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India-first · global lens

Credit ResearchAug 2026GWR-2026-IN-005

India's Private Credit Is Half Domestic

Domestic managers now write three of every four rupees of large-ticket credit in India, and did so in the same half-year that global private credit posted record defaults. But domestic investors supply only 53.3% of the capital those managers lend, against 48.2% two years ago. This report reconciles the three measures of “domestic”, and prices the vintage.

74%

Of H1 2026 deal value written by domestic managers

53.3%

Of Category II fund capital from domestic investors

Medium confidenceRead →

Credit ResearchAug 2026GWR-2026-IN-004

India's Revolving Credit

On 6 Aug 2026 the Reserve Bank proposed deleting the redraw: non-banks may lend term, or not at all, and comments close on the 28th. Nobody can say what is being deleted. No regulator, bureau or rating agency counts revolving exposure at Indian non-banks, and the one industry figure in circulation cannot be assembled from the bottom up. This report reads the clause, sizes what can actually be sized, and prices the consultation.

Independent series counting the affected book

13–31%

Range on one lender's flexi share of assets

Medium confidenceRead →

Capital MarketsAug 2026GWR-2026-IN-003

The Exit Window

India has assembled the largest exit queue in its market's history: ₹4.7 trillion of intended share sales across 238 filings, opening onto a tape foreign investors sold at record pace for most of the year. The headline is an option book, not supply — what converts is what accepts the domestic bid's price. This report sizes the live window, prices the concession, and names who gets paid.

₹4.72trn

The H2 2026 IPO queue · 238 companies · ≤13% converts

61.2%

Of IPO proceeds that were offer-for-sale, Jan 25–Aug 26

Medium confidenceRead →

Industry & Sector ResearchJul 2026GWR-2026-IN-002

India's Global Capability Centres

India's 2,117 offshore centres run $98.4bn of the world's corporate work, and revenue now compounds twice as fast as the centre count because the work carries a mandate rather than a queue of tickets. But the wage gap that funds it is the one input artificial intelligence compresses fastest. This report sizes the machine, prices the arbitrage, and names where the exposure is actually tradable.

2,117

GCCs in India, across 3,728 units (FY26)

2.36m

People employed (FY26)

High confidenceRead →

Capital MarketsJul 2026GWR-2026-IN-001

India's Financial Operating System

India built the world's most complete digital public infrastructure and priced the rails at zero, so the economic rent migrated to a handful of regulated, listed toll-booths (CDSL, CAMS, BSE, MCX) at 41–84% EBITDA. This report sizes the market, maps where the rent accrues, weighs the citizen, and lays out the trade.

757M/d

UPI transactions per day (Jun 2026)

41–84%

EBITDA at the listed infra toll-booths

High confidenceRead →

Capital MarketsJun 2026GWR-2026-BF-001

The $7 Trillion Paradox

Blended finance that genuinely mobilizes private capital runs at ~$18bn a year against a ~$4tn SDG gap: a 1–2% answer. Where the leverage works, where it doesn't, and the securitization architecture being built in real time.

$18B

Private capital genuinely mobilized per year

7.6×

Leverage on $1bn+ blended deals

High confidenceRead →

Capital MarketsMay 2026GWR-2026-04