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MRPL: what widening refining margins actually tell us
GRMs have expanded three quarters in a row. We walk through the refining cycle, why Singapore spreads matter, and what history says about how long these cycles run.
Havells at 70x earnings — a valuation sanity check
Great company, expensive stock? We break down the difference — and show how to run this check yourself on any consumer name using three ratios.
GE Vernova T&D and India's transmission capex cycle
Order books across the T&D sector are at decade highs. A study of how capex cycles have historically translated (or not) into shareholder returns.
Coal India at 7x earnings: cheap, or a value trap?
A 7 PE and an 8% dividend yield look irresistible. The study: how to tell a genuine cash machine from a business the market is correctly pricing for decline.
How to read IT-services guidance without getting fooled
Guidance cuts, 'furloughs', 'deal ramp-downs' — the vocabulary of IT earnings calls, decoded, using this quarter's commentary as the worked example.
HAL, BEL and the anatomy of a story stock
Defence indigenisation is a real, funded, multi-decade story. That's exactly why it's worth studying how narratives and numbers interact.