Dr Manish jaiswal

MBBS, MD. Associate professor, Radiology....my passion...
keen interest in stock market. Long-term investor!

[Sumit Bansal @NiftyGranmaster]

I have bought Monolithisch India at 694 as a part of SME Portfolio today. Target 10x in 5 years.

[Sumit Bansal @NiftyGranmaster]

I have bought Silkflex Polymers (India) Ltd at 199.50 as a part of SME Portfolio on 9 June 2026 . Target 10x in 5 years.

[Sumit Bansal @NiftyGranmaster]

I have bought Cryogenic OGS at 258 today as a part of SME Portfolio. Target 10x in 5 years.

[Sumit Bansal @NiftyGranmaster]

I have bought Sedemac Mechatronics at 2473.05 today. Target 10x in 5 years.

[Sumit Bansal @NiftyGranmaster]

I have bought Sky Gold & Diamonds today at 550. Target 10x in 5 years.

[Sumit Bansal @NiftyGranmaster]

I have bought Kilburn Engineering at 591 on 26th November 2025 as a part of SMALLCAP Portfolio. Target 10x in 5 years.

[Sumit Bansal @NiftyGranmaster]

https://t.co/izafayYXQq

Crossed 2x !!
Netweb Technologies has crossed 2x from my entry level.

And this is just the starting point because Netweb isn't a stock that rallied. It's infrastructure that's materializing !

Rs 1,734 crore order [Q4 FY26-H1 FY27 execution], indigenous GPU servers, Blackwell architecture designed and manufactured in India, Defense-grade AI systems, ISRO's Vikram Sarabhai supercomputers [Rs 147.7 Cr order], IndiaAI Mission infrastructure- this isn't speculation—it's strategic infrastructure being deployed at national scale.

While the world builds AI on imported silicon, Netweb is architecting India's digital sovereignty through indigenous GPU infrastructure, sovereign compute systems, and cutting-edge AI servers that will power India's ecosystem, capabilities, and technological ambitions for this decade and beyond.

𝗧𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝘀𝗲𝗲𝘀 𝗮 𝘀𝘁𝗼𝗰𝗸 𝘁𝗵𝗮𝘁 𝗱𝗼𝘂𝗯𝗹𝗲𝗱. 𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 𝘀𝗲𝗲 𝗜𝗻𝗱𝗶𝗮'𝘀 𝗔𝗜 𝗱𝗲𝗰𝗮𝗱𝗲 𝗯𝗲𝗶𝗻𝗴 𝗯𝘂𝗶𝗹𝘁 𝗶𝗻 𝗿𝗲𝗮𝗹-𝘁𝗶𝗺𝗲.

Rs 1,734 Cr order (Q4 FY26-H1 FY27 execution), Rs 450 Cr follow-on (end FY26), Rs 4,142 Cr order book, Q1 FY26: 100% YoY PAT growth on 101.7% revenue acceleration, AI segment at 300% YoY growth- these aren't numbers—they're execution proof.

When the next wave of orders lands and it will- when margin expansion inflects as AI mix scales, when capacity utilization hits 80%+, when international markets open—that's where broader market consensus would finally arrive.

By then, conviction capital would have already compounded !

𝗕𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝗚𝗣𝗨 𝗿𝗮𝗶𝗹𝘀 𝗳𝗼𝗿 𝗜𝗻𝗱𝗶𝗮'𝘀 𝗔𝗜 𝗱𝗲𝗰𝗮𝗱𝗲 𝗶𝘀𝗻'𝘁 𝗽𝗼𝗲𝘁𝗿𝘆. 𝗜𝘁'𝘀 𝗮𝗿𝗶𝘁𝗵𝗺𝗲𝘁𝗶𝗰. And the math is just getting started !

When governments commit Rs 10,300 crore to sovereign compute and pick you as India's ONLY indigenous end-to-end HPC OEM with NVIDIA manufacturing partnership, that's not luck.

That's structural moat.

When national missions like IndiaAI Mission succeed— the execution enablers compound.

That's not speculation. That's history: Infosys (IPO to 10,000x), HDFC Bank (post-housing boom), TCS (infrastructure enabler, 15-year compounder).

The pattern repeats: infrastructure + policy + execution = compounding returns for patient capital.

𝗧𝗵𝗲 𝘀𝗺𝗮𝗿𝘁 𝗺𝗼𝗻𝗲𝘆 𝗿𝗲𝗰𝗼𝗴𝗻𝗶𝘇𝗲𝘀 𝘁𝗵𝗶𝘀 𝗽𝗮𝘁𝘁𝗲𝗿𝗻.

