AA

What’s on your mind?

A project, an opportunity, or just a good conversation.

ASHISH
AHUJA

INTRO

I usually start my day withreading something orlearning something new

Build by Tony Fadell; Sapiens by Yuval Noah Harari; Zero to One by Peter Thiel; The Theory of Everything by Stephen Hawking; and The Intelligent Investor by Benjamin Graham. Cover images via Open Library.

A few pages first.Then a workout.

Training gives the rest of my day its rhythm.

Quiet early-morning training with a barbell, bench, dumbbells, and squat rack.

Then I turn to the markets.I've been following them since I was 15.

An original fictional dual-screen market research workstation.

WORK

MedTech
ClimateTech
DefenseTech
SpaceTech
DroneTech
01 / Sector research · 2025

The Deep Tech Playbook

Where is India’s next wave of deep tech taking shape?

I mapped five sectors: the markets, the funding, and the forces helping—or holding back—the next generation of companies.

Read the report

Five sectors. Five one-page briefs. A wider lens on where capital is going.

02 / M&A case · 2025

Two airlines. One new Maharaja.

A merger looks simple in a headline. Making it work is another story.

Our MU-FINS team examined Air India–Vistara: valuation, synergies, integration risks, and the road ahead.

Read the report
Forging a new Maharaja
01 — Model the synergies
02 — Test the valuation
03 — Map the integration risks
04 — Build the roadmap

The interesting part: how much of the value depends on getting integration right.
Case-study projections, not realized merger results.

GlamPlus / professional beauty
03 / Investment memos

A company, on one page.

What matters when you first look at a startup?

These memos bring the problem, business model, market, traction, and investment thesis into one view. Two very different businesses; one discipline of asking better questions.

Read the memos
Helloha / social connection
04 / BSE Power Index · 2024

What powers the power sector?

Five companies. The same industry. Very different financial profiles.

A study of returns, cost of capital, working capital, and the energy transition across Tata Power, Adani Green, Adani Power, Power Grid, and NTPC.

Read the report
THE POWER COMPARISON04 MAY 2024

What does the capital earn?

Tata Power
11.74%
Adani Green
9.22%
Adani Power
32.15%
Power Grid
13.09%
NTPC
9.83%

ROCE = return on capital employed.
Recreated from the report, p. 6. Historical snapshot; BSE India data as cited in the study.

The original comparison / report p. 6

Same sector.
Different economics.

Market Modulation / research report
05 / Market Modulation · Research

The announcement. Then what?

Do corporate actions change how investors behave—and how shares move?

I led the preparation of our Research Renaissance team paper, combining an investor survey with an event study of dividends, splits, bonus issues, buybacks, and demergers.

20companies147retained responses
Read the report
Looking for relationships / correlation matrix
Comparing returns around corporate actions

From a market question to a testable hypothesis.
2019–2024 events; a selected sample and short event windows limit how broadly the findings apply.

06 / Cricklytics · MySQL

A different kind of scorecard.

Who wins most often? Which players are on those teams? What could a full stadium earn?

Our cricket-league database connects players, teams, matches, coaches, and venues—then uses SQL to turn those relationships into answers.

Read the report
cricklytics / league notebook
THE QUESTION

Who keeps winning?

SELECT winning_team_code,
       COUNT(*) AS wins
FROM `match`.`match_info`
GROUP BY winning_team_code
ORDER BY wins DESC;
playersteamsmatchescoachesvenues

A query using the report’s schema.
An academic database with sample league data.

From SQL to results / the original query output

A little structure.
A lot more answers.

That’s the research desk.
Time to step away for a bit.

FUN

Football is my go-to unwind: Manchester United matches when they're on, podcasts when they're not. (Whether I actually unwind depends on the result.)