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Nobody can pretend their way through a price war. It is the one test a business cannot revise for — and the results are printed, quarter by quarter, for anyone willing to read them.

“Sales rose fifteen per cent.” That one sentence can describe two completely different businesses. Here is the simple question that tells them apart.

Every share you own comes with a set of customers attached to it. Here is what quietly changes inside a business when the biggest of those customers happens to be the state.

A plain-English guide to the trade margin: the slice of the printed price that never comes back to the company. Why a brand people ask for by name can afford to pay the shop less, where you can actually see this in India, and the four things the test cannot tell you.