'Industry' Gives Us The Character Study We've Been Waiting For

If you had to pick one word to describe Sunday nights episode of Industry, the first one to come to mind might be chaos. 

But as is often the case with the hit HBO series, that chaos is portrayed in such a bold and ambitious way that you cannot look away. Season 3, Episode 4 focuses in on chaos agent Rishi Ramdani (Ragar Sadia), the king of one-liners and lewd commentary on the trading floor at Pierpoint. Sadia was upped to a series regular in Season 3. 

Hes an alpha male, he leads with his chest out, Radia told The New York Times . And hes the epitome of bravado, which is so fascinating, because for someone like myself who comes from a British South Asian background as an actor, we dont get the chance to play those types of roles.

Throughout the episode, audiences get a peek into Rishis life with his wife Diana (Emily Barber) and newborn, the financial secrets hes hiding in his personal life and his career, and how his brash personality at work is a bit different than his demeanor with people in and around his home.

We chatted about Episode 4 and all the sides of Rishi. Get into our chat below.

OK, Lets Set Up The Top Of The Episode

Ah yes, the long-awaited Rishi episode. Here we are, people. Were in for a ride.

The opening meeting was so fascinating to watch. Since Frank (Joel Kim Booster) published a hold, signaling to investors to sell Lumi stock, the aftermath has negatively impacted Pierpoints reputation handling future IPOs (i.e. Europa Gas). Now, the bank is functioning like a pressure cooker, despite Eric trying to keep his cool, and Rishi feels tasked with making up whatever revenue theyve lost. Hes watching closely to see how the governments emergency budget announcement will affect the market. Thats my read on the situation, but I could be wrong. Ruth

I definitely needed this explanation. One thing about this show that frustrates me is that they talk so fast about all the finance stuff that Im like WTF is happening? This breakdown is SO helpful. Erin 

Ive said this before, but what makes the show so strong, though, is that you dont necessarily need to know exactly what is happening to feel the maximum amount of anxiety. Most stressful show on TV right now, for sure. They are so good at tension! The scene later on the trading floor, when Rishi is doing so much risky stuff when the budget announcement comes down, and things do not go as he predicts, I still dont quite know what exactly happened. But was I extremely stressed? Yup. Marina

We Get To See Rishi The Ruthless

In conversation with Eric & co., we see Rishi as the ruthless, flippant capitalist he is, bumbling on and on about a no bullshit, free market vision. Money is an illusion. Its a social contract built on trust, he says, talking to Rob. Eric remarks, The ghost of Margaret Thatcher in a handsome Asian kid, referring to Rishi. He, for some reason, oozes a confidence and conviction that this will all ultimately be fine and bring forth a profit. Im not sure if I buy the act though. Ruth

Rewatching this episode, knowing that were about to find out about Rishis gambling addiction, Robs questions and Rishis bombastic answers take on a greater, eyebrow-raising significance. Here are two examples I wrote down:

Rob: Ive never actually held the money. 

Rishi: Money is an illusion. Its a social contract built on trust. Unless you think Im fucking you?

Rob: Is there a reason this is so analog? 

Rishi: Who in history was ever helped by a paper trail?

Rishis bombast has always been a fixture of this show, but now we have a better sense of why: part of it is a coping mechanism for hiding the deep shit hes in at home. He can at least put on an act of being confident at work, even if, as we see in this episode, his risk-taking is out of control, even on Pierpoint standards. 

One non-Rishi note: at the Lumi meeting, Sweetpea starts asking a lot of questions about the state of things at Pierpoint. This is going to set up the second half of the season. Shes onto something here. Marina

Then, We Get A Peek At Domesticated Rishi

Oh, Domesticated Rishi is different. He and his wife moved out of the city to a lily-white countryside community to raise their kid, much like a certain echelon of New Yorkers migrating to Connecticut. Im sure it has something to do with the British version of the white picket-fence American Dream. But theres a clear discord going on here. Apart from his microaggressive mother-in-law approaching him about red cabbage biryani and his neighbor racially profiling him, hes watching OnlyFans in the restroom while actively holding his infant child. (Now, thats crazy, but its not that crazy when you remember he had sex with Harper hours before his wedding.) Rishi seems unhappy in his marriage and unhappy in his new life. But most importantly, Rishi is broke. Like, extra broke. 

