Our Blog

TRENT INVESTMENT MEMO

14th October 2024

Trent operates two fast fashion concepts, Westside and Zudio, offering on-trend, in-season merchandise at different price points, like Zara and Primark. Both concepts benchmark against the best globally to deliver superior unit economics:

• • Best-in-class sales per square foot and same-store sales growth

  • 80% full-price sales vs global average of 40%

  • Cash conversion cycle of less than 30 days

COROMANDEL INVESTMENT MEMO

30th July 2024

• Coromandel International has been building a financial fortress in its Phosphatic Fertilizer business in India. This has led to sustainable improvements in EBITDA per ton and return on invested capital (RoIC)

• Despite these achievements, it remains one of the few companies yet to be re-rated on asset-light multiples in the Indian stock market.

DELHIVERY INVESTMENT MEMO

16th May 2024

• Delhivery grew aggressively between 2019 to 2023 at a CAGR of 47% to garner a commanding 22% market share in the Indian express parcel business

• Delhivery strategically expanded its network of fulfillment and dispatch centers across India, with a focus on automation to drive substantial productivity gains in warehousing operations. 

PB FINTECH INVESTMENT MEMO

21st March 2024

PB Fintech operates two dominant online marketplaces – PolicyBazaar (PB) and PaisaBazaar.

✓PolicyBazaar is India’s largest online insurance marketplace with ~95% market share

✓Paisabazaar holds a dominant market share in India’s digital consumer credit marketplace

ZOMATO LTD INVESTMENT MEMO

30th October 2023

Zomato's meteoric rise in the food delivery arena is nothing short of extraordinary. Despite entering the delivery market, a year after Swiggy, it has swiftly carved out a dominant 55% market share, a testament to its exceptional execution and its knack for outperforming its competition. 

BALKRISHNA INDUSTRIES INVESTMENT MEMO

30th October 2023

Balkrishna Industries (BIL): Seizing Growth Opportunities in Off-Highway Tires (OHT)