Sanjay Vora

Valuequest Investment Advisors

[Ravi Dharamshi @ravidharamshi77]

Can AI find a great company, or understand what makes one great for a decade?
I will explore this with long term investors and family offices at ET Alpha Wealth Summit 2.0.
What would you ask? Who knows? Your question may change the conversation.

https://t.co/GvypPHZIng

[Ravi Dharamshi @ravidharamshi77]

For the past 4 years, several respected and well-meaning voices have repeatedly warned investors about small caps, midcaps and SMEs. Alongside this, we have consistently heard that large caps are relatively cheaper and that money should rotate towards them.

The concerns have not been entirely misplaced. There has been speculation, weak governance and unjustifiable valuations in parts of the market. But identifying excess in some companies is very different from declaring an entire segment unattractive or repeatedly calling a market top.

A valuation call by itself is rarely enough for me to take meaningful money out of equities as an asset class.

I would consider doing that when excessive valuations along with investor leverage and excessive corporate leverage come together with a business cycle that is on the verge of turning. That is when the risk becomes systemic. Companies can go bust, capital structures can unravel and businesses that never deserved their valuations can fall 90–99%. That is not an ordinary market correction. It is permanent destruction of capital from which many companies never recover.

Current market conditions do not remotely resemble that setup. We do not see excessive leverage across investors and corporates, nor does the business cycle appear to be on the verge of a major downturn. Corporate balance sheets are broadly healthy and several investment cycles are still unfolding.

This is why repeated valuation-led calls on the market have largely been ignored. The market may correct, consolidate or rotate. Individual stocks can certainly fall sharply. But without systemic leverage and a turning business cycle, a broad call to move away from equities can create more opportunity loss than protection.

Many investors would have been better served by spending less time debating small caps versus large caps and more time identifying where the next profit pools were emerging. The opportunity was never in a market-cap category. It was in businesses undergoing meaningful change.

This is also why we prefer to begin with themes rather than valuation screens.

Where is the world changing? Which industries are reaching an inflection point? Where are new profit pools being created? Which companies have the capability and the right to win?

Valuation comes after understanding the opportunity.

If the starting point is purely mathematical valuation, many of the biggest opportunities will appear expensive precisely when their future is beginning to change. A screen can tell us that 10x P/E is cheaper than 40x. It cannot tell us when 10x is expensive and 40x is cheap.

The job is not to permanently favour small caps, midcaps or large caps. Nor is it to keep predicting the next market top.

The job is to keep finding new themes, identify the businesses best placed to capture them, pay a sensible price and remain invested while the thesis plays out.

Risk must be respected. But opportunity cost is also a risk. #markets #thematicinvesting #marketcapagnostic

[Bhooshan Shukla @docbhooshan]

Typically it takes 10-15 days of heavy rains in the ghats to fill up all the dams for Mumbai, Pune, Satara, Sangli and Kolhapur district.

This happens over 2-3 spells of heavy rains lasting 4-5 days each.

This water is enough for next 365 days.

This is the bounty of nature. This is the gift we have.

[Ravi Dharamshi @ravidharamshi77]

What’s the narrative now? They are making lot of silver or are we still going to run out of silver ? Gold is out of fashion? Or are there still bulls out there defending gold?

#gold #silver

[Sameer Shah @sameervq]

Our latest deep dive into a sector benefiting from powerful structural tailwinds and poised to continue creating compelling investment opportunities over the coming years.

[Jonty Rhodes @JontyRhodes8]

Watching @ShreyasIyer15 perform that acrobatic fielding to assist in taking the “team catch “ made me appreciate how fielding has evolved since my retirement. For a long time, I felt like the “father of fielding”, but watching these modern athletes with their timing and awareness on the boundary line, makes me feel like the “grandfather of fielding”! I spent 99% of my career fielding in the inner circle, and when I started working as a fielding coach, there was no focus on the modern day “hotspots” on the boundaries. It was only when I started working with @mipaltan and saw Kieron Pollard, and then Glenn Maxwell, performing these incredible “airborne saves” on the boundaries that we started focusing on not only taking catches off balls that were already beyond the rope, but even saving the ball from going for a sixer, and forcing the batters to run only 1 or 2. With impact players transforming the way that batters can continuously attack the bowling, even with the loss of 4-5 wickets, bowlers need to be backed up by their fielders, and Shreyas’ spectacular“catch and release” was a perfect example of that. But let’s face it; when your head coach is @RickyPonting, one of the greatest fielders in the game, it should not come as a great surprise to see such incredible feats in the field!

