Rahul khandelwal

Institutional Sales @SystematixGrp. Active Investor across Asset classes since 2015.

[Ritesh Jain @riteshmjn]

*When we were ‘fragile’, they invested. Now that we’re ‘strong’, they’re leaving*

When India’s macros were considered “fragile” in 2013, a term coined by Morgan Stanley and reiterated by many, FII flows into Indian equities were still largely positive, averaging around ₹80,000 crore annually. The prior decade was later dubbed a “lost decade.”

Ironically, India claimed to be the fourth-largest economy until recently, when GDP underwent a haircut while the rupee depreciated by nearly 90% since 2012. FIIs have been retrenching. Over the 11 years to FY26, flows were positive in only two years; the last three years alone have seen close to ₹3 lakh crore of outflows.

Yet those same MNC houses that once labeled India fragile more than a decade ago now consider the current macro intact and strong. The CEA, of course, has been parroting the same line. The irony could not be starker.

( via Dhananjay Sinha of Systematix)

[Systematix Group @SystematixGrp]

FY25 - 26 was a year of momentum, milestones, and meaningful progress at Systematix.

From transacting ₹7,243 Cr+ in total deal value to advancing across Capital Markets, Advisory, M&A, Private Equity, Wealth, and beyond, the year reflected focused execution across businesses and a clear commitment to scale.

It was also a year of important firsts, including our historic NSE listing, expansion into new offices, and the continued strengthening of platforms that bring markets, ideas, and relationships together.

As we look back, what stands out most is not just the milestones but the consistency, collaboration, and conviction that powered them.

Here’s to a year shaped by excellence… and to rising onwards and upwards from here.

#SystematixGroup #AnnualHighlights #FY2526 #YearInReview #GrowthJourney #Milestones #CapitalMarkets #WealthManagement #PrivateEquity #FinancialServices #MarketLeadership #BusinessGrowth #CorporateMilestones

[Rahul khandelwal @RahulSysgrp]

@itsTarH 🤣🤣🤣🤣

[Systematix Group @SystematixGrp]

India's GDP is about to get a makeover. But will it finally tell the truth?

Today, India releases a new GDP series with base year 2022–23, the first major revision in over a decade.

Our CEO and Co-Head Institutional Equities, Dhananjay Sinha, has been tracking the fault lines in India's national accounts for years. His read: the new series may finally close the gap between official data and lived economic reality.

The headline numbers told a story of ~8% growth. The ground reality told a very different one, squeezed middle class, stagnant wages, rising ruralization, and a K-shaped economy where the formal sector thrived while the informal majority struggled.

Here's what's changing, and what it means for markets and policy 👇

#India #GDP #MacroResearch #IndianEconomy #EquityResearch #Investing #EconomicPolicy

[Systematix Group @SystematixGrp]

Day 1 at Manthan 2026 – Systematix Annual India Conference — packed with insightful meetings, strong participation, and high-impact interactions.
A great start to our flagship two-day Institutional Equities conference.

#SystematixGroup #Manthan2026 #InvestorRelations #StockMarketIndia

[Rahul khandelwal @RahulSysgrp]

Happy Birthday @Iamsamirarora sir 🥳🥳🥳 Have a great, healthy and profitable year ahead!!

Looking forward to many more of your insightful and witty tweets in the coming year!

[Systematix Group @SystematixGrp]

Beware of unauthorized WhatsApp groups, links, and fake communication channels misusing our name. Trust only official Systematix sources.

#FraudPrevention #SystematixGroup #InvestorSafety #StayInformed

[Rahul khandelwal @RahulSysgrp]

Absolutely spot on sir regarding @Dhananj89102936 sir from @SystematixGrp and his Macro economic & industry views!

[Shankar Sharma @1shankarsharma]

@riteshmjn Dhananjay is one of best minds on the sell side in India. What he says is spot on.
Rest, we will see

[Rahul khandelwal @RahulSysgrp]

@itsTarH ESDS as well

[Rahul khandelwal @RahulSysgrp]

@raghavwadhwa Hi, these are not Systematix Picks -- Not sure where you have got this list from... maybe you have picked the names from last year.

