Scalability Thinking – Mental Models

This is an extremely informative chart!! Seems like lower PAT always have been more rewarding.
Since crossing 12.5 Cr seems to be performing best, we might want to add some lower levels too 3.125 – 6.25, 6.25 – 12.5. Still this is one heck of analysis. Firms with lower PAT generally have issues with Corporate Governance and companies with such issues generally dont make a lot for shareholders.

Some more information on how the data was sourced would be really helpful.
Ex:

1. What is the time period which is considered for the above analysis? Maybe we can try similar analysis in dollar terms too?
2. Can we also add the average and median PAT of all the firms which crossed X Cr PAT? And the CAGR returns for the firms!! (might make the analysis much more complicated though)
3. Perhaps the transition from 12.5 Cr to 25 Cr happens only in some timeframe (concentrated around bull runs like 2016-17) like smallcap earnings being more volatile. But I can almost rule out this argument considering half of the companies crossing 12.5 cr eventually crossed 100 cr!!

Is it possible that the above analysis has missed companies that have gone bust? Or not trading now? This will go into how data was sourced and will help companies with lower profits looking better than they actually are.

Extra: Why the Nifty smallcap index underperforms Nifty Index? Perhaps it has something to do on valuation side? Perhaps company A and B compounded at 20% for 5 years, but market cap of A compunded at 30 and it ended in smallcap index, while B compounded at 15 and couldn’t become part of smallcap?