Sector reports.
Fifteen to twenty chapters on one sector: the real financials, the policy backdrop, institutional flows, and a stock-level screen at the end. A month of work, published when it is done rather than on a schedule.
Two published, two written into the schedule.
A sector report is not a summary of the news. It is the financial history of a sector, the policy that moves it, and the handful of names where the two actually meet.
One report, part by part.
Fifteen to twenty chapters, and they are ordered so the thesis has to survive the numbers rather than arrive before them.
Five years of financials
Statements first — revenue, margin, working capital, debt — for every name in the sector, not just the ones with a story.
The policy layer
What the state has done, is doing and has signalled. In most Indian sectors this is the variable that actually moves earnings.
Institutional flows
Who has been buying the sector, at what size, and whether the buying is index-driven or discretionary.
Bull, base and bear
Three scenarios with every assumption written out, so a reader can disagree with an input instead of a conclusion.
The stock screen
Six to ten names, derived from the chapters above them. Last section, never the first.
Financials before narrative, always.
Every category here is written to the same four rules — a trigger, an invalidation, a size frame and a review. These three are specific to this one.
The numbers come first
Five years of statements before a single line of thesis. If the balance sheet does not support the story the sector is telling about itself, the report says so and the story loses.
Bull, base and bear, costed
Three scenarios with the assumptions written out, so a reader can disagree with an input rather than with a conclusion. A single-outcome sector report is marketing.
The stock screen is last
Names come at the end, derived from the chapters above them. A report that opens with stock picks has decided the answer before doing the work.
This is general research written for a wide readership. It is not personalised investment advice, it does not account for your capital, horizon or risk tolerance, and it is not a recommendation to buy or sell any security. Registration with SEBI, membership of a BASL and NISM certification do not guarantee performance or assure returns. Investment in securities markets is subject to market risk — read all related documents carefully before investing. Where the analyst holds a position in a security discussed, it is stated inside the report.