Tejas Shah of Avendus Spark shared his framework to value FMCG businesses in the 5th Anniversary Edition of DSP Netra - Process Knowledge
1. No single lens is sufficient. The right method depends on the business, the cycle, and what you’re trying to measure.
2. TINA factor: Re-rating of FMCG stocks is largely a macro phenomenon, driven by the market's broader risk-on/risk-off positioning rather than sector-specific earnings performance alone
12 out of 18 large cap consumption stocks suffered valuation multiple derating over the last 7 years.
NIFTY FMCG Index have underperformed the NIFTY Index over the last 7 years (FY19-26).
Years ago, I was on the sell-side. Some scars heal. Others become datasets.
The most important question on an earnings call is not about margins, guidance, or capex.
It is: “Am I audible?”
We analyzed 989 India earnings calls, 7.7M words, and 26,972 analyst question loops from Q4FY26.
The result: a slightly obsessive, AI-generated-but-human-debugged map of what corporate India actually talked about.
Middle East risk. Raw material anxiety. AI everywhere, revenue nowhere.
And the sell-side still doing what it does best: politely saying “help me understand” when it means “I don’t believe you.”
Read it here: https://t.co/zLNVs2VkfN
Disclosure: this post was AI-generated. Sadly, the memories of asking three follow-ups after “just one quick question” are entirely human.
The US government, citing national security authorities, has issued an export control directive to suspend all access to Fable 5 and Mythos 5 by any foreign national, whether inside or outside the United States, including foreign national Anthropic employees.
The net effect of this order is that we must abruptly disable Fable 5 and Mythos 5 for all our customers to ensure compliance.
Access to all other Claude models is not affected.
We apologize for this disruption to our customers. We believe this is a misunderstanding and are working to restore access as soon as possible.
Read our full statement: https://t.co/bwn0sximKZ
A story worth telling, told exceptionally well. Top-notch production and performances, with the sheer audacity of the vision matched by flawless execution. Definitely Worth a binge watch !
https://t.co/T6gDLn2LyP
ANTHROPIC CEO DARIO AMODEI: “50% OF ALL TECH JOBS, ENTRY-LEVEL LAWYERS, CONSULTANTS, AND FINANCE PROFESSIONALS WILL BE COMPLETELY WIPED OUT WITHIN 1–5 YEARS.”
“S&P 500’s long-term average return is ~10%, yet it has rarely delivered annual returns between 8–12%.” — Howard Marks on @nikhilkamathcio
The average is calm. The journey oscillates between greed and fear.
Not too far out, white-collar productivity won’t just be what you produce with AI, but how efficiently you produce it.
- By output per AI token consumed. Tokens will be the new cost center.
Titan in Focus
MD Ajoy Chawla’s first strategy outlook post taking over!
He speaks about his vision, growth, categories that’ll lead, strategy with BeYon and a lot more!
Do watch it, I await your feedback!
@CNBCTV18Live@TitanCompanyLtd#FMCGisLife
https://t.co/1YqVDUrYwH
Crude at $105+. FIIs pulling out ₹50K+ Cr in April so far!
And yet—when the market decides to run, it runs.
Because its primary job isn’t reasoning… it’s humbling the consensus ! :)
...look at what our neighbor is doing ...but why bother. Let's focus on the dress code controversy of our retail cos. India is suffering from massive 'Growth ADHD' !
https://t.co/9tHueyqLso
Mamla Legal Hai S2 is writing at its finest - the range of themes, emotions, and nuance are truly top-tier.
Every dialogue, sarcasm or serious, feels sharply crafted and intentional. And full credit to the casting team, even the monkey seems perfectly cast
@NetflixIndia