Imagine a company that just received or raised through IPO of Rs 6,000 crore in cash. And that entire amount is going into building a copper smelting plant and a fertilizer complex. Projects with Rs 40,000-45,000 crore revenue potential and Rs 3,000 crore PAT potential once operational. What should the valuation of that company be? Rs 10,000 crore? Rs 15,000 crore?
Now look at Kiri Industries. Market cap Rs 2,550 crore.
Here is what happened. Kiri owned 37.57% of DyStar, one of the world's largest dye companies based in Singapore. The majority shareholder, Longsheng Group, tried to squeeze them out. Kiri fought back. For 11 years. The Singapore International Commercial Court ruled in Kiri's favour and ordered a buyout at fair value. On 31st December 2025, Kiri received USD 689 million. That is Rs 6,195 crore. For a company that was trading at Rs 3,500 crore market cap at the time.
The stock jumped 20% on the news. And then fell 46% from its highs. Why? Management were not generous with the shareholders.
But here is where it gets interesting. Management is not sitting on the cash. They have announced a Rs 11,700 crore capex plan across two phases.
Phase 1: Rs 2,400 crore for a 2 lakh tonne copper smelting and refining facility in Gujarat. Expected to come online by FY28.
Phase 2: Rs 4,000-5,000 crore to expand copper capacity to 3 lakh tonnes and add a 9 lakh tonne fertilizer plant. Expected by FY29.
When fully operational, management is projecting Rs 40,000-45,000 crore in revenue and Rs 3,000 crore in PAT from these new ventures alone. Even if you discount those projections by 50%, you are looking at Rs 1,500 crore PAT from a company with Rs 2,550 crore market cap today.
Promoters clearly believe in the plan. They increased holding from 36.7% to 41.7% by subscribing to a preferential allotment at Rs 369 per share. When promoters are putting their own money in at current prices while sitting on Rs 6,000 crore cash, the signal is hard to ignore.
The risk is execution. Kiri has never built a copper plant before. They are a dye company pivoting into metals and fertilizers. That is a massive leap. The core dye business is bleeding at the operating level. And copper smelting is capital-intensive, power-intensive, and environmentally complex. If the copper project gets delayed or cost overruns happen, the market will punish this severely.
But the risk-reward is asymmetric. The downside is protected by cash that exceeds the market cap. The upside, if even one of these projects delivers, is a complete re-rating. You are essentially getting the entire dye business, the copper optionality, and the fertilizer optionality for free. The cash alone covers the current price.
That is what makes Kiri Industries one of the most interesting special situations in the Indian market right now.
Views are personal. For educational purposes only. Not investment advice
Vijay Kedia ๐ฅ
It Took Him Nearly 37 Years To Grow His Capital From Just โน35,000 To Over โน1,200 Cr.
10 Years to grow from โน35,000 to โน1 Cr
13 More years to reach โน100 Crore
14 Years of conviction to scale from โน100 Cr to โน1,200+ Cr
Real wealth explosion happened in the third phase through long-term holding of Quality
Compounders.
Patience truly wins!
Massive respect for the journey. ๐ฏ
I was trying to screen for companies below โน10,000 Cr Market Cap in which BOTH FII and DII holdings increased over the last quarter, along with decent fundamentals.
Found some interesting names across sectors like pharma, defence, cables, heavy electricals, packaging, shipping, auto ancillaries, etc.
Sharing the list below for anyone tracking emerging mid/small-cap ideas
(Please do your own research before investing)
Also, if anyone wants the Screener query I used for this scan, DM me, and Iโll share it.
