Ravi Srivastava

Investor | Author of Postcards from India | Field over forecasts | Signals over noise | Studying India, one story at a time.

[Massimo @Rainmaker1973]

A black fungus feeds on radiation in Chernobyl.

In the radioactive ruins of Chernobyl’s Reactor 4, scientists found an extraordinary black fungus, Cladosporium sphaerospermum, thriving in one of Earth’s most toxic environments.

Rather than merely enduring radiation, this fungus seems to harness it through radiosynthesis—a process akin to photosynthesis but driven by gamma radiation, converting it into chemical energy. It’s among the rare organisms capable of this feat.

Even more remarkable, when tested on the International Space Station, the fungus flourished, forming a biofilm that blocked up to 84% of cosmic radiation, hinting at its potential as a living radiation shield for astronauts. With radiation posing a major hurdle for deep-space missions to Mars and beyond, this self-regenerating biological layer could revolutionize spacecraft design by replacing heavy, bulky shielding.

On Earth, researchers are exploring its use in bioremediation to detoxify radioactive sites too hazardous for humans, potentially transforming nuclear disaster recovery. As one scientist put it, “It’s like nature crafted a biological radiation shield.” From Chernobyl’s ruins to space, this humble fungus could help humanity thrive in the universe’s harshest environments.

[Ravi Srivastava @tresravi123]

In my experience, working capital gives quiet clues about whether strong ROCE is actually built on solid ground — or if it’s just temporary.

And how quickly cash comes back — and how predictably — plays a bigger role in compounding than most people realize.

#IndiaInvesting #CapitalAllocation #LongTermThinking

[Ravi Srivastava @tresravi123]

We often talk about ROCE.

But one of the most telling signals of business quality is something quieter:

Working capital discipline.

Not just the ratio — but the behavior behind it.
🧵

#LongTermInvesting #InvestmentPhilosophy #Compounding

[Ravi Srivastava @tresravi123]

These small habits — repeated year after year — tell us more than most strategy decks.

Because in the long run, it’s not just what you earn.
It’s what you keep moving.

#FinancialDiscipline

[Ravi Srivastava @tresravi123]

𝗧𝗵𝗲 𝗤𝘂𝗶𝗲𝘁 𝗣𝗼𝘄𝗲𝗿 𝗼𝗳 𝗥𝗢𝗖𝗘

The more I’ve studied Indian businesses, the more I’ve realized that one metric – Return on Capital Employed (ROCE) – does more than just measure efficiency. It tells you what kind of business you’re really dealing with.

𝗛𝗶𝗴𝗵 𝗥𝗢𝗖𝗘 𝗳𝗿𝗮𝗻𝗰𝗵𝗶𝘀𝗲𝘀 𝗱𝗼𝗻’𝘁 𝘀𝗰𝗿𝗲𝗮𝗺 𝗳𝗼𝗿 𝗰𝗮𝗽𝗶𝘁𝗮𝗹 𝗲𝘃𝗲𝗿𝘆 𝗳𝗲𝘄 𝘆𝗲𝗮𝗿𝘀. 𝗧𝗵𝗲𝘆 𝗾𝘂𝗶𝗲𝘁𝗹𝘆 𝗿𝗲𝗰𝘆𝗰𝗹𝗲 𝘁𝗵𝗲𝗶𝗿 𝗼𝘄𝗻 𝗰𝗮𝘀𝗵 𝗮𝗻𝗱 𝘀𝘁𝗶𝗹𝗹 𝗴𝗿𝗼𝘄.

𝗧𝗵𝗮𝘁’𝘀 𝗵𝗼𝘄 𝗰𝗼𝗺𝗽𝗼𝘂𝗻𝗱𝗶𝗻𝗴 𝘄𝗼𝗿𝗸𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗿𝗲𝗮𝗹 𝘄𝗼𝗿𝗹𝗱 – 𝗻𝗼𝘁 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝗵𝗼𝗰𝗸𝗲𝘆-𝘀𝘁𝗶𝗰𝗸 𝗽𝗿𝗼𝗷𝗲𝗰𝘁𝗶𝗼𝗻𝘀, 𝗯𝘂𝘁 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝗱𝗶𝘀𝗰𝗶𝗽𝗹𝗶𝗻𝗲.

In India, where capital used to be a scarce resource, this discipline got hardwired into the DNA of the best companies.

My filter has been simple:

– A decade of >20% ROCE?

– Consistent earnings?

– Low debt?

