Prathmesh Kamath

Views are *Personal*.

Avid Observationist

[Nalini Unagar @NalinisKitchen]

Mukesh Ambani has more money than most people can even imagine. Reliance has the money, power, talent and distribution to build something massive.

But what are they doing?

Campa Cola → Soft Drinks
Campa Sure → Packaged Water
Bombay Creamery → Ice Cream

Entering everyday markets where thousands of small businesses are already fighting.

American billionaires are putting billions into AI, robotics, space, biotech, chips and new technology. They are trying to build what the world will use 10 or 20 years from now.

And in India, our richest billionaires are busy creating Chindi ice cream brand.

What a waste of wealth and power.

There is nothing wrong with competition. But this is pathetic ambition from people who have the money and power to build something much bigger.

If you have that much money, build something India desperately needs. Invest in R&D. Build technology. Build factories. Build the future.

India needs billionaires who build the future, not ₹10 ice cream brand.

SHAMEFUL.

[Value Educator @ValueEducator]

Man Industries — From an Indian pipe manufacturer to a global energy infrastructure platform 🧵

#ManIndustries #MANINDS #SteelPipes #OilAndGas #EnergyInfrastructure #SaudiArabia #Infrastructure #Pipelines #Desalination #Manufacturing #IndianStocks #SmallCap #EquityResearch

[Yatin Mota @yatinmota]

Systematix Initiates coverage on Deepak Fertilizers with target of Rs 1900 per share (30% upside)

Expect the earnings to inflect in FY27, supported by three key catalysts

a) the commissioning of the Gopalpur technical ammonium nitrate (TAN) plant (96% complete) and the Dahej nitric acid complex

b) improved feedstock cost visibility under the 15-year Equinor LNG supply, which commenced deliveries from May 2026

c) materially stronger import-parity pricing for ammonia, nitric acid and TAN, driven by tightening global supply chains.

[Prathmesh Kamath @PrathmeshKamat2]

@blitzkreigm Any better place ?

[CNBC-TV18 @CNBCTV18News]

Would you drink water that was recycled from wastewater? 🤔

On the latest episode of Climate clock podcast, we unpack the biggest challenge in water recycling: human psychology.

@BrahmavarVikas, Founder and CEO of @BosonWhitewater explains why their team spent 2.5 years trying to convince people that treated recycled water is safe to drink, only to realise that the smarter first step was using high-quality recovered water in industries, cooling towers, and other non-drinking applications.

@sonalbhutra

#Recycle #ClimateClock #ClimateChange #Water #CNBCTV18Digital

[Prathmesh Kamath @PrathmeshKamat2]

@REDBOXINDIA Matlab paisa dekar sab settle ho sakta hei

[Advait Arora @WealthEnrich]

Promoter buying is always interesting. FII buying is interesting. But when promoters, FIIs and DIIs have all increased their holdings over three years and the business is also growing, it deserves a closer look.
I ran a few basic filters:
Market cap between ₹500 crore and ₹50,000 crore , Promoter pledging below 2%, ROCE above 10% & 3 year sales & profit growth above 5% & guess what ?
Only 18 companies cleared the screen.

Here they are with their key data:
1. Escorts Kubota
CMP ₹2,948.95 | Market Cap ₹32,992 crore | P/E 15.5x | ROCE 13.9%
3-year sales & profit growth: 11.0%, 46.6%
Promoters ⬆️ 0.40%
FIIs ⬆️ 0.75%

DIIs ⬆️ 0.79%

Stock is down nearly 15% in one year, yet all three groups have added. Valuation looks reasonable. Next trigger has to come from better revenue growth and ROCE.

2. Minda Corporation
CMP ₹698.10 | Market Cap ₹16,690 crore | P/E 46.2x | ROCE 12.8%

3-year growth: 12.9% sales, 8.3% profit

Promoters ⬆️ 0.11%

FIIs ⬆️ 3.56%
DIIs ⬆️ 5.99%
Institutional buying is strong, especially from DIIs. At 46x earnings the valuation already runs ahead of recent growth.

3. KSB
CMP ₹878.45 | Market Cap ₹15,288 crore | P/E 55.6x | ROCE 24.7%

3-year growth: 14% sales, 17% profit

Promoters ⬆️ 3.11%

FIIs ⬆️ 0.67%

DIIs ⬆️ 1.48%

Strong ROCE and clear promoter accumulation. The issue is valuation — 55x needs much faster growth than what the company has delivered so far.

