 13, 2026 00:35:32 Deepak Shenoy of Capital Mind joins us to explain what has been happening with the rupee over the past few weeks. Some of it is straightforward — India imports a lot of oil, oil is now significantly more expensive, and that means we need a lot more dollars than before. But there has been a more technical layer to the story involving something called the NDF market, which most people haven't heard

Rory Johnston (oil expert) on what's happening in the oil markets Apr 9, 2026 00:39:56 Rory Johnston runs Commodity Context and has spent years tracking the oil market — and he is someone who, by his own admission, is normally the calm one in the room. The fact that he is genuinely alarmed right now tells you something. Since February 28th, the Strait of Hormuz — a 34-kilometre stretch of water that carries roughly 20% of the world's oil supply — has been closed. Asian governments a

Understanding China, with Manoj Kewalramani Apr 7, 2026 01:08:33 Most commentary on China operates at a surface level. Xi Jinping is authoritarian, the economy is state-directed, and the Communist Party controls everything. That's all true, but it doesn't actually help you understand why specific things happen the way they do. Manoj Kewalramani is one of the few Indian analysts who can go deeper than that. He's a China Studies research fellow at the Takshashil

Subtext by Zerodha

Episodes

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