Investment Potential
Investment Potential
Investment Potential
Small‑Cap Research. Institutional‑Grade. Built for the serious individual.
Small‑Cap Research. Institutional‑Grade. Built for the serious individual.
We are an education and research firm focused on discovering high‑quality Indian small and micro‑cap businesses. We don’t take client funds or execute trades. We teach rigorous methods, publish deep‑dive research, and help you build conviction.
We are an education and research firm focused on discovering high‑quality Indian small and micro‑cap businesses. We don’t take client funds or execute trades. We teach rigorous methods, publish deep‑dive research, and help you build conviction.
Explore our Small‑Cap Knowledge Hub
Explore our Small‑Cap Knowledge Hub
Value Propositions
Value Propositions
Research‑first
We dissect annual reports, earnings calls, filings, and industry data to separate substance from story.
Research‑first
We dissect annual reports, earnings calls, filings, and industry data to separate substance from story.
Method over tips
No buy/sell/hold signals—just frameworks, checklists, and repeatable processes.
Method over tips
No buy/sell/hold signals—just frameworks, checklists, and repeatable processes.
Risk‑aware
We emphasise quality, governance, balance‑sheet strength, and downside protection.
Risk‑aware
We emphasise quality, governance, balance‑sheet strength, and downside protection.
Advantage in the inefficiency
Fewer analysts cover small caps, creating mispricing and multi‑bagger potential for prepared investors.
Advantage in the inefficiency
Fewer analysts cover small caps, creating mispricing and multi‑bagger potential for prepared investors.
Why Small‑Caps (and Micro‑Caps) ?
The Small‑Cap Opportunity
Small and micro‑caps in India are under‑researched relative to their impact on the real economy. Limited analyst coverage, emerging moats, and early‑stage operating leverage create asymmetric outcomes. When growth inflects, valuation and earnings can re‑rate simultaneously.
Why Small‑Caps (and Micro‑Caps) ?
The Small‑Cap Opportunity
Small and micro‑caps in India are under‑researched relative to their impact on the real economy. Limited analyst coverage, emerging moats, and early‑stage operating leverage create asymmetric outcomes. When growth inflects, valuation and earnings can re‑rate simultaneously.
Key Reasons the Edge Exists
Key Reasons the Edge Exists
Coverage Gap
Many small‑caps have minimal institutional coverage; inefficiencies persist longer.
Real-Time Insights
Access blockchain data in real-time to make timely and informed decisions.
Coverage Gap
Many small‑caps have minimal institutional coverage; inefficiencies persist longer.
Information Friction
Useful information is scattered across filings, conference calls, and industry sources—not headlines.
Information Friction
Useful information is scattered across filings, conference calls, and industry sources—not headlines.
Information Friction
Useful information is scattered across filings, conference calls, and industry sources—not headlines.
Early Moats
Category creators and niche leaders show pricing power before they show up in mainstream screens.
Early Moats
Category creators and niche leaders show pricing power before they show up in mainstream screens.
Early Moats
Category creators and niche leaders show pricing power before they show up in mainstream screens.
Operating Leverage
Fixed‑cost bases allow incremental revenues to disproportionately improve profitability.
Operating Leverage
Fixed‑cost bases allow incremental revenues to disproportionately improve profitability.
Operating Leverage
Fixed‑cost bases allow incremental revenues to disproportionately improve profitability.
Capital Allocation
High‑quality promoters can compound capital via prudent reinvestment, buybacks, and de‑leveraging.
Capital Allocation
High‑quality promoters can compound capital via prudent reinvestment, buybacks, and de‑leveraging.
Capital Allocation
High‑quality promoters can compound capital via prudent reinvestment, buybacks, and de‑leveraging.
Performance Tracking
Monitor performance in real-time with clear metrics and visual reporting.
Performance Tracking
Monitor performance in real-time with clear metrics and visual reporting.