Some companies worth studying and tracking closely in the current market cycle:
โช Syrma SGS
โช Aimtron Electronics
โช Alpex Solar
โช Yash Highvoltage
โช Quality Power
โช Oriana Power
โช TD Power
โช Yatharth Hospital
โช Apollo Micro Systems
โช Sky Gold
โช Pondy Oxides
โช Lumax Auto
โช Viviana Power
โช Prizor Viztech
โช Senores Pharma
โช Pace Digitek
โช Frontier Springs
โช Fedbank Financial Services
โช Atlanta Electricals
โช Shilchar
โช Jain Resource Recycling
โช Sansera Engineering
โช Minda Corporation
โช Advait Energy
โช Ashapura Minechem
โช Pricol
โช Belrise
โช SJS Enterprise
โช Vintage Coffee
โช Krishna Defence
โช Khazanchi Jewellers
โช K.P. Energy
โช L. T. Elevator
โช Maxvolt Energy
โช Freshara Agro
Power infrastructure, defence, electronics manufacturing, renewable energy, hospitals, recycling, AI infrastructure, and industrial manufacturing are some of the themes where strong momentum is clearly visible.
The next phase of the market may reward stock selection much more than blind investing.
Study businesses deeply.
Track earnings carefully.
Observe price action patiently.
That is where real wealth creation opportunities usually emerge.
Disclaimer:
For educational and study purposes only.
Not a buy/sell recommendation.
My friend Rahul bought an under-construction flat in Noida for โน1 crore in 2020.
Last month, he sold it for โน1.8 crore.
Everyone around him said:
โWah! โน80 lakh profit!โ
But then we did the actual math...
GST paid at purchase (5%) = โน5 lakh
Stamp duty & registration (~7%) = โน7 lakh
โน12 lakh gone before he even got possession.
At the time of sale:
Capital gains tax = ~โน10 lakh
Brokerage (2%) = โน3.6 lakh
Total costs: โน25.6 lakh
So the real profit wasnโt โน80 lakh.
It was closer to โน54 lakh in 5 years.
That works out to roughly 9% CAGR.
For comparison:
1. FDs delivered ~7%
2. Mutual funds gave ~11%+
3. Some YEIDA land parcels appreciated 20-25% annually
Yet whenever someone buys a flat, people celebrate the sale price.
Almost nobody talks about GST, stamp duty, taxes, maintenance, brokerage, and the years of locked-in capital.
The question is:
Are people buying flats for returns, or just because real estate โfeelsโ safer than other investments? ๐ค
Would Rahul have been better off putting โน1 crore somewhere else?
Ajay Upadhyaya ๐ฅ
From A BITS Pilani Engineer to building a โน1,100+ Cr listed equity portfolio.
Portfolio Growth:
Dec 2015: โน45 Cr
Mar 2025: โน973 Cr
Mar 2026: โน1,164 Cr
Some remarkable wealth creators:
Invested โน5 Cr in Navin Fluorine & Made โน370 Cr
Invested โน12 Cr in Genus Power & Made โน125 Cr
Invested โน11 Cr in Elecon Engineering & Made โน204 Cr
Spots a macro tailwind (like the massive capex shift into engineering & chemicals), picks the clean managements, and sits tight.
Reiterating again ๐๐๐
Dont miss this mega mega theme coming once in lifetime of capex cycle and our lifecycle ๐
Samajdar ko ishara hi kaafi hai ๐ก โก
https://t.co/HPWwEhVtEr
๐๐๐ฌ๐ก๐ข๐ฌ๐ก ๐๐๐๐ก๐จ๐ฅ๐ข๐โ๐ฌ ๐๐๐๐ฅ๐ญ๐ก ๐๐ซ๐๐๐ญ๐ข๐จ๐ง ๐๐จ๐ฎ๐ซ๐ง๐๐ฒ:
๐ฅ๐ ๐๐๐ค๐ก๐ฌ ๐ญ๐จ ๐๐๐๐+ ๐๐ซ๐จ๐ซ๐๐ฌ
๐๐๐๐๐๐๐๐ ๐ฉ๐๐๐๐๐๐๐:
โด๏ธ1993 โ Started with โน5โ10 lakh
โด๏ธ2000 โ Crossed โน1โ2 crore
๐ 10X in 7 Years Is Easily Possible When Capital Is Low & You Get The Benefits of Compounding.