And hes clearly not used to that. When his wife offers to help, he barks at her saying, Thats my area, and his insecurities as a man and provider really jump out. Im not sure if hes over-extended himself financially with this new move or his obsession with revamping the neighborhood pavilion to build something for the community, which I presume is Rishis true passion. Regardless, he and his wife Diana are simply not on the same page about anything. She tries this bit to make him jealous and aroused, and Rishis repulsed by her stepping out of her designated gender role. *rolls eyes*  Ruth

One thing I love about this show: Every exchange is so revealing. You learn so much from just a few lines of dialogue. Rishis pouring his money (which he does not have) into renovating the towns cricket pavilion, presumably as a show of confidence and bravado. 

This exchange about him exaggerating his cricket abilities (Diana: I thought you said you opened the batting at school. Rishi: I had a chronic ankle injury.) It makes me wonder how much he has inflated his biography to his white in-laws to seem palatable to them.

I got so tense watching all of the microaggressions flying around: the neighbor accusing him and Vinay of loitering, the line from Nicholas about Diana moving back into town (Its nice when people come back to where theyre from) of course, the implication being that Rishi is not from there. Hoo boy. A lot going on here.

One other incidental note: I clocked that Rishi is urinating while watching OnlyFans on his phone and holding his baby. The urine motif continues! Marina

But Rishis Hiding A Big (Broke) Secret

Oh, we quickly figure out why this man is buh-roke: Hes been betting on horses and gambling like hell. This character Vinay pulls up on Rishi to collect his due, and Rishi simply does not have it. But from the conversation with Vinay, Rishi is intent on proving himself to these white people. Self-doubt is certainly a new look for him, but its unsurprising to see a man of color, of his stature, be so consumed with white validation. Admittedly, thats how many choose to play the game and operate within the system; landing the seemingly most desirable white wife is just one step closer to the top. That Nicholas fellow, who seems to be an old pal of Diana, is constantly overstepping, and that would drive me mad. Nicholas is talking about how much he loves the way Rishi and Diana have assimilated into the community, which is a very choice word, I might add, and then says, Its lovely when people come back to where theyre from. Not too much, Nicholas. Youre pushing it. Ruth

Nicholas was pushing it so much that every time he came on camera, Id groan really loudly. His nice-nasty attitude was really irking my nerves. He does this thing where he says something nice, and then its quickly followed by a complaint from others. Like, sure the older people were probably complaining about his loud car, but, Nicholas, lets be real, you are complaining too. Dont try to make yourself look better by pointing fingers at others. Also, why does Nicholas of all people have Rishis dog Rajah not Roger? This gets resolved by the end of the episode in such a satisfying way. Erin 

Back At Pierpoint

Im screaming at the Overheard at Pierpoint mention because for industries like finance, Reddit threads are the real Glassdoor. (Dont ask me how I know!) Thats where people anonymously vent about terrible company culture, terrible colleagues, etc., and its finally catching up to Rishi after 15 years at the bank. Tensions are building as his associate Anraj tries to warn Rishi that hes surpassing his risk limit. Too bad Rishi doesnt give a damn. Hes impatiently waiting for that top rate tax cut rumor from Harper to come to fruition, so he can make people buy, buy, buy and line his pockets. 

