While analyzing the Indian economy, we look at global and local macro-economic factors including central banks’ actions, interest rate cycles, bond yields, forex reserves position, GDP / Inflation / PMI trends, investor flows, currency movements, crude oil fluctuations and political developments.
 
From an individual stock perspective, we have a host of parameters that go into stock selection, including corporate governance, quality of management, profit margins, return ratios and debt levels. Our research approach consists of detailed financial modelling, regular management interactions and channel checks to validate our thesis.
 
Good companies don’t necessarily mean good stocks. Our focus remains on opportunities which offer “Growth at a Reasonable Price”.

Research Reports

Corporate Reports

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Vardhman Textiles Ltd - Q4FY19 Result Update

Vardhman Textiles Ltd - Q4FY19 Result Update

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Can Fin Homes - Q4FY19 Result Update

Can Fin Homes - Q4FY19 Result Update

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KEC International Ltd. -Q4FY19 Result Update

KEC International Ltd. -Q4FY19 Result Update

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L&T Finance Holdings Ltd- Q4FY19 Result Update

L&T Finance Holdings Ltd- Q4FY19 Result Update

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KPR Mill Ltd - Q4FY19 Result Update

KPR Mill Ltd - Q4FY19 Result Update

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Cholamandalam Investment and Finance Ltd. - Q4FY19 Update

Cholamandalam Investment and Finance Ltd. - Q4FY19 Update

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RBL Bank - Q4FY19 Result Update

RBL Bank - Q4FY19 Result Update

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IDFC First Bank - Event Update

IDFC First Bank - Event Update

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Indo Count Industries Ltd - Q3FY19 Result Update

Indo Count Industries Ltd - Q3FY19 Result Update

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Pennar Engineered Building Systems Ltd - Q3FY19 Result Update

Pennar Engineered Building Systems Ltd - Q3FY19 Result Update

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Jain Irrigation Systems Ltd - Q3FY19 Result Update

Jain Irrigation Systems Ltd - Q3FY19 Result Update

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Ahluwalia Contracts (India) Ltd - Q3FY19 Result Update

Ahluwalia Contracts (India) Ltd - Q3FY19 Result Update

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Va Tech Wabag Ltd - Q3FY2019

Va Tech Wabag Ltd - Q3FY2019

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Repco Home Finance Ltd - Q3FY19 Result Update

Repco Home Finance Ltd - Q3FY19 Result Update

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AIA Engineering Ltd - Q3FY19 Result Update

AIA Engineering Ltd - Q3FY19 Result Update

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Vardhman Textiles Ltd - Q3FY19 Result Update

Vardhman Textiles Ltd - Q3FY19 Result Update

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KPR Mill Ltd - Q3FY19 Result Update

KPR Mill Ltd - Q3FY19 Result Update

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Manappuram Finance Ltd - Q3FY19 Result Update

Manappuram Finance Ltd - Q3FY19 Result Update

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Bharat Financial Inclusion Ltd - Q3FY19 Result Update

Bharat Financial Inclusion Ltd - Q3FY19 Result Update

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Cholamandalam Investment & Finance Co.

Cholamandalam Investment & Finance Co.

Brighter prospects ahead 

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Siyaram Silk Mills

Siyaram Silk Mills

Stability in dealer network

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RBL Bank

RBL Bank

Strong footing on growth and asset quality

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Praj Industries

Praj Industries

Improving business traction

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KEC International

KEC International

Stable operational performance, but interest cost a dampener

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Can Fin Homes

Can Fin Homes

Loan growth to improve gradually over 1-2 years

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L&T Finance Holdings

L&T Finance Holdings

Retailization of book on-track; risky assets a concern

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Ahluwalia Contracts (India)

Ahluwalia Contracts (India)

One-offs impact performance, but order inflow gains traction

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Jain Irrigation Systems

Jain Irrigation Systems

Better growth across businesses

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AIA Engineering

AIA Engineering

Volume growth – key positive, margins to recover gradually

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Capital First

Capital First

Robust growth amidst integration anxiety

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Bharat Financial Inclusion

Bharat Financial Inclusion

Loan growth back to pre-demon levels

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Can Fin Homes

Can Fin Homes

Growth muted to lowest level in years

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KEC International

KEC International

Non-T&D businesses aiding growth momentum

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Indo Count Industries

Indo Count Industries

Volume uptick key positive, rating change

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Cholamandalam Investment & Finance Co.