๐ขCAGR - 32%
โด๏ธ2005 โ Achieved โน20โ25 crore
โด๏ธ2007 โ Captured Bull Run โ โน100 crore
๐100X in 7 Years Is Unbelievable, Though We Had A Great Bull Run 2003-2007.
๐ขCAGR - 66%๐ฅ
๐ด2008 โ Crashed ~โน30โ40 crore
โด๏ธ2010 โ Back above โน100 crore
โด๏ธ2014 โ Achieved โน400 crore
โด๏ธ2017 โ Crossed โน1,000 crore
๐10X in 10 Years After Surviving Financial Crisis 2008.
๐ขCAGR - 26%
โด๏ธ2020 Pandemicโ ~โน900 crore
โด๏ธ2021 Crazy Rally โ ~โน1,500โ1,800 crore
โด๏ธ2023 โ โน2,500 crore
โด๏ธ2024 โ โน3,000+ crore
๐๐จ๐ญ๐ญ๐จ๐ฆ ๐๐ข๐ง๐:
Building Wealth Takes Time and Needs Consistency.
Compounding Effect Is Beyond Your Imagination.
Source: @ChatGPTapp@LuckyInvest_ARK sir, is this information correct?โด๏ธ
My manager paid โน1.5 crore for a 21th floor flat.
He sold it after 4 years.
Yesterday he told me everything. And he was ANGRY.
High-rise flat owners will NOT want to read this.
Reason 1 /13
They told me higher floors have no mosquitoes. Biggest scam ever.
From portfolio of โน22 Cr in 2017 to making it โน1200 Cr in 2026.
Ajay Upadhyaya has made it really big in investing.
Made over :
70x in Navine Flourine
18x in Elecon Engineering
10x in Genus Power
Bought a company in yesterday's bulk deal.
De Neers Tools.
A tiny company with a market cap of โน200 crore has delivered excellent results.
Revenue: โน1,780.3 million, up 23.0% YoY
EBITDA: โน387.3 million, up 50.0% YoY
Margin expanded to 21.8% (from 17.8%)
PAT (Net Profit): โน252.9 million, up 60.5% YoY
The company expanded its SKU portfolio to over 9,500, its dealer network to 352+, and strengthened its OEM ties.
It also announced a 51:49 JV for backward integration in tools manufacturing.
Disclosure: Holding.
You earn โน2 lakh a month.
His first salary was โน1000.
He built a villa. You canโt even rent one.
I sat with a 72 year old retired banker in Delhi last month. What he told me about the Indian rupee, no CA, no SIP advisor, no expert will ever say.
Especially the last part.
๐ฅ 30 Dhurandhar Management Guidance Stocks
- Deep Industries โ 30โ35% growth for FY27 and FY28
- Zinka Logistics โ 30%+ growth for next couple of years
Sky Gold & Diamonds โ 30โ35% growth for next 4 years
Sarda Energy โ 20%+ growth for next 3 years
- Atlanta Electricals โ 40%+ growth for next 2 years
- Gravita Ltd โ 35% growth for next 4 years
Anand Rathi Wealth โ 25% growth for next few years
- Zen Technologies โ 50%+ growth for next 2 years
- Frontier Springs โ 30%+ growth for next couple of years
- Genus Power โ 33%+ growth for FY27
- Macfos Ltd โ 40%+ growth for next 2โ3 years
- Azad Engineering โ 25โ30% growth for next few years
- KEI Industries โ 20%+ growth for next 3โ5 years
- Va Tech Wabag โ 20%+ growth for next 3โ4 years
- Epack Prefab Tech โ 20%+ growth for next couple of years
- Pondy Oxides & Chemicals โ 20%+ growth for next 4 years
- Namo eWaste โ 40โ50% growth for next 2 years
- Baheti Recycling โ 30โ35% growth for next 2 years
- Sunlite Recycling โ 20%+ growth for next 3โ4 years
- Tinna Rubber & Infrastructure โ 25%+ growth for next 2 years
- Antony Waste Handling Cell โ 20%+ growth for next few years
- Shilchar Technologies โ 20%+ growth for next 2โ3 years
- Krishna Defence โ 30โ40% growth for next few years
- Airfloa Rail Technology โ 50% growth for next 2 years
- Supreme Power Equipment โ 50% growth for next 2 years
- Danish Power โ 20โ25% growth for next 3 years
- BLS International + โ 20โ25% growth for next 5 years
- TARILโ 40%+ growth for next 3 years
- Acutaas Chemicals โ 25%+ growth for next 3 years
- Neogen Chemicals โ 40%+ growth for next 3โ4 years
Any on your radar?
