It is almost a month since this incident. It’s strange that the company did not voluntarily disclose such information earlier

We need to wait and see…

While I have been active in the markets and lurking here, haven’t had anything significant to say. And portfolio has seen significant churning, so updates were difficult.

Portfolio allocation – It looks like the variation I am comfortable is – start with a zoo, lose the losers and add the winners, and the top ones stay as long as the charts stay good.

Have picked up a little technicals, basically to figure out when to sell. But it has come handy in putting a techno-funda approach to choosing the starting zoo.

Based on multiple rounds of this, current portfolio is as follows –

Quite possible may get trimmed further. At which point, I need to start looking for my next zoo.

Pulz Electronics, very recently added, doesn’t show up here yet. About 4% allocation.

Note – Almost 15% cash.

Note 2 – Net portfolio is at about 2x of capital invested over last 2.5 yrs. Would have been much better if I had sold better.

Disc : Been watching this for 2.5 years. Finally took starter position. May increase if numbers continue. Do note that this could still very well end up a boom or bust investment. but here goes.

Pros –

Current Numbers –

Sales and profits –

Scuttlebutt –

Now that is a solid advertisement, if true. No way to verify unless you trust the twitter account.

Charts –

Additional Info –
Firm is actually two firms. Hard to find both links.

R&S | Home – does customized audio installations. viz. Esha foundation, multiplexes etc.

https://www.pulz.co.in/ – High tech acoustics equipment manufacturer.

Co-promoter –
M K Ramakrishnan. – Owns almost 50 %. (and the MD – Anirvan Ghose 25% or so. Anirvan Ghose has been discussed before).

It is very likely that the following link is about the prior avatar of pulz and summarizes the business well. In any case, the best summary I have found. It seems this business has moved on and formed Pulz (including the installation subsidiary). Name, main persons – are all same.

Annual reports – hidden link.

https://www.pulz.co.in/investor-corporategovernance-annualreport.html

and quarterly reports – again, hidden link

https://www.pulz.biz/investor-financialresults.html

My take here –
Small business with the correct expertise, connections and experience. Successfully backward integrated into manufacturing high end acoustics (this is a feat in itself ). Not really very professional yet – links need finding, no customer relations. Promoters looks reputed and technocrats rather than businessmen. Results are excellent. PVRs and Inox are customers among others. MD has claimed 0 customer attrition rate. Now Shah Rukh Khan, apparently, also is a customer. Another point – this is a small business (At 90 cr market cap, after a 10x), but has not only survived but recovered smartly after Covid and finally moved well above its IPO 5/6 yrs ago.

Another note – Migration to NSE main board approved. Timeline unknown.

P.s: It would really help if someone well versed with analyzing balance sheets could provide a in-depth analyses of the latest annual report. I can just about read it, so any help would be useful as this is a firm about which very little information can be found.

Attached the AR-2022/23.
SME_AR_23571_PULZ_2022_2023_05092023200956.pdf (5.1 MB)

https://twitter.com/akshat96jain/status/1700480053270950394

One more good interview with legendary investor Govind Parekh ji.