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Insights · Vol. I · 2026

Notes from the practice.

Working notes on IndAS consolidation, treasury negotiations, ERP implementation, and finance automation. All drawn from real work in BSE-listed and high-growth environments.

TreasuryJul 2026 · 10 min

CC vs WCDL vs OD — which working capital facility to draw?

Cash Credit revolves against a drawing power formula; WCDL locks in a fixed-rate tranche from day one; OD sits on collateral with no DP calculations. The decision logic, the drawing power trap, and what banks won't tell you about the mix.

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$
TreasuryJun 2026 · 11 min

PCFC — packing credit in foreign currency, and how to cost it

Pre vs post-shipment, the natural hedge that comes free with dollar financing, a worked PCFC-vs-rupee cost comparison, and the crystallisation trap.

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Trade financeJun 2026 · 12 min

Letter of credit, explained — how an LC actually works

The parties, the document flow, sight vs usance, confirmed vs unconfirmed, and the discrepancy discipline that decides whether the guarantee is real.

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TreasuryJun 2026 · 9 min

Forward cover is the wrong default in India — the case for natural hedging

Banks push forward cover as prudent — often as "mandatory". In a structurally depreciating rupee, it mostly pays the bank. The case for natural hedging, from a business that ran open and won.

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AutomationJun 2026 · 9 min

Power BI for finance teams — from raw ERP to board-ready MIS

The data model, the DAX finance actually needs, and self-refreshing dashboards — drawn from a real ₹700 Cr Power BI MIS build.

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SAPvs365
ERPJun 2026 · 10 min

SAP Business One vs Dynamics 365 Business Central

A practitioner's comparison from working with both — fit, the Microsoft ecosystem, localisation, cost, and how to actually choose.

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QA →
CareerMay 2026 · 12 min

Finance interview questions — and how to actually answer them

Common accounting, FP&A, treasury and behavioural questions with strong, specific model answers — and a framework for any of them.

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GST
TaxMay 2026 · 10 min

GST on export of services — zero-rated, LUT and refunds

The five conditions to qualify, LUT vs paying IGST, the refund routes, and the mistakes that block your input tax credit.

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TreasuryApr 2026 · 9 min

The working capital cycle, explained

Debtor, inventory and creditor days, the cash conversion cycle, and a worked example showing exactly how much cash the cycle ties up.

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DSCR
BankingApr 2026 · 8 min

What is DSCR? Debt Service Coverage Ratio, explained

The formula, a worked example, the 1.25–1.5x lenders look for, and how to actually improve it on a term-loan structure.

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ComplianceApr 2026 · 12 min

EDPMS / IDPMS reconciliation, automated in Business Central

Auto-fetch shipping bills from email with Python, push them into Business Central, and match every export to its realisation and eBRC — before the caution list bites.

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InvestingMar 2026 · 7 min

How to calculate CAGR (with examples)

The formula, worked examples, the Excel one-liner, and why CAGR can quietly mislead when there's volatility or interim cash flows.

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++
InvestingMar 2026 · 9 min

IRR vs XIRR — what's the difference?

Why XIRR handles real, irregular cash-flow dates and IRR doesn't — with a worked example and the sign-convention gotchas.

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1 paise
TreasuryMar 2026 · 10 min

Finding the real IBR — and negotiating the FX spread to 1 paise

Banks hide the true interbank rate under names like "cash-pot IBR". How I benchmarked it to xe.com and negotiated the FX spread to 1 paise (Pharma API) and 2 paise (Petrochemical).

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+ pts
TreasuryJul 2026 · 9 min

Decoding the FX quote — value dates, TT vs card, and forward points

The rate your bank quotes is a stack, not a number: mid, value date, forward points, spread. Which layer is arithmetic, which is the market — and which single piece you can actually negotiate.

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ControlsFeb 2026 · 11 min

Designing an IFC framework for a mid-market company

A risk-control matrix that satisfies the Companies Act without a 200-control monster — built from real process risks and encoded into the ERP so evidence is free.

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ComplianceJul 2026 · 11 min

The SEBI LODR compliance calendar — a listed company's quarterly rhythm

What a listed company files every quarter: results (45/60 days), shareholding & governance (21 days), and the Reg 30 material-event clock measured in hours — plus where companies actually get fined.

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ComplianceJul 2026 · 10 min

Regulation 30 — what actually triggers a material-event disclosure

Deemed vs assessed material events, the quantitative threshold (lower of 2% turnover / 2% net worth / 5% of avg PAT), the 30-min clock, and the materiality policy that lets a call get made at 6pm without the board.

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$
TreasuryFeb 2026 · 11 min

Buyer's credit, fully hedged — getting the all-in cost to 6.11%

Why buyer's credit beats domestic borrowing when the dollar is high — the 120-day structure, a same-day forward, and how the all-in cost lands at 6.11%.

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BuildJan 2026 · 9 min

How to build a finance function from greenfield in 7 months

The playbook from a real asset buyout — SOPs, ERP, banking, audit — moving an acquired entity from zero infrastructure to mature operations.

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P
ReportingJan 2026 · 13 min

IndAS consolidation across 4 foreign subsidiaries — what actually breaks

Eliminations, FX translation, intercompany loans, NCI. The specific stages where consolidation goes wrong, and how to design the close cycle to T+0.

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Coming up

More writing on the way.

Next pieces in the pipeline: Structuring ₹440 Cr across 8 banks — ECLGS, WCDL & buyer's credit, Month-end close at T+0 — the working checklist, and e-invoicing & e-way bill in Business Central. Get in touch if there's something specific you want covered.

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