In 2025, Physics Wallah surged with ₹1,940 crore revenue yet net losses surged due to accounting adjustments; Byju’s remains mired in insolvency after dramatic valuation collapse; Unacademy is now “default alive,” cutting cash burn from ₹1,000 crore to ₹200 crore and stabilizing with profitable offline centers.
In 2025, Nykaa leads the beauty e-commerce space with over $975 million in annual revenue (~₹8,000 crore) and strong omnichannel presence. Purplle trails with ₹680 crore in revenue (FY24) but has halved losses. Nykaa remains premium while Purplle dominates value-conscious segments.
Krutrim, Ola’s AI arm, has launched sovereign AI infrastructure, built a multilingual LLM with 2 trillion tokens, and unveiled Kruti, India’s first agentic AI assistant. With $230M backing and public sector partnerships, Krutrim positions itself as India’s answer to global AI leaders, despite cultural and execution challenges.
Rain rides aluminum cycles with carbon materials; Chembond is a domestic specialty portfolio tied to infra/industrial demand; Clean Science enjoys high margins via proprietary “green” processes; Galaxy supplies sticky surfactant blends to FMCG; GFL climbs the fluoropolymer curve into PVDF/FKM. Different moats, capex needs, and cyclicality define their risk‑reward profiles.
India’s industrial and automotive engine segment features fierce competition among Kirloskar Oil Engines, Cummins India, Greaves Cotton, and Ashok Leyland’s Engines Division. While each company has unique strengths—from Cummins’ global tech to Kirloskar’s domestic industrial footprint—their diverse strategies and market focus offer a compelling study in resilience, innovation, and evolving growth paths.
Tata Elxsi and OFSS lead in profitability and market stability, while Intellect Design and Newgen show strong growth potential in niche segments. Ramco lags in performance and execution. Each firm presents unique strengths across industries—from banking software to EV technology—making their trajectories distinct in India’s evolving digital landscape.
