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An RMAACA Publication

Beyond the
Financial Statements

One company, every fortnight. What a business's numbers told us — and what they made us ask. For anyone who reads financial statements and wants to read them better.

By Mahesh Ramanujam, FCA, DISA(ICAI)  ·  Fortnightly

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02
Episodes Published
Fortnightly
Cadence
~8 min
Average Read
Filings · Results
Primary Sources

What this is

Quarterly results and annual reports get covered as headline numbers — revenue up, profit up, "record year." The interesting part rarely gets told: what the numbers made us ask next.

That's the gap Beyond the Financial Statements is built for. One company per episode, read the way a chartered accountant reads a set of accounts — the ledger split between what the numbers say and what they leave out.

Who it's for

If you work with financial statements — as an investor, founder, CFO, finance team member, or fellow professional — this is written for you. No motivational content. No jargon for jargon's sake.

Investors Founders CFOs & Finance Teams Analysts CA Professionals
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Oracle's FY2026 profit rose 37% to $17.1 billion — while capital expenditure of $55.7 billion pushed free cash flow to negative $23.7 billion. Oracle's AI growth story is increasingly a cash-flow and capital-allocation story.

19 August 2026 8 min read Oracle Corporation · FY2026 Results
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Previous episodes

01
Episode 01 · 05 Aug 2026
When Strong Financials Were Not Enough
NSE built a dominant, highly profitable exchange business — yet its IPO journey stalled for nearly a decade over governance and the co-location controversy.
Coming Next
Episode 03 — publishing this fortnight

One company. Every fortnight.

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