EPISODE · Jul 29, 2026 · 1H 30M
Sagar Lele on how to read company results like an analyst
from Subtext by Zerodha · host Zerodha
We cover: -Sell side vs. buy side: how each looks at quarterly results differently -Should long-term investors even care about quarterly results? -How to spot when management isn't telling the full truth — using numbers -Cyclical vs. structural changes and why it matters for your thesis -How to read sector trends across multiple companies -Why "observations" aren't enough — the shift from observation to analysis -How AI is changing the research process -Whether you're an investor, a business professional, or just someone trying to stay on top of the Indian economy, this one's worth your time Timestamp: 0:00 Introduction 2:52 Sell side vs buy side explained 6:34 Should long-term investors track quarterly results? 10:29 Cyclical vs structural stories 19:56 Buy-side process during earnings season 31:08 How earnings & valuation drive decisions 35:44 Catching management inconsistencies 57:45 One-time vs cyclical vs structural framework 1:08:44 Why everyone should read quarterly results 1:15:08 What journalists miss, what analysts overdo 1:22:12 How AI is changing research
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What this episode covers
In this episode of Subtext, host Kashish sits down with Sagar Lele, Executive Director at Paterson Securities, to break down one of the most intimidating yet essential skills in finance: decoding quarterly earnings. From navigating investor presentations and spotting structural shifts to building mental frameworks that separate signal from noise, this conversation strips away the jargon and explains, from an insider's perspective, how to truly read the pulse of corporate India.
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Sagar Lele on how to read company results like an analyst
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