Coal Gasification. India's largest import substitution plays since solar.
The Cabinet just approved a โน37,500 crore scheme to back it. The headline number is not the real number.
The real number is โน2.77 lakh crore. That's what India paid last year importing LNG, urea, ammonia, methanol and ammonium nitrate. Every product on that list can be made from coal.
Almost nobody is asking who is already building this.
So, I went and pulled the order book.
First, what coal gasification actually is.
It converts coal into syngas, a mix of carbon monoxide and hydrogen. Syngas then becomes methanol, ammonia, urea, ammonium nitrate, Synthetic Natural Gas, hydrogen and industrial fuels. So instead of paying foreign suppliers in dollars, India pays domestic miners in rupees.
The scheme:
๐น Outlay: โน37,500 crore
๐น Target: gasify 75 MT of coal (national goal 100 MT by 2030)
๐น Investment expected: โน2.5 lakh crore to โน3 lakh crore
๐น Subsidy: up to 20% of plant and machinery cost
๐น Cap per project: โน5,000 crore
๐น Cap per product (except SNG and urea): โน9,000 crore
๐น Cap per entity group: โน12,000 crore
๐น Coal linkage extended to 30 years
The 30-year linkage is the line most analysts will miss. Coal gasification plants are โน10,000 crore plus capex. No board commits that without feedstock certainty for the full asset life. This is what de-risks the entire scheme.
The order book is not theoretical. The new โน37,500 crore outlay builds on the โน8,500 crore scheme from January 2024 under which 8 projects worth โน6,233 crore are already in execution. The pipeline has been quietly building for 18 months.
The value chain has four layers. Here is who is already in.
๐Layer 1, coal owners:
๐น Coal India: parent of BCGCL (JV with BHEL for coal-to-ammonium nitrate, โน11,782 crore at Jharsuguda) and CGIL (JV with GAIL for coal-to-SNG at Sonepur Bazari, โน13,052 crore). Plus, a standalone โน12,214 crore coal-to-SNG project in Maharashtra. โน1,350 crore incentive already received per project.
๐น NLC India, NTPC: lignite and coal-linked optionality.
๐Layer 2, technology and EPC:
๐น BHEL: 49% equity in BCGCL. Won LSTK-1 (gasification + air separation + steam) and LSTK-2 (raw gas purification) of the BCGCL project. Uses its own indigenous Pressurised Fluidised Bed Gasifier technology. The only Indian company with a commercial coal gasification tech stack.
๐น Larsen & Toubro: won LSTK-3 (ammonia synthesis) and LSTK-4 (nitric acid + ammonium nitrate + prilling) of the same BCGCL project. Both booked as "large" orders by L&T Energy Hydrocarbon Onshore.
๐น Thermax, ISGEC Heavy Engineering, Triveni Turbine: second-order exposure on boilers, steam systems, turbines and auxiliaries.
๐Layer 3, downstream chemicals and fertilisers:
๐น GAIL: equity in Talcher Talcher Fertilizers Ltd and CGIL plus offtake economics on coal-to-SNG.
๐น RCF, NFL, GNFC, GSFC, Chambal, Coromandel, Tata Chemicals: long-cycle demand and feedstock optionality.
