My Journey
Anthem Biosciences: India's Largest Fermentation CRDMO at the Heart of Drug Discovery
A deep dive into Anthem Biosciences: India's largest fermentation CRDMO, a Q3 FY26 destocking hit, a ₹1,274 crore block deal, and my honest take.
Sky Gold and Diamonds: From Zaveri Bazar to ₹6,300 Crore
A deep dive into Sky Gold's journey: three acquisitions, the strategic pivot from profitable to cash flow positive, and whether it belongs in a portfolio. My honest take as someone still figuring this out.
Why I'm Doing This
A software engineer making time for something he's been meaning to do for years. One year, some play money, and learning in public.
Investment theses
Why I own each holding, what has to go right, and what would make me sell.
Cash-flow inflection
Sky Gold must turn rapid B2B jewellery growth into cash-generating growth: scale the advance-gold model, improve working capital and use the resulting cash plus the planned land sale to reduce debt. Exports and diamonds are upside, not requirements for the thesis.
Restocking recovery and CRDMO capacity ramp
Anthem's FY26 slowdown must prove to be temporary destocking: CRDMO orders should recover, Unit III should contribute and molecules should keep progressing toward commercialisation. Unit IV and new modalities add upside, but the high valuation leaves little tolerance for weak utilisation or delayed growth.
FY27 bridge to a contracted marine-infrastructure platform
KMEW's dredging business must bridge FY27 and replenish its order book while two green tugs are built for long-duration charters starting in FY28. The charter annuity is contracted but not operating, and shipbuilding remains valuable upside that must first be proven through on-time delivery and acceptable returns.
Bulb-bar moat funding three defence optionalities
Krishna Defence's niche naval bulb-bar franchise must keep replenishing orders and converting growth into cash while WaveOptix electronics, VABO composites and the Jalkapi underwater programme are treated as staged optionality—not current earnings. The balance sheet is strong, but product concentration and a demanding valuation leave little room for weak execution.
Credit-cost normalisation plus Project Shakti diversification
CreditAccess must grow through the microfinance recovery without recreating borrower stress, while Project Shakti expands retail finance toward 24–25% of AUM without sacrificing asset quality, NIM, ROA or ROE. A re-rating depends on diversification actually reducing cyclicality; one low-credit-cost quarter is not enough.