Performance Tracking
Monitor performance in real-time with clear metrics and visual reporting.
Potential (with Perspective)
Small‑caps have historically produced multi‑baggers, particularly where fundamentals and governance align. We stress that potential comes with higher volatility and liquidity risk; process and risk management are non‑negotiable.
Potential (with Perspective)
Small‑caps have historically produced multi‑baggers, particularly where fundamentals and governance align. We stress that potential comes with higher volatility and liquidity risk; process and risk management are non‑negotiable.
What Small‑Caps Are Not
They are not "quick money" or guaranteed returns.
They are not substitutes for emergency funds or short‑term liabilities.
They are not single‑thesis punts without diversification and sizing discipline.
What Small‑Caps Are Not
They are not "quick money" or guaranteed returns.
They are not substitutes for emergency funds or short‑term liabilities.
They are not single‑thesis punts without diversification and sizing discipline.
Our Research Method
Our Research Method
Lens 1: Business Quality
Industry Structure: TAM, competitive intensity, switching costs, regulation.
Moat Trajectory: Cost, brand, network, or process advantages; durability vs discovery.
Unit Economics: Contribution margins, customer acquisition payback, cohort behaviour where relevant.
Supply Chain & Pricing Power: Input sensitivity, ability to pass through costs, working‑capital cycle.
Lens 1: Business Quality
Industry Structure: TAM, competitive intensity, switching costs, regulation.
Moat Trajectory: Cost, brand, network, or process advantages; durability vs discovery.
Unit Economics: Contribution margins, customer acquisition payback, cohort behaviour where relevant.
Supply Chain & Pricing Power: Input sensitivity, ability to pass through costs, working‑capital cycle.
Lens 2: Management & Governance
Promoter Incentives: Ownership, pledging, related‑party transactions, remuneration alignment.
Track Record: Allocation history—capex discipline, acquisitions, buybacks, dividends, debt prudence.
Disclosure Quality: Consistency between ARs, investor presentations, and call transcripts.
Culture & Execution: Bench strength, succession, operating cadence (from scuttlebutt and hiring patterns).
Lens 2: Management & Governance
Promoter Incentives: Ownership, pledging, related‑party transactions, remuneration alignment.
Track Record: Allocation history—capex discipline, acquisitions, buybacks, dividends, debt prudence.
Disclosure Quality: Consistency between ARs, investor presentations, and call transcripts.
Culture & Execution: Bench strength, succession, operating cadence (from scuttlebutt and hiring patterns).
Lens 3: Financial Strength
Quality of Earnings: Cash conversion, receivables ageing, inventory turns, extraordinary items.
Balance Sheet Health: Debt service, covenant buffers, off‑balance sheet obligations.
Profitability Drivers: Gross margin stability, operating leverage, return on capital employed (ROCE) vs weighted average cost of capital (WACC).
Forensic Screens: Auditor rotation, KAMs, contingent liabilities, frequent equity dilution.
Lens 3: Financial Strength
Quality of Earnings: Cash conversion, receivables ageing, inventory turns, extraordinary items.
Balance Sheet Health: Debt service, covenant buffers, off‑balance sheet obligations.
Profitability Drivers: Gross margin stability, operating leverage, return on capital employed (ROCE) vs weighted average cost of capital (WACC).
Forensic Screens: Auditor rotation, KAMs, contingent liabilities, frequent equity dilution.
Lens 4: Valuation & Timing (Education Only)
Valuation Ladders: From simple multiples to DCF sanity checks and reverse‑DCF.
Regime & Liquidity Awareness: How market breadth, credit conditions, and index dispersion affect small‑caps.
Scenario & Base Rates: Outcomes across bear/normal/bull cases; probabilities vs narratives.
Exit Discipline (Educational): What would invalidate a thesis; signs of distribution, governance red flags.
Lens 4: Valuation & Timing (Education Only)
Valuation Ladders: From simple multiples to DCF sanity checks and reverse‑DCF.
