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Thane, Maharashtra
Joined January 2011
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Tushar Sarkar retweeted
In a historic milestone for Indian science, renowned theoretical physicist Professor Ashoke Sen has just been awarded the 2026 Oskar Klein Medal, becoming the first Indian physicist to receive this prestigious honor. Celebrated internationally for his foundational contributions to string theory. Professor Sen delivered the memorial lecture titled "Gravity from strings and strings from gravity" at Stockholm University.
Those of you who don't know, the Oskar Klein Medal is one of theoretical physics' most prestigious honors, awarded annually in Stockholm to celebrate groundbreaking ideas about how our universe works. Instituted in 1988, it is conferred jointly by Stockholm University and the Nobel Committee of the Royal Swedish Academy of Sciences. The award invites leading thinkers from around the globe to deliver the Oskar Klein Memorial Lecture, recognizing monumental leaps in fields like quantum mechanics, cosmology, and string theory.
The medal is named after Oskar Klein, an influential Swedish theoretical physicist who helped shape early quantum mechanics and modern field theory. Working closely with titans like Niels Bohr, Klein is best remembered for Kaluza–Klein theory, where he proposed the daring idea that extra dimensions of spacetime might exist curled up into microscopic, invisible loops. He also helped formulate the Klein–Gordon equation for relativistic particles and the Klein–Nishina formula for photon scattering, cementing his legacy as a true pioneer of 20th-century physics.
Over the decades, the medal