Total addressable market

The total revenue available if a product served every possible customer.

This figure is almost always presented at its most generous, so the useful habit is to build it yourself from the bottom up. Don't just accept a top-down number from a research report. Households multiplied by the share that could plausibly buy multiplied by realistic spend gives a number you can defend and argue about.

A ₹1,80,000 crore category of which 35% can actually be addressed gives a ₹63,000 crore market. An investment case is usually won or lost on the difference between those two numbers.

Ask who is excluded and why.