Indian Corporate Case Studies
Six landmark deals and corporate actions analysed with actual financial data in Indian rupees. Each case study covers the strategic rationale, key financial metrics, what went right (or wrong), and lessons for finance practitioners.
Reliance Industries / Jio Platforms
Pricing strategy, ARPU growth, and debt-funded disruption
Capex Deployed
Rs 1.5L Cr+
Subscribers
48.9 Cr
Tata Steel
Valuation, leveraged acquisition financing, and post-deal performance
Deal Value
$12.1 Bn
Bid Premium
68%
Zomato Limited
Tech IPO valuation, unit economics, and market sentiment
IPO Price
Rs 76/share
Market Cap at Listing
Rs 1.0L Cr
Infosys Limited
Buyback vs dividend, share price impact, and tax implications
Total Buybacks
Rs 45,200 Cr
Largest Buyback
Rs 9,200 Cr
HDFC Bank / HDFC Limited
Synergy analysis, regulatory approval, and integration challenges
Combined Assets
Rs 25L Cr
Swap Ratio
42:25
One 97 Communications (Paytm)
Overvaluation, regulatory risk, and the path to recovery
IPO Size
Rs 18,300 Cr
Listing Day Drop
-27%
Why Case Studies Matter in Corporate Finance
Textbooks teach frameworks; case studies teach judgement. The difference between a competent analyst and an exceptional one is not the ability to build a DCF model — anyone can learn the mechanics — but the ability to recognise which assumptions matter most, where the model is likely to break, and what the market is pricing in or overlooking.
Our case studies are drawn from the Indian market because Indian deals have characteristics that Western textbook cases do not capture: promoter-driven decision-making (Reliance Jio), cross-border M&A with currency risk (Tata-Corus), tech IPOs in a market with unique unit economics (Zomato and Paytm), tax-driven capital allocation (Infosys buyback), and regulatory complexity in financial services mergers (HDFC-HDFC Bank).
Each case study includes actual financial data: enterprise values, deal multiples, EBITDA margins, ARPU figures, and debt ratios — all in Indian rupees and presented in monospace formatting for clarity. The lessons learned section at the end of each case distils the key takeaway into principles that can be applied to future situations.