Pranav Bhavsar

"Scuttlebutting" in an AI-driven world | Tap dancing to work | Learner, listener, curious traveler | Open to help

[Pranav Bhavsar @pranav_b]

The Postcard Mega thread
🛣️ Travel and note taking is an integral part of our research process. Sharing some of the notes that did get published on @smartkarma , any suggestions for FY25 ? My map says go East !

[Nitin Mangal @nrmangal]

https://t.co/cIOZKxm2Vt

[Pranav Bhavsar @pranav_b]

Kalyan Jewellers pauses debt reduction, plans significant capital consumption without clear justification. Stock trades at high P/E despite questionable capital allocation. https://t.co/Hq1iv4dyNA

[Nitin Mangal @nrmangal]

#InBetweenZ #34 - Zaggle Prepaid Ocean (ZAGGLE IN): Propel take rate falling off the cliff post IPO?

#ReadBetweentheLines

[Nitin Mangal @nrmangal]

Our latest Iii report :

Delhivery Ltd: Delivering A Dodgy Maze

[Pranav Bhavsar @pranav_b]

Vinfast (VFS US) faces severe financial distress, negative gross margins, a liquidity crisis, and operational risks, yet is pursuing a high-risk expansion into India. https://t.co/EWLbhu3Bfz

[Pranav Bhavsar @pranav_b]

Mahindra & Mahindra pre-announces GST benefits, but concerns arise over heavy discounting and margin risks ahead of GST 2.0 and festive season. https://t.co/UQLtLwS2zE

[Smartkarma @smartkarma]

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[Pranav Bhavsar @pranav_b]

India-China relations have seen a notable improvement, but India still struggles with trade deficit and dependence on Chinese imports, giving Chinese companies an upper hand. https://t.co/3Y2YN2zabl

[Pranav Bhavsar @pranav_b]

India ETF: 7.7% CAGR (10Y, USD)

Global ETFs (USD, via Koyfin):
🌐 World 11.8%
🇺🇸 S&P500 14.5%
💻 Nasdaq100 19.4%

🐸 Staying in the well costs returns.
Diversification is the way out.

[Nitin Mangal @nrmangal]

Indian equity market: The frog in the well

Our interaction with 30+ global fund managers and analysts.

It’s a free read at👇

https://t.co/Wsst0lxXUC

[Nitin Mangal @nrmangal]

@SEBI_updates came out with regulation that all the intermediaries should be compliant with accessibility of digital platforms for permanently disabled persons and has to appoint IAAP certified auditors. Fact of the matter is IAAP is an international organisation and has only 10-20 auditors in India. SEBI / Finance ministry should have thought about practicability of the such regulations. First establish Indian institution, have plenty of professionals than implement the regulations and also should consider the cost associated with such absurd compliance requirements. RAs/ IAs are not earning 100s of crores, however, it is matter of fact that maximum RAs/ IAs does not earn more than 50 lacs, for them these kind of cost burden is unjustified.

“Sidhe sidhe bol do ki sab broking house/ large corporate me naukri kar le.”

Interestingly someone was saying that BSE/ NSE website itself is not accessibility compliant.

Talks about ease of doing business in our country has become joke.

@nsitharamanoffc @PMOIndia @suchetadalal @EconomicTimes @livemint @moneycontrolcom @ZeeBusiness @CNBC_Awaaz @NDTVProfitIndia @CNBCTV18News @ETNOWlive @ARRAI_SEBIRA

[PRao @RaoPranav]

My namesake with some interesting on-the-ground due diligence on Kalyan Jewellers #kalyankjil

[Nitin Mangal @nrmangal]

Kalyan Jewelers after previously guided for an INR 350-400 cr debt reduction, the company now has outlined a INR 2,700 cr capital consumption plan. New capital for the 'leaner credit' initiative is expected to be INR 1,500 to INR 2,000 cr; the debt reduction is also "Paused".

[Pranav Bhavsar @pranav_b]

Kalyan Jewellers pauses debt reduction, plans significant capital consumption without clear justification. Stock trades at high P/E despite questionable capital allocation. https://t.co/Hq1iv4dyNA

[Nitin Mangal @nrmangal]

#InBetweenZ #33 - Balu Forge (BALUGORG IN): Discrepancy between tax paid and tax expenses?

#ReadBetweentheLines

[Nitin Mangal @nrmangal]

Our latest Iii report on Shakti Pumps Ltd : Pumping ‘Out’ Fortune

[Nitin Mangal @nrmangal]

#InBetweenZ #32 - Jyoti Resins (JRA IN): Asset-Light Balance Sheet or A high need for capex?

#ReadBetweentheLines

[Pranav Bhavsar @pranav_b]

Exploring Vietnam's potential for growth and investment opportunities, despite challenges in capital markets and institutional participation. Tracking IPOs, MSCI inclusion, and policy reforms. https://t.co/4SFMdR1TB9

[Nitin Mangal @nrmangal]

Eureka Forbes boasts 250 bps EBITDA margin expansion driven by service cost cuts (-160 bps from 13.8% to 12.2% of sales). The reality: unresponsive service engineers, franchisees who deny company connection, worthless Gold AMC programs, and dysfunctional customer support. Classic case of "improving" margins by degrading customer experience. Another case of fancy narrative.

[Nitin Mangal @nrmangal]

Sometimes local people knows more than national media or anything else I don’t know….but surprised with the precision. #ongroundresearch #chennalchecks by my partner @pranav_b

[Pranav Bhavsar @pranav_b]

Local business owners in Srinagar, Kashmir are hopeful for easing tensions by May 10 amidst the ongoing conflict between India and Pakistan. https://t.co/my4wjlIBdV