Value Research Online

Ion Exchange had a weak Q1. Then why did its stock jump 10%?

Tue, 01 Sep 2026 17:27:12 +0530

Ion Exchange’s Q1 profit fell despite 20 per cent revenue growth. Here’s why investors are looking past weak project economics and betting on a recovery.

How ICICI Bank raced ahead of HDFC Bank

Tue, 01 Sep 2026

Despite trailing for a long time, ICICI Bank found its edge over India's largest private bank. We find out how. Despite trailing for a long time, ICICI Bank found its edge over India's

HUL's expensive ascent

Tue, 01 Sep 2026

HUL remained profitable, cash-rich and capital-efficient. So why did its stock deliver poor returns? The answer lies in how far investors pushed its valuation.

Monopoly held. Maths didn't

Tue, 01 Sep 2026

IRCTC still dominates railway ticketing and remains debt-free. So why has its stock fallen over 50 per cent? The answer lies in what is driving its growth.

The feel-good factory

Tue, 01 Sep 2026

SJS Enterprises is riding India's premiumisation trend with a strong moat and a debt-free balance sheet. But at 48 times earnings, is too much growth already priced in?

The moat that stays

Tue, 01 Sep 2026

Tracing the journey of Torrent Pharmaceuticals, from humble beginnings to a large market player Tracing the journey of Torrent Pharmaceuticals, from humble beginnings to a large market

The turnaround trap

Tue, 01 Sep 2026

Of 36 loss-making IPOs since 2021, 20 have turned profitable. Yet many investors still lost money. The story reveals why business recovery and stock returns differ.

Jyothy Labs: Real moat, borrowed growth

Mon, 31 Aug 2026 17:42:08 +0530

Jyothy Labs’ stock has fallen over 60 per cent from its 2024 peak after losing the Pril licence. Here’s what changed and whether its moat remains intact.

NSDL had the market share. Then why did investors lose?

Thu, 27 Aug 2026 16:15:03 +0530

NSDL dominates India's demat wealth, but its stock has lagged. Here's why its vast custody base and market share don't easily translate into earnings growth.

Do not judge Agarwal Industrial by its bitumen

Tue, 25 Aug 2026 09:00:00 +0530

Agarwal Industrial’s bitumen business drives revenue, but its ships and terminals drive profits. A weak FY26 shows why asset utilisation matters most.

Gujarat Pipavav: A good port with a ticking clock

Fri, 21 Aug 2026 10:32:58 +0530

Gujarat Pipavav Port is profitable, debt-free and pays a high dividend, but its 2028 concession expiry makes the stock a bet on its renewal......

Profits grew. So why did the stocks fall behind?

Wed, 19 Aug 2026 18:55:55 +0530

IRCTC, R Systems and DMart grew profits strongly over five years but lagged the BSE 500. Here’s why business growth alone doesn’t guarantee stock returns.

Two rating agencies, one diverging bet

Tue, 18 Aug 2026 17:45:10 +0530

CARE Ratings and ICRA are both strong rating businesses, but their capital allocation differs. Compare growth, margins and new bets to see which looks better.

Has the market punished KEC International enough?

Fri, 14 Aug 2026 14:32:07 +0530

KEC International's stock has fallen 63 per cent from its peak despite record orders. Here's what its cash flow, debt, margins and working capital reveal.

When profit doesn't equal cash

Thu, 13 Aug 2026 17:29:29 +0530

Cash conversion cycle shows how long cash stays tied up in operations. Here's how inventory, receivables and payables affect a company's cash flow.

5 companies where interest stopped eating into profits

Wed, 12 Aug 2026 16:39:51 +0530

These five companies sharply improved interest coverage by growing EBIT, cutting debt or both. Here's what drove the change and what investors should watch.

Is OYO's comeback poised to last?

Fri, 07 Aug 2026 16:07:25 +0530

OYO has returned to profit ahead of its IPO, but how much is real? Here's an analysis of its business model, financials, valuation and key investment risks.

The less profitable company grew faster. Here is why

Fri, 07 Aug 2026 08:00:00 +0530

Wheels India and Steel Strips Wheels earn similar revenue but tell very different growth stories. Here's what their margins, returns and investments reveal.

Jubilant Ingrevia: Flat revenue, better business

Thu, 06 Aug 2026 10:00:00 +0530

Revenue has barely grown in four years, but Jubilant Ingrevia's business mix has changed sharply. Here's what's driving margins, CDMO growth and the risks ahead.

When 'cash rich' isn't 'rich': 5 companies show why

Wed, 05 Aug 2026 15:31:14 +0530

These five companies hold over 60 per cent of their assets in cash, but that doesn't always make them cash-rich. Here's what investors should look beyond the headline numbers.