The smart money isn't still celebrating this 2x. It's still accumulating it—because smart money understands what most don't.

Market is still pricing Netweb as just another stock which is India's AI infrastructure play !

India's AI revolution will 𝗻𝗼𝘁 run on foreign dependencies. It will run on indigenous architecture- on companies like Netweb, building the rails that power a nation's digital sovereignty.

When national tech missions align with execution with a flawless delivery and margin expansion, the enabler stocks don't 2x.

𝗧𝗵𝗲𝘆 𝗰𝗼𝗺𝗽𝗼𝘂𝗻𝗱 𝗮𝗻𝗱 𝗸𝗲𝗲𝗽 𝗰𝗼𝗺𝗽𝗼𝘂𝗻𝗱𝗶𝗻𝗴 𝗳𝗼𝗿 𝗱𝗲𝗰𝗮𝗱𝗲𝘀.

[Sumit Bansal @NiftyGranmaster]

I have bought R&B Denims today at 123.81 as a part of the SMALLCAP Portfolio. Target 10x in 5 years.

[Sumit Bansal @NiftyGranmaster]

I have bought Vintage Coffee & Beverages today at 164.99 as a part of the SMALLCAP Portfolio. Target 10x in 5 years.

[Sumit Bansal @NiftyGranmaster]

I have bought Viviana Power Tech at 1610 today as a part of the SME Portfolio. Target 10x in 5 years.

[Sumit Bansal @NiftyGranmaster]

https://t.co/VZ9vEk5pXX

Jeena Sikho Lifecare has crossed 3x in just over 1 year.

From my entry at 258.80 on 16 Aug 2024 (pre‑split 1294) to today’s 837, what began as a structural and strategic bet on India’s wellness revolution has matured into another validation of patience-backed conviction.

Jeena Sikho Lifecare is yet another example of 𝗦𝗽𝗼𝘁𝘁𝗶𝗻𝗴 𝗦𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗮𝗹 𝗧��𝗶𝗹𝘄𝗶𝗻𝗱𝘀 𝗕𝗲𝗳𝗼𝗿𝗲 𝗖𝗼𝗻𝘀𝗲𝗻𝘀𝘂𝘀.

In August 2024, the consensus was still half‑asleep to the structural changes brewing in AYUSH.

Post‑COVID Pharma chatter had faded.

And the AYUSH sector was merely a polite murmur in the corner.
Too “niche” for the big funds, too “slow” for the momentum chasers.

But if you listened closely, you could hear the hum of something building — a 𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗮𝗹 𝘁𝗶𝗱𝗲 that would not be stopped and a 𝗱𝗲𝗰𝗮𝗱𝗮𝗹 𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗮𝗹 𝘀𝗵𝗶𝗳𝘁 that was underway.

India was pivoting from reactive treatment to 𝗽𝗿𝗲𝘃𝗲𝗻𝘁𝗶𝘃𝗲 𝘄𝗲𝗹𝗹𝗻𝗲𝘀𝘀, as post pandemic awareness rewired consumer priorities. The Government policy was also aligning with heritage.

India’s wellness revolution wasn’t a quarterly theme — it was a decadal structural shift. Most saw it as “alternative medicine.”

I saw 𝗺𝗮𝗶𝗻𝘀𝘁𝗿𝗲𝗮𝗺 𝘄𝗲𝗹𝗹𝗻𝗲𝘀𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗺𝗮𝗸𝗶𝗻𝗴 — a 20‑year runway, not a 2‑year trade.

This 2‑𝗱𝗲𝗰𝗮𝗱𝗲 𝘀𝗵𝗶𝗳𝘁 toward preventive healthcare was going to be an irreversible wave.

And this wasn’t just about chasing a wave — this was more about finding a wave‑creator and identifying a superior business model.

Jeena Sikho’s business model was 𝗰𝗮𝗽𝗶𝘁𝗮𝗹‑𝗹𝗶𝗴𝗵𝘁, 𝗳𝗿𝗮𝗻𝗰𝗵𝗶𝘀𝗲‑𝗱𝗿𝗶𝘃𝗲𝗻, 𝗮𝗻𝗱 𝗲𝘅𝗽𝗼𝗻𝗲𝗻𝘁𝗶𝗮𝗹𝗹𝘆 𝘀𝗰𝗮𝗹𝗮𝗯𝗹𝗲.

