Devesh Kayal (@_devesh_) header
Devesh Kayal (@_devesh_) profile picture

Devesh Kayal

@_devesh_

Co-Fund Manager @TheBoringAMC | Ex Monarch AIF, Carnelian Asset | Intellectually curious. Views are personal. Borrowed conviction can be dangerous

 Mumbai
deveshkayal.wordpress.com
Joined December 2008
  • Tweets8.7K
  • Following504
  • Followers11.3K
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Photo by Devesh Kayal (@_devesh_)Photo by Devesh Kayal (@_devesh_)Photo by Devesh Kayal (@_devesh_)Photo by Devesh Kayal (@_devesh_)Photo by Devesh Kayal (@_devesh_)Photo by Devesh Kayal (@_devesh_)Photo by Devesh Kayal (@_devesh_)Photo by Devesh Kayal (@_devesh_)Photo by Devesh Kayal (@_devesh_)Photo by Devesh Kayal (@_devesh_)
Suzuki Motor Corporation, the promoter of Maruti Suzuki India, has been steadily raising its stake in the company through creeping acquisitions Just an observation. No vested interest.
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From ~400crs Qtrly PBT when he joined to 573crs & stock delivering 165% return during his 3yr tenure as MD & CEO of South Indian Bank. Mr Seshadri has done a great job.
Image from Devesh Kayal (@_devesh_)
Image from Devesh Kayal (@_devesh_)
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FII at 39.39% now. Almost 3lacs added to Shareholder base in Q2.
Devesh Kayal (@_devesh_) profile pictureDevesh Kayal@_devesh_Jul 4
HDFC Bank: Almost 9lac shareholders added in just 2 Qtrs as the price kept declining. FII's shed stake by ~6% during the same period to 41.82% as of June'26. FII's used to own ~35% before the HDFC Ltd merger!
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Rare to come across humble Founders and have executed till now
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Devesh Kayal retweeted
Rajan Anandan (@RajanAnandan) profile picture
Rajan Anandan
@RajanAnandanOct 6
We have been meeting Indian QSR chains. Many interesting brands, but few that are thinking about serious scale. Mixue in China is an example of what can be done. They added 50,000 stores over the past 6 years. Effectively they added 22 new stores every single day, including on sundays, for 6 years straight. I know India is not China and Mixue is a very specific brand...but this is serious execution at scale.
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Peak Infinia ccgeek moment Shopkeeper - Rs 298 total Me to shopkeeper - Make it 300 But my wife won't understand when I tell her to do transactions in multiple of 150 if value is around those multiple 🫣
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6th largest now. Federal giving tough fight to AU for 5th spot.
Devesh Kayal (@_devesh_) profile pictureDevesh Kayal@_devesh_14 Apr 2025
Can AU SFB become 5th largest private bank by market cap over next 3 years from 9th largest now?
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Devesh Kayal retweeted
Kyle Chan (@kyleichan) profile picture
Kyle Chan
@kyleichanSep 11
In China, each industry has at least one company that’s the ultimate cost-cutting maniac, squeezing every yuan out of the supply chain and putting pressure on all other players. DeepSeek -> AI BYD -> EVs Unitree -> robotics DJI -> drones BOE -> LCDs
Kevin A. Bryan (@Afinetheorem) profile pictureKevin A. Bryan@AfinetheoremSep 10
Fascinating article about Unitree, the robotics company. When you read Chinese business histories, the common factor is almost always "we are playing a huge economy-of-scale, low-cost strategy", and R&D only targets things that have cost-reduction potential. It's very Elon like.
Image from Kevin A. Bryan (@Afinetheorem)
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Soft and hard commodities both hitting new highs. When does demand get hit?
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RAC & Value chain players can surprise positively in Q4FY27/Q1FY28
Mumbai Rains (@rushikesh_agre_) profile pictureMumbai Rains
@rushikesh_agre_Aug 27
Not good signs.. El Nino has taken a sharp surge since past few weeks and IOD is getting again neutral, which means no strong hope of Monsoon likely! The effects of El Nino will impact more on Indian monsoon now.
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Pest control players will do well till @Tukaram_IndIAS is there. Maybe even Godrej Consumer will get a slight boost to sales!!
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My guess would be aggregate capex (excl maintenance capex) of 50k crs + by Auto OEMs and Auto Ancs (incl those who have diversified into industrials/aerospace) both over FY27-28. I dont think we have seen such capex announcements by Auto players ever.
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Decent numbers finally
Devesh Kayal (@_devesh_) profile pictureDevesh Kayal@_devesh_Jul 21
Replying to @_devesh_
Promoter gradually increasing stake either through open market and not participating in Buyback. Hopefully growth returns now!
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R&D spends of Auto Ancs Uno Minda, Sona BLW, Minda Corp, Endurance & ZF CV large spends while Sedemac spends relatively higher given its size. Forgings/Castings machining players doesn't require R&D spends as such. To drive higher content per vehicle, high R&D spends req'd
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Both (Nikhil Kumar & Hemant Kabra) of them have under guided and over delivered in FY26
Devesh Kayal (@_devesh_) profile pictureDevesh Kayal@_devesh_Mar 5
TDPS is up 122% and Ram Ratna 28% since then
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Ram Ratna continue to deliver good numbers
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Seems like even H2 can see volume growth on a high base going by management commentary
Devesh Kayal (@_devesh_) profile pictureDevesh Kayal@_devesh_May 6
Auto - Interesting time ahead H1FY27 - Margin pressure H2FY27 - Volume growth issue given high base of H2FY26
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Narrative - Gold Loan book 55-60% of total advances Reality - PBT of the bank flat since Q3FY24 as advance growth came at high cost bulk deposits!
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Orders and Margins for some US exporters coming back to normalcy from next FY after the tariff relaxation
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Promoter gradually increasing stake either through open market and not participating in Buyback. Hopefully growth returns now!
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Honeywell Automation: Order Book increased by the same number in both the years
Image from Devesh Kayal (@_devesh_)
Image from Devesh Kayal (@_devesh_)
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HDFC Bank: Almost 9lac shareholders added in just 2 Qtrs as the price kept declining. FII's shed stake by ~6% during the same period to 41.82% as of June'26. FII's used to own ~35% before the HDFC Ltd merger!
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