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The current geopolitical events have led to a sell-off across the board globally. This is throwing up interesting opportunities. Specifically in the EM space, I found some gems in India.
While India's currency is getting wrecked and there have been some minor energy-related disruptions, things are stable and normal. There has been no widespread fuel rationing, and the government has not raised prices.
Given that, let me highlight the companies I found interesting. Investors interested in EM would want to take a deeper look.
1. NSE: CDSL - Central Depository Services Limited is a Market Infrastructure Institution (MII), part of the capital market structure, providing services to all market participants - exchanges, clearing corporations, depository participants (DPs), issuers, and investors. It is a facilitator for holding securities in the dematerialised form and an enabler for securities transactions.
CDSL is the only such institution listed in Asia and has 80% of the market share in India. The theme here is the ever-increasing participation of the public in financial markets and the continued rapid growth.
In 2015, there were only 17.9 million investors; that number has grown sevenfold over 11 years. Only 17% of Indian households now invest in the stock market, and the number of active investors, currently 45 million, is also growing. Every time there is a buy or a sell in an exchange, CDSL is likely to be involved 80% of the time or more.
2. NSE: ATHERENERG - Ather Energy Ltd is an Indian electric two-wheeler (E2W) company engaged in the design, development, and in-house assembly of electric scooters, battery packs, charging infrastructure, and supporting software systems.
Ather holds 19% of the nascent and growing E2W market. Its feature-rich, connected, high-quality scooters and excellent after-sales service have helped it grow its market share in the last year. The company has shunned the low end of the market and is focusing on the high end. While the entrenched legacy players are also competing, Ather is outdoing them with its world-class engineering and software-driven vehicles.
During the quarter ended December 31, 2025, sales at Ather jumped 50% to a record 67,851 units, helping boost quarterly revenue by 50.2%.
3. Zelio E-Mobility Ltd (BSE - SME: 544563) - Zelio E-Mobility is primarily engaged in the business of manufacturing, assembling and supplying electric vehicles, offering a range of electric two-wheelers (E-2Ws) and three-wheelers (3Ws).
While Ather focuses on the high-end of the market, Zelio has chosen not to compete with the majors. It focuses on vehicles with a maximum speed of 25 km/h, which require no driver's license and targets the tier 2 and tier 3 cities, which are the majority of the population of India, with lower, more affordable price points.
The company is profitable, a rarity in this space. However, this is a microcap and may not be suitable for retail investors.
The founder's background is interesting. He used to be a dealer for E2Ws 5 years ago and found major issues in the then-nascent E2W market. Vehicles were imported from China, the quality was bad, and the after-sales service was poor to nonexistent. The dealers had to deal with problems, and as one would expect, bore the brunt of customers' ire. Before he started Zelio, he went to China to learn about the manufacturing process and the requirements for after-sales service. He then decided to build in India, for India, with a clear focus on after-sales service.
In 10 years, I expect this company to be 20x larger than it is today.
4. NSE: STYLEBAAZA - Style Baazar is a high-growth, value fashion and lifestyle retailer in India, with a dominant presence in Eastern India. It focuses on offering trendy and affordable apparel, general merchandise, and home goods, targeting the aspirational middle class in Tier 2, 3, and 4 cities. As of early 2026, the company operates over 250 stores. It follows a cluster-based strategy, rapidly expanding to bring fashion to underserved regions. The retailer caters to value-conscious consumers looking for fashionable apparel for men, women, and children at accessible prices.
The company has shown robust growth, with a reported revenue CAGR of 35% over the last three years.
The theme is again the growth of the middle class and growing wealth in smaller cities and underserved markets. It still has a major runway as it has not yet entered the rest of India apart from Eastern India.
5. NSE: SHADOWFAX - Shadowfax Technologies Ltd is a leading Indian third-party logistics (3PL) company specializing in last-mile delivery, express parcels, reverse logistics, and quick commerce for e-commerce and D2C brands.
Key Aspects of Shadowfax's Business:
Logistics Services: They offer express, reverse, and hyperlocal deliveries (quick commerce), along with handling critical, high-value goods.
Scale and Reach: They have a presence in over 2,500 cities, utilizing more than 3,000 trucks daily to support 1 billion+ parcel deliveries.
Technology-Driven: Shadowfax uses AI for route optimization, real-time tracking, and fraud detection.
Franchise and Partnerships: They offer opportunities for franchise partners to operate last-mile delivery centers and support local logistics.
Target Market: Primarily supports E-commerce, D2C brands, and retail companies requiring fast, reliable, and cost-effective last-mile solutions.
Customer concentration is a key risk with ShadowFax; however, customer concentration is coming down with each quarter.
I leave you to perform the valuations and due diligence before investing in these companies.
Disclosure: Related parties or I own shares in the companies discussed above.
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