While others poured crores into concrete and steel, Jeena Sikho scaled through partnerships, keeping ROCE above 70% and debt at zero.

• Setup cost: 2.5–3.5 lakh per bed vs 15–25 lakh industry norm.

• 53 of 111 facilities run by franchisees.

• Payback periods under 6 months for smaller hospitals.

This wasn’t just a healthcare company.
It was a 𝗽𝗹𝗮𝘁𝗳𝗼𝗿𝗺 𝘄𝗶𝘁𝗵 𝗻𝗲𝘁𝘄𝗼𝗿𝗸 𝗲𝗳𝗳𝗲𝗰𝘁𝘀 !

By August 2024, Jeena Sikho had:

• NABH accreditations at scale with 24 NABH accredited facilities (~12% of India’s accredited Panchakarma centres).

• CGHS empanelment and insurance coverage — rare in this niche segment.

• A track record of consistent reinvesting into brand, process, and training.

The story was obvious — but only for those who were looking in the right place.

Brokerage reports didn’t capture it. Quarterly screeners didn’t flag it.

But operational metrics, patient throughput, and franchisee economics- all were telling a different story !

This was a team that could scale without losing soul !

Bridging five‑thousand years of Ayurvedic wisdom with modern delivery wasn’t a line in excel valuation models — it lived in the operational metrics you only see after you do the 𝗱𝗲𝗲𝗽 𝘄𝗼𝗿𝗸.

Product development, quality control, supply chain reliability, clinical validation and brand trust were the real inputs.

Those are the knobs you turn to move from idea to repeatable revenue, and they’re invisible to anyone who skims quarterly slides.

Jeena Sikho’s mirrored 𝗡𝗲𝘄 𝗜𝗻𝗱𝗶𝗮’𝘀 𝗰𝗼𝗻����𝘂𝗺𝗽𝘁𝗶𝗼𝗻 𝘂𝗽𝗴𝗿𝗮𝗱𝗲: rising disposable incomes, health consciousness as a lifestyle choice, trust in indigenous brands and preference for natural cures over the synthetic.

Today, Jeena Sikho becoming 3x is not just a healthcare play.

It is a 𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗮𝗹 𝘀𝗵𝗶𝗳𝘁 identified at its right time and monetised !

This monetisation which is the visible today is the outcome of the process and art of weighing structural tides against business 𝗺𝗼𝗮𝘁, of matching patience with the right vessel rooted in conviction.

Conviction is built in silence, far from headlines and far from heat, where you sit with the work and you sit with yourself.

You test the thesis, you test your nerve and you wait for alignment.

And I don’t share these milestones to 𝗽𝗼𝗹𝗶𝘀𝗵 my trophy — I share them to sharpen my blades.

My every post is a timestamped ledger- a public ledger of how conviction is built before the crowd arrives.

I write to remember — what I saw and why I acted, and what held in the storm when the screens were quiet.

Documenting the journey creates accountability; Accountability sharpens the edge.

The ledger teaches, and the ledger forgives nothing !

Compounding is slow at first; signals are faint while noise is loud, and the middle feels boring — which is exactly where you win.

In Investing, let's think banyan, not bamboo — roots first, canopy later.

A banyan spends years strengthening its foundation before its canopy begins to offer shade.

Choose the banyan’s deep, anchoring roots over the bamboo’s quick, fragile rise if you want to build for permanence, not just for pace.

Lay a deep, fundamental base before chasing rapid growth.

When the market’s heavy rains arrive, those roots will only get deeper and stronger and not get washed away.

Jeena Sikho was that banyan tree seed, planted in patience, compounding underground and its canopy is offering shade today.

Jeena Sikho is proof that clarity before consensus and courage before comfort still compounds in public.

Let's celebrate this milestone.

And I am not closing a chapter; I am renewing a vow to raise the bar again and let the ledger speak for itself again !

[Sumit Bansal @NiftyGranmaster]

https://t.co/NG36f6aJSC

Crossed 4x !!
4x in 18 months — ASM Technologies just etched its name in the tape !
From my entry at 999 on February 26, 2024 to a high of 4199.95 on Sep 11, 2025.

Compounding doesn’t always need decades- it just needs the right story told at the right time !

Holders call it conviction.
Non‑holders call it fleeting luck.
And the tape calls it another chapter in the legendary investing textbook of @NiftyGranmaster

Those who bought early were the visionaries.
Those who came later are the optimists.
And those who stayed out are going to become the storytellers !

