Value Research Online

NSE IPO failed in 2016. Its return is remarkable, so is risk

Fri, 03 Jul 2026 11:42:23 +0530

NSE's options revenue fell 17 per cent after SEBI's derivatives rules. The business is exceptional but 60 per cent of revenue depends on the segment regulators are shrinking.

These companies freed up cash. Here is what really changed

Tue, 30 Jun 2026 12:30:11 +0530

A shrinking cash conversion cycle looks like efficiency. For Crompton and Hitachi Energy it largely is. For Chalet Hotels it is a real estate project ending, not a fix.

Kirloskar Pneumatic fixed its margins. Now what?

Mon, 29 Jun 2026 09:00:00 +0530

EBITDA margins rose from 14 to 20 per cent in five years and the stock is up 40 per cent. Here is what changed inside the business and whether the re-rating still has room.

Genus Power's profits more than doubled. Where is the cash?

Tue, 23 Jun 2026 16:26:04 +0530

Genus Power made Rs 605 crore profit in FY26 but burned Rs 203 crore in operating cash. Three straight years of the same pattern. Here is what the order book hides.

The biggest IPO ever, at a difficult moment

Thu, 18 Jun 2026 15:50:51 +0530

National Stock Exchange (NSE) files for a record Rs 30,000 crore IPO. Here is why SEBI's crackdown on retail options trading is the real story for investors.

SpaceX is worth half India's GDP. It needs a little gravity

Thu, 18 Jun 2026 13:37:16 +0530

SpaceX listed at over $2 trillion with no profit and 110x revenue. Here is why admiring the engineering and questioning the valuation are not contradictory positions.

The balance sheet grew. Did the business?

Tue, 16 Jun 2026 16:37:44 +0530

Six large companies more than tripled their net block in three years. But leases and acquisitions can inflate assets without adding profit. We unpack three.

Tata Motors: A real upcycle, an unproven pivot

Mon, 15 Jun 2026 09:00:00 +0530

Tata Motors' CV business is in a real upcycle, but its non-cyclical revenue has sat near 12-13 per cent for three years. Here's what it means before you buy the stock.

Jash Engineering: Strong order book, yet profit & sales fall

Fri, 12 Jun 2026 17:45:18 +0530

Jash Engineering's FY26 revenue stayed flat at Rs 736 crore while PAT fell 13 per cent to Rs 76 crore, hit by US tariffs and a weak Rodney Hunt unit. Demand held firm.

Uniparts' bad days may be over. Can it last?

Fri, 12 Jun 2026 10:00:00 +0530

Uniparts stock halved after its 2022 IPO when farm and construction markets slumped together. FY26 revenue rose 21 per cent, but how much recovery is already priced in?

3 fast-growing companies. A quiet problem

Mon, 08 Jun 2026 10:00:00 +0530

Netweb, KPI Green and Zaggle grew sales and profits above 30 per cent, but ROCE fell sharply across all three. Here is what the capital efficiency gap means for investors.

Rajesh Exports' Rs 15 lakh crore problem

Sun, 07 Jun 2026 09:00:00 +0530

SEBI alleges Rs 15.15 lakh crore of Rajesh Exports' overseas revenues cannot be verified. Chairman barred, LIC among affected shareholders. What the order says.

Why investors can't ignore Inox's export story anymore

Wed, 03 Jun 2026 10:38:20 +0530

Inox India's exports grew fourfold to Rs 971 crore in FY26. Now, a US space order and LNG expansion test whether its premium valuation holds. Here is what the numbers show.

Anant Raj: Big plans, bright future. Execution? Lacking

Tue, 02 Jun 2026 17:05:10 +0530

Anant Raj's data centre roadmap has shrunk from 307 MW by FY28 to 117 MW, with a PAT gap of Rs 888 crore. Delayed timelines and unclear communication raise execution doubts.

The price of dominance

Mon, 01 Jun 2026

World's largest maker of four speciality chemicals, zero debt and 40 per cent margins, yet the stock trades below its five-year median P/E. Here is what is holding it back.

Built for bad weather

Mon, 01 Jun 2026

India's microfinance sector has passed peak stress. Arman Financial has 52 per cent capital adequacy, 82 per cent credit-guaranteed book and a clean NPA record through every crisis.

Don't blame MSCI for Friday's crash

Sat, 30 May 2026 10:14:58 +0530

The viral story blamed MSCI for Friday's market fall. The forced selling was roughly Rs 8,000 crore, a rounding error against Rs 6 lakh crore lost. Here is what really happened.

20% for 16 straight quarters: 5 companies that made the cut

Thu, 28 May 2026 18:45:09 +0530

Only five listed Indian companies sustained above 20 per cent revenue growth for 16 straight quarters. Here is what drove their streaks, and what the numbers still do not tell you.

Sheela Foam: The mess is over. Market is yet to notice

Tue, 26 May 2026 19:28:42 +0530

After three years absorbing the Kurlon acquisition, Sheela Foam is back to double-digit margins and falling debt. The stock still reflects the mess, not the recovery.

Why Kaynes Technology stock fell 61% from its peak

Fri, 22 May 2026 09:00:00 +0530

Revenue missed guidance by 20 per cent, cash flow turned negative and related-party disclosures wiped Rs 10,000 crore in market value. Here is what needs to change before buying.