VIDEO | Mumbai (Maharashtra): On the strategic education business vertical, Raymond Group Chairman Gautam Singhania says, "I think what Singhania schools provide is an equal opportunity and an equal footing for every child in the class, no matter what strata of society he comes from. Number two, we are very proud that we have capped our education fees at a very low number of about 80,000 rupees a year, which is probably the lowest in the country. And number three, we are today very privileged that we are the number one school in the country. So, you know, this all tantamounts to giving an equal opportunity to everybody who comes..."
"The anatomy of a losing trade is a journey through human denial: first, we blame the stock; next, the market; then, the macroeconomy; and finally, our own fate—accusing everything but our own reflection."
Outstanding work, @MumbaiPolice! 👏 You’ve once again given us a live demonstration of how the VIP culture works, and how being a commoner is apparently a punishable offence.🥵
Two Indias. Two sets of rules. One glorious VIP culture!
R&D Lessons from China: After Reliance, JSW Halts Battery Mfg Plans
(a) RIL & JSW: “China has weaponized access to battery tech” (b) FACT: Chinese firms failed for 30 yrs doing R&D, while we focused on quarterly EBITDA (c) Renting vs Owning Mentality.
India’s Licensing Mentality
a. On Aug 26, 2026, Parth Jindal (36 yrs) told reporters that JSW has halted its ₹40,000 cr planned investment to manufacture LFP (lithium iron phosphate) battery in India. Parth said: “China is guarding LFP technology like a weapon.”
b. At Reliance AGM 2026, Anant Ambani (31 yrs) told shareholders: “Access to battery tech is being weaponized.” Reliance was forced to halt its mfg plans for LFP battery after China refused to license cell technology.
c. Indian industry prefers non-export items like oil, steel, cement, power, ports, airports because a known playbook exists. Foreign competition disallowed, 100% domestic capture, predictable profits, multi-billion mkt cap, zero R&D.
China’s R&D Mentality
a. China controls 94% of global LFP capacity. Chinese Companies: CATL: 37%; BYD: 23% (BYD became a car-maker); Others: 34%
b. LFP technology did not fall from heaven into China's lap. 30 years ago nobody wanted LFP. LFP was cheap and safe, but it had a failing. Its conductivity was so poor it could hardly deliver current.
c. US researchers gave up on LFP after a long struggle as it looked impossible to crack. But it was obvious that LFP would one day win because it involved abundant, low-cost raw materials.
BYD 2002-2020: Lessons in R&D
18 Years of Blood, Sweat & Tears
2002: BYD was a small battery-maker founded by Wang Chuanfu, an orphan from one of China’s poorest provinces. Wang chose the long and painful road of LFP when everyone else believed it was the road to bankruptcy.
In 2002, BYD’s earliest investor was Charlie Munger. Charlie said: “I invested because Wang was a “chemistry genius” and a “fanatic who worked 70 hrs a week.”
2005: In 2005, BYD developed its first in-house LFP cell.
2008: BYD launched the world’s first hybrid electric vehicle running on its own LFP – three months after Warren Buffett bought $230 million of BYD stock.
2009-2012: Commercial testing was critical to scale up the technology. But car owners were not ready to buy EVs. Chinese govt backed the technology with “10 Cities, 1000 Vehicles” program, which put LFP on municipal buses and taxis.
2016-2018: The Darkest Years: Conventional NMC technology raced ahead due to govt subsidies. Competition intensified. Industry slogan became: “LFP is dead; stop burning money.”
2019: Near-Death Experience: BYD's net profit to shareholders fell to $267 million, while R&D expenses swelled to $1.25 billion. BYD had bet its last shirt on the technology.
2020: Redemption at Last: BYD’s legendary Blade Battery was born. It worked like a dream, having survived years of failures, bottlenecks, countless iterations, rebuilding of entire production lines, and a devastating lab fire.
R&D: How to Conquer the World
a. Dozens of Chinese EV and battery startups living off govt subsidies disappeared. BYD and CATL emerged as the survivors of a domestic bloodbath.
b. In 2025, the world’s largest EV seller BYD spent 9% of its sales revenue (not profit) on R&D. CATL spent 6%. To understand the scale: In 2025, CATL had 20,000 research staff and 43,000 patents & applications.
2025 BYD R&D Expense: $9B
2025 BYD Profit: $4.5B (Half)
c. China has innumerable companies today with such suicidal R&D expense ratios. India has ZERO because with a license raj DNA, the Indian promoter has no mad desire to change the world. He just wants to die rich.
India's Ambani-Adani Equation
The following equation sums up India's economic curse:
When you have zero R&D, your profit becomes:
$4.5B + $9B = $13.5B
India's family-owned conglomerates, thriving on protectionist policies, do not wish to waste even one dollar on R&D and innovation.
Their vision for India is to leave billions to their children. And the children think licensing another's IP is their birthright: “China has weaponized battery technology against us.”
@arabicatrader
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Rice traders built them 300 years before your indicators existed.
You've been taught none of them 👇
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