#1015 Paytm, Blinkit And Meesho: Is India Underestimating Their Growth? | Govindraj Ethiraj | The Core Report

<p>Are Paytm, Blinkit and Meesho building more earnings potential than investors recognise? In this episode of The Core Report Special Edition, Govindraj Ethiraj speaks with Nirav Sheth, CEO of Institutional Equities at Emkay Global, about platform businesses, stock market valuations and India’s next growth opportunities.</p><p><br></p><p>Sheth explains why reported profits and losses may not tell the full story of a digital business. Through Paytm’s merchant network, Meesho’s customer reach and Blinkit’s dark store economics, he examines how customer habits, network effects and expansion costs shape long-term profitability. When does spending to acquire customers create a lasting competitive advantage?</p><p><br></p><p>The discussion explores why Paytm, Blinkit and Meesho require a different analytical approach from traditional consumer companies. Sheth discusses unit economics, cash flow potential and how quick commerce is changing competition for established retailers.</p><p><br></p><p>Beyond digital platforms, Sheth examines electronics manufacturing services, power infrastructure and opportunities over the next decade. He discusses Dixon and India’s manufacturing ecosystem, alongside potential demand for electricity and transformers from AI data centres. He also explains his concerns about Indian IT services as artificial intelligence changes how work gets done.</p><p><br></p><p>Why are foreign investors selling Indian stocks while domestic mutual fund inflows remain strong? Sheth connects foreign portfolio outflows with bond yields, earnings growth, valuations and rupee depreciation. He considers how new Nifty 50 constituents could reshape the index and what might bring foreign capital back.</p><p><br></p><p>Where will India’s next market leaders emerge? From regional retailers and recycling businesses to electronics manufacturers, Sheth explores how smaller companies challenge larger rivals and shares how his investing framework has evolved.</p><p><br></p><p>The conversation also separates enthusiasm for AI technology from confidence in AI stock valuations. Could cheaper models and changing infrastructure needs challenge today’s investment assumptions? Sheth considers how a reversal in the global AI trade might affect capital flows into India, while explaining why identifying a promising business is only one part of assessing an investment.</p><p><br></p><p>Chapters:</p><p>01:35 Bond Yields, Valuations and Nifty Earnings Growth</p><p>03:38 Where Sma