Portfolio
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How We Think
We study moats, markets, and management. Numbers matter, but industry structure and a clear right to win come first—then the model cross‑checks the thesis.
Structure before stocks
The right industry produces winners almost incidentally. We start there — then look for the company.
Bet on founders
Skin in the game compounds. We back operators who think in decades, not quarters.
Picks and shovels
Enablers often capture more durable economics than the headline customer. We follow that money.
Patience as edge
Our advantage isn't faster information — it's the willingness to hold through cycles when others can't.
Three Books, One Philosophy
Distinct mandates; shared discipline.
India Mid & Small Cap
We map industries first, then find the listed beneficiaries. The interesting names tend to be quiet category leaders in niches that are consolidating, regulating, or being re-platformed.
23.7% a year since 2007 vs 11.0% for the Nifty 50 TRI
See case studies & track record →Private Investments
Unlisted companies where the unit economics already work. Structure follows fit — a minority cheque alongside the operator, or majority ownership when that's the right answer.
See companies →Foreign Equities
Global category leaders with technology, scale, or distribution that compound for decades. A concentrated book — small enough to know each name deeply.
28.9% a year since 2017 vs 23.6% for NASDAQ TRI (INR)
See track record →Book 1 · India Mid & Small Cap
Case Studies
Selected work on listed Indian small & mid-cap businesses. One-liners here; full theses live on the blog.
GNG Electronics
Boring business, interesting timing — the refurbished IT thesis.
Read more →
Ather Energy
Tech appeal vs financial reality — assessing India's premium EV bet.
Read more →
Eureka Forbes
The next decadal consumption stock.
Read more →
Gujarat Themis
Picks-and-shovels in pharma intermediates via fermentation expertise.
Read more →
NPST
From TSP to platform economics in banking tech.
Read more →Track record
Rebased Performance (1 Apr 2007 = 100)* · earliest complete records
Annual return, 1 Apr 2007 to 25 Sep 2026
* Time-weighted returns, like a mutual fund NAV; before fees and taxes; benchmarks are total return indices in INR. XIRR on actual cash flows: 22.8%.
Indian listed shares with derivatives profit and dividends. For illustration only; not an offer or solicitation.
Book 2 · Private Investments
Companies We Back
Boutique heritage hospitality — premiumising the Indian leisure traveller.
Periskope
AI-powered WhatsApp automation for smarter business communication.
D2C feminine hygiene brand under Urban Essentials — premium sanitary care.
NBFC empowering self-employed Rurban India with secured property loans.
India's largest agri post-harvest infrastructure & collateral management platform.
TheProfesseer
India's litigation analytics engine — turning court data into intelligence on cases, counsel, and costs.
Hands-on, experiential learning for schools, with training and lesson resources for teachers.
Book 3 · Foreign Equities
Foreign Equities
Global category leaders with technology, scale, or distribution that compound for decades.
Track record
Rebased Performance (14 Aug 2017 = 100)* · start of US investing
Annual return, 14 Aug 2017 to 25 Sep 2026
* Time-weighted returns, like a mutual fund NAV; before fees and taxes; benchmarks are total return indices in INR. XIRR on actual cash flows: 29.2%.
US shares with dividends after US tax, in rupees. For illustration only; not an offer or solicitation.
Interested in Our Approach?
We're always looking for exceptional talent who share our passion for fundamental analysis and long-term thinking.