Religare Update: One Door Closed, another Opened
RBI rejected the financial-services demerger; IRDAI notified the rules that permit Care to absorb its holding company.
Nine One Capital
Value-oriented India focussed investment manager
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FY2025-26 annual report season, sector by sector
Key insights from reading annual reports
Cordelia Cruises and the Essel Linkage
India's only listed cruise company has most of the ingredients of a theme stock. We still cannot own it, this note explains why.
What You Know for Sure
One model launch erased roughly $3.3 trillion of semiconductor market value in a fortnight. A note on negative surprises.
The Watchlist Always Looks Better
Why investors under-rate what they own, over-rate what they do not, and when churning the portfolio is actually justified
Venus Remedies Q1 FY27 Update
Continues to deliver and remain reasonably priced on valuations
Why Real Estate Stocks Are Hard to Analyse but Worth the Effort
A framework for analysing listed developers, and why companies growing pre-sales at 25%+ are available at single-digit multiples of their true earnings
Banks: The Business of Leverage
Our framework for investing in banks, and J&K Bank as a case study
Vedanta Oil & Gas: Paid to Wait for Price Discovery
Our second special situation. We bought the valuation, not the forecast, ~1.5x FY28 EBITDA, net cash, a national policy tailwind.
Investing is a Solo Sport
An idea can come from anywhere. What you do with it is the whole game.
Religare Enterprises: Buying a Hidden Health Insurer at a Discount
Buying the best asset at a discount the structure created, and let a process you can see surface the rest
Looking at the Logistics Sector
India's logistics sector may be approaching an inflection point
The Other Side of the Book: Two Results That Disappointed Us
Two of our recommendations reported a disappointing FY26. The only question that matters is whether the thesis is broken or delayed. Here is how we answered it.
Venus Remedies: How We Underwrote It, and What FY26 Confirmed
A reasonable price on current numbers protected the downside. The optionality did the rest. This is a live case study in how we work.
Buying a Helium Player in the Unlisted Space
Our framework for investing in unlisted deals, and the one helium company which we are going ahead with
Good Results. Falling Stocks.
Markets eventually recognise operating performance. The challenge is surviving the waiting period.
Small/ Microcaps Make Multi-Baggers. Then They Take Them Back
Two cycles, 2,196 companies, and the case for being in this segment with discipline rather than generalized multi bagger narratives.
Hot Sectors, Unlisted Euphoria, and Looking Behind the Headline (Screener) Numbers
On chasing the crowd for investing into hot sectors, paying premiums for illiquidity, and the quiet work of segmental disaggregation that leads to an insight
Working With the Chart in Front of You
The third behavioral note. On bottoms that never confirm in real time, prices that never wait, and the investor's job when extreme cheapness has already passed.
Navigating the bear market
Simple rules that help us to stay invested and not do stupid mistakes
AGI Greenpac: When your biggest competitor goes away, margins expand. What happens when they return?
A framework for thinking about margins, competitive dynamics, and entry price in capital-intensive industries