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Featured Insights
Burger King - A Turnaround play !
Five different companies. Five different sectors. Five different types of acquirers.
Astra Microwave Spins Out Its Space Arm
Demerger which will create a pure play listed space entity
Why Kenneth Andrade is buying Kaveri Seeds
A closer look at the investment rationale behind Kenneth Andrade’s bet on Kaveri Seeds and the structural factors driving long-term value.
Most investing research optimizes for engagement.
We optimize for understanding.
The Process
We don't start with companies. We start with change.
Radical. Positive. Change.
Radical. Positive. Change. That’s what we’re after.
Our newsletter, First Principles Deep-Dives, covers listed companies undergoing such a transformation.
Forget value, growth, momentum, GARP, and other industry buzzwords. We seek change. Radical. Big. Positive. Change!
Garware Hi-Tech Films
On 8th July 2023, we spotted Garware Hi-tech films at a 13X PE. EPS growth was flat, but it was the only player in the sector that was moving.
The margin profile change was supported by a new winning product (Paint Protection Films). With hard work and some good fortune, we were in the right company at the right time, blessed with a 4X return.
Today it trades at 42X.
Corporate Restructuring
Let’s take another example: John Cockerill India Ltd.
We discovered the company on 8th August 2025. It was undergoing a change so radical it would completely reshape the size, shape, and margin profile of the Indian unit.
John Cockerill is a Belgian technology leader in the downstream steel value chain. The entire global metals/non-ferrous business was shoved into the Indian unit, giving it access to highly promising proprietary technologies.
Not value, not growth, not mo-mo, not moats. Radical. Positive. Change. Is what we’re hunting for.
Pivot & Shell Transformations
Another example is Megasoft (now Sigma Advanced Systems), discovered on September 5th 2025.
With an 800 crore market cap and 400 crores of other income from selling non-core assets, it was an empty shell with plans to transform into an Aerospace and Defence supplier.
By merging Sigma Advanced Systems (missile/aircraft electronics) and partnering with anti-drone players, it shifted its entire business model. The stock is up 3.5X since.
Capacity Expansion & Realities
Another one from the CDMO space is Ami Organics (now Acutaas Chemicals), identified in March 2024.
Beneath negative market sentiment, the company was commissioning a massive capex programme to expand capacity and reshape the business scale.
Crucially, nearly 30% of this upcoming capacity was pre-booked by a single customer, providing demand visibility and reducing risk. The stock is up 5.4X since.
We will make mistakes, but managing execution realities is part of the game.
Special Situations
Special Situations is the second mental model we cover, specifically demergers (like Triveni Engineering, Inox Green) and promoter changes (Restaurant Brands Asia).
While our weekly free articles outline these situations well, in First Principles Deep-Dives we go one step further.
We recognize the 2-3 key levers that drive any investment thesis, watch them like a hawk, and assess their probabilities relative to market expectations.
What Members Receive
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Comprehensive structural analysis on high-quality businesses. We dissect unit economics, capital allocation, and competitive advantages.
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Member-only memos covering specialized situations and fundamental deep-dives.
From Explosives to Power: Inside a 2,000 cr company with 4,000 cr cash.
Thanks to a series of asset sales - Land & explosives unit - this business has more cash coming in than its current market cap of Rs 1990 crore.
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