I remember investment gurus’ oracular statements a year ago that sanity had to return to India’s overheated capital markets in 2025.

But the Nifty 50 rose as much in 2025 as it had in 2024, by 9%. Funds raised through IPOs totalled Rs 1.8 lakh crore, similar to the previous year. Indian stocks, already among the most expensive in the world, have only become more so.

The Ken is not in the business of spotting potential multibaggers or trainwrecks. Instead, we ask questions that few others do, and hold up a mirror to companies, investors, and everyone in between. And we did that consistently in 2025.

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Zomato, Firstcry, and others love this ‘magical’ number. You should hate itThe KenZomato, Firstcry, and others love this ‘magical’ number. You should hate it

This was a meticulous takedown of “adjusted Ebitda”, a metric that makes tech companies’ bottom line look far rosier than it actually is.

“Adjusted Ebitda exemplifies what dyed-in-the-wool accountants have known for eternity,” my colleague Anand wrote. “That they can, if they want, weave numbers and profits out of thin air. Accounting is the art of the possible. If cash is reality, adjusted Ebitda is magic reality.”

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The sleight of hand in Physicswallah, Groww’s profitsThe KenThe sleight of hand in Physicswallah, Groww’s profits

A fitting companion piece to the first story, Anand’s sharp analysis laid bare what mainstream news outlets missed: that adjustments, one-offs, and other income often dress up IPO-bound startups’ financials.

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The Jane Street bug in Nuvama’s money machineThe KenThe Jane Street bug in Nuvama’s money machine

Not only were we the first to blow the lid off trading giant Jane Street’s hold over India’s options market, but we also looked at the second- and third-order effects of Sebi’s crackdown.