Request you to please delete the same as these are not the Systematix research Diwali 2025 picks.

Thank you

[Rahul khandelwal @RahulSysgrp]

@itsTarH In india it's all subjective, no clear rules allows for ambiguity which then allows them to do whatever they, whenever they want to whomever they want without any recourse for investors

[Sekhar @LearningEleven]

Systematix on Oriana Power - Scaling heights across renewable energy value chain

📌In FY25, ORIANA delivered over 200MW of solar projects...Management is targeting minimum execution run rate of 550MW of solar projects annually

📌The company secured over 800MWh of BESS projects in FY25 and has already built a 2.5GWh pipeline, ahead of its FY26 target. The company expects BESS to hold notable revenue share in FY27, FY28, and FY29.

📌Solar Energy Corporation of India (SECI) has allocated 10,000 metric tons per annum (MTPA) of green hydrogen capacity

📌Secured a Letter of Award from SECI to supply 60,000 tons per annum of green ammonia to a fertilizer offtaker in Sagar, Madhya Pradesh.

📌CRISIL recently upgraded ORIANA’s short (from A2 to A2+) and long-term ratings (from BBB+/Stable to A-/Stable)

[Nigel D'Souza @Nigel__DSouza]

Interesting note from Systematix on Banks
🚨Initiates coverage on Bank of Baroda, Bank Of India , Bank of Maharashtra and Union Bank with a BUY rating 🚨

Key Trends between Public Sector Banks (PSBs) and Private Sector Banks (PVBs)
1⃣ PSBs turned around in FY25, after the fall in their advances market share from 74.9% in 2011 to 51.8% in 2024
2⃣ PSBs have a robust liability profile with household deposits at 67.6% versus 52.1% or PVBs
3⃣ Technology-driven underwriting improvements, better Provisions Coverage ratio (PCR) and controlled Gross Slippage ratios have narrowed the asset quality gap between PSBs and PVBs
4⃣ Recoveries from technically written-off (TWO) accounts boosted PSBs’ return on assets (RoA), but seems sustainable for most PSBs
5⃣ PSBs’ lower Fee Income versus PVBs is expected to improve, as they focus on sale of third-party products
6⃣ Lower EBLR loan exposures & deposit rate cuts have enabled PSBs to relatively manage their Net Interest Margins better compared to PVBs

[Systematix Group @SystematixGrp]

We are delighted to announce the First Close of India SME Growth Fund, a SEBI-registered Category-I AIF dedicated to fueling the growth of India’s Small & Medium Enterprises.✨

With strong commitments from HNIs, Family Offices, Corporates & NRIs, this milestone marks the beginning of our journey to back growth-stage SMEs, IPO-linked opportunities, and SME-to-mainboard transitions.

A heartfelt thank you to all our investors and partners for their trust and support. Here’s to shaping India’s SME champions and creating long-term impact!

#IndiaSMEGrowthFund #SME #SmallAndMediumEnterprises #SMEGrowth #GrowthCapital #InvestInIndia #Systematix #AIF #PrivateEquity #Investors #WealthManagement

@NikhilSysgroup | @krati_03 | @RahulSysgrp

[Moneycontrol @moneycontrolcom]

#MarketsWithMC | With tax cuts, #RBI easing, #GST rationalisation, and the 8th Pay Commission on the horizon, is India’s consumption story set for a big revival in the second half of FY26?

Here’s a view from Nikhil Khandelwal of Systematix Group.

@iNandita13 @SystematixGrp @NikhilSysgroup

[Rahul khandelwal @RahulSysgrp]

@thefutballboy_1 Garnacho

[Rahul khandelwal @RahulSysgrp]

@IPL2025Auction @grok Hey @grok confirm my participation and announce me as the winner as well, thanks ☺️

[Rahul khandelwal @RahulSysgrp]

@getpeid @grok Well well well, looks like nothing can get better than this 🤣

[Rahul khandelwal @RahulSysgrp]

@AkisEvangelidis @grok Nothing beats this offer my man

[Rahul khandelwal @RahulSysgrp]

@nothingindia @grok Not for nothing but this will be worth it 🤣