About Us


We are a New Delhi headquartered boutique research partnership dedicated to value based, bottom up, fundamental, idea generation in the public markets.


Our method of analysis involves looking at businesses as a function of their assets and earnings power. We look at companies as if we were owners, and want to know everything that will impact our fundamental analysis. Our work is proprietary and bottom up. In this process, we do global sector analysis, assessing businesses’ private market value, and identifying the catalyst in place to realize returns. We allocate capital based on valuations and catalysts.

Our core research approach is based on event-driven “value investing”. Our approach is based on the extensive use of security analysis to carefully select stocks whose intrinsic value, based on our estimate of current asset value and future growth and earnings power, is significantly different from their value as implied by the public market.We then calculate the firm’s value to a strategic industrialist, defined as the price an informed buyer would be likely to pay to acquire the company’s assets. To limit the time horizon in which the value is likely to be realized, we look for situations in which a catalyst is working to help eliminate the premium or realize the discount. Our methodology and current application is listed below.


  • Enterprise Value/EBITDA
  • Asset Values
  • Management
  • Free Cash Flow
  • PMV
  • Identify Catalysts

Hard Catalysts

  • Accounting irregularities
  • Realization of hidden asset
  • Balance sheet changes
  • Buy-backs, Spin-offs
  • Sale of division
  • New products
  • Changed management
  • Cross shareholding unwinding

Soft Catalysts

  • Breakdown of conglomerate system
  • Industrial reorganization
  • Accounting reforms
  • Deregulation
  • Technological developments

People. Ideas. Success.

Firm Profile

India and the Emerging Markets

Research affiliates worldwide

New Delhi

We put our clients and our relationships first, ahead of the firm’s interests.
– Manjit S Kalha