4. Welspun Enterprises
CMP ₹605.60 | Market Cap ₹8,382 crore | P/E 21.4x | ROCE 16.8%
3-year growth: 9.4% sales, 13.1% profit
Promoters ⬆️ 1.60%

FIIs ⬆️ 0.19%

DIIs ⬆️ 6.71%

Sharp rise in DII holding stands out. Valuation is not expensive, but growth has been only moderate. Execution on infrastructure and water projects will matter more than the screen.

5. Indiabulls
CMP ₹31.25 | Market Cap ₹7,280 crore | P/E 15x | ROCE 16.2%
3-year growth: 1,864% sales, 50% profit

Promoters ⬆️ 5.45%
FIIs ⬆️ 5.42%
DIIs ⬆️ 0.11%
Sales growth number is heavily distorted by a low base or change in business. Promoter and FII accumulation is large, but the raw numbers need much deeper checking.

6. Ashapura Minechem
CMP ₹711 | Market Cap ₹6,792 crore | P/E 16.7x | ROCE 20.7%
3-year growth: 42% sales, 50.6% profit

Promoters ⬆️ 2.70%

FIIs ⬆️ 2.13%

DIIs ⬆️ 0.26%

One of the cleaner combinations here — good growth, ROCE above 20%, moderate valuation and meaningful promoter buying. Main question is how much of this is cyclical.

7. Suprajit Engineering
CMP ₹491.85 | Market Cap ₹6,747 crore | P/E 36x | ROCE 16%
3-year growth: 11.6% sales, 7.1% profit

Promoters ⬆️ 0.63%

FIIs ⬆️ 1.43%

DIIs ⬆️ 1.11%

All three groups have added, but profit growth stays modest. At 36x the company needs stronger delivery from global operations and new products.

8. RPG Life Sciences
CMP ₹2,946.70 | Market Cap ₹4,874 crore | P/E 44.4x | ROCE 25.7%

3-year growth: 11.3% sales, 17.2% profit
Promoters ⬆️ 0.14%
FIIs ⬆️ 0.62%
DIIs ⬆️ 8.41%

8.4% rise in DII holding is one of the biggest ownership shifts on the list. Business quality and ROCE look good, but valuation already prices in a lot of that quality.

9. SG Finserve
CMP ₹687.80 | Market Cap ₹4,532 crore | P/E 28.9x | ROCE 9.3%

3-year growth: 100.4% sales, 90.7% profit

Promoters ⬆️ 7.57%

FIIs ⬆️ 0.44%

DIIs ⬆️ 1.24%
Promoters have increased holding sharply and growth has been rapid. Operating history in the current form is short : asset quality and funding costs need close tracking.

10. SEAMEC
CMP ₹1,421.65 | Market Cap ₹3,615 crore | P/E 14.4x | ROCE 20%
3-year growth: 29.6% sales, 106.3% profit

Promoters ⬆️ 0.68%

FIIs ⬆️ 3.28%

DIIs ⬆️ 4.39%

Strong numerical combination: profit growth above 100%, ROCE near 20%, moderate valuation and solid institutional accumulation. Offshore services earnings can be cyclical and contract-driven, so caution is needed.

11. Spectrum Electrical Industries
CMP ₹2,205.55 | Market Cap ₹3,466 crore | P/E 78x | ROCE 16.8%
3-year growth: 27.6% sales, 73.9% profit
Promoters ⬆️ 1.27%
FIIs ⬆️ 3.63%

DIIs ⬆️ 0.29%

Growth has been strong and FIIs have added meaningfully. At 78x earnings there is almost no room for a normal quarter or any execution miss.

12. Kwality Pharmaceuticals
CMP ₹2,745.45 | Market Cap ₹2,849 crore | P/E 41.9x | ROCE 24.3%

3-year growth: 26.1% sales, 29.1% profit

Promoters ⬆️ 0.12%

FIIs ⬆️ 3.13%
DIIs ⬆️ 0.55%
Healthy growth and ROCE, plus rising FII ownership. Valuation is demanding — future returns depend on sustaining growth above 25%.

13. K.P. Energy
CMP ₹306 | Market Cap ₹2,075 crore | P/E 11.4x | ROCE 39.2%

3-year growth: 50.7% sales, 61.7% profit

Promoters ⬆️ 0.51%

FIIs ⬆️ 0.34%

DIIs ⬆️ 1.03%

Strongest headline combination on the list: fast growth, nearly 40% ROCE and low P/E. The only real question is whether these numbers can hold through the renewable-energy cycle.

14. SKM Egg Products Export
CMP ₹321.90 | Market Cap ₹1,695 crore | P/E 16.3x | ROCE 30%
3-year growth: 5.1% sales, 11% profit
Promoters ⬆️ 1.91%

FIIs ⬆️ 0.92%

DIIs ⬆️ 0.21%

Excellent ROCE and reasonable valuation. Revenue growth has been slow and earnings can swing with raw-material prices and export demand.

