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

Mahindra Logistics Ltd / Equity Bottom-Up

<ul>
<li>July 2025 saw significant buying by promoters and key management in 14 companies, signaling insider confidence across diverse sectors.</li>
<li>Engineering, Pharmaceuticals, Consumer, Infrastructure, and Financials stood out with consistent insider purchases.</li>
<li>
 Notable Companies:<a href="https://www.smartkarma.com/entities/shoppers-stop-ltd" target="_blank" data-smartkarma-citation="entities:12804:1" rel="noopener">Shoppers Stop (SHOP IN)</a>,<a href="https://www.smartkarma.com/entities/anup-engineering-limited" target="_blank" data-smartkarma-citation="entities:33785:1" rel="noopener">Anup Engineering (ANUP IN)</a>, <a href="https://www.smartkarma.com/entities/d-b-corp-ltd" target="_blank" data-smartkarma-citation="entities:6044:1" rel="noopener">D.B. Corp Ltd (DBCL IN)</a> , <a href="https://www.smartkarma.com/entities/la-opala-rg-ltd" target="_blank" data-smartkarma-citation="entities:20139:1" rel="noopener">La Opala Rg Ltd (LOG IN)</a> , and <a href="https://www.smartkarma.com/entities/paisalo-digital-limited" target="_blank" data-smartkarma-citation="entities:14342:1" rel="noopener">Paisalo Digital (PAISALO IN)</a> saw aggressive accumulation.</li>
</ul>


July 2025 saw significant buying by promoters and key management in 14 companies, signaling insider confidence across diverse sectors.
Engineering, Pharmaceuticals, Consumer, Infrastructure, and Financials stood out with consistent insider purchases.

 Notable Companies:Shoppers Stop (SHOP IN),Anup Engineering (ANUP IN), D.B. Corp Ltd (DBCL IN) , La Opala Rg Ltd (LOG IN) , and Paisalo Digital (PAISALO IN) saw aggressive accumulation.


July’s Insider Playbook - Buying Activity In 14 Small Cap Companies

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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>
<a href="https://www.smartkarma.com/entities/rain-industries-ltd" target="_blank" data-smartkarma-citation="entities:11363:1" rel="noopener">Rain Industries (RINDL IN)</a> is the largest player of CTP and 2nd largest player of CPC in the world delivering loss due to downcycle in industry.</li>
<li>CAQM enabled the import of GPC and CPC improved the pricing and demand further and also has created an opportunity for Rain Industries to ramp up its SEZ plant.</li>
<li>Rain Industries is pivoting to future-ready sectors like EVs and batteries while addressing cyclical challenges. Focused debt reduction and strategic investments enhance its long-term growth potential despite near-term pressures.</li>
</ul>



Rain Industries (RINDL IN) is the largest player of CTP and 2nd largest player of CPC in the world delivering loss due to downcycle in industry.
CAQM enabled the import of GPC and CPC improved the pricing and demand further and also has created an opportunity for Rain Industries to ramp up its SEZ plant.
Rain Industries is pivoting to future-ready sectors like EVs and batteries while addressing cyclical challenges. Focused debt reduction and strategic investments enhance its long-term growth potential despite near-term pressures.


The Beat Ideas: Rain Industries Ltd Analysis, A Cycle Play

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rain-industries-ltd" target="_blank" data-smartkarma-citation="entities:11363:1" rel="noopener">Rain Industries (RINDL IN)</a> is one of the global leaders in coal tar pitch and calcined petroleum coke. The company also engages in cement manufacturing.</li>
<li>The company has been facing heat lately especially business related. The fact that there are goodwill impairments, reversal of DTA and costly refinancing puts Rain in a worrying shape.</li>
<li>The company also has seen impairment in fixed assets especially the CWIP. The company also faces high liability for its DB plan in Germany.</li>
</ul>



Rain Industries (RINDL IN) is one of the global leaders in coal tar pitch and calcined petroleum coke. The company also engages in cement manufacturing.
The company has been facing heat lately especially business related. The fact that there are goodwill impairments, reversal of DTA and costly refinancing puts Rain in a worrying shape.
The company also has seen impairment in fixed assets especially the CWIP. The company also faces high liability for its DB plan in Germany.


Writing about Companies with an Unfair Advantage, Unfair Advantage

Unfair Advantage

Writing about Companies with an Unfair Advantage

I write about companies that have an unfair advantage. I might invest in them as well.

