Excited to share—we’re now SEBI Registered! After 2+ years of consistently sharing insights on X, we received several inquiries about launching our own research services. So, we decided to go ahead, get SEBI Registered, and launch our dedicated Research Desk, focused on uncovering high-growth opportunities in the Smallcap & Midcap space. We're now also live on Smallcase! There’s been a lot going on in the background over the last few months. Thanks for the continued support—we’ll keep striving to add value!❤️

Solid De-rating in Bajaj Finance! Stock has gone through a massive valuation reset over the last 5 years P/B has compressed from ~12x in 2021 to just ~4.8x currently (🔻60%) Stock has delivered ~4% CAGR over the last 5 years Company is now generating almost an entire year's profit from 5 years ago in just a single quarter And for those who say valuations don't matter, beware of such thinking

Bajaj Finance Q2FY27 - Key Management Insights Management has now raised FY27 AUM growth expectation to 26-27%🔥, while maintaining its long term 23-25% growth framework - AUM grew ~26.5% YoY to ~5.85 L Cr - PAT +29% to 6,367 Cr ROA remained healthy at 4.6% & ROE at 20.6% Segmental growth - Urban Consumer Finance AUM +43% - Rural Consumer Finance +63% - MFI +54% on a low base - CV & Tractor Finance +89% on a low base - Most other businesses continued to grow in the 20-30% range - MSME growth was only ~3%, but management expects it to return to double digit growth during H2 Credit costs are improving meaningfully. Loan losses to average AUM declined to 1.56% from 1.88% YoY "Management expects FY27 to potentially be among its lowest credit cost years in the past 4 years" Margins will face some pressure from rising interest rates. Management expects further rate increases & some additional NIM compression beyond its original FY27 guidance of 10-15 bps A major capital raise is aimed at supporting the next growth cycle. It plans to raise 17,500 Cr through QIP & preferential warrants. Longer term AUM ambition ~11 L Cr by FY30

Laurus Labs - Almost Priced to Perfection? Nuvama has initiated coverage with a BUY rating & target price of 2,520, expecting a massive expansion in its CDMO business FY26-29E - REV CAGR: 23% - EBITDA CAGR: 35% - PAT CAGR: 45% EBITDA margins expected to reach ~35% CDMO revenue expected to grow 3.4x to 7,160 Cr, contributing over 50% of total REV The growth opportunity is undoubtedly significant, particularly in CDMO & peptides Stock is already trading at ~25x FY29E EV/EBITDA & ~41x FY29E P/E At such valuations, execution needs to be near flawless.

Entire PSU financing theme has taken a brutal beating It used to be very popular in 2024💀 Drawdowns from ATH⬇️

Indonesian Stock Markets Are Literally Underwater Now! 💀 Almost half of the marketcap has been wiped out in 10 months

Here's what the current market breadth looks like!

Forget about any relief in the upcoming Budget! 💀

Absolutely Magnificent Pandal Themes This Year The level of detailing & craftsmanship is truly impressive!

Durga Puja: Siliguri Pandal Hopping! Visited the famous Central Colony Durga Puja Pandal, featuring nearly 100 KG of gold jewellery by Senco Gold, reportedly worth a whopping 140 Cr We deliberately decided to visit in the evening to avoid the peak rush, but even then, the crowd was massive Quite an interesting marketing strategy!

A lot of people are aggressively promoting International Investing through Mutual Funds/FoFs But one thing that is rarely discussed enough is taxation And this can materially change your actual returns

Sri Lotus Developers : Strong Pre-Sales growth Up 83% Q2FY27 Performance: - Pre-sales increased 83% YoY to 470 Cr - REV increased 53% YoY to 269 Cr - EBITDA grew 113% YoY to 107 Cr - PAT increased 91% YoY to 89 Cr Despite strong pre-sales growth, Q2 collections declined 44% YoY from 106 Cr to 60 Cr (collections to be monitored carefully in coming quarters) FY27 Guidance: - Pre-sales: 1,800-2,000 Cr - REV growth: 55-60% YoY - PAT growth: 55-60% YoY So Management is effectively targeting ~56-73% pre-sales growth in FY27 H1FY27 Performance: - Pre-sales increased 176% YoY to 879 Cr - REV increased 69% YoY to 401 Cr - PAT increased 86% YoY to 134 Cr Company operates primarily in Mumbai's luxury & ultra-luxury real estate segment, with a strong focus on redevelopment & joint development projects - 8 ongoing projects with estd GDV of 4,500-4,700 Cr - 12 upcoming residential projects with estd GDV of 8,700-8,900 Cr - 4 upcoming commercial/mixed use projects with estd GDV of 6,600-6,800 Cr Management intends to complete the current ~20,000 Cr GDV portfolio over the next 4 to 4.5 years, with a project level surplus estd at ~9,500 Cr over the development cycle Almost the entire upcoming project portfolio is being developed through redevelopment & joint development arrangements Management is planning four new project launches in H2FY27 - Lotus Sky Plaza, Lotus Portofino, Lotus Odyssey & Lotus Aurelia These projects have a combined estimated GDV of 3,500-4,000 Cr, providing visibility for future pre-sales growth The stock has witnessed a meaningful recovery from its lows, as markets were already anticipating strong performance Sri Lotus Developers is trading at premium valuations of nearly 6x Mcap/Pre-Sales, a significant premium compared to its peers, largely due to its strong execution track record & growth expectations Several other real estate companies are available at around 1x Mcap/Pre-Sales, offering potential re-rating opportunities if they demonstrate similar execution capabilities & consistent growth

Kross ltd : Strong Q2FY27 Results REV increased 80% YoY to 235 Cr EBITDA grew 107% YoY to 31 Cr PAT surged 144% YoY to 20 Cr EBITDA margins expanded 175 bps YoY to 13.0% Trailer Axles & Suspension contributed 49% of Q2 REV Commercial Vehicle Components contributed 37% Management highlighted strong demand from M&HCV OEMs, while trailer volumes exceeded Q4FY26 levels Price revisions with most OEMs & Tier 1 customers have also been concluded, supporting profitability despite input cost pressures Interestingly, the company is entering an important phase of capacity expansion India's first axle beam extrusion plant has commenced commercial production, with utilisation already at ~60-65% Current axle beam capacity stands at 7,500 units per month Tipping Jack supplies have commenced, with installed capacity of 800 kits per month & further scale-up expected in H2FY27 The upcoming seamless tube facility involves planned investment of ~167 Cr & proposed capacity of 1.2 lakh tonnes Management is targeting 15% REV contribution from the agriculture segment over the next two years, compared with 8.38% currently Strong Outlook: Management expects Q3 & Q4 volumes to be stronger than Q2, with H2 historically delivering 10-15% higher volumes than H1