BUSINESSES & VALUATION
Indian equities
Understand the business model, the quality of growth, and what the market price already assumes. Real estate and financials are recurring areas of interest.
EQUITIES · FINANCE · WEALTH MANAGEMENT
Independent thinking.
Disciplined capital.
Equity research and a disciplined approach to wealth management. Mr. Sharma’s 25 years of market experience, alongside Surya Sharma’s focus on business fundamentals, valuation, and portfolio risk.
EQUITY RESEARCH · LONG-TERM WEALTH
THE INVESTMENT PERSPECTIVE
Understand the business.
Invest with a clear purpose.
01Research the business
02Allocate with purpose
03Manage the downside
01 / THE APPROACH
A clear process for
capital decisions.
Connect each investment to a purpose. Research the underlying business. Keep liquidity and downside risk central to the portfolio.
01
Start with objectives and risk
Set out the investment horizon, liquidity needs, and tolerance for drawdowns before evaluating investments. A portfolio should fit the purpose of the capital.
OBJECTIVES · TIME HORIZON · LIQUIDITY02
Follow the cash and the incentives
Study revenue drivers, competitive advantage, cash conversion, returns on capital, and management’s allocation decisions. Test the valuation against realistic expectations.
BUSINESS QUALITY · CASH FLOW · VALUATION03
Review the whole portfolio
Examine concentration, liquidity, and the balance between growth and financial commitments. Revisit the allocation when objectives or investment assumptions change.
DIVERSIFICATION · DOWNSIDE · PORTFOLIO REVIEWTHE EQUITY RESEARCH LENS
What supports
the investment case?
Explore how financing costs, earnings quality, and liquidity can change the economics of a business.
01 / MACRO CHANGE
Borrowing costs ease
Consider a scenario where lower policy rates eventually feed through to lending rates.
02 / SECTOR EFFECT
Real estate & credit
Study affordability and financing costs alongside banks’ funding costs and lending margins.
03 / COMPANY EVIDENCE
Demand meets cash flow
Track collections, debt service, loan growth, deposit repricing, and actual cash conversion.
Challenge the thesisWould weak demand, slow rate transmission, or lower bank margins offset the expected benefit?
01 / REPORTED GROWTH
Profits accelerate
Begin with the source of the improvement: demand, pricing, efficiency, or a one-off accounting benefit.
02 / BUSINESS QUALITY
Growth needs evidence
Look at cash conversion, competitive advantage, customer concentration, and returns on new capital.
03 / VALUATION TEST
What is priced in?
Compare the current valuation with the earnings and cash flows required to support it.
Challenge the thesisWould normalising margins, higher working capital, or slower growth undermine the valuation?
01 / MACRO CHANGE
Funding gets tighter
Explore what happens when financing is less available or investors become more selective about risk.
02 / SECTOR EFFECT
Balance sheets matter
Compare businesses needing frequent refinancing with those generating cash internally.
03 / COMPANY EVIDENCE
Test the runway
Review debt maturities, unrestricted cash, working capital, interest coverage, and market liquidity.
Challenge the thesisCan a profitable business still face a funding squeeze before its earnings convert into cash?
Illustrative research questions, not current market forecasts or investment recommendations.
02 / OUR FOCUS
Equity insight.
A wider view of wealth.
Company research, financial analysis, and portfolio discipline, connected to the purpose and time horizon of the capital.
OBJECTIVES & ALLOCATION
Wealth management
Connect long-term goals with a considered approach to equity and fixed-income exposure. Bring investment horizon, liquidity, diversification, and review discipline into the same conversation.
FINANCE & CAPITAL
Financial analysis
Study cash flows, balance sheets, debt obligations, and capital allocation. Understand the financial strength behind an investment and its role within the portfolio.
03 / INVESTMENT INSIGHTS
Questions worth asking.
Practical frameworks for examining a portfolio, a listed business, and the risks behind investment income.
A portfolio needs
a purpose.
Connect investments to goals, time horizons, liquidity needs, and the risk you can carry.
Real estate:
follow the collections.
A stronger research process connects bookings to collections, construction obligations, debt, and valuation.
A higher yield needs
a better question.
Before reaching for extra income, identify which credit, duration, or liquidity risk you are being paid to hold.
04 / OUR TEAM
Experience across cycles.
Discipline through uncertainty.
A quarter-century of market experience, alongside a focus on equity research, financial analysis, and long-term wealth.
SENIOR LEADERSHIP
Mr. Sharma
Senior Partner
25years in financial markets
Mr. Sharma’s 25 years in financial markets span the 2008 global financial crisis, the COVID-19 market sell-off, and other major market shocks. His perspective is grounded in first-hand experience of rising markets, sharp reversals, and periods of uncertainty.
That experience informs an approach centred on capital preservation, liquidity, valuation discipline, and adapting strategy as conditions change. It adds a practical understanding of investor behaviour under pressure: judgment developed through market cycles, alongside financial analysis.
EQUITY RESEARCH & FINANCE
Surya Sharma
Financial Analyst · Proprietor, Sharma Consultancy
Surya’s work and interests sit at the intersection of equity markets, finance, and wealth management, with a focus on how changes in the macro environment affect individual businesses.
His research perspective connects company fundamentals, valuation, and capital allocation with the wider portfolio, keeping long-term objectives and financial risk central to the analysis.
- Primary lens
- Equity research & financial analysis
- Professional focus
- Wealth management & capital allocation
THE GUIDING PRINCIPLE
Understand what can go right.
Be precise about what can go wrong.