Cholamandalam Investment & Finance Co.

Robust growth intact with improving NPA recoveries

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Karur Vysya Bank

Karur Vysya Bank

Peak NPAs; signs of improvement to be watched

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Federal Bank

Federal Bank

Improvement in recoveries to be watched

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Capital First

Capital First

Mr. Vaidyanathan Holds the Key to Unlock Long Term Merger Benefits, Amidst Integration Anxiety

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IPO Reports

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Garden Reach Shipbuilders & Engineers

Garden Reach Shipbuilders & Engineers

Lumpy business, but high cash makes valuations fair 

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IRCON International

IRCON International

Good order book position, attractive valuations

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HDFC Asset Management Co.

HDFC Asset Management Co.

Leading and most profitable AMC in India

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TCNS Clothing Co.

TCNS Clothing Co.

Leading women's branded apparel company

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Varroc Engineering

Varroc Engineering

Diversified product offerings to bode well

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Fine Organic Industries

Fine Organic Industries

Largest manufacturer of additives in India

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RITES

RITES

Multi-disciplinary consultancy PSU player

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ICICI Securities

ICICI Securities

Rich valuation

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Mishra Dhatu Nigam

Mishra Dhatu Nigam

Specialty metal PSU catering to niche sectors

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Hindustan Aeronautics

Hindustan Aeronautics

Leading DPSU in the Indian aeronautical industry

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Bandhan Bank

Bandhan Bank

Unique high yielding business model

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Bharat Dynamics

Bharat Dynamics

One of the leading Indian defence PSUs

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H.G. Infra Engineering

H.G. Infra Engineering

Good future prospects, fully priced

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Galaxy Surfactants

Galaxy Surfactants

Preferred supplier to FMCG brands, fair valuation

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Amber Enterprises India

Amber Enterprises India

Weak financials, expensive valuation

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Apollo Micro Systems

Apollo Micro Systems

Fair valuation

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Strategy/Special Reports

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Centrum Select - May 2019

Centrum Select - May 2019

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Centrum Select - April 2019

Centrum Select - April 2019

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Centrum Wealth - Strategy Report - 8 April 2019

Centrum Wealth - Strategy Report - 8 April 2019

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Centrum Select - March 2019

Centrum Select - March 2019

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Centrum Select - February '19

Centrum Select - February '19

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Centrum Wealth - Green Shoots & Evergreen Stocks - 11 Feb'19

Centrum Wealth - Green Shoots & Evergreen Stocks - 11 Feb'19

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Centrum Select – December'18

Centrum Select – December'18

Conviction on the pack's fundamentals

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CARE Ratings

CARE Ratings

Play on revival in rating opportunity

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Strategy Note Jan'19

Strategy Note Jan'19

Be Greedy when Others are Fearful!!!

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Central Depository Services (India)

Central Depository Services (India)

Improving equity market conditions to drive growth

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Centrum Wealth - Diwali Picks

Centrum Wealth - Diwali Picks

curateation Summary

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HDFC Standard Life Insurance Co.

HDFC Standard Life Insurance Co.

One of the leading Life Insurance Companies

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Strategy Note Oct’18

Strategy Note Oct’18

As India Finds Its Lehman, Will ‘the Aged Bull’ Survive?

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ITC

ITC

Re-rating underway

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Exide Industries

Exide Industries

Power-driven growth

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HCL Technologies

HCL Technologies

Business segments gaining traction

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Strategy Note Jul' 18

Strategy Note Jul' 18

Is Raging Bull turned into Ageing Bull

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Cholamandalam Investment & Finance Co.

Cholamandalam Investment & Finance Co.

NPA recoveries and healthy growth augur well

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L&T Finance Holdings

L&T Finance Holdings

Robust loan growth & NPA decline aid RoE expansion

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Strategy Note Apr' 18

Strategy Note Apr' 18

2018: Year Separating Men from Boys

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