We invest in fundamentally strong businesses when the market misprices temporary dislocation. We study companies deeply, understand their management, and build sizeable positions in well run enterprise often obscure and overlooked by institutions. Then we wait patiently for value to be recognised.
There is a peculiar madness that grips investors when stocks decline 30% from their highs. The very same business that was "obviously wonderful" becomes questionable. The fundamentals haven't changed only the price tag and consequently the narrative. We look for precisely these opportunities.
We study companies for months before investing. We read annual reports going back a decade, understand competitive dynamics from first principles and assess management through their capital allocation track record not conference call promises.
Manufacturing capacity cycles play out over years, not months. The wealth gets created by those willing to endure discomfort during transitional periods when the market misprices temporary weakness as permanent impairment.
We hold eight to twelve positions where we have genuine analytical edge. When we find a quality franchise at a reasonable price we build a meaningful position. Every holding earns its place through rigorous research.
What makes an opportunity interesting it's what's happening to the underlying business during that period. We look for companies that are fundamentally stronger than when the market valued them higher.
We focus on well-run, established businesses often obscure and uncovered by institutions trading at valuations disconnected from their underlying earning power. These are the analytical puzzles worth examining in detail.
We assess leadership through their capital allocation track record, not their presentation skills. How did they deploy cash in the last downturn? What did they do when no one was watching? Actions over words.
We structure position sizes to withstand significant volatility. If we're wrong about the business, the position is small enough not to impair overall returns materially. If we're right, returns should be substantial by being prudent and patient.
We could be entirely wrong. Competition may intensify, margins may disappoint, or we may be misunderstanding the business quality. We share our analytical framework openly because transparency about both successes and failures is how we learn.
We're looking to work with investors who share our temperament,those who understand that wealth creation happens over years and not quarters. Here's how we can work together.
Concentrated equity portfolios tailored to your situation. Your assets remain in your demat account. Complete transparency, complete control.
Min ₹50 LakhsBespoke company analysis with DCF models, competitive assessments, and documented theses. For investors who manage their own portfolios.
Project BasisAsset allocation across equity, debt, real estate, and alternatives. Coordination with tax and estate advisors. Built for multi-decade horizons.
Min ₹2 CroresComprehensive oversight for multi-generational wealth. Consolidated reporting, succession planning, trusted stewardship across market cycles.
Min ₹10 CroresRead these carefully. They explain who we are, how we think, and what we expect. Reach out if anything is unclear.
Who we are, what we believe, fee structure, and what we expect from clients. Start here.
Our constitution. Philosophy, strategy, portfolio construction, risk management, operating principles.
Current positions with investment rationale, key catalysts and exit triggers. Updated quarterly.
"Confirmation is expensive. By the time the market agrees with your analysis, the easy money has been made."
I started VR Capital to invest the way I believe makes sense with patience, rigour and a long time horizon. We maintain deliberately limited client relationships because the best investment opportunities are finite. I spend my time studying businesses deeply, writing about my analytical framework openly and waiting for price and value to diverge. When they do, we act decisively.
I share company deep-dives, market observations, and the occasional digression into behavioural finance. These aren't investment recommendationsn they're windows into our analytical process. Transparency about successes and failures is how we all learn.
Recent pieces include analyses of portfolio companies. Expect detailed thesis documentation and honest reflection on what we got right and wrong.
Read on SubstackThe first conversation is mutual we'll understand your situation, expectations, investment temperament and you can assess whether our approach resonates. Not every investor is right for us and that's okay. Let's figure out if there's a good fit.