15. IZMO
CMP ₹1,093 | Market Cap ₹1,635 crore | P/E 34.4x | ROCE 12.6%

3-year growth: 22.8% sales, 33.4% profit

Promoters ⬆️ 6.23%
FIIs ⬆️ 1.92%
DIIs ⬆️ 0.52%
6.2% rise in promoter holding is hard to ignore. Growth has been strong, but valuation and modest ROCE mean the quality of earnings and cash flows needs examination.

16. Associated Alcohols & Breweries
CMP ₹790 | Market Cap ₹1,586 crore | P/E 19.1x | ROCE 18%

3-year growth: 13.3% sales, 28.2% profit

Promoters ⬆️ 3.90%

FIIs ⬆️ 0.13%

DIIs ⬆️ 1.26%

Promoter accumulation, decent profit growth and reasonable valuation form a fair combination. Stock is down around 25% in one year — market seems to be questioning the near-term outlook.

17. Lincoln Pharmaceuticals
CMP ₹579.50 | Market Cap ₹1,161 crore | P/E 13.2x | ROCE 16.3%
3-year growth: 9.6% sales, 6.6% profit

Promoters ⬆️ 1.11%

FIIs ⬆️ 2.86%

DIIs ⬆️ 0.27%

Low valuation and rising institutional ownership. Sales and profit growth remain weak, so clear earnings acceleration is needed for any meaningful re-rating.

18. Fedders Holding
CMP ₹44.11 | Market Cap ₹888 crore | P/E 11.3x | ROCE 11.2%

3-year growth: 37.7% sales, 61.7% profit
Promoters ⬆️ 5.77%
FIIs ⬆️ 0.20%
DIIs ⬆️ 0.17%

Promoters have increased holding significantly and reported growth looks attractive at a low multiple. Small size, weak cash-flow conversion and relatively low ROCE make this a higher-risk name that needs deeper study.

Simple point: when promoters, FIIs and DIIs are all buying, it is worth paying attention. Ownership changes only give a clue. They cannot replace actual business analysis.

[Prathmesh Kamath @PrathmeshKamat2]

@ChanderBhatia01 Chak de 🇮🇳

[Saurav Anand @sauravanand04]

🛢️𝐎𝐈𝐋 𝐀𝐁𝐎𝐕𝐄 $𝟏𝟎𝟎: Shipping disruptions raise India’s crude, freight and insurance costs. #Oil

☢️𝐀𝐃𝐀𝐍𝐈 𝐍𝐔𝐂𝐋𝐄𝐀𝐑 𝐁𝐄𝐓: Bina, Nigrie shortlisted; 10 GW planned by 2035. #Nuclear

⛏️𝐌𝐈𝐍𝐄 𝐂𝐋𝐎𝐒𝐔𝐑𝐄 𝐏𝐔𝐒𝐇: ₹36,398 cr lined up for 339 mines. #Coal

[Prathmesh Kamath @PrathmeshKamat2]

@mountain_rats I have ss now even if u delete one 🤪

[Prathmesh Kamath @PrathmeshKamat2]

@mountain_rats Argentina will win 2-1

[Prathmesh Kamath @PrathmeshKamat2]

@NalinisKitchen Probably waiting for his bharat ratna….hence 🤐

[Ishan Tanna 🇮🇳 @IshanTanna1]

Curated list of 40 high growth companies that can double their PAT in next 2-3 years

[ₕₐₘₚₜₒₙ @hamptonism]

Watching this full 18-minute interview with Palantir CEO, Alex Karp is enough to teach you more about Ai than any institution would ever teach you:

[SHREEKARAM Investments 🪙 @RealShreekaram]

🚨 Jio Platforms IPO

India’s biggest digital connectivity business has filed its DRHP for a fresh-issue IPO 🔥

♾ Shareholder Quota YES

Not an OFS. IPO funds planned mainly for debt prepayment at Reliance Jio Infocomm.

♾ IPO details
🔹 Mainboard IPO
🔹 Issue structure: 100% fresh issue
🔹 Fresh issue: Up to 27 crore equity shares
🔹 Face value: ₹10
🔹 Registrar: KFin Technologies

♾ BRLMs include Kotak Mahindra Capital, Morgan Stanley India, BofA Securities India, Axis Capital, BNP Paribas, Citi, CLSA, DAM Capital, Goldman Sachs, HDFC Bank, HSBC, ICICI Securities, IIFL Capital, Jefferies, JM Financial, J.P. Morgan, SBI Capital Markets, UBS and 360 ONE WAM.