Regime & Liquidity Awareness: How market breadth, credit conditions, and index dispersion affect small‑caps.
Scenario & Base Rates: Outcomes across bear/normal/bull cases; probabilities vs narratives.
Exit Discipline (Educational): What would invalidate a thesis; signs of distribution, governance red flags.
Our Process
01
Sourcing
Sourcing
Screen for improving economics, clean governance, and inflecting revenue lines.
Screen for improving economics, clean governance, and inflecting revenue lines.
02
Primary Material
Primary Material
Read annual reports front‑to‑back; build a change log year over year.
Read annual reports front‑to‑back; build a change log year over year.
03
Earnings Calls
Earnings Calls
Extract forward‑looking KPIs, capacity timelines, and management accountability markers.
Extract forward‑looking KPIs, capacity timelines, and management accountability markers.
04
Industry Work
Industry Work
Supplier/customer checks, import/export data cuts, pricing trackers, regulatory outlook.
Supplier/customer checks, import/export data cuts, pricing trackers, regulatory outlook.
05
Model & Monitor
Model & Monitor
Build lightweight operating models; watch leading indicators rather than headline EPS alone
Build lightweight operating models; watch leading indicators rather than headline EPS alone
06
Thesis Dossier
Thesis Dossier
Compile a teaching note—business, numbers, risks, and catalysts in a single document.
Compile a teaching note—business, numbers, risks, and catalysts in a single document.
07
Risk Map
Risk Map
Identify kill‑switches (governance flags, leverage spikes, demand cracks, accounting anomalies).
Identify kill‑switches (governance flags, leverage spikes, demand cracks, accounting anomalies).
08
Post‑Mortems
Post
Mortems
Win/loss analysis to refine playbooks and checklists.
Win/loss analysis to refine playbooks and checklists.
Educational Playbooks
Educational Playbooks
Categories of Small‑Cap Setups
Categories of Small‑Cap Setups
Turnarounds
Balance‑sheet repair plus operating de‑bottlenecking.
Turnarounds
Balance‑sheet repair plus operating de‑bottlenecking.
Turnarounds
Balance‑sheet repair plus operating de‑bottlenecking.
Operating Leverage Stories
Capacity utilisation rising with steady pricing.
Operating Leverage Stories
Capacity utilisation rising with steady pricing.
Operating Leverage Stories
Capacity utilisation rising with steady pricing.
Niche Leaders
Dominant in a tiny market with room to expand adjacently.
Niche Leaders
Dominant in a tiny market with room to expand adjacently.
Niche Leaders
Dominant in a tiny market with room to expand adjacently.
Roll‑Ups
Fragmented industries consolidating under competent allocators.
Roll‑Ups
Fragmented industries consolidating under competent allocators.
Roll‑Ups
Fragmented industries consolidating under competent allocators.
Special Situations (Education)
Demergers, buybacks, delistings, and corporate actions from a learning perspective.
Special Situations (Education)
Demergers, buybacks, delistings, and corporate actions from a learning perspective.
Special Situations (Education)
Demergers, buybacks, delistings, and corporate actions from a learning perspective.
Risk Management Concepts
Risk Management Concepts
Position Sizing 101
Risk per position, correlation awareness, and liquidity filters.
Position Sizing 101
Risk per position, correlation awareness, and liquidity filters.
Position Sizing 101
Risk per position, correlation awareness, and liquidity filters.
Liquidity & Impact
Understanding average daily turnover and the cost of urgency.
Liquidity & Impact
Understanding average daily turnover and the cost of urgency.
Liquidity & Impact
Understanding average daily turnover and the cost of urgency.
Diversification with Intent
Avoiding closet indexing; grouping by drivers, not labels.
Diversification with Intent
Avoiding closet indexing; grouping by drivers, not labels.
Diversification with Intent
Avoiding closet indexing; grouping by drivers, not labels.