[ValueQuest @VQIndia]

Ravi Dharamshi in conversation with Sonia Shenoy.
"Worst is Over" for the Indian markets. If you’re looking for a signal in the noise, this is it.

Watch the full interview: https://t.co/PPM6R9l5Is

[Ravi Dharamshi @ravidharamshi77]

Two lazy market narratives:

High PE = expensive
Price Correction = cheap
Both miss the point.

Aggregates and broad narratives often hide the real opportunities. Not every business moves with the market’s script.

One of our most “expensive” buys on PE (>100 PE stock) became a 7 bagger in 3 years, scaled into a ₹1.2 lakh crore company (Large cap now not a small company), and is making fresh highs in volatile times.

Anyone looking at PE multiple would have missed it.

A falling stock is not automatically cheap either.
Price is a number. Value is future compounding of cash flows.

Markets reward those who can look beyond the narrative.

#Markets #Marketnarratives

[TJ Jackson @tjjackson]

“Don’t Walk. Moonwalk.” #michaelmovie

[MaxellCorp @MaxellCorp]

Maxell is bringing back a classic, w/ their brand new Cassette Player 🥳🎉

-Wireless AND Wired 🙌
-Rechargeable ⚡️
-11 Hours of Battery 🤯

* Step back into the 80’s with Maxell *

[ValueQuest @VQIndia]

"The real intelligence of a defence system lies in electronics — it's the nervous system. The true power of a fighter aircraft is its radar and electronic warfare equipment," says Vishwanath Padur, MD & CEO, Core-EL Technologies.

Panel I: Defence

@ravidharamshi77 @sameervq @AniketDharamshi

#Defence #Vantage2026 #PEInvestorDay #ValueQuest

[Ravi Dharamshi @ravidharamshi77]

India has 25 years to escape middle-income trap, warns Axis Bank economist - The HinduBusinessLine https://t.co/y84bPBSC7F

[ValueQuest @VQIndia]

"Post-COVID, demand in aerospace saw a V-shaped recovery. Supply never caught up. That gap is exactly where India's opportunity lies," says Venkatesh Mudragalla, Co-Founder & COO, Jeh Aerospace.

Panel II: Aerospace

@ravidharamshi77 @sameervq

#Aerospace #Vantage2026 #PEInvestorDay #ValueQuest

[ValueQuest @VQIndia]

Kicking off ValueQuest Investor Day - Vantage 2026. Looking forward to engaging with our investors as we share perspetives on our funds platform and large emerging themes. Stay tuned for highlights from the sessions.

@ravidharamshi77 @sameervq

#Vantage2026 #PEInvestorDay #ValueQuest #StayTuned

[ValueQuest @VQIndia]

Trades are cyclical. Megatrends are generational!
@ravidharamshi77 opening #Vantage2026 with a reminder of why supply chain resilience isn't a trend — it's a structurally necessary shift.

#Vantage2026 #PEInvestorDay #ValueQuest #SupplyChain

[ValueQuest @VQIndia]

"When pushed against the wall, change accelerates."
@neelkanthmishra at #Vantage2026 - war-like shocks don't just disrupt, they rewire. Just like infection builds immunity, crisis drives long-term structural shifts.

@ravidharamshi77 @sameervq

#GeopoliticsToGrowth #Vantage2026 #PEInvestorDay #ValueQuest

[ValueQuest @VQIndia]

"Our Private Equity philosophy is rooted in identifying and partnering with a select set of companies that don’t just grow, but have the potential to actively shape and accelerate meaningful change in India’s economic landscape.”
— Pushkar Jauhari on the S.C.A.L.E. Fund at #Vantage2026

#ScaleFund #Vantage2026 #PEInvestorDay #ValueQuest

[Sanjay Vora @SanjayvoraVora]

@darshanvmehta1 Arham Thai

[Megh Updates 🚨™ @MeghUpdates]

The statue of Chhatrapati Shivaji Maharaj at Pangong Lake, Ladakh, installed by the Indian Army in December 2024 has gone viral on social media sending goosebumps on the Jayanti of the great hindu warrior king.

[Ravi Dharamshi @ravidharamshi77]

₹1,500 cr milestone crossed — and Green Shoe activated.

Grateful for the trust. More excited about the road ahead.

We’re investing into India’s next capex decade — manufacturing, energy transition, defence & aerospace, precision engineering and deep tech — where opportunities are exploding and profit pools are expanding.

#ManufacturinginIndia #Tristar