The Moat Investor

Stock analysis blog. driven business analysis and moat as core of investing.

[The Moat Investor @DMoatInvestor]

Ola Electric IPO Analysis

A THREAD

Business

established in 2017
founded by Bhavish Agarwal of Ola CabS

is the largest manufacturer of EV 2 wheelers in India.
They manufacture EVs and certain core EV components like battery packs, motors and vehicle frames at the Ola Futurefactory.

[The Moat Investor @DMoatInvestor]

SEBI has issued an order and fined Suzlon Energy 34 cr.

Was looking at FY15 and FY16 financials.
Thoughts worth pondering -

Fixed assets was ~5850cr in FY15 and 1575cr in FY16.
So was there an asset sale or asset impairment of ~4300cr ?

In 1 yr, asset turns increased from 3 to 6! Why?

Cashflow from financing doesn't show fixed assets sale in that tune.
Similar entries should reflect in other income under asset sale.

Seems an asset impairment. But why?
To this tune- 4300cr.

[Black Edge @BlackEdgeFund]

Warren Buffett and Charlie Munger on why reading fast is overrated:

At a Berkshire Hathaway meeting, shareholder Keith McGawan asks Buffett for advice on reading faster, noting that Buffett gets through five newspapers a day plus a steady diet of 10Ks and 10Qs.

Buffett's answer is disarmingly humble.

Despite his legendary reading habit, he confesses: "Unfortunately, I'm not a fast reader." He even adds that Charlie can read faster than he can, and that "it's a huge advantage to be able to read fast."

Then he tells a story on himself, by way of Woody Allen:

"I read War and Peace last night in 20 minutes. It's about Russia."

That punchline, Buffett admits, hits a little too close: "that's the problem I have when I try and read fast. I get all through reading the book and I say it's about business."

But for Buffett, the point was never the speed. It's the act itself:

"There's hardly anything more pleasurable... than reading and reading and reading and reading. And Charlie and I do a lot of it. We continue to do a lot of it."

Then Munger reframes the entire question and quietly dismantles the premise:

"I think speed is overestimated. I had a roommate at Caltech who had a very distinguished mind and I could do problems faster than he could, but he never made a mistake and I did. So I wouldn't be too discouraged if you have to go a little slower. What the hell difference does it make?"

[The Moat Investor @DMoatInvestor]

“Until you can manage your emotions, don't expect to manage money.”

— Warren Buffett

[Investment Wisdom @InvestingCanons]

Warren Buffett: “I will say this about investing: everything you learn is cumulative. What I learned at 20 is useful to me now. What I learned at 25 is useful to me now.”

Buffett & Charlie Munger on compounding knowledge & becoming a “Learning Machine”:

[The Moat Investor @DMoatInvestor]

“In my whole life, I have known no wise people (over a broad subject matter area) who didn't read all the time — none, zero.”

- Charlie Munger

[The Moat Investor @DMoatInvestor]

It takes character to sit with all that cash and to do nothing.

I didn't get to where I am by going after mediocre opportunities.

- Charlie Munger

[The Moat Investor @DMoatInvestor]

No formula in finance tells you that the moat is 28 feet wide and 16 feet deep. That's what drives the academics crazy. They can compute standard deviations and betas, but they can't understand moats.

- Warren Buffett

[The Moat Investor @DMoatInvestor]

Bajaj finance Q3 FY26

- 1406cr provision for MSME segment
- full yr growth guidance lowered to 22% from 23-24%
-MSME recovery will take 2-3 qtrs more
- Cost of funds improved to 7.45% (7 bps up QoQ)
-Capital adequacy 21.45%
-Annualized credit cost 1.91%

-Planning 800+ autonomous agents across sales, operations, HR, IT, risk, DMS by FY27
-MSME intentionally slowed 11% in Q3 , expect to grow > 20% in Q3 FY27

-Opex to net total income 32.8%
-ROE 19.6% vs 19.1%
-ROA 4.6% vs 4.5%
- NNPA 0.47% vs 0.48%

[The Moat Investor @DMoatInvestor]

Polycab Q3 FY26

-EBITDA grew 34% YoY but margins compressed 50 bps QoQ to 12.7% (13% excluding ₹219 million gratuity provision) due to deliberate staggered pass-through of commodity cost inflation

In the July 2025 call, management emphasized their ability to 'swiftly' pass on price changes to protected profitability.

- Ad spend 1.5% of revenues vs guidance of 3-5% during the festive season

-domestic W&C growth accelerated to 59% YoY with 40% volume growth

-Capacity utilization at 80%
-Copper prices surged 35% in Apr-Dec FY26 (21% in Q3 alone), aluminium up 27%

-9M total capex ₹1090cr, in-line with Project Spring guidance of ₹1200-1600 cr annually through FY30
-Company targets long-term W&C EBITDA margins of 11-13%

- PAT Margins 8.3% vs 8.9%, PAT growth 36%

[The Moat Investor @DMoatInvestor]

Vedant fashions Q3 FY26-

-SSSG of -5.5% ( degrowth), 9M 1.8% growth
- gross margins 65.7% vs 67.3%- declined
-PAT margins 27.4% vs 30.9%
- area 1.79 mn sqft
- Revenue /sq ft - 7800Rs
- revenues are stagnant for last 3 yrs

co has backed off from earlier expansion plan of 10-15% area per year..

Co launched " The Manyavaar Shaadi Show" with Karan Johar

Majority of Vedant Fashions' products moved from 12% to 18% GST

P/E has fallen from 70-80 to 30.

[The Moat Investor @DMoatInvestor]

Electronics FY25 revenue $125bn
IT FY25 revenues $283bn

[The Moat Investor @DMoatInvestor]

12

Baazar Style Retail-

Revenue Growth: Revised FY26 guidance from 25% to 30%

SSSG Target: 7-8%
​
Strategic Focus: Private label expansion targeting 60%+ contribution, cluster-based expansion in Eastern India
​
Key Announcements: Complete utilization of ₹185 crore IPO proceeds for debt repayment. Targeting 400+ stores by FY27. Added 36 stores in H1 FY26, on track to meet 40-50 store target for FY26

[The Moat Investor @DMoatInvestor]

Value Retail Players- a Deep Dive

Industry outlook

The value retail segment is poised for exceptional growth, benefiting from the convergence of

1. rising aspirational consumption in smaller cities
2. increasing acceptance of private labels,
3. retailers' strategic focus on affordable yet fashionable offerings.

A THREAD

[The Moat Investor @DMoatInvestor]

11

Vishal Megamart-

Revenue Growth: Sustained 20%+ growth trajectory

​SSSG Target: 10-12% adjusted SSSG

Strategic Focus: Private label expansion (now at 75.8%), quick commerce in 670 stores across 445 cities, South India expansion (Karnataka, Kerala)

Key Announcements: Added 51 stores in H1 FY26. Exploring smaller store formats in new markets like Kerala. Consumer base reached 151 million