🔹 Jio Platforms is Reliance’s digital connectivity and digital services platform.
🔹 Key subsidiary is Reliance Jio Infocomm, which runs Jio’s telecom and broadband business.
🔹 Offers mobile connectivity, 5G, fixed broadband, JioFiber, JioAirFiber, enterprise connectivity, cloud, IoT, private 5G, CPaaS, managed services, smart home solutions and digital apps.

🔹 As of 31 Mar 2026, RJIL had 52.44cr customers.
🔹 Jio had 26.85cr 5G customers.
🔹 JioFiber & JioAirFiber together had 2.71cr customers, making Jio India’s largest fixed broadband service provider.
🔹 MyJio had 21.59cr avg monthly active users in FY26.
🔹 60% of India’s wireless data traffic was carried on Jio network in FY26.
🔹 Its wireless broadband network covers over 99% of India’s population, while fixed broadband coverage extends to around 98% of pin codes.

♾ Use of IPO money
🔹 ₹27,500 Cr is proposed to be used for prepayment, in full or part, of certain borrowings of Reliance Jio Infocomm.
🔹 Balance funds for general corporate purposes.
🔹 General corporate purposes will not exceed 25% of gross proceeds.

♾ Promoters and key shareholders
🔹 Promoter: @RIL_Updates
🔹 RIL pre-IPO holding: 66.43%

🔹 Key public shareholders:
♦️ Jaadhu Holdings, Meta affiliate: 9.98%
♦️ Google International LLC: 7.73%
♦️ Public Investment Fund, Saudi Arabia: 2.31%
♦️ KKR affiliate Omicron Asia Holdings II: 2.31%
♦️ Vista affiliate VEPF VII AIV I: 2.31%
♦️ Silver Lake affiliate SLP Redwood Holdings: 1.88%
♦️ Mubadala-linked MIC Redwood 1 RSC: 1.85%
♦️ General Atlantic Singapore: 1.34%
♦️ ADIA-linked Platinum Jasmine A 2018 Trust: 1.16%

♾ Financials
🔹 Revenue from operations:
♦️ FY24: ₹1.10 lakh Cr
♦️ FY25: ₹1.28 lakh Cr
♦️ FY26: ₹1.47 lakh Cr

🔹 EBITDA:
♦️ FY24: ₹54,959 Cr
♦️ FY25: ₹64,170 Cr
♦️ FY26: ₹76,255 Cr

🔹 PAT:
♦️ FY24: ₹21,423 Cr
♦️ FY25: ₹26,109 Cr
♦️ FY26: ₹30,049 Cr

🔹 EBITDA margin:
♦️ FY24: 50.16%
♦️ FY25: 50.05%
♦️ FY26: 51.91%

🔹 PAT margin:
♦️ FY24: 19.55%
♦️ FY25: 20.36%
♦️ FY26: 20.46%

🔹 FY26 diluted EPS: ₹33.59
🔹 FY26 NAV per share: ₹373.66
🔹 FY26 RoNW: 9.42%
🔹 FY26 ROCE: 10.76%
🔹 FY26 net leverage: 0.36x
🔹 FY26 operating cash flow: ₹77,556 Cr
🔹 FY26 EBITDA less cash capex: ₹42,071 Cr

🔹 Rev from operations grew at 15.79% CAGR bw FY24 and FY26.
🔹 EBITDA grew at 17.79% CAGR bw FY24 and FY26.
🔹 PAT grew from ₹21,423 Cr in FY24 to ₹30,049 Cr in FY26.
🔹 Net leverage improved from 0.88x in FY24 to 0.36x in FY26.
🔹 Cash generation improved sharply, with EBITDA less cash capex rising from ₹1,449 Cr in FY24 to ₹42,071 Cr in FY26.

♾ Disclosed FY26 diluted EPS of ₹33.59.
🔹 DRHP peer P/E range:
♦️ Highest: 42.27x
♦️ Lowest: 4.65x
♦️ Average: 23.46x

♾ Peer comparison
🔹 Peer set includes Bharti Airtel and Vodafone Idea.
🔹 Jio FY26 customer base: 52.44cr
🔹 Bharti Airtel customer base: 66.60cr
🔹 @airtelindia excluding passive infrastructure: 48.24cr
🔹 Vodafone Idea @ViNewsOfficial customer base: 19.28 crore

🔹 Jio FY26 ARPU: ₹214
🔹 Bharti Airtel India mobile ARPU: ₹257.2
🔹 Vodafone Idea ARPU: ₹174

