Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>We highlight large and small cap companies that experienced significant insider buying during September 2025, as reported on the stock exchanges.</li>
<li>We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
<li>As September is a month just before the result season starts, some of these companies may highlight about improving prospects during coming quarters.</li>
</ul>


We highlight large and small cap companies that experienced significant insider buying during September 2025, as reported on the stock exchanges.
We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.
As September is a month just before the result season starts, some of these companies may highlight about improving prospects during coming quarters.


Insider Activity: Who Bought Their Own Stock in September?

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Northern Arc is fast shifting toward direct retail Lending (D2C), while leveraging originator partnerships and technology; recent rate cuts and regulatory relief are improving cost of funds &amp; capital efficiency. 
</li>
<li>Northern Arc’s mix of structured finance, co-lending, and fund management creates steady fee income, making it more resilient than traditional NBFCs relying mainly on heavy lending assets.</li>
<li>Northern Arc is a differentiated NBFC benefits from inclusion &amp; fintech growth, but valuation relies on retail execution, risk control, and asset quality pressures.</li>
</ul>


Northern Arc is fast shifting toward direct retail Lending (D2C), while leveraging originator partnerships and technology; recent rate cuts and regulatory relief are improving cost of funds &amp; capital efficiency. 

Northern Arc’s mix of structured finance, co-lending, and fund management creates steady fee income, making it more resilient than traditional NBFCs relying mainly on heavy lending assets.
Northern Arc is a differentiated NBFC benefits from inclusion &amp; fintech growth, but valuation relies on retail execution, risk control, and asset quality pressures.


The Beat Ideas: Northern Arc Capital - A Niche Player in a Crowded Field?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Capri Global’s foray into merchant banking, investment banking, and wealth management signals a major shift towards becoming a full-spectrum financial services provider, broadening its business model.</li>
<li>With a target of reaching INR 50,000 crore AUM in the next three years, CGCL is positioning itself for significant expansion in India’s underserved financial segments, highlighting strong growth potential.</li>
<li>By integrating AI, data science, and machine learning into its operations, Capri Global is enhancing underwriting, improving customer acquisition, and streamlining business processes, positioning itself for sustained competitive advantage.</li>
</ul>


Capri Global’s foray into merchant banking, investment banking, and wealth management signals a major shift towards becoming a full-spectrum financial services provider, broadening its business model.
With a target of reaching INR 50,000 crore AUM in the next three years, CGCL is positioning itself for significant expansion in India’s underserved financial segments, highlighting strong growth potential.
By integrating AI, data science, and machine learning into its operations, Capri Global is enhancing underwriting, improving customer acquisition, and streamlining business processes, positioning itself for sustained competitive advantage.


The Beat Ideas: Capri Global Capital: Small-Ticket Loans, Big-Ticket Growth

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Shanghai Stock Exchange Composite Index / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.</li>
<li>$125-$126 and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.
$125-$126 and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.


China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

Thematic (Sector/Industry)

<ul>
<li>The RBI's new policy introduces tiered LTV ratios, stricter collateral eligibility, and standardized gold valuation processes across banks, NBFCs, and co-operative banks.</li>
<li>This shift aims to enhance transparency, protect borrowers, reduce systemic risk, and formalize the gold loan market, promoting responsible lending and financial inclusion.</li>
<li>The policy significantly strengthens the gold loan ecosystem, ensuring greater trust and stability, while improving access to credit for underserved populations, especially in rural areas.</li>
</ul>


The RBI's new policy introduces tiered LTV ratios, stricter collateral eligibility, and standardized gold valuation processes across banks, NBFCs, and co-operative banks.
This shift aims to enhance transparency, protect borrowers, reduce systemic risk, and formalize the gold loan market, promoting responsible lending and financial inclusion.
The policy significantly strengthens the gold loan ecosystem, ensuring greater trust and stability, while improving access to credit for underserved populations, especially in rural areas.


Thematic Report on Gold Loan Revolution: Formalizing the Sector for a Transparent Future

India

Poonawalla Fincorp Limited operates as a non-banking finance company. The Company offers business, personal, pre-owned car, and home loan products and services, as well as loan against property and insurance solutions. Poonawalla Fincorp serves customers in India.

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Poonawalla Fincorp (POONAWAL IN)

Insider Activity: Who Bought Their Own Stock in September?

September 2025 saw significant insider buying in large and small cap companies, with key sectors experiencing movement above insider buying...

Sreemant Dudhoria,CFA

The Beat Ideas: Northern Arc Capital - A Niche Player in a Crowded Field?

Northern Arc is shifting to direct retail lending, leveraging partnerships and technology for improved cost efficiency and steady fee income, but...

Nimish Maheshwari

The Beat Ideas: Capri Global Capital: Small-Ticket Loans, Big-Ticket Growth

Capri Global diversifies into merchant banking, investment banking, and wealth management, aiming for INR 50,000 crore AUM in 3 years with AI...

Sudarshan Bhandari

China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

China's Shanghai Composite and Japan's TOPIX and TOPIX Small indexes Breaking Out -- Buy; Bullish Outlook Intact on global equities $ACWI; U.S....

Vermilion Research

Thematic Report on Gold Loan Revolution: Formalizing the Sector for a Transparent Future

RBI's new policy on gold loans aims to enhance transparency, protect borrowers, and formalize the market, promoting responsible lending and...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Insider Activity: Who Bought Their Own Stock in September?

​September 2025 saw significant insider buying in large and small cap companies, with key sectors experiencing movement above insider buying...

Sreemant Dudhoria,CFA

The Beat Ideas: Northern Arc Capital - A Niche Player in a Crowded Field?

​Northern Arc is shifting to direct retail lending, leveraging partnerships and technology for improved cost efficiency and steady fee income, but...

Nimish Maheshwari

The Beat Ideas: Capri Global Capital: Small-Ticket Loans, Big-Ticket Growth

​Capri Global diversifies into merchant banking, investment banking, and wealth management, aiming for INR 50,000 crore AUM in 3 years with AI...

Sudarshan Bhandari

China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

China's Shanghai Composite and Japan's TOPIX and TOPIX Small indexes Breaking Out -- Buy; Bullish Outlook Intact on global equities $ACWI; U.S....

Vermilion Research

Thematic Report on Gold Loan Revolution: Formalizing the Sector for a Transparent Future

​RBI's new policy on gold loans aims to enhance transparency, protect borrowers, and formalize the market, promoting responsible lending and...

Sudarshan Bhandari

September 2025 saw significant insider buying in large and small cap companies, with key sectors experiencing movement above insider buying...

Northern Arc is shifting to direct retail lending, leveraging partnerships and technology for improved cost efficiency and steady fee income, but...

Capri Global diversifies into merchant banking, investment banking, and wealth management, aiming for INR 50,000 crore AUM in 3 years with AI...

RBI's new policy on gold loans aims to enhance transparency, protect borrowers, and formalize the market, promoting responsible lending and...