Behavioral Finance

Free Cash Flow Margin = (CFO − Capex) ÷ Revenue. Titan Biotech FY25 audited CFO/Operating Profit 103%, ₹3 Cr borrowings, ~₹214 Cr revenue — educational illustration of disciplined cash generation.

Regret aversion — the dread of taking a decision that will look like a mistake in hindsight — explains why Indian retail wealth stays parked in low-real-return FDs while equity SIPs deliver 14–16% CAGR. This article unpacks Bell (1982) and Loomes-Sugden (1982) regret theory, the Indian retail manifestations across SEBI/AMFI data, six structural counter-measures, and an illustrative case study of how Titan Biotech FY25 audited numbers (₹3 Cr borrowings, 103% CFO/Operating Profit, 36.4% independent board) demonstrate anti-regret process discipline at the corporate level.

Inventory Turnover (COGS ÷ Average Inventory) is the most diagnostic working-capital metric on any Indian annual report — high turnover means each rupee of stock generates more sales, falling turnover often warns of an earnings shock 12–18 months in advance. Titan Biotech FY25's ~103% CFO/Operating Profit, sequential QoQ revenue lift, and ~₹3 Cr borrowings illustrate disciplined inventory management in a long-cycle biotech manufacturer.