[Sumit Bansal @NiftyGranmaster]

I have bought Ashapura Minechem at 669.65 today. Target 10x in 5 years.

[Sumit Bansal @NiftyGranmaster]

I have bought Madhya Bharat Agro Products at 428.14 today. Target 10x in 5 years.

[World of Statistics @stats_feed]

Poor sleep leads to increase in Alzheimer's proteins associated with dementia.

[Dr Manish jaiswal @Manishj1111]

Your belief has really delivered so handsomely. Kudos 👏💐🥳 sumit ji. Your stock picking skills are extraordinary!!!

[Sumit Bansal @NiftyGranmaster]

https://t.co/VZ9vEk5pXX

Jeena Sikho Lifecare has crossed 3x in just over 1 year.

From my entry at 258.80 on 16 Aug 2024 (pre‑split 1294) to today’s 837, what began as a structural and strategic bet on India’s wellness revolution has matured into another validation of patience-backed conviction.

Jeena Sikho Lifecare is yet another example of 𝗦𝗽𝗼𝘁𝘁𝗶𝗻𝗴 𝗦𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗮𝗹 𝗧𝗮𝗶𝗹𝘄𝗶𝗻𝗱𝘀 𝗕𝗲𝗳𝗼𝗿𝗲 𝗖𝗼𝗻𝘀𝗲𝗻𝘀𝘂𝘀.

In August 2024, the consensus was still half‑asleep to the structural changes brewing in AYUSH.

Post‑COVID Pharma chatter had faded.

And the AYUSH sector was merely a polite murmur in the corner.
Too “niche” for the big funds, too “slow” for the momentum chasers.

But if you listened closely, you could hear the hum of something building — a 𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗮𝗹 𝘁𝗶𝗱𝗲 that would not be stopped and a 𝗱𝗲𝗰𝗮𝗱𝗮𝗹 𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗮𝗹 𝘀𝗵𝗶𝗳𝘁 that was underway.

India was pivoting from reactive treatment to 𝗽𝗿𝗲𝘃𝗲𝗻𝘁𝗶𝘃𝗲 𝘄𝗲𝗹𝗹𝗻𝗲𝘀𝘀, as post pandemic awareness rewired consumer priorities. The Government policy was also aligning with heritage.

India’s wellness revolution wasn’t a quarterly theme — it was a decadal structural shift. Most saw it as “alternative medicine.”

I saw 𝗺𝗮𝗶𝗻𝘀𝘁𝗿𝗲𝗮𝗺 𝘄𝗲𝗹𝗹𝗻𝗲𝘀𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗺𝗮𝗸𝗶𝗻𝗴 — a 20‑year runway, not a 2‑year trade.

This 2‑𝗱𝗲𝗰𝗮𝗱𝗲 𝘀𝗵𝗶𝗳𝘁 toward preventive healthcare was going to be an irreversible wave.

And this wasn’t just about chasing a wave — this was more about finding a wave‑creator and identifying a superior business model.

Jeena Sikho’s business model was 𝗰𝗮𝗽𝗶𝘁𝗮𝗹‑𝗹𝗶𝗴𝗵𝘁, 𝗳𝗿𝗮𝗻𝗰𝗵𝗶𝘀𝗲‑𝗱𝗿𝗶𝘃𝗲𝗻, 𝗮𝗻𝗱 𝗲𝘅𝗽𝗼𝗻𝗲𝗻𝘁𝗶𝗮𝗹𝗹𝘆 𝘀𝗰𝗮𝗹𝗮𝗯𝗹𝗲.

While others poured crores into concrete and steel, Jeena Sikho scaled through partnerships, keeping ROCE above 70% and debt at zero.

• Setup cost: 2.5–3.5 lakh per bed vs 15–25 lakh industry norm.

• 53 of 111 facilities run by franchisees.

• Payback periods under 6 months for smaller hospitals.

This wasn’t just a healthcare company.
It was a 𝗽𝗹𝗮𝘁𝗳𝗼𝗿𝗺 𝘄𝗶𝘁𝗵 𝗻𝗲𝘁𝘄𝗼𝗿𝗸 𝗲𝗳𝗳𝗲𝗰𝘁𝘀 !

By August 2024, Jeena Sikho had:

• NABH accreditations at scale with 24 NABH accredited facilities (~12% of India’s accredited Panchakarma centres).

• CGHS empanelment and insurance coverage — rare in this niche segment.

• A track record of consistent reinvesting into brand, process, and training.

