Razor Capital

Moonlighting as an Indian public markets investor. DYOD. Nothing is Investment recommendations.

[Razor Capital @ThePatientCapi1]

Inspired by @persistencecap @9onecapital @SamitVartak @amitmantri @2point2capital @MGSolidarity and their efforts to discuss ideas in depth on X, wanted to share our thesis on PVR INOX. 🧵

Disclaimer: may hold a position. Academic discussion only, not investment advice.

[Razor Capital @ThePatientCapi1]

A great lender at a bad-news price. Check out the full deck here - https://t.co/zs7TIotZll

Would love to hear your thoughts...

Not investment advice.

[Razor Capital @ThePatientCapi1]

One of our favourite mental models: when the market de-rates an entire industry, it throws the baby out with the bathwater.

The highest-quality names often fall more than the industry, then re-rate first and come out stronger.

We think Aptus Value Housing is one. A 🧵. Please share your thoughts, and happy to discuss this!

This is just for academic purposes, not a recommendation. Please do your own research and diligence.

[Razor Capital @ThePatientCapi1]

What we watch: the small-business book, rivals moving into its ticket size, Andhra Pradesh at 43% of AUM, and growth fading.

Each one runs through the multiple. On its own, none costs more than ~2 points of IRR at a 2.75x exit.