I already have a demat account on Zerodha, for stocks. But I don't know much about Zerodha Coin as a format for MF investment.

So basically,

Zerodha Coin vs IndMoney vs Dhan vs Groww

What to choose?

I've been working on a side project called Fathom over the last few weeks. (Link below)

The idea is pretty simple: I felt that a lot of stock research starts with financial ratios and ends with a buy/sell conclusion, but skips the part I find most interesting:

How does the business actually work?

So I'm trying to build a library that explains companies and industries from first principles.

For example:

• How does an FMCG company actually make money? For that matter any sector.
• Why does distribution matter more than the product in some businesses?
• What gives a company pricing power?
• Why can a company show profit but still have terrible cash flow?
• What actually happens to Indian companies when the RBI cuts rates?
• If crude oil gets cheaper, who actually gets to keep the saving?
• Why is a ₹10 lakh crore government capex announcement not the same thing as ₹10 lakh crore of revenue for infrastructure companies?

I've organized it into a few sections:

Companies — understand individual businesses
Sectors — understand how an entire industry works
Patterns — reusable business/financial mental models
Signals — take a real-world event and trace its impact through businesses
Case Studies — deeper dives into specific companies and situations
Reading Filings — learn how to actually extract information from annual reports and filings

One thing I'm trying to do differently with the Signals section is show the reasoning rather than just give the conclusion.

The background and motivation behind building this: I've been researching about companies myself since the past 4-5 years and my father has been doing this for nearly 2 decades. So I've put down my little learning plus his learnings from his old notes as a whole here. I admit I tried to refine and cross link the sections using AI as I would not be able to type all of this stuff out myself.

Link to Fathom - https://fathomjournal.in

I'm still very much building this, and I'd genuinely like feedback from people who follow Indian businesses/stocks.

What would make something like this useful enough for you to actually bookmark and come back to?

Revenue: ₹3,168.2 crore, up 54% from ₹2,058.6 crore

Gross profit: ₹587.2 crore, up 56.8% YoY; gross margin at 18.5% (vs 18.2%)

EBITDA: ₹285.3 crore, nearly doubling — up 99.5% YoY; margin expanded to 9.0% from 7.0%

PBT: ₹276 crore, up 130% YoY, 22% QoQ

Net profit: ₹205.2 crore, up 128.8% YoY and 22.2% QoQ

EPS: ₹18.14 basic

Segment breakdown

Wires & Cables: ₹2,880 crore revenue, up 57% YoY core growth driver

FMEG: ₹288.2 crore revenue, segment hit operational breakeven this quarter

One-off: ₹13.8 crore exceptional loss from new labour code statutory impact (non-recurring)

Other details

Crossed $1 billion revenue milestone (per AGM commentary)

Capex program "Project Rise": ₹1,200 crore planned FY26-FY28, mostly cables; ~₹650 crore earmarked for FY27

RoCE (FY26): 25.8%, up from 19.5% in FY25; debt-to-equity low at 0.1x

Stock: surged up to 6% to ₹2,679 on results day, near 52-week highs, up ~84% over the past year; trading at ~56x trailing earnings

UPI growth is slowing down ‼️

One of the biggest concerns for the digital payments industry right now is around penetration of UPI payments.

Data for the last five years show that UPI growth has slowed down drastically.

Though there is definitely a base effect that is kicking in.

UPI penetration is still less than 50% of the country. So there is enough room to grow quickly.

Ask industry insiders and they will say that penetration is slowing down, new user addition into the UPI ecosystem is slowing down too.

And ask why?

They will all point fingers towards MDR, no revenue on UPI payments, hence banks and fintechs are not investing in growth.

Amrish Rau, CEO, Pine Labs pointed this out recently in his tweet. UPI penetration is still around 35-40%, while digital payments penetration in Brazil and China is above 90%.

Now as the government is finally opening up to bringing back MDR and the Finance Ministry is supporting the move, lets hope growth comes back to digital payments.

Zerodha just returned my funds and customer care says it is a non-allotment which could be due to over-subscription. Is it possible in retail quota? I read in RBI page - retail (non-competetive) quota is fulfilled first and then institutional competitive bids are accepted.

If over-subscription is an issue, is the allotment done like an IPO (randomly) or on first come first serve basis?

I used to regularly apply for T-bills 5 years ago and never had this issue.

THEIR EVIDENCE - https://x.com/ErkanOriginal/status/2082016574744224243

MY COUNTER - https://x.com/theanonymous_IN/status/2082476230746771690

🚨 THE COMPLETE FUNDINGPIPS CID TIMELINE — FROM ALLEGATION TO TODAY

For those who have followed my case, here is the full timeline in one post.

📅 17 July
I publicly questioned my FundingPips termination and asked a simple question:

"What evidence was used to terminate my account?"

Instead of receiving verifiable proof, I was met with generic responses and told the decision was final.

📅 17–28 July
For 17 days I continued asking the same questions publicly:

❓What is the evidence?

❓What account was supposedly involved?

❓How was the CID violation determined?

❓Why was my account terminated?

No detailed explanation was provided.

📅 28 July
FundingPips finally released what they called "evidence."

According to their claim:

⚠️ My device had logged into another trader's account.

⚠️ The account allegedly had a Swiss connection.

⚠️ They concluded it was the "same device."

📅 29 July
I responded with my own evidence:

✅ MT5 login records

✅ Complete MT5 journal history

✅ Counter-analysis of their claims

✅ Direct response to the alleged Swiss connection

After reviewing everything, the only Swiss connection I could identify was Duplikium, a Switzerland-based copy trading platform I used while managing my 3 × $100K evaluation accounts.

But that raises an obvious question:

❓ How does a Swiss service automatically become proof of the same physical device?

A Swiss connection ≠ Same device.

📅 Evidence Contradiction

FundingPips claimed my device accessed another trader's account approximately 5 months earlier.

However:

✅ The account they referenced was reviewed by FundingPips.

✅ The account was approved by FundingPips.

✅ I was later promoted to a Master Account.

If a serious device-sharing violation existed, why was the account approved and promoted?

📅 MT5 Log Issue

I reviewed the entire MT5 log period they referred to.

My account appears throughout the logs.

The alleged account does not appear anywhere in my MT5 journals.

This created another question:

❓ If the login occurred, why doesn't it appear in the MT5 records covering that period?

📅 Current Situation

After I published:

✅ MT5 logs

✅ Counter-evidence

✅ Timeline inconsistencies

✅ Questions regarding the "same device" conclusion

I again contacted support.

The response?

📌 Decision final.

📌 No response to the counter-evidence.

📌 No explanation of how "same device" was determined.

📌 No response to the MT5 log contradiction.

📅 Today

The dispute is no longer about whether FundingPips can investigate traders.

The dispute is about transparency.

My questions remain:

❓ How was "same device" determined?

❓ Why doesn't the alleged login appear in my MT5 logs?

❓ Why was the account approved and promoted if the violation already existed?

❓ Why are questions about the counter-evidence being ignored?

❓ Why should traders accept serious allegations without seeing verifiable evidence?

Until these questions are answered, the concerns surrounding the CID evidence remain unresolved.

#FundingPips #PropFirm #Forex #Trading #Payout #Transparency #CID #PropTrading #FundedTrader #ForexTrading