Karnik’s Substack

The Great Indian Treasure Hunt: Unearthing South West Pinnacle

The most interesting businesses are often the ones getting their hands dirty. Literally.

Nov 27 • 

Karnik

13

4

3

IKS Health: Building an AI-native Operating Layer for U.S. Healthcare

If you’ve ever spent time studying U.S.

Nov 2 • 

Karnik

9

1

1

October 2025

From Warships to Data Centers: The Shree Refrigerations Story

Company Background and Origin Story

Oct 4 • 

Karnik

24

5

1

August 2025

Entero Healthcare: Building the Highways of Indian Pharma

Scaling through consolidation, richer product mix, smart bolt-ons, and optionality from innovator drugs + the coming GLP-1 boom.

Aug 28 • 

Karnik

44

2

8

Fantasy Football and Stock Picking: The Same Game, Different Jerseys

Expected Goals, Expected Returns

Aug 10 • 

Karnik

7

1

1

July 2025

India’s Surveillance Shakeup: How Policy is Redrawing a $4 Billion CCTV Market

A new era for India’s CCTV industry dawns as regulatory changes disrupt the once import-dominated market.

Jul 29 • 

Karnik

22

4

3

CCL Products and the Journey from Bean to Cup

Brewing a Global Niche: CCL’s Place in the Global Coffee Chain

Jul 17 • 

Karnik

10

India’s Battery Storage Surge: Separating Hype from Reality

India’s electricity grid is rapidly greening with solar and wind, but that brings a new challenge: matching supply with demand.

Jul 11 • 

Karnik

41

4

6

June 2025

Steel on Speed: The Rise of Pre-Engineered Buildings in India’s Capex Boom

The rise of PEB's in construction & Interarch, Pennar and other key players

Jun 29 • 

Karnik

22

3

TD Power Systems: Riding the Current of the AI-Powered Energy Wave

In the early days of India’s industrial emergence, there were companies that built steel, companies that built bridges, and a rare few that quietly…

Jun 13 • 

Karnik

19

India’s Defence Sector: From Dependency to Dominance

India’s Defence Sector: A Strategic Evolution

Jun 2 • 

Karnik

5

May 2025

How BLS International Is Turning Bureaucracy into Billions

1.

May 28 • 

Karnik

18