MARKET COMMENTARY
Insights
Independent commentary on Indian equity markets, macroeconomic themes, and long-term investment thinking. Always free to read.
MARKET COMMENTARY · April 28, 2026
Why Indian Small-Caps Need a Different Valuation Framework
Applying large-cap valuation multiples to small-cap Indian businesses leads to systematic mispricing. In this piece, we explore why growth longevity, reinvestment rates, and governance must be weighted differently when evaluating smaller companies.
8 min read
INVESTMENT PHILOSOPHY · April 14, 2026
The Compounding Paradox: Why Patience Outperforms Activity
Data consistently shows that lower portfolio turnover correlates with better long-term returns for retail investors. We examine the psychological and structural reasons why most investors churn their portfolios too frequently — and what to do instead.
6 min read
MACRO · March 30, 2026
India’s Capital Expenditure Cycle: Reading the Signals Correctly
Government capital expenditure has been a key driver of Indian economic growth. We analyse the sustainability of this capex cycle, sectoral beneficiaries, and how to identify companies that are genuine capex beneficiaries versus those merely riding the narrative.
10 min read
EQUITY RESEARCH · March 12, 2026
How to Read an Annual Report: A Practitioner’s Checklist
Annual reports contain far more information than most investors extract. We walk through our internal checklist — covering management discussion quality, footnote analysis, cash flow patterns, and red flags — so you can read annual reports like a professional analyst.
12 min read