Equity Research · SEBI RA

Research you
can think
with.

Institutional-quality equity research for investors who do their own thinking. No tips, no noise, no calls to action. Just rigorous analysis — on businesses, sectors, and the frameworks that make better investors.

Not a tip service.
A thinking partner.

Most equity research in India is built around a call — buy, sell, hold, target price. That is not what this is. The research here is designed to give you a complete picture of a business: its quality, its management, its financials, and what a reasonable range of outcomes might look like.

The research operates within four frameworks. Growth at Reasonable Price — businesses that compound quietly, priced for reasonable rather than perfect outcomes. Special Situations — where corporate events or market misreading create a temporary gap between price and value. Business Transformation — companies in the middle of a structural shift that the market has not yet fully priced. And Value Investing — patient capital allocated to businesses trading well below what a rational buyer would pay. All four adapted for how Indian markets actually work.

What Subscribers Receive
01
Deep Dive Company Reports
Full investment analysis on individual companies — business quality, management assessment, financial health, red flags, valuation, and thesis. Typically 20–40 pages.
02
Model Portfolio
A transparent, tracked model portfolio on Smallcase. Every addition, removal, and rebalance is documented with reasoning. You see exactly what I hold and why.
03
Sector Overviews
Periodic deep dives into Indian sectors — structural tailwinds, competitive dynamics, valuation ranges, and where the interesting opportunities tend to sit.
04
Framework Notes
Shorter pieces on how to think about specific analytical problems — reading management quality, spotting accounting stress, understanding capital allocation patterns.
05
Quarterly Updates
Result season commentary on portfolio companies — what changed, what did not, and whether the original thesis remains intact. No noise between quarters.
06
Subscriber Q&A
Periodic open sessions where subscribers can ask questions on portfolio companies, analytical approach, or specific stocks they are thinking about.

Recent Research

Subscriber access only · Sample summaries shown
Healthcare · Hospitals
Max Healthcare
Deep Dive · 34 pages
A study in asset-light expansion and brand-driven pricing power. The Delhi NCR moat is real — the question is whether it travels. Full management quality assessment and forensic review included.
🔒 Subscriber only
Agrochemicals
Coromandel International
Deep Dive · 28 pages
One of India's most consistent compounders in a sector most analysts misread. Capital allocation discipline, subsidy dependency analysis, and a realistic look at China import risk.
🔒 Subscriber only
Sector Overview · 54 Companies
Indian Hospitals Sector
Sector Report · Full coverage
A complete mapping of the Indian hospital sector — consolidation trends, ARPOB benchmarking, occupancy analysis, and a valuation framework across 54 listed companies.
🔒 Subscriber only
The Research Process
01
Business Quality
What does this company actually do well? Where is the moat, if one exists? How durable is it? This is the first and most important question — valuation is secondary.
02
Management Integrity
Track record, capital allocation history, related-party transactions, promoter behaviour, and what management says versus what they do. India-specific dynamics get full weight.
03
Financial Health
A forensic read of the financials — cash flow quality, working capital trends, debt structure, and accounting red flags. Schilit's framework applied rigorously to Indian filings.
04
Valuation & Margin of Safety
A range of outcomes, not a point estimate. What does the business need to deliver for the current price to make sense? Where is the downside if the thesis is wrong?
Where to Subscribe
Substack
Research Reports & Framework Notes
All written research — company deep dives, sector overviews, framework notes, and quarterly updates — published on Substack. Annual subscription.
  • Full company research reports
  • Sector deep dives
  • Framework and analytical notes
  • Quarterly result commentary
  • Subscriber Q&A access
Subscribe on Substack →
Smallcase
Model Portfolio & Tracking
The model portfolio lives on Smallcase — fully transparent, tracked, and updated with documented reasoning for every change. Annual subscription.
  • Live model portfolio
  • Every buy, sell, and rebalance documented
  • Portfolio performance tracking
  • Rationale notes for all changes
  • Direct portfolio comparison tools
Subscribe on Smallcase →

For investors who
think independently.

Research built
to make you
better.

Subscribe on Substack for written research, or Smallcase for the model portfolio. Both are annual subscriptions. You can start with either — many subscribers hold both.

Subscribe on Substack → View on Smallcase →