The story was obvious — but only for those who were looking in the right place.

Brokerage reports didn’t capture it. Quarterly screeners didn’t flag it.

But operational metrics, patient throughput, and franchisee economics- all were telling a different story !

This was a team that could scale without losing soul !

Bridging five‑thousand years of Ayurvedic wisdom with modern delivery wasn’t a line in excel valuation models — it lived in the operational metrics you only see after you do the 𝗱𝗲𝗲𝗽 𝘄𝗼𝗿𝗸.

Product development, quality control, supply chain reliability, clinical validation and brand trust were the real inputs.

Those are the knobs you turn to move from idea to repeatable revenue, and they’re invisible to anyone who skims quarterly slides.

Jeena Sikho’s mirrored 𝗡𝗲𝘄 𝗜𝗻𝗱𝗶𝗮’𝘀 𝗰𝗼𝗻𝘀𝘂𝗺𝗽𝘁𝗶𝗼𝗻 𝘂𝗽𝗴𝗿𝗮𝗱𝗲: rising disposable incomes, health consciousness as a lifestyle choice, trust in indigenous brands and preference for natural cures over the synthetic.

Today, Jeena Sikho becoming 3x is not just a healthcare play.

It is a 𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗮𝗹 𝘀𝗵𝗶𝗳𝘁 identified at its right time and monetised !

This monetisation which is the visible today is the outcome of the process and art of weighing structural tides against business 𝗺𝗼𝗮𝘁, of matching patience with the right vessel rooted in conviction.

Conviction is built in silence, far from headlines and far from heat, where you sit with the work and you sit with yourself.

You test the thesis, you test your nerve and you wait for alignment.

And I don’t share these milestones to 𝗽𝗼𝗹𝗶𝘀𝗵 my trophy — I share them to sharpen my blades.

My every post is a timestamped ledger- a public ledger of how conviction is built before the crowd arrives.

I write to remember — what I saw and why I acted, and what held in the storm when the screens were quiet.

Documenting the journey creates accountability; Accountability sharpens the edge.

The ledger teaches, and the ledger forgives nothing !

Compounding is slow at first; signals are faint while noise is loud, and the middle feels boring — which is exactly where you win.

In Investing, let's think banyan, not bamboo — roots first, canopy later.

A banyan spends years strengthening its foundation before its canopy begins to offer shade.

Choose the banyan’s deep, anchoring roots over the bamboo’s quick, fragile rise if you want to build for permanence, not just for pace.

Lay a deep, fundamental base before chasing rapid growth.

When the market’s heavy rains arrive, those roots will only get deeper and stronger and not get washed away.

Jeena Sikho was that banyan tree seed, planted in patience, compounding underground and its canopy is offering shade today.

Jeena Sikho is proof that clarity before consensus and courage before comfort still compounds in public.

Let's celebrate this milestone.

And I am not closing a chapter; I am renewing a vow to raise the bar again and let the ledger speak for itself again !

[RedboxGlobal India @REDBOXINDIA]

ASM TECHNOLOGIES: CO SIGNS MOU WITH TAMIL NADU GOVERNMENT TO INVEST ₹250 CRORE TO EXPAND ESDM DESIGN-LED MANUFACTURING

[Netweb Technologies India Ltd. @netwebtech]

The race to build and deploy foundational AI models is pushing enterprises to rethink their infrastructure strategy. Check out our latest infographic to see 𝐰𝐡𝐲 𝐇𝐏𝐂 + 𝐀𝐈 𝐨𝐧 𝐩𝐫𝐢𝐯𝐚𝐭𝐞 𝐜𝐥𝐨𝐮𝐝 𝐢𝐬 𝐫𝐞𝐝𝐞𝐟𝐢𝐧𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐮𝐭𝐮𝐫𝐞: https://t.co/yfMHu588eK

[Sumit Bansal @NiftyGranmaster]

https://t.co/NG36f6ac34

Crossed 3x !!
ASM Technologies has crossed 3x in less than 18 months. From my entry at 999 on February 26, 2024 to a high of 3791.25 on August 22, 2025.

It marks a 𝘀𝗽𝗲𝗰𝗶𝗮𝗹 ��𝗶𝗹𝗲𝘀𝘁𝗼𝗻𝗲 as the clarity of my vision has just found its echo in the endorsement of a market luminary. It has been validated by the sharp eyes of the market veteran Mukul Mahavir Agrawal !

