Holkar was arguably the ablest Indian commander of his moment, so why did his war end in stalemate and decline rather than victory? The deepest reason was isolation. The Maratha Confederacy that could, united, have overwhelmed the Company was hopelessly divided: the Scindias, the Bhonsles, the Peshwa and the Holkars distrusted and fought one another, so the British were able to defeat them in sequence rather than all at once. Holkar saw this clearly and wrote letter after letter urging the other rulers to combine, but old rivalries and short-term self-interest kept them apart, and he was left to fight the Company's full weight nearly alone. There were structural reasons too. The East India Company had deeper finances, a disciplined infantry-and-artillery army that could win pitched battles, and the sea power and organisation to sustain long campaigns; Holkar's strength lay in fast cavalry and raiding, superb for wearing an enemy down but unable to take strong forts or hold ground indefinitely. His own resources โ men, money, allies โ were finite and shrinking, while the Company's were not. Add the toll of constant war on his health and mind, and the outcome becomes clear: Holkar could bloody and humiliate the British repeatedly, but without unity behind him, brilliance alone could not turn the tide.