Drawdown Protocols
Pre‑defined review triggers; thesis vs volatility.
Drawdown Protocols
Pre‑defined review triggers; thesis vs volatility.
Drawdown Protocols
Pre‑defined review triggers; thesis vs volatility.
What You Get
What You Get
Research & Education
Deep‑dive teaching notes (company dossiers) that explain the business, not just the price.
Sector primers and mental models to evaluate new ideas independently.
Quarterly workshops on reading annual reports, call transcripts, and filings.
A living glossary: 100+ concepts from valuation to governance, written in plain English.
One‑on‑One Clarity Sessions
Private sessions to help you understand a business model, decode disclosures, or stress‑test a thesis.
We do not provide personalised investment advice or instructions to buy/sell/hold.
Community & Office Hours (optional)
Structured Q&A and peer learning focused on process rather than stock tips.
Research & Education
Deep‑dive teaching notes (company dossiers) that explain the business, not just the price.
Sector primers and mental models to evaluate new ideas independently.
Quarterly workshops on reading annual reports, call transcripts, and filings.
A living glossary: 100+ concepts from valuation to governance, written in plain English.
One‑on‑One Clarity Sessions
Private sessions to help you understand a business model, decode disclosures, or stress‑test a thesis.
We do not provide personalised investment advice or instructions to buy/sell/hold.
Community & Office Hours (optional)
Structured Q&A and peer learning focused on process rather than stock tips.
Research & Education
Deep‑dive teaching notes (company dossiers) that explain the business, not just the price.
Sector primers and mental models to evaluate new ideas independently.
Quarterly workshops on reading annual reports, call transcripts, and filings.
A living glossary: 100+ concepts from valuation to governance, written in plain English.
One‑on‑One Clarity Sessions
Private sessions to help you understand a business model, decode disclosures, or stress‑test a thesis.
We do not provide personalised investment advice or instructions to buy/sell/hold.
Community & Office Hours (optional)
Structured Q&A and peer learning focused on process rather than stock tips.
Who We Are
We are a research‑led education firm focused on India’s small‑cap universe. Our edge is obsessive primary work, plain‑spoken synthesis, and a refusal to outsource thinking to consensus. We are independent, conflict‑free, and funded solely by our subscribers and learners.
Who We Are
We are a research‑led education firm focused on India’s small‑cap universe. Our edge is obsessive primary work, plain‑spoken synthesis, and a refusal to outsource thinking to consensus. We are independent, conflict‑free, and funded solely by our subscribers and learners.
Who We Are
We are a research‑led education firm focused on India’s small‑cap universe. Our edge is obsessive primary work, plain‑spoken synthesis, and a refusal to outsource thinking to consensus. We are independent, conflict‑free, and funded solely by our subscribers and learners.
Our Principles
Our Principles
Independence
No compensation from brokers, promoters, or intermediaries.
Real-Time Insights
Access blockchain data in real-time to make timely and informed decisions.
Independence
No compensation from brokers, promoters, or intermediaries.
Integrity
If we don’t understand a business, we don’t teach it.
Integrity
If we don’t understand a business, we don’t teach it.
Integrity
If we don’t understand a business, we don’t teach it.
Clarity
Jargon‑free explanations backed by source material.
Clarity
Jargon‑free explanations backed by source material.
Clarity
Jargon‑free explanations backed by source material.
Process
Checklists, base rates, and post‑mortems over opinions.
Process
Checklists, base rates, and post‑mortems over opinions.
Process
Checklists, base rates, and post‑mortems over opinions.
Case Illustrations (Educational)
Case Illustrations (Educational)
These are anonymised, composite examples for learning;
they are not recommendations.
Operating Leverage at Work
A specialty manufacturer triples EBIT on a 40% revenue lift after a capacity debottleneck while keeping working capital stable.
Operating Leverage at Work
A specialty manufacturer triples EBIT on a 40% revenue lift after a capacity debottleneck while keeping working capital stable.
