Independent Equity Research · Indian Listed Companies
Understand the business. Follow the cash. Think in probabilities.
Independent research. Completely free. Long-term equity research on Indian listed companies, publicly available with no subscription charge or obligation to trade.
Company Anatomy studies businesses from the perspective of a long-term owner — combining deep fundamental research, management history, multidisciplinary mental models, free-cash-flow valuation, probability and independent judgement.
Latest research
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P&G Hygiene & Health Care: Can Whisper and Vicks Drive a Comeback?
PGHH valuation: ₹1,730–₹9,003 across four scenarios. Understanding Whisper, Vicks, the recent slowdown and what a recovery could mean for shareholders.
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ITC Stock Analysis 2026: Value Opportunity or Recovery Trap?
ITC stock analysis with a 10-year DCF, 5,000 valuation scenarios, margin-of-safety bands and cigarette/FMCG risks. Free research; analyst holds ITC shares.
Research as an evidence system.
Every report is built to answer a small number of economically important questions, not to fill pages.
Business anatomy
How does the company actually make money? Revenue engine, customers, unit economics, industry structure and reinvestment runway.
Value drivers
Separate facts from estimates and analyst judgement. Focus on the few variables that can materially change value.
Inversion
What would have to go wrong? Thesis breakers, disconfirming evidence and permanent-capital-loss risks.
Explore our coverage
Browse research by company or sector as coverage is published.
Memo / Viewpoints
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Swan Defence H1 FY27 Results and the Cash Test Behind the Order Book
Swan Defence’s H1 FY27 profit includes a ₹563 crore tax writeback. The ₹6,500 crore order book still faces a delivery and cash-flow test.
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HCLTech Q2 FY27: testing the AI story against cash earnings
Advanced AI revenue grew 78%, while company-wide constant-currency revenue rose 2.6%. HCLTech’s next test is turning new demand into durable cash earnings.
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RBL Bank Q2 FY27: The Capital Has Arrived. Now It Must Earn.
Emirates NBD’s capital has strengthened RBL Bank, but the shareholder test has shifted to sustainable earnings per share, funding quality and returns on equity.
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ITC’s ₹9,437 Crore Block Deal: What Changes for Investors?
ITC’s large block trade changes ownership. The investment case still depends on cigarette economics, sustainable cash generation and valuation discipline.
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Nykaa: the next test is the cash left after growth
Nykaa’s Fashion business has reached quarterly EBITDA break-even. Its cash flows, leases and acquisition obligations show what shareholders should test next.
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Bajaj Finance’s ₹17,500 Crore Raise: The Cash and Per-Share Tests
Bajaj Finance’s proposed QIP and promoter warrants need a cash-timing, dilution and return-on-capital test after its September 2026 business update.
The research should show its work.
Sources, assumptions, risks, conflicts and update history should be easier to find than the conclusion.