Mukul Agrawal has raised his ASM stake to 11.7% in Aug 2025.

Mukul Agarwal’s stake increase in ASM to 11.7% in Aug 2025 is more than just a headline !

It is a nod and validation to the foresight and conviction that drove me to invest in ASM Technologies in February 2024.

He saw what I saw — and has doubled down his stake to 11.7% !

The market took almost 18 months to notice what my research spotted in early stage. That’s where the edge lives !

It is a validation of the research-led conviction from one of the market’s sharpest minds and veteran investor with a rigorous track record.

In markets, it is an absolute thrill watching an investment foresight unfold and crystallize exactly as imagined—only to be echoed, almost poetically, by a marquee investor with sharp conviction of their own.

Let’s break it down:

· On Feb 26, 2024 (my entry), Mukul Agrawal already held ~6.5% in ASM.

· August 2025: His holding surges to 11.7%—acquiring another ~7.6 lakh shares, making ASM his 𝘁𝗵𝗶𝗿𝗱-𝗹𝗮𝗿𝗴𝗲𝘀𝘁 𝗹𝗶𝘀𝘁𝗲𝗱 𝗵𝗼𝗹𝗱𝗶𝗻𝗴 after BSE and Neuland Labs.

What’s significant about this timing?

Mukul’s stake increase coincided with ASM hitting all-time highs and making headlines (10% upper circuits, major volume spikes).

This isn’t a momentum chase; it’s a big bet on ASM’s 𝗳𝘂𝘁𝘂𝗿𝗲 𝗰𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻, sectoral trends, and execution.

He is betting on 𝘄𝗵𝗲𝗿𝗲 𝗔���𝗠 𝘄𝗶𝗹𝗹 𝗯𝗲, not where it is.

Mukul’s pattern: He doesn’t just buy, he builds.

His JV and promoter interactions indicate he’s betting on long-cycle compounding, not chasing price momentum.

That gels perfectly with the original investment thesis I used in my ASM entry in early 2024: structural tailwinds and execution alpha.

From Q1 2025 (6.5% holding) to Aug 2025 (11.7%), Mukul added ≈7.6 lakh shares—doubling down with conviction, pushing his ASM bet to his third largest live holding (458 Cr).

When a marquee investor with a rigorous track record lines up with your investment thesis and foresight—independently, post-fact—it’s much more than trend-following !

This is what investment thesis validation looks like in practice—not from Twitter “likes,” but from capital with skin and discipline moving in.

Mukul’s move did not retroactively “justify” entry, but it did reinforce the fundamental groundwork I did months ago—deep sector analysis, financial scrutiny and foresight into its future cash flows.

Mukul has a track record of entering, sizing up, and riding multibaggers with disciplined patience and well-chronicled due diligence process.

𝗛𝗶𝘀 𝗮𝘃𝗲𝗿𝗮𝗴𝗲 𝗵𝗼𝗹𝗱𝗶𝗻𝗴 𝗽𝗲𝗿𝗶𝗼𝗱 : Years.

𝗛𝗶𝘀 𝘀𝘁𝘆𝗹𝗲 : Finds emerging winners before scale, then adds on business inflection.

In ASM, the “third-largest stake” is a public checklist tick.
Post-stake increase, immediate price reaction: series of 10% upper circuits.

But smart money flows signal the bigger picture—a new phase in ASM’s lifecycle. “Illiquid, overlooked” is no longer a label now.

Why does this matter for any long term investor?

𝗔𝗻𝘀𝘄𝗲𝗿: Track veteran investors—not just for copy-trading, but as a “𝘀𝗲𝗰𝗼𝗻𝗱-𝗹𝗲𝘃𝗲𝗹 𝗰𝗵𝗲𝗰𝗸” for conviction.
When sharp minds like Mukul Agrawal buy 𝘄𝗶𝘁𝗵 𝘀𝗶𝘇𝗲 and 𝘄𝗶𝘁𝗵 𝗽𝗮𝘁𝗶𝗲𝗻𝗰𝗲, it suggests an investment thesis has been validated by an independent diligence. Such type of retrospective validation is good but conviction is always built solo. 𝗩𝗮𝗹𝗶𝗱𝗮𝘁𝗶𝗼𝗻 𝗶𝘀 𝗮 𝗹𝗮𝗴𝗴𝗶𝗻𝗴 𝗶𝗻𝗱𝗶𝗰𝗮𝘁𝗼𝗿, 𝗻𝗼𝘁 𝗮 𝗹𝗲𝗮𝗱𝗶𝗻𝗴 ����𝗻𝗲.