In the scene where Eric pulls Rishi aside, it becomes increasingly clear what Rishis relationship to work and self is. The contract in this place is simple: As long as Im making money, Im free. Money may not buy happiness, but what does poverty get you? Its what you can do with money that matters. Now, one thing I loved was watching Rishi read Eric DOWN. You trap everyone into a power game where they dont know where they stand with you, Rishi said. Moreover, Rishi confirms my hunch that Eric fired Harper merely because he saw her as a threat outpacing him. 

But can we PLEASE talk about whatever is going on between him and Sweetpea? Ruth

The Eric/Rishi conversation after the HR meeting was another exchange that was so illuminating! We get this window into what Eric and Rishis relationship has been like. Similar to his dynamic with Harper, Eric sees a lot of himself in Rishi, probably mentored Rishi from the start, and is still looking out for him. But he also treats his underlings like adversaries.

Ruth, my eyes also widened at that line, and the next one: Maybe if you spoke straight to your fucking talented protege, you wouldnt have felt the need to fire her for outgunning you. 

So much fantastic writing here, like these two lines from Eric: Rishi, lets be straight. Your language is a bit unadulterated. Youre a little blue. And: Some people might read your hyper-machismo as a direct correlation to your appetite for risk.

I found it amusing that the HR guy at the meeting is the same HR guy weve seen throughout the show. That HR guy is busy!

Ruth, I was confused about this too! In that scene at the coffee shop, is the implication that Sweetpea is the person Rishi was watching on OnlyFans? Is OnlyFans one of her side hustles, in addition to being a girlboss influencer?

I also thought this bit of dialogue on the trading floor was *chefs kiss.* Rishi: I didnt know Milton Friedman wore Manolos. Sweetpea: Thats because these are Bottega, so Marina

Lets Talk About That Stressful Gambling Scene

So, um, Rishi has a severe gambling problem. He refuses to acknowledge limits of any kind. I have never seen this man so on edge. Vinay & Associates are quite literally breathing down his neck to get the money they loaned him. After scrambling from colleague-to-colleague to get it, he spends it all at the casino, ignoring his wifes calls and getting a section at the club instead of paying Vinay back. How are you in finance but so broke? Vinay asks. Im wondering the same thing! Rishi boasts hes good at making money and that is simply not happening, especially once the sterling he placed so much faith in starts trading worse. While he correctly predicted a top rate tax cut, it did not pan out like he thought it would. Ruth

The gambling scene caused me so much anxiety. I could not believe he was up on his bets at the blackjack table and left with a pile of money. I cannot believe he took said pile of money TO THE CLUB and then just puts it on the floor like he doesnt need it to save his damn life. THEN gets into that huge brawl after kissing some mans partner. THEEENNNN, goes BACK to the casino, hits a bad run and loses it all. He even leaves his little bit of cash on the table! Hes pitiful! He had a high high and the lowest of lows in the matter of like five minutes. Its an incredible, albeit tough, scene to watch. Erin

I dont know why this detail struck me so much, because of course he is stealing from everybody, but the fact that hes stealing from Eric felt especially desperate.

This five-minute scene was some of the most stressful TV I have seen all year stressful in the best ways. He spirals so far down a deep, dark rabbit hole that toward the end of the scene, I clocked how he reaches for his wedding ring and ponders whether he should pawn it, and finally realizes: Oh no, I am in some deep shit. And then when Diana calls, her immediate questions are: Who were you with? And what have you taken? This is not new territory for him.

Rishi is a mess. What a mess all around. Something I love about great TV: when you feel for a character despite them being stuck in a crisis of their own making. Marina

I have in my notes, Hes spinning his wedding ring! Uh oh! I was so concerned! Erin

THAT Awkward HR Meeting

This meeting really gets at a question that the series co-creator Konrad Kay posed: Does it matter whether the workplace made me like this, or whether I am actually, naturally like this? And is that even an important question? Bloodied and staggering into the office, Rishi has to attend the mandatory team HR meeting Eric alluded to the day before. As Rishi makes excuses for his language on the trading floor, Yas asks, Oh, my God, were you always like this? And it really does make me wonder if there was ever a point early in his career where Rishi operated like a vulnerable, emotionally intelligent, real human. Did it prove to be unsuccessful? Did Young Rishi quickly identify that Pierpoint is not the place for all that, then adjust accordingly? Ruth

I laughed at how bad Eric is at leading this meeting: We need to spend a minimum *glances at watch* 15 minutes in here Does anyone want to share how they feel about working on our desk?

