Multilayered investment research for small-cap and MSME companies, built on the NAV framework — Network Adjusted Value.
Our core hypothesis is that in small-cap firms, networks matter as much as financials. Institutional cross-holdings, leadership backgrounds and customer relationships are early signals that most screens miss, because a screen reads a company as a column of numbers and a small company is mostly the people and counterparties standing around it.
Strategy
We look for small and mid-cap companies that are likely to re-rate over the short to medium term. In practice we churn a position at a return of roughly 10–15% in a quarter, which compounds to a target annualised IRR in the region of 50–60%. Short investment horizon so far.
Markets covered
India. US — upcoming.
Macro outlook — sectors with a regulatory tailwind, India
Policy is read before financials, because the same balance sheet means different things depending on the capital cycle a company is standing in. Four places where central policy is currently doing the pushing:
| Sector | Policy driver | What we watch |
|---|---|---|
| Electronics & semis | Production-linked incentives for electronics manufacturing, alongside the semiconductor mission | Assembly has landed faster than fabrication. The investable layer so far is components, enclosures and EMS capacity rather than the fabs. |
| Solar & grid equipment | PLI for high-efficiency solar modules, plus domestic-content rules on public procurement | The larger tailwind sits one step downstream in transmission and distribution equipment, where the build-out is a capex programme rather than a subsidy. |
| Batteries & EV | Advanced chemistry cell incentives and the auto-component scheme | Order books run several quarters ahead of delivered revenue. We treat announced capacity as unproven until it shows up in cash flow. |
| Pharma & API | Bulk-drug parks and API import-substitution schemes | Margin structure, not revenue, is where this one shows up. Companies moving from formulation to backward-integrated API are the ones worth diffing. |
These are observations about policy, not recommendations. A tailwind admits a company to the researched set; it never carries the thesis on its own, and a badly run company in a favoured sector remains a badly run company.
How this site is laid out
| Approach | Purpose and methodology — why this exists and how the framework works. |
| Picks this month | Our top picks, one to four companies a month, each a full deep dive. Password protected. |
| Monitoring | Return and risk monitoring on the picks. Coming up. Password protected. |
| Research | Open insights, cohort studies and tools. Free to read and to quote. |