It is also a reminder: 𝗩𝗮𝗹𝗶𝗱𝗮𝘁𝗶𝗼𝗻 𝗰𝘆𝗰𝗹𝗲𝘀 𝗹𝗮𝗴 𝗰𝗼𝗻𝘃𝗶𝗰𝘁𝗶𝗼𝗻 𝗰𝘆𝗰𝗹𝗲𝘀. The crowd finds comfort only when investment insights are visible in price.

Catching multibaggers is never about luck.

It's about building 𝗰𝗼𝗻𝘃𝗶𝗰𝘁𝗶𝗼𝗻 when the rest of the market is looking elsewhere. ASM Technologies was far from consensus when I pressed ‘Buy’ at 999 in late Feb 2024. The fundamentals told a story the ticker tape had yet to spell out.

Not every multibagger begins with market euphoria. When I entered ASM Technologies at 999 (Feb 26, 2024), it was underfollowed and ignored- even by the broader smallcap crowd. 𝗧𝗵𝗲 𝘀𝗲𝘁𝘂𝗽 𝘄𝗮𝘀 𝗰𝗹𝗮𝘀𝘀𝗶𝗰: clarity without consensus.

My framework rests on process, pattern, and patience. Years of tracking ER&D and semiconductor capital equipment made ASM stand out—yet the market’s gaze was elsewhere. I did deep work on the niche, not just screeners.

The sector’s long-term secular tailwinds were real. Indian ER&D spend was projected to grow at 8–9% CAGR till 2030. The “government chip push” and the semiconductor cycle were catalysts, not noise—ASM was levered to both.

While others chased headline-grabbing peers, I focused on ASM’s specialization—design-led manufacturing, JV with HHV, and global footprint (clients across US, EU, Asia). Only a handful in India could match this end-to-end capability. I could foresee that ASM was a potential equipment leader in semiconductors, powering domestic and global supply chains whose growth was going to align with India’s drive in ESDM (electronics design & manufacturing) leveraging ASM’s deep R&D capabilities.

By Feb 2024, its recent capital raise (170 Cr preferential) and print in new customer segments signaled something brewing. The market was yet to price the business model’s coming inflection. And I took the entry.

Consensus called it “risky”. I saw underappreciated future cash flows—not yesterday’s returns. My conviction was in my investment foresights, not in headline chasing and conviction takes shape for me before the crowd arrives. I anchor conviction early, when the narrative is still unwritten.

Conviction originates from trusting the investment thesis enough to act before the market agrees because 𝗯𝘆 𝘁𝗵𝗲 𝘁𝗶𝗺𝗲 𝗮 𝘀𝘁𝗼𝗰𝗸 𝗶𝘀 𝗼𝗻 𝗲𝘃𝗲𝗿𝘆 𝗽𝗼𝗽𝘂𝗹𝗮𝗿 𝘀𝗰���𝗲𝗲𝗻, 𝗺𝗼𝘀𝘁 𝗼𝗳 𝘁𝗵𝗲 𝗺𝗼𝗻𝗲𝘆 𝗶𝘀 𝗮𝗹𝗿𝗲𝗮𝗱𝘆 𝗴𝗼𝗻𝗲.

In ASM’s case, the conviction came from seeing patterns — in management behavior, in industry positioning, in capital allocation — that were invisible to the casual observer. Such conviction allows us to act when the narrative is still forming and before it is packaged for mass consumption !

After the entry, drawdown management was also integral. From 999 (Feb 26, 2024), the stock chopped. Multiple periods of under-3% daily volumes and weeks of “boring sideways.”

ASM took nearly 18 months to go 3x from 999—most of that time was spent not compounding quickly, but grinding sideways with only brief, sharp rallies.

ASM’s boring phases were accompanied by social media silence, broking house downgrades, and even analyst fear-mongering.
And then came the Q1 FY25 result explosion : Topline up 133%, net profit up 433% YoY. Suddenly, the market “discovered” ASM. But the work was done in the quiet, not the breakout.

Hitting a 3x on ASM Technologies is a moment of celebration today and apart from being a number it is also a live case study in 𝘀𝗺𝗮𝗹𝗹𝗰𝗮𝗽 𝗶𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴, 𝗽𝗿𝗼𝗰𝗲𝘀𝘀, 𝗮𝗻𝗱 𝘃𝗼𝗹𝗮𝘁𝗶𝗹𝗶𝘁���. For everyone looking to learn, there are few key lessons that should be distilled from this journey.

