An amazing master class in Tax planning decoding multiple tax scenarios, detailed discussion on HUF as a tax structure, estate planning, purchasing new car under Company lease and debunking major myths.
Investing and the paradox of skill
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The long term effects of GLP-1 drugs will soon start manifesting in the Indian markets with broader adoption coming in 2026. From Food to Fashion to Healthcare - it will have a cascading effect on consumption patterns.
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Aspirational consumption ladder as India moves towards the $8 trillion mark over the next decade
Great work by @Worldlywiseinvestors & team
Here’s the link to the complete presentation
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The great unlock India @2035 another great session by Nandan Nilekani
PPT : The Great Unlock - India in 2035 | PDF | Income Distribution | Economies
Rethinking Small/Midcap investing in 2025 with Samit Vartak
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Good Checklist for SME Investing made by Ankit Kanodia (Source)
51 Risks associated with Microcap Investing
Business Model / Operations
Customer concentration (top 2–3 clients contributing >30%).
Supplier concentration (key raw material vendor dependence).
Seasonality in sales (Q1 weak, Q4 strong, etc.).
Small addressable market in the short ru
Volatile order book visibility.
Dependency on exports.
Domestic demand softness for a quarter or two.
Capex delays by 6–12 months.
Financial Metrics
Fluctuating quarterly margins.
Short periods of negative cash flow.
Temporary rise in working capital.
One-off exceptional expense.
Small forex losses.
Gross debt in the balance sheet, but manageable relative to equity.
Promoters drawing high but legal remuneration.
Lower dividend payout (despite having enough profits and cash).
Inventory build-up due to seasonality.
Delayed receivables cycle from large customers.
Management & Governance
Promoter holding not very high (~40–50%).
Small promoter stake sales for personal reasons.
Limited institutional shareholding.
Independent directors being friends of promoters (common in microcaps).
Family-run board with limited professional management.
Frequent but non-fraudulent related-party transactions.
Limited investor relations bandwidth.
Lack of quarterly calls or weak communication style.
Average quality annual reports compared to large caps.
Poor disclosures (but numbers are clean).
Market / Industry Risks
Commodity price fluctuations.
Substitutable product risk.
New entrant announcements.
Short-term demand slowdown in end-user sector.
Dependency on government policy or subsidy cycles.
Slow regulatory approval process.
Overseas competition entering India.
Larger competitor discounting prices.
Technological changes threatening obsolescence (but still years away).
Customer pushback on price hikes.
Stock Market / Liquidity Issues
Low daily trading volumes.
High volatility in share price without news.
Sudden upper/lower circuits on rumours.
Weak analyst coverage.
Operator activity or speculative spikes.
Small free float leading to price manipulation fears.
Share price underperformance for 12–18 months despite business growth.
Sudden drop in stock price post results (market overreaction).
Delisting rumours without basis.
Temporary investor exits due to liquidity needs.
Credit rating downgrades.
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While #SME Investing became a cursed space, most companies took a beating from last couple of years from the Alpha Ideas SME Meets, however this year’s list of companies look promising
Returns of past Alphas Ideas meet in the last 1 year
Companies from this year’s list
Brief business overview and Investment Thesis. Expect the detailed videos to released over the next week. Investors should consider all the risks called out in the previous post and make their own research before making any investments in this high-risk-high-returns space. YouTube Links Added
OBSC Perfection Ltd.
OBSC Perfection Ltd. specializes in precision-engineered metal components, leveraging backward integration via in-house steel manufacturing to control costs and quality. Its recent move into hot/cold forging and expansion into defense, marine, and aerospace aims to reduce automotive dependence from 90% to 65% within three years, backed by a 5X capacity expansion since inception and 70% growth in its order book. With disciplined capex, targeted revenue from new capabilities, and strong export momentum, the investment thesis centers on robust operational leverage, sector diversification, and efficiency-led margin expansion.
Arham Technologies Ltd.
Arham Technologies manufactures smart TVs, fans, and air coolers under its Starshine brand, focusing on Central and Eastern India and entering Nepal and export markets. It is investing INR 18 Cr plus an additional INR 20 Cr for backward integration into injection molding and sheet metal to reduce costs and add interactive flat panels, a high-growth segment. The mid-segment positioning, ability to fill supply gaps left by exiting Chinese players, and asset-light, high-turnover model, make it attractive for growth investors seeking exposure to India’s rising consumer durables market.
Nisus Finance Services Co. Ltd.
Nisus Finance operates a differentiated AIF platform, focusing on structured debt for real estate, backed by secured collateral and cash flows. AUM is set for sharp growth with plans to diversify into private credit and special situation financing, supported by repeat LP commitments and international fundraising. The key investment thesis is its credible governance, robust risk management, attractive risk-adjusted returns, and ability to fill credit gaps as NBFC/bank lending remains constrained.
Afcom Holdings Ltd.
Afcom Holdings Ltd. is a leader in air freight, with network hubs in Hanoi, Bangkok, and the Maldives, and is expanding its fleet to five freighters, including wide-body B777s for Asia–Africa and Asia–West links. Management has set a FY25 target of INR 1,000 Cr revenue, driven by expanded cargo capacity, new hubs, and major tie-ups with e-commerce/mobile giants. The investment thesis combines strong operational execution, high entry barriers, efficient cost structures, and first-mover advantage in connecting global freight lanes from India.
Ganesh Green Bharat Ltd.
Ganesh Green Bharat (GGBL) manufactures BIS-certified solar PV modules and executes turnkey projects across India, with a current plant capacity of 750 MW ramping up to 1.1 GW by September 2025. It aims to move into battery energy storage systems when market timing is optimal, leveraging strong PSU/government relationships and a JV for solar installations. With integrated manufacturing, strategic diversification into renewables, and ambitious expansion plans, its thesis is built on capturing large-scale government contracts and margin accretion from higher value-added projects.
Chandan Healthcare Ltd.
Chandan Healthcare is a fast-growing diagnostics provider in Uttar Pradesh with a unique model offering pathology and radiology under one roof and a pharmacy network as sample collection points. Rapid expansion is underway with 20-30 new collection centers a month and entry into new states, keeping investment per unit low (INR 1.5–2 lakh). Driven by B2C, B2B, and government contracts, and high EBITDA growth, the investment thesis rests on scalable, high-margin diagnostics, differentiated business model, and resilient growth prospects.
Freshara Agro Exports Ltd.
Freshara is a leading B2B exporter of gherkins and pickled vegetables, with major customers like Walmart and Lidl, and a new plant doubling processing capacity set for up to INR 250 Cr revenue at full utilization. With India dominating 60% of global gherkin production, the company’s focus on contract farming, certifications, and risk mitigation through geographical diversification offers volume growth, limited end-user liability, and strong export competitiveness as an investment case.
Influx Healthtech Ltd.
Influx Healthtech is a CDMO focused mainly on nutraceuticals, with a newly expanded facility unlocking 2.5X manufacturing capacity and product lines across tablets, capsules, and healthy snacks. Its debt-free profile, consistent 20%+ revenue and EBITDA CAGR, robust client diversification, and plans for further capacity and veterinary/home care segment expansion power its thesis around R&D-driven growth, margin sustainability, and IPO-financed expansions without brand dependence for domestic markets.
Parth Electricals & Engineering Ltd.
Parth Electricals has evolved from a service company to a leading provider of power sector products, bolstered by partnerships with Schneider Electric and Beijing for technology transfer and new product lines (e.g., GIS). The post-IPO setup of new factories in Baroda and Odisha, alongside a mega $4.3 bn US order (80% advance received), underpin the expansion strategy. Thesis centers on tech-driven growth, strategic geographic expansion, new product verticals, and high-margin services.
Harshdeep Hortico Ltd.
Harshdeep Hortico is a leading manufacturer of pots and garden accessories with manufacturing units in Mumbai and Pune, an extensive product catalog, and a new 30,000 sq. ft. expansion underway. Its recently transferred brand, B2B and B2C outreach, and partnerships with government and corporate clients (e.g., Adani, L&T) drive predictability and margin improvement. With innovative product development, robust export plans, and strong financials, the thesis is based on market leadership, product innovation, and channel diversification.
Spunweb Nonwoven Ltd.
Spunweb is a leader in technical textiles and non-woven fabrics, operating five production lines and adding two more, with major export markets and a commitment to sustainable manufacturing through solar power. Its 39% revenue CAGR, 24% EBITDA margin, and 55% capacity utilization provide ample room for scaling, supported by upcoming product expansions and new lines by FY26. The thesis is based on its integrated manufacturing, diversified product portfolio, and ability to ride sector tailwinds from hygiene/sustainability mandates and government policies.
Shri Ahimsa Naturals Ltd.
Shri Ahimsa Naturals is India’s largest producer of natural caffeine and green coffee bean extracts, exporting 95% of its output and currently expanding capacity from 270 to 700 MTPA for caffeine. A newly listed entity, it is bringing outsourced herbal extract production in-house and has industry-leading process efficiency (2–3% loss vs. 10%). Its thesis is rooted in cost leadership, global quality certifications (including FSSC 22000, US FDA-compliant new facility), high RoCE, and greenfield expansion to reinforce export competitiveness.
OSEL Devices Ltd.
OSEL Devices operates in hearing aids, LED displays, and mobile devices, capitalizing on domestic under-penetration and government tenders with a large annual production capacity. With 41% income growth, rising margins (EBITDA 18%+), and new partnerships (e.g., Philips for feature phones), it is expanding into high-growth, under-penetrated tech health sectors and is targeting exports to emerging markets. The investment thesis centers on operational efficiency, cost advantages, and multi-segment scale-up with margin-accretive services.
Shree Karni Fabcom Ltd.
Shree Karni Fabcom is a technical textile company supplying specialized fabrics for applications ranging from parachutes to bulletproof vests, with a newly operational unit and backward integration initiatives. Its facilities span knitting, weaving, dyeing, coating, and lamination, and certifications open doors to US/European brands. Strong sales growth, forward integration into finished goods (e.g., backpacks), and sustainability initiatives (e.g., R-PET yarn, solar panels) define its thesis of value-chain elevation, margin enhancement, and global market penetration.
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A good deep dive on the Bucket strategy for Retirement Goals, the 3 buckets cater to short-, mid- and long-term goals and enables secured compounding from 10+ years of uninterrupted equity investing
Good coverage from Shashank on the following stocks
Standard Glass
Shaily Engineering
EFC
Macfos (Robu.in)
PG Electroplast
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A fantastic deep dive on Indian Banking Sector with Aditya Shah - very simple, straight to the point with no fancy jargons. He has been covering the entire Banking and NBFC sector for almost 2 decades
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Good coverage of the #TIA2025 session conducted today. Read the full coverage here : Thread by @akshat96jain on Thread Reader App – Thread Reader App
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