Tejas Bansal | Equity Insights Elite

Excited to share—we’re now SEBI Registered! After 2+ years of consistently sharing insights on X, we received several inquiries about launching our own research services. So, we decided to go ahead, get SEBI Registered, and launch our dedicated Research Desk, focused on uncovering high-growth opportunities in the Smallcap & Midcap space. We're now also live on Smallcase! There’s been a lot going on in the background over the last few months. Thanks for the continued support—we’ll keep striving to add value!❤️

✅ Good Screen to Scan for Interesting Stocks! Return on equity >= 15% AND Sales growth 3Years >= 15% AND Profit growth 3Years >= 15% AND Market Capitalization > 2000 AND Price to Earning < 40 This screen includes only those companies that have already reported their Q2FY27 results Most have reported a strong set of results & maintained their growth outlook Of course, these are not the only filters The next step is to go through their concalls & investor ppt Screening is just the starting point.

🚨 Ultravolt's Entry into Wires & Cables - What Are Polycab, KEI & RR Kabel Saying About Competition? Polycab Management - Total W&C industry size estd at 1.1 Lakh Cr - Wires constitute approx 30% of the industry - 30-35% of the wires market is still unorganised Management believes there is sufficient room for new competitors as the industry expands "We don't see any real competition in the near term." "We are not seeing any sort of pricing correction right now." KEI Ind : Management highlighted that multiple new players have entered the industry over the last 15-20 years, yet KEI has continued to grow "Whatever we are guiding in terms of the growth or in terms of the margin, keeping in mind the new competition" Management believes its large customer base, dealer network, institutional business & exports provide meaningful competitive advantages RR Kabel "I always believe competition was always there, and it will remain always" Management maintained its margin targets despite the changing competitive environment None of the companies has indicated a material change in its long term growth strategy The entry of a well capitalised player like UltraTech should not be underestimated, particularly given its established distribution ecosystem & aggressive ambitions However, building capacity & capturing profitable market share are two different things!

Some interesting shifts in the Nifty 50 heavyweights over the last two years! - HDFC Bank: 12.11% → 9.95% (-2.16 pp) - Infosys: 5.82% → 3.92% (-1.90 pp) - Reliance Industries: 8.31% → 7.30% (-1.01 pp) The gap between HDFC Bank & ICICI Bank is now insignificant ITC & TCS have dropped out of the top 10 weight ranking LTIMindtree, Wipro, BPCL, HPCL, Shree Cement, Britannia, Indian Oil, UPL, Hero MotoCorp, IndusInd Bank etc have all made their exits Meanwhile, newer names like BSE, Eternal, Jio Financial, Trent, BEL, IndiGo, Max Healthcare have entered the index Nifty composition is changing!

We all know what happens when a hot theme is bought at the wrong valuation Please don't get caught in FOMO A great sector can still become a terrible investment if expectations are already fully priced in It doesn't matter whether the theme is: CDMO, AI, Defence, Railways, Renewables, EMS, Capital Markets... We have seen several "can't go wrong" themes eventually get completely de-rated once growth slowed or expectations disappointed

CDMO companies have reported a strong set of Q2FY27 results, with equally encouraging management commentary! However, the biggest concern remains valuations!

Despite the ongoing market volatility, these stocks are trading close to their 52 week highs! - Laurus Labs - Zydus Life - Kotak Bank - Piramal Pharma - Acutaas Chemicals - Coforge - Eternal - Sona BLW - Sri Lotus Developers - Nykaa - Ratnaveer Precision - Indian Hotels - Ather Energy - Anand Rathi - PVR - Divi's Lab - Adani Ports - Gland Pharma - Leela Palaces - Navin Fluorine - South Indian - Tips Music - Tech Mahindra Quite interestingly, few names on this list are actually surprising! 👀

Accenture ! What a crazy recovery from lows 1 yr returns now in positive territory😏

