Hi @praneet_drolia thanks for checking on.
Nuvama, Nippon life and 360 one have broadly similar themes. Nuvama and 360 One is play on India’s rich and Nippon life is bet on Indians who plan or in process to get rich. Financialisation is going to be big. I am not playing it through direct lending but through non-lending or indirect lending (Paytm and pb fintech).
Nuvama and 360 One have play on HNIs and UHNI’s through product offerings like AIFs, PMS, LAS and securities underwriting. We have noted how “play on rich” themes like Titan, Ethos and Cartrade played recently. While Nippon is play on mass market through ETFs and MFs.
Divgi Torque - this one came in a interesting to me. Someone I follow on twitter re-tweeted this article from Itus capital - Vol 13 – Survival of The Fittest - ITUS Capital . I loved the content, just amazing. Then i thought of knowing more about them. I really liked their “weekly enlightment” and “what we are reading” series. Then somehow I got to look at their portfolio and noted Divig as odd name (for me) out there. Then I researched and read annual report. Divgi Torque management is aiming for 1000 crore revenues over next 3-4 years which is about 4x of FY23 revenues. EV play, currently EV OEMs are importing the products they offer so a localisation play. Please read latest annual report - seems like a david trying to become goliath. Valuations seems high but should be seen in context.
Deepak is bit of special situation and their move on becoming specialised chemical play. PE seems reasonable at 10 but its difficult for me to understand this fully and hoping this to replicate Deepak Nitrite. I am quick to book losses if need be so please do not take action based on my thesis.
Medplus is negligible in my portfolio. But you should visit their latest presentation as it provides lot of insights - Highest ROCEs retail business is pharma, they covered only southern part with 3000 stores it can easily go to 6000+ stores in next 3 to 5 years, focus on non-branded private label medicines and OTCs can help them disrupt branded players.
Indiamart is I am trying to play a margin improvement game. Though my focus is currently on Garware Hitech, Pricol and Ami Organics. I will share detailed rationale shortly on those.
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