<ul><li>Rain Industries is an Indian small-cap company (~$660M) that manufactures 2 carbon-based inputs for Aluminium Industry (10% of global market share).</li><li>It also has a cement &amp; value-added chemical business</li><li>The Company is ignored by market likely due to its ‘commodity’ nature, debt on their balance sheet and small market cap which drives most investors away. </li></ul>

Rain Industries is an Indian small-cap company (~$660M) that manufactures 2 carbon-based inputs for Aluminium Industry (10% of global market share).It also has a cement &amp; value-added chemical businessThe Company is ignored by market likely due to its ‘commodity’ nature, debt on their balance sheet and small market cap which drives most investors away. 

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

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Thematic (Sector/Industry)

Hungary: Faster earnings growth should drive GDP higher in coming months. Mexico: Expected to raise rates 50bps next Thursday in the wake of inflation reported this week at 5.3% (the highest rate in 8 years).  This is a critical positive development for the Peso. Saudi Arabia: Has the most to lose from lower prices as this complicates attempts to diversify their economy.  Iran is less concerned as they are just coming off of sanctions and any revenue they get is better than before.  Iraq would…

Hungary: Faster earnings growth should drive GDP higher in coming months. Mexico: Expected to raise rates 50bps next Thursday in the wake of inflation reported this week at 5.3% (the highest rate in 8 years).  This is a critical positive development for the Peso. Saudi Arabia: Has the most to lose from lower prices as this complicates attempts to diversify their economy.  Iran is less concerned as they are just coming off of sanctions and any revenue they get is better than before.  Iraq would…

Who Wins and Who Loses from Oil Under $50? Hint: Invest in Asia

India

Rain Industries Limited engages in the production of cement and other related products. The Company manufactures and markets cement, calcined petroleum coke, coal tar pitch, and specialty chemicals.

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Rain Industries (RINDL IN)

July’s Insider Playbook - Buying Activity In 14 Small Cap Companies

July 2025 saw significant insider buying in 14 companies across various sectors, including Engineering, Pharmaceuticals, Consumer, Infrastructure,...

Sreemant Dudhoria,CFA

The Beat Ideas: Rain Industries Ltd Analysis, A Cycle Play

Rain Industries faces losses due to industry downcycle but is adapting by focusing on future sectors like EVs and batteries, reducing debt, and...

Sudarshan Bhandari

Rain Industries- Forensic Analysis

Key takeaways pertain to goodwill and FA impairments, DTA reversal, costly refinancing, high liability for its DB plan in Germany, etc.

Nitin Mangal

Rain Industries (RAIN.NSE)

Rain Industries is an Indian small-cap company (~$660M) that manufactures 2 carbon-based inputs for Aluminium Industry (10% of global market share).

Unfair Advantage

Who Wins and Who Loses from Oil Under $50? Hint: Invest in Asia

Hungary: Faster earnings growth should drive GDP higher in coming months.Mexico: Expected to raise rates 50bps next Thursday in the wake of...

David Riedel

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

July’s Insider Playbook - Buying Activity In 14 Small Cap Companies

​July 2025 saw significant insider buying in 14 companies across various sectors, including Engineering, Pharmaceuticals, Consumer, Infrastructure,...

Sreemant Dudhoria,CFA

The Beat Ideas: Rain Industries Ltd Analysis, A Cycle Play

​Rain Industries faces losses due to industry downcycle but is adapting by focusing on future sectors like EVs and batteries, reducing debt, and...

Sudarshan Bhandari

Rain Industries- Forensic Analysis

​Key takeaways pertain to goodwill and FA impairments, DTA reversal, costly refinancing, high liability for its DB plan in Germany, etc.

Nitin Mangal

Rain Industries (RAIN.NSE)

Rain Industries is an Indian small-cap company (~$660M) that manufactures 2 carbon-based inputs for Aluminium Industry (10% of global market share).

Unfair Advantage

Who Wins and Who Loses from Oil Under $50? Hint: Invest in Asia

Hungary: Faster earnings growth should drive GDP higher in coming months.Mexico: Expected to raise rates 50bps next Thursday in the wake of...

David Riedel

July 2025 saw significant insider buying in 14 companies across various sectors, including Engineering, Pharmaceuticals, Consumer, Infrastructure,...

Rain Industries faces losses due to industry downcycle but is adapting by focusing on future sectors like EVs and batteries, reducing debt, and...

Key takeaways pertain to goodwill and FA impairments, DTA reversal, costly refinancing, high liability for its DB plan in Germany, etc.