Research

Letters & notes.

Coverage notes, market dashboards and longer pieces, written for our own decision-making and published when they may be useful to others.

24 Jul 2026Note

VR Capital · Initiating Coverage · CRISIL Ltd

24 Jul 2026Coverage Update

Oberoi Realty — the best house on a discounted street

A position we own since January 2025: Mumbai’s finest developer, bought while foreign money was leaving the sector. Why the quality is real and why the task now is to hold.

22 Jul 2026Coverage

Chambal Fertilisers & Chemicals — initiating coverage

A record year of profit met a decade-low multiple in the same twelve months. A public-safe initiating note on one of India’s lowest-cost urea complexes.

20 May 2026Dashboard

Nifty 500 — a valuation dashboard

Breadth, dispersion, and where the index looked cheap at the close of 20 May 2026 — the map we keep for our own decision-making.

Notes are published for information only. Nothing here is investment advice or a recommendation to buy or sell any security.