You may consider to put more comments in these areas I guess for now.
A. Financial analytics- kindly put down your comments on key ratios and number. What message they convey i.e. internally healthy or superior to others? For example increase client share, healthy recoverable etc.
B. Business understanding: as you know brokerage business have been streamlined with lesser barriers what would stop others coming? Even investment banking remains tight with few due to privacy, expertise and many other reasons. The entry barriers are too high there.
C. Management: as far as I know this firm has the pedigree of Vijay Maheshwari. Not sure after who? What you feel good about management with respect to performance.
D. Special situation- to my knowledge Sumedha was holding real estate at cost value (under valued to a large extent). Not sure whether situations changed?
Industry is volatile, you would see Sumedha being an old player remain restricted to a narrow growth trajectory. A large part of loan syndication was suppose to be strength. But I am not updated these days.
I have written extensively on how to analyse company in Guru Mantra series.
Start writing your thoughts, you will get much more specific feedback. This may help accelerating your learning cycle. If you are already at upper plateau ignore my comments.
Disclosure: not invested but the man who signs Balance Sheet is my guru who has been an influence in many of my decisions.