Serviceable addressable market

The part of the total market a company can actually reach with its current products, channels and geography.

A firm present in four states of a market whose 40% sits in those states faces ₹25,200 crore rather than the headline number.

The narrowing is where most market-sizing claims fail. A company with no distribution in half the country does not address that half, whatever the category size, and expanding distribution is a capital decision with its own economics.

Size what you can reach, then say what reaching more would cost.