🔹 Jio FY26 data traffic: 241.4 billion GB
🔹 Airtel India mobile data traffic: 101.3 billion GB
🔹 Vodafone Idea data traffic: 28.9 billion GB

🔹 Jio monthly data consumption per cust: 42.3 GB
🔹 Bharti Airtel India mobile: 31.4 GB
🔹 Vodafone Idea: 20.2 GB

🔹 Jio FY26 EBITDA margin: 51.91%
🔹 Bharti Airtel consolidated EBITDA margin: 57.48%
🔹 Vodafone Idea EBITDA margin: 42.35%

♾ Strengths
🔹 India-scale customer base with 52.44 crore customers.
🔹 Large 5G base with 26.85 crore 5G customers.
🔹 Strong fixed broadband position through JioFiber and JioAirFiber.

🔹 FY26 EBITDA margin above 51%.
🔹 PAT has grown consistently over FY24–FY26.
🔹 Operating cash flow is strong.
🔹 Net leverage has reduced meaningfully.

🔹 Jio carries a very large share of India’s wireless data traffic.
🔹 Company has deep digital distribution through MyJio, Jio Centres and Jio Points.
🔹 Company and its subsidiaries have applied for 6,817 patents across 4G, 5G, 6G, cloud-native core network architectures, AI-driven network automation and other digital technologies.

♾ Watch-outs
🔹 IPO is a fresh issue, dilution will happen.
🔹 Telecom is a heavily regulated business.
🔹 RJIL’s unified licence is due for renewal in October 2033, while spectrum expires bw 2041 and 2042.

🔹 Future spectrum renewals or auctions can require large capital outflows.
🔹 Business performance depends on network quality, uptime, spectrum, technology upgrades and customer retention.
🔹 The company depends on passive infrastructure providers for towers and fibre.
🔹 Out of 3.60 lakh network towers used by Jio, 1.74 lakh were owned by Summit Digitel Infrastructure as of 31 Mar 2026.
🔹 Jio also relies on Jio Digital Fibre for substantially all optic fibre network requirements apart from last-mile fibre owned by RJIL.

🔹 Reliance Retail is the sole distributor of Jio’s prepaid connectivity services.
🔹 Prepaid connectivity formed 77.08% of consolidated revenue from operations in FY26.
🔹 Related-party arrangements with Reliance Group entities are important and should be read carefully.
🔹 Cybersecurity, data privacy, AI governance and technology obsolescence are important long-term risks.
🔹 Satellite connectivity, AI-led products and newer network technologies can change the competitive landscape.

⚠️ This is not a buy/sell recommendation. Always read the RHP/DRHP, check valuation, risks and your own financial situation before applying.

#jioipo #jioplatforms #reliancejio #relianceindustries #ipoindia #mainboardipo #telecom #5g

[Prathmesh Kamath @PrathmeshKamat2]

@mybmc @myBESTBus Milan subway bus stop (in red), is so dangerous while taking a sharp turn on WEH. Buses often stop suddenly, posing a safety risk to nearby vehicles.

**Request if possible to change the bus stop location for Safe Driving Experience**

@htTweets @EconomicTimes

[Ishan Tanna 🇮🇳 @IshanTanna1]

Sounds surprising, right?

Helmet makers emerged as an unexpected beneficiary of West Bengal's political transition.

Studds reported nearly 70% volume growth in West Bengal during May. Vega helmet distributors reported around 30% growth, while helmet retailers in Kolkata saw sales growth accelerate to 40–60%, compared to the earlier trend of 8–9%.

The trigger was a sharp increase in traffic-rule enforcement. Kolkata Police issued over 35,600 helmet-related prosecutions in May alone, while statewide violations are estimated to be more than double that number.

The market reaction was immediate. Studds Accessories surged as much as 20% in a single trading session as investors bet that stricter enforcement could translate into sustained demand growth.

*This is a great example of how political and regulatory changes create second-order winners.* A road-safety crackdown doesn't just affect commuters. It creates demand for helmet manufacturers, distributors, retailers, and the broader auto-accessories ecosystem.

Investors often focus on the obvious beneficiaries of policy changes. But sometimes the biggest opportunities emerge from effects hiding in plain sight.

[Prathmesh Kamath @PrathmeshKamat2]

@sauravanand04 75.6 or 86.3?

[Advait Arora @WealthEnrich]

Promoters are buying more.
Sales & Profits are growing.
And these are still small cap businesses.
📈it is always interesting when both business performance and promoter conviction move in the same direction. 👇

[Prathmesh Kamath @PrathmeshKamat2]

@REDBOXINDIA ONGC concall
Management: We are also turning unpredictable like our reservoir