— and publish the models, so you don't have to take my word for it. Credit notes, spreading workbooks, and project-finance models on India's power and renewables issuers. Every view carries a revisit date.
This site launches when the shelf is stocked, not before. Five pieces are being built from primary filings — the pipeline below is the commitment, in order. Nothing here will ever be filler.
Business risk, financial risk, debt structure, coverage ratios, liquidity — credit view vs. the actual CRISIL/ICRA rating, with the spreading workbook attached.
Tariff, CUF, capex, debt sizing and DSCR sensitivities — downloadable Excel, assumptions stated.
Leverage, coverage and liquidity ratios in one clean, comparable table.
Term loans, IREDA, green bonds, InvITs — the financing stack explained.
Extracting covenants from annual reports with AI, checked line-by-line by hand, error rate reported honestly.
Issuers picked from the coverage universe; every note starts with the annual report, rating rationales, and exchange filings — not someone else's summary.
02 — APPROACHFull financial spreading, debt-structure mapping, coverage and liquidity ratios, DSCR sensitivities — assumptions stated, so any cell can be challenged.
03 — PUBLISHEvery credit view ships with a resolution date and gets publicly revisited — right or wrong. The workbook behind each note is downloadable.
I'm Bharat — an early-career finance professional writing public credit research on India's energy transition. I've cleared CFA Level 1 and the CA Foundation, and I'm building the body of work here piece by piece: credit notes on power and renewables issuers, project-finance models, and honest experiments in AI-assisted analysis.
The rule this site runs on: nothing ships unless it's built from primary filings, every number is mine, and I can defend any line of it in a room. Views carry revisit dates — I'd rather be checkably wrong than vaguely right.
If you're hiring for credit, or just want to compare notes on how India's energy build-out gets financed, get in touch.
That's the whole pitch — don't trust me, inspect it.
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