All great multibaggers spend long periods going nowhere, building bases. The “S-shaped” growth curve is real: slow build, fast move, then another period of digestion.

If you can’t sit through “boring candles” on the daily chart, durable compounding will keep slipping away.

The key lesson is: 𝗥𝗲𝘀𝗽𝗲𝗰𝘁 𝘁𝗵𝗲 𝘀𝗶𝗱𝗲𝘄𝗮𝘆𝘀 𝗴𝗿𝗶𝗻𝗱 !

Visualise the 𝗯𝗮𝗻𝘆𝗮𝗻 𝘁𝗿𝗲𝗲: slow to sprout, steady in growth, but mighty once mature. In investing, this is 𝗰𝗼𝗺𝗽𝗼𝘂𝗻𝗱𝗶𝗻𝗴 𝗮𝘁 𝘄𝗼𝗿𝗸.

ASM Technologies’ movement from 999 to 3,647.95 over 18 months is a living lesson. Each day, small gains were added to earlier ones, until, with enough time and patience, the returns turned exponential.

We often chase the excitement of instant harvest—forgetting that the richest crops are sown and left undisturbed.

In smallcaps, the real money isn’t made when CNBC puts up the breaking news banner…it’s made months earlier, with patience and process.

Those who need daily action, should try caffeine, not smallcaps.

The best winners are often the “bore me to death” stocks that snooze, grind, then surprise you with a breakout nap to 3790 like ASM Technologies. 𝗠𝘂𝗹𝘁𝗶-𝗯𝗮𝗴𝗴𝗲𝗿𝘀 𝗮𝗿𝗲 𝗺𝗮𝗱𝗲 𝗶𝗻 𝘀𝗶𝗹𝗲𝗻𝗰𝗲, 𝘁𝗵𝗲𝗻 𝗰𝗲𝗹𝗲𝗯𝗿𝗮𝘁𝗲𝗱 𝗶𝗻 𝗻𝗼𝗶𝘀𝗲.

ASM at 999 was about foresight and spotting a gem.

ASM at 3790 today, with Mukul doubling down, is conviction rewarded.

Foresight spots the gem.

Conviction keeps you in the seat.

And when external validation arrives at the right moment, the market’s catch-up can be swift and rewarding like ASM Technologies.

It is said that the 𝗺𝗮𝗿𝗸𝗲𝘁𝘀 𝘁𝗲𝘀𝘁 𝘆𝗼𝘂 𝘁𝘄𝗶𝗰𝗲 — 𝗳𝗶𝗿𝘀𝘁 𝗶𝗻 𝗽𝗮𝗻𝗶𝗰 𝗮𝗻𝗱 𝘁𝗵𝗲𝗻 𝗶𝗻 𝗯𝗼𝗿𝗲𝗱𝗼𝗺. Pass both, and you get to celebrate !

Compounding is only obvious in hindsight. Months of nothing. Steep drawdowns. Then an acceleration that makes the waiting look easy.

Compounding is also asymmetric. A single multi-bagger with asymmetric returns can offset a garden of mediocrity. One multi-bagger can offset a handful of laggards in your portfolio.

Looking “Too small to matter” stocks with asymmetric returns are often the ones that matter most to your portfolio’s long-term performance if you hold them long enough. Peter Lynch famously said, “You only need a few good stocks in your lifetime.”

I’ve put together this write‑up celebrating the 3x achievement and reflecting on the milestones that reshape portfolios and, more importantly, investor mindsets.

In ASM Technologies, from the first spark of conviction to the quiet patience of holding through noise, this 3x milestone is not only a number but also a chapter in the compounding story that Munger and Buffett have always taught.

Let’s celebrate this 3x milestone anchored in enduring conviction, echoing Munger and Buffett’s timeless lessons that 𝗯𝗲𝗻𝗲𝗳𝗶𝘁𝘀 𝗼𝗳 𝗰𝗼𝗺𝗽𝗼𝘂𝗻𝗱𝗶𝗻𝗴 𝗮𝗹𝘄𝗮𝘆𝘀 𝗴𝗼 𝘁𝗼 𝘁𝗵𝗼𝘀𝗲 𝘄𝗵𝗼 𝗲𝗻𝗱𝘂𝗿𝗲 !

[World of Statistics @stats_feed]

Scientists find humans age dramatically in two bursts – at 44, then 60