That’s usually not luck. That’s a moat.

It’s boring. But boring keeps working.

#BayCapital #IndiaInvesting #LongTermInvesting #India

[Ravi Srivastava @tresravi123]

𝗜𝗻𝗱𝗶𝗮’𝘀 𝗦𝗵𝗶𝗳𝘁𝗶𝗻𝗴 𝗣𝗼𝘀𝘁𝘂𝗿𝗲

Over the years, I’ve walked through Agra and Ajmer - not just Andheri.

We’d stop at ATM lines, chat with shopkeepers, sit with distributors on plastic chairs. No slide deck can teach you what a Kirana owner in Rae Bareli will - if you just sit long enough and ask nothing for five minutes.

And somewhere along the way, 𝗜 𝘀𝘁𝗼𝗽𝗽𝗲𝗱 𝘀𝗲𝗲𝗶𝗻𝗴 𝗰𝗼𝗻𝘀𝘂𝗺𝗽𝘁𝗶𝗼𝗻 𝗮𝘀 𝗱𝗮𝘁𝗮.

𝗜 𝘀𝘁𝗮𝗿𝘁𝗲𝗱 𝘀𝗲𝗲𝗶𝗻𝗴 𝗶𝘁 𝗮𝘀 𝗽𝗼𝘀𝘁𝘂𝗿𝗲.

–A young man in Gorakhpur, buying face cream - not because he needed it, but because he liked the brand
–A family asking if the mixer came in red
–A delivery boy comparing two biscuit packs, choosing the one with almond flakes

It wasn’t about the product.

It was about 𝗰𝗵𝗼𝗶𝗰𝗲, 𝗻𝗼𝘁 𝗰𝗼𝗺𝗽𝘂𝗹𝘀𝗶𝗼𝗻.

𝗧𝗵𝗮𝘁’𝘀 𝘁𝗵𝗲 𝗽𝗼𝘀𝘁𝘂𝗿𝗲 𝗼𝗳 𝗮 𝗰𝗼𝘂𝗻𝘁𝗿𝘆 𝘁𝗵𝗮𝘁 𝗵𝗮𝘀 𝗰𝗿𝗼𝘀𝘀𝗲𝗱 $𝟮,𝟱𝟬𝟬 𝗶𝗻 𝗚𝗗𝗣 𝗽𝗲𝗿 𝗰𝗮𝗽𝗶𝘁𝗮.

We’ve seen this arc before:
–China, ~2007 - air conditioners, smartphones, beauty products
–Thailand, ~2003 - modern retail, financial inclusion
–South Korea, ~1988 - department stores, appliances
–Singapore, mid-1980s - aspiration over frugality
–United States, decades earlier - brands as identity

Once per capita income hits that $2,000–$3,000 range, something shifts. People don’t just buy more. They choose differently.

They reach for:
–Better packaging
–Trusted brands
–Products that reflect who they are - or want to become

That same shift is unfolding here. Quietly.

In towns we don’t plot on investor maps.

In FY25, the biggest consumption jumps didn’t come from metros. They came from 𝗕𝗶𝗵𝗮𝗿, 𝗛𝗶𝗺𝗮𝗰𝗵𝗮𝗹 𝗣𝗿𝗮𝗱𝗲𝘀𝗵, 𝗖𝗵𝗵𝗮𝘁𝘁𝗶𝘀𝗴𝗮𝗿𝗵.

The products moving fastest?
–𝗣𝗿𝗲𝗺𝗶𝘂𝗺 𝗱𝘂𝗿𝗮𝗯𝗹𝗲𝘀
–𝗠𝘂𝗹𝘁𝗶-𝗯𝗿𝗮𝗻𝗱 𝘀𝗲𝗹𝗲𝗰𝘁𝗶𝗼𝗻𝘀
–𝗤𝘂𝗶𝗰𝗸 𝗰𝗼𝗺𝗺𝗲𝗿𝗰𝗲 that says: 𝘐 𝘷𝘢𝘭𝘶𝘦 𝘮𝘺 𝘵𝘪𝘮𝘦 𝘵𝘰𝘰

This isn’t about affluence.

It’s about aspiration evolving into identity.

And the thing about this curve - once it bends, it rarely bends back.

So yes, economists will circle the GDP line. But those of us who’ve sat in the back of a general store for an hour, sipping chai - We’ll just smile.