๐Layer 4, ammonium nitrate, methanol and explosives users:
๐น Deepak Fertilisers and Petrochemicals: 40% market share in Technical Ammonium Nitrate. 587 KTPA current capacity. Building 376 KTPA expansion at Gopalpur for Q1 FY27 that takes total past 1 MMTPA. Backward integrated via 500 KTPA ammonia plant at Taloja that cut India's ammonia imports by roughly 20%. Also, one of India's five major methanol producers.
๐น Solar Industries: India's largest industrial explosives player. Heavy AN user. Margin sensitive to domestic AN economics.
๐น GNFC: methanol, formic acid, acetic acid. Signed 50-50 JV with INEOS in November 2024 for a 600 KTPA acetic acid plant at Bharuch.
๐น Petronet LNG, Gujarat Gas, IGL, MGL: substitution-risk angle over a decade as coal-to-SNG scales.
So, who makes money first?
Order book visibility is highest today for BHEL and L&T. Both have already converted BCGCL into hard orders. The โน37,500 crore outlay expands the addressable pipeline by roughly 9x to 10x over the previous scheme. EPC and gasification equipment is the cleanest near-term play.
Coal India benefits two ways. Direct equity in three gasification projects with โน1,350 crore per project already received. Indirect: 1.3 MT annual captive coal offtake into BCGCL alone is the kind of long-tail thermal coal demand that protects against the secular decline narrative.
Deepak Fertilisers benefits through market structure. BCGCL's 0.66 MMTPA eventually competes, but India today still imports ammonium nitrate from Russia. The near-term effect is domestic AN scaling without import dependence, lining up with Deepak's own 1 MMTPA expansion.
Most policy announcements fade in one news cycle.
This one looks like a 5โ10 year industrial buildout.
India is trying to convert its largest domestic resource into a substitute for its biggest import vulnerabilities.
First-order winners: coal owners and EPC giants.
Second-order winners: chemicals, fertilisers and industrial explosives.
Long-term pressure point: gas-import-linked margins.
๐Disclaimer: For educational purposes only. Not a buy or sell recommendation.
Dear FM Madam @nsitharaman ji,
I have said it before. And I'll say it again. Loud & Clear.
LTCG of 12.5% on Equities is one of the Lowest in the World.
But there are a few issues:
1. LTCG was ZERO from 2004 to 2018. STT was introduced to offset the Loss in Revenue. It incentivised long term Investors to Hold on Patiently and enjoy Long Term Returns. I believe that Step was something Golden and rewards Long Term Thinking. FM Madam should reconsider this. Keep STT. Abolish LTCG.
2. STT is already taken for every transaction. This is a tax. Again putting Capital Gain, especially on Long Term Gains is not Ok. This is my Opinion. STT is borne by the investor irrespective of Profit or Loss.
3. We are not against Paying Taxes. In fact, we all Pay Income Tax, Capital Gains Tax, GST, Excise, VAT, Tax on Dividends and what not. The problem is the Freebies which are Distributed during the Elections. This is not at all ok. We don't want a single rupee of our Capital Gains to be used for Freebies. Please.
I humbly request the FM Madam to Abolish LTCG on Equities. Make the Long Term Period 24 months instead of 12 months. You will see Patient Capital ๐
For Indian Investors like me, the Pain is lesser. We will continue to Create Wealth. But what about our FII brothers & sisters. They also deserve to get minimum returns in Dollar Terms.
I feel for the FIIs who have suffered due to declining Rupee and they still have to pay LTCG on Rupee Terms. Something the FM Madam and team should revisit.
I think that it is a good time to implement this. FII no longer control our markets. Domestic Funds are consistent and plenty. If FIIs leave, let them Leave with Head Held High. That is our Responsibility.
India Structually is Brilliant. Let's make it Tax Friendly as well.
Patient Capital will Flow More & Stay, if these Steps are Taken.
A Proud Indian Investor,
#FI