Market notes, portfolio thinking and investing ideas from the Empirica desk.
WHAT LANDS IN YOUR INBOX
Learn how to find investment ideas, position building, entry & exit strategies in the Indian markets. If you are new to the markets this is for you.
Learn what entered our watchlist at Empirica India and what left it. The screen that flagged it, the test it passed or failed, and the entry zone we would want.
The full institutional deep dive on one company: forward fundamental analysis, scenario valuations, governance review, FII/DII analysis, the technical checklist, entry, stop and sizing.
Market condition this week: Condition 4, no fresh capital deployment. We have been very selective with fresh money and will stay that way until the index recovers and settles.
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A family-run factory in Jalgaon, Maharashtra, makes the small precision parts that sit inside the circuit breakers sold by some of the world’s largest electrical companies. For thirty years almost nobody outside the industry noticed. In the last twelve months its sales grew 31%, its profit grew 75%, and its latest quarter grew 80%. HDFC Mutual Fund and four other institutions have put ₹325 crore into it. Its lenders have upgraded it twice in nine months.
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This week's reading: hold fresh money, build the watchlist
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The largest maker of corrosion-proof process equipment in the world spent three years going nowhere. Sales stopped growing. Reported profit fell by more than three quarters. The share price halved. Underneath all of that, the company was quietly generating more spare cash every single year ₹367 crore last year against ₹52 crore of reported profit. Its order book has just reached an all-time high, and the share price has broken out to a new high.
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EMPIRICA INDIA | SELECTION · Watchlist addition · 18 September 2026
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The hardest problem in Indian small-cap investing is not finding a good business. It is finding one at the moment the market starts agreeing with you. We screen price action first and fundamentals second and we give up the first 30-40% of the move on purpose.
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