𝗪𝗲’𝘃𝗲 𝘀𝗲𝗲𝗻 𝘁𝗵𝗶𝘀 𝗺𝗼𝘃𝗶𝗲 𝗯𝗲𝗳𝗼𝗿𝗲.

𝗜𝗻𝗱𝗶𝗮’𝘀 𝗻𝗲𝘅𝘁 𝗰𝗼𝗻𝘀𝘂𝗺𝗽𝘁𝗶𝗼𝗻 𝘀𝘂𝗿𝗴𝗲 𝗺𝗮𝘆 𝗿𝗶𝘀𝗲 𝗻𝗼𝘁 𝗳𝗿𝗼𝗺 𝗺𝗲𝘁𝗿𝗼𝘀, 𝗯𝘂𝘁 𝗳𝗿𝗼𝗺 𝗱𝗶𝘀𝘁𝗿𝗶𝗰𝘁𝘀.

𝗙𝗿𝗼𝗺 𝗕𝗵𝗮𝗿𝗮𝘁, 𝗻𝗼𝘁 𝗕𝗮𝗻𝗱𝗿𝗮.

𝗙𝗿𝗼𝗺 𝗯𝗮𝘇𝗮𝗮𝗿𝘀, 𝗻𝗼𝘁 𝗯𝗼𝗮𝗿𝗱𝗿𝗼𝗼𝗺𝘀.

And when that happens, the winners won’t be the ones who forecasted GDP.

They’ll be the 𝗼𝗻𝗲𝘀 𝘄𝗵𝗼 𝘀𝘁𝗼𝗼𝗱 𝘀𝘁𝗶𝗹𝗹 𝗹𝗼𝗻𝗴 𝗲𝗻𝗼𝘂𝗴𝗵 𝘁𝗼 𝗹𝗶𝘀𝘁𝗲𝗻 𝗮𝘁 𝘁𝗵𝗲 𝗔𝗧𝗠 𝗹𝗶𝗻𝗲.

#BayCapital #IndiaInvesting #IndiaConsumption #OnTheGround #LongTermThinking #AspirationToIdentity #India

[Ravi Srivastava @tresravi123]

We love the India digital story.

But here’s a quiet truth:

60% of Indian consumer spending is still in cash.

Between 2014–2024:
– Currency in circulation grew 157%
– ATMs grew 32%
– Bank branches grew 36%

In FY25, the average ATM withdrawal hit INR 5,658 — up 3% YoY.

Meanwhile, UPI ticket sizes are falling:
– Overall UPI: from INR 1,603 → INR 1,478
– P2M: from INR 667 → INR 643

India isn’t choosing between cash or digital.

It’s choosing both — with remarkable balance.

The investors who grasp this duality — the digital rails and the cash spine — will see a version of India others overlook.

#BayCapital #IndiaInvesting #LongTermInvesting #DigitalIndia #CashStillKing #India

[Ravi Srivastava @tresravi123]

Over the years, my best returns came from businesses where I did nothing for years.

No calls.
No trades.
No thesis updates.
Just:
– Good operators
– Aligned incentives
– Prudent capital allocation
– A model you didn’t need a deck to explain
They compounded quietly while the world chased noise.

A great business doesn’t need your genius.
It just needs your time.
#BayCapital #IndiaInvesting #LongTermInvesting

[Ravi Srivastava @tresravi123]

@jitendrajain Brilliant Stuff! You are doing God’s work! God bless you!

[Ravi Srivastava @tresravi123]

What a Team!

[Vijay Shekhar Sharma @vijayshekhar]

Still don’t change your Outlook.

[Ravi Srivastava @tresravi123]

@abhishec_s Amazing lines!

[Ravi Srivastava @tresravi123]

Hello Hello! Seems like every 2nd person in India is an expert on Carry Trade, it’s implications and what Fed ought to do!

[Ravi Srivastava @tresravi123]

Djokovic!!!! Amazing!

Everything that could be won has been won by you!!

@DjokerNole

[Ravi Srivastava @tresravi123]

@contrarianEPS Your views on how this current frenzy plays out? Flying towards the Amritkaal or Gravity pulls all this back.

[Ravi Srivastava @tresravi123]

@Crazynaval Bhai has every stock that goes up but none that goes down. Upside / Downside Capture of bhai is close to infinity.

As @prashant_mrch16 mentioned, “innocent” pump.

[Angry Tom @AngryTomtweets]

10 insane websites you probably didn't know existed (until now):

[Ravi Srivastava @tresravi123]

@DeepikaBhardwaj @DownVideoBot