Raymond Life - from 3,000 to 480! (🔻85%) 💀 For those who think, "Kitna hi gir jayega aur?" Well, markets can surprise you beyond imagination! One of the most important lessons in investing is knowing when to "EXIT" Remember, a stock that has already fallen 50% can still fall another 50% from there! If the investment thesis deteriorates, accepting a loss & moving on is often the better decision

Damn! Anand Rathi Wealth has barely corrected despite extremely weak market conditions Growth has moderated towards the mid teens, but street continues to assign premium valuations Current Mcap: ~37,500 Cr FY27 PAT Guidance: ~460 Cr Implied P/E: ~82x Even if they do 500 Cr, it will trade at 75x which is very expensive But the reason the market continues to pay such a premium is execution Anand Rathi has now delivered its 20th consecutive quarter since listing with 20%+ YoY PAT growth What a crazy wealth creator this has turned out to be!

Reliance Industries is now trading at one of its cheapest valuations in the last decade Current EV/EBITDA: ~8x 10 year median EV/EBITDA: ~12x That is a ~33% discount to its historical median And this comes after a quarter where Reliance delivered #Q2FY27 results significantly above expectations O2C delivered its best ever quarter, while Jio continued to deliver mid teens EBITDA growth Reliance still owns ~64.4% of Jio Platforms post IPO It is now becoming an interesting sum of parts valuation case, with Jio's listing providing greater visibility into the value of the group's digital business The question now is: After years of underperformance and a valuation reset to ~8x EV/EBITDA, can Reliance start doing the heavy lifting for the indices again?

Jio Platforms - Steady Q2FY27 REV 🔼11% - 40,475 Cr EBITDA 🔼17% - 21,879 Cr PAT 🔼14% - 8,387 Cr EBITDA Margin - 54.1% vs 51.6% YoY Total Subscriber Base - 54.2 Cr, 3.6 Cr net additions YoY 5G Subscribers - 30 Cr, up 6.6 Cr YoY ARPU - ₹218.8 vs ₹211.4 YoY ARPU growth remains relatively modest Future tariff increases will become a significant earnings lever Total Broadband Homes - 3 Cr (up 73 Lakh YoY) Jio's home broadband subscriber additions were approx 2x those of its nearest competitor over the last 3 months One of the most encouraging aspects is the sharp improvement in cash generation after capital expenditure Cash capex declined to 6,430 Cr from 8,628 Cr YoY EBITDA Less Cash Capex 🔼53% - 15,449 Cr H1 EBITDA Less Cash Capex - 32,130 Cr vs 16,216 Cr YoY Net debt has also declined significantly Net Debt Reduced to 8,822 Cr vs 41,161 Cr YoY Net Leverage at 0.10x vs 0.55x Jio is gradually expanding its ecosystem beyond connectivity Management highlighted opportunities across: Entertainment, Cloud & Productivity, Enterprise Services etc

US Markets are brutal $INTC 🔻30% Stocks, Metals, Cryptos everything falling at the moment

Markets are absolutely brutal right now! Bad results are getting whacked, while even good results are not getting rewarded Extreme reactions across many stocks We have seen this kind of results related volatility many times For long term investors, this is actually a good time to study businesses rather than focus too much on short term price movements Patience & conviction will be tested in such markets. :)

Always Stay Diversified! ⚠️ Ideally, maintain a portfolio of at least 20-25 stocks Because in markets, one press release can change the entire story overnight You can do all the research, track every quarter & still get hit by a risk you never saw coming Risks can emerge from absolutely anywhere: - Corporate governance issues - Geopolitical developments - Regulatory changes - Business disruptions - Income tax raids & investigations - Unexpected tax liabilities - Management misconduct or fraud - Legal disputes - Cybersecurity breaches The list is endless We have witnessed far too many such accidents in the markets lately No matter how strong your conviction is, never allow one stock to decide the fate of your entire portfolio Diversification won't eliminate risk, but it can prevent a single mistake or unexpected event from derailing your entire portfolio It is about surviving the risks you cannot predict For God's sake, take this seriously One bad event should hurt your portfolio, not destroy it **Survival comes first. Compounding follows.**

Just another day of carnage in the broader markets! Extreme reactions in many names