Ruth, I also found Rishis answer to Yas question so revealing: What difference does it make? You adapt! I think the subtext is, in fact, that he wasnt always like this, but he had to adapt to the toxic, sink-or-swim environment at Pierpoint. Marina

Rishi Rallies For A Big Win

But he makes it out by the skin of his teeth. Just as security is about to pull him off to the trading floor and escort him out, the government makes an announcement reversing their unproductive top rate tax cut, the market flips. Rishi ends the day making 18 million in profit across Pierpoints books. The real winner though? Venetia. Proud of her for leaving the burning house that is Pierpoint and calling Rishi a 5-pump chump to his face, which is quite a tame insult in comparison to how he speaks to everyone else. Ruth

Five-pump chump! I loved that line so much. Erin

Good for Venetia! This was also such a great line from her: Im bored of working for this dictatorship of dying men. 

This trading floor scene is another one of those scenes I was alluding to earlier, where I dont quite understand the financial details, and yet I was on the edge of my seat the entire time. What a rush!

Another fantastic bit of dialogue I noted here, when Anraj tells Rishi: You arent even a good trader. Youre just lucky. Rishi responds: Yeah? Tell me, whats the difference? Marina

Money, Masculinity And Marital Problems

Theres a lot dare I say, too much  going on with Rishi and his wife. He may love the idea of her, but I dont think he actually likes or respects her. It seems like he had a distinct vision of what he wanted his wife and his life to be that differs from her expectations. That became especially apparent when she yelled, Im not your English country rose! When you were cruel, you made sure we were cruel together! She admits she had an affair with Nicholas, which is unsurprising considering their marriage was built on infidelity. 

The prevailing theme of developing masculinity is so fascinating. I was extremely surprised that Rishi, of all people, put his pride aside and was willing to ask his white in-laws to help pay off his gambling debts. A few lines stuck with me: Do you know what being a man is? Its how you treat the people who expect your love, and when Diana whispered, Its much easier to raise strong boys than fix broken men.

His crumbling marriage aside, Rishis luck may have turned temporarily. He wakes up Christmas morning to damage the pavilion, making the way for him to revamp it the way he wants. He got his dog Rajah (not Roger) back. Using a Wu-Tang Clan song in the outro was definitely a choice lol. Ruth

Youre totally right, Ruth. Throughout this final scene, I kept thinking that Rishi married Diana for the potential entry point into the kind of life he wanted, not the actual person. And so much of that life is just an image. Marina

Heres Why This Episode Works

Not sure where to put this, but each episode, Ive been talking about how bold and ambitious this whole season has been so far. To me, one of the marks of great television is when each episode feels distinctly its own, but also fits perfectly into the arc of the whole season. Its a hard balance to pull off. So far, every single episode this season has felt really bold: the Lumi IPO launch that turned into a disastrous trading day, the climate conference, and now, this standalone Rishi episode that unfolds over basically two days and is such a revealing snapshot of this character that we now know so much more about. At the same time, each episode is pushing the arc of the season forward. Every piece fits together perfectly, every detail matters. Its such excellent television. Marina

Yes, this is such a great point. Sometimes when TV series decide to do bottle episodes like this, where it focuses on one character or one moment, you can feel like the episode is just filler. But this episode was much more than that. With Rishis character getting upped to series regular, it felt right to not only get a deeper look at his character, but also his storyline helped plant seeds for whats to come. It really seems like a great pivot moment for the show but not in a way that felt like a distraction. Erin