What actually happened, counted across every listed company

Each study takes one question about Indian listed companies and answers it with the full set of NSE and BSE data, not a sample. The method and the limits are on the page, and the numbers are frozen at a stated date.

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Studies

Audit · data to 2026-09-30 · 11 min read321 auditors quit listed companies mid-term in FY26, and few said anything was wrongBetween April 2025 and March 2026, 321 statutory auditors resigned from 302 Indian listed companies before their term ended, and 219 more left from April to September 2026. The figure usually quoted, 71, covers the NSE main board and larger BSE companies; on those companies we count 73, and 65% of FY26 exits were at companies it does not cover, most of them worth under ₹500 crore and audited by firms with a handful of listed clients. The auditors' letters mostly give reasons about themselves: too busy, a partner gone, the fee, a new owner's choice of auditor. 16 of 540 letters point at the company. The companies they left did somewhat worse afterwards, and their share prices barely moved on the news.Read the study →IPOs · data to 2026-09-24 · 13 min readThe 2024 SME IPOs made their gains on listing day, then fell with the SME marketIndia listed 239 SME IPOs in 2024. The median issue ended its first day of trading 40% above its issue price, a gain that went to the investors who were allotted shares. After that day the issues largely moved with the SME market, which peaked at the end of 2024: by 24 September 2026 the typical stock on NSE Emerge and BSE SME was 40% below its end-2024 price, while the Nifty Smallcap 250 was 2.3% higher. ₹1 lakh put into every 2024 SME IPO at its listing-day close had returned 0.1%, and 56.5% of the issues trade below their issue price.Read the study →

Facts from public exchange data. Not investment advice.