Operating Leverage at Work
A specialty manufacturer triples EBIT on a 40% revenue lift after a capacity debottleneck while keeping working capital stable.
Capital Allocation Flywheel
A niche B2B exporter compounds ROCE by reinvesting in high‑return lines and pruning sub‑scale SKUs; valuation re‑rates as leverage falls.
Capital Allocation Flywheel
A niche B2B exporter compounds ROCE by reinvesting in high‑return lines and pruning sub‑scale SKUs; valuation re‑rates as leverage falls.
Capital Allocation Flywheel
A niche B2B exporter compounds ROCE by reinvesting in high‑return lines and pruning sub‑scale SKUs; valuation re‑rates as leverage falls.
Governance Saves Capital
A seemingly cheap cyclical fails forensic checks—auditor turnover and rising other income. Avoiding it preserved capital through a 60% drawdown.
Governance Saves Capital
A seemingly cheap cyclical fails forensic checks—auditor turnover and rising other income. Avoiding it preserved capital through a 60% drawdown.
Governance Saves Capital
A seemingly cheap cyclical fails forensic checks—auditor turnover and rising other income. Avoiding it preserved capital through a 60% drawdown.
Meet The Team
Meet The Team
Mihir Sumanth
Chief Research Analyst
Mihir Sumanth
Chief Research Analyst
Nikhil V
Head of Operations
Nikhil V
Head of Operations
Meet The Team
Mihir Sumanth
Stonk Mihir
Nikhil V
Private
Mihir Sumanth
Stonk Mihir
Nikhil V
Private
Mihir Sumanth
Stonk Mihir
Nikhil V
Private
Mihir Sumanth
Stonk Mihir
Nikhil V
Private
Mihir Sumanth
Chief Research Analyst
Mihir Sumanth
Chief Research Analyst
Nikhil V
Head of Operations
Nikhil V
Head of Operations
FAQ
FAQ
FAQ
Are you SEBI‑registered?
No. We do not provide investment advice or execution. We operate as an education and research provider only.
Are you SEBI‑registered?
No. We do not provide investment advice or execution. We operate as an education and research provider only.
Are you SEBI‑registered?
No. We do not provide investment advice or execution. We operate as an education and research provider only.
Do you give buy/sell/hold calls?
Do you give buy/sell/hold calls?
Do you give buy/sell/hold calls?
Do you manage money or take custody?
Do you manage money or take custody?
Do you manage money or take custody?
Will I get multi‑baggers?
Will I get multi‑baggers?
Will I get multi‑baggers?
Can you analyse a company I hold?
Can you analyse a company I hold?
Can you analyse a company I hold?
Refund Policy
Refund Policy
Refund Policy
Compliance, Conflicts & Disclaimers
Compliance, Conflicts & Disclaimers
Education‑Only
All content is for informational and educational purposes and is not an offer, solicitation, or recommendation to buy/sell any securities.
No Advisor Relationship
Engaging with us does not create an investment adviser or fiduciary relationship. We are not registered with SEBI as an investment adviser or portfolio manager.
Personal Responsibility
You are solely responsible for your financial decisions. Past performance is not indicative of future results.
Research Integrity
We do not accept compensation, inducement, or consideration from companies we teach about, their affiliates, or market intermediaries.
Intellectual Property
Our materials are for individual use only and may not be redistributed without written permission.
Start Investing Smarter Today
If you’re serious about small‑caps, start with the method. Join a clarity session where we walk you through annual reports, call transcripts, risk maps, and valuation hygiene no tips, just process.
Start Investing Smarter Today
If you’re serious about small‑caps, start with the method. Join a clarity session where we walk you through annual reports, call transcripts, risk maps, and valuation hygiene no tips, just process.
Start Investing Smarter Today
If you’re serious about small‑caps, start with the method. Join a clarity session where we walk you through annual reports, call transcripts, risk maps, and valuation hygiene no tips, just process.