Market share

A company's revenue as a share of its market.

A firm with ₹4,800 crore of revenue in a ₹63,000 crore addressable market holds 7.6%.

Direction tells you more than the level does. Share gained through price cuts is different from share gained through distribution or product. A company gaining share while its gross margin falls is buying it, and the purchase has to be repeated every year.

Share data for Indian categories is patchy. Where a company cites it, the source is usually a paid research firm, and the definition of the category is often chosen to make the number look good.

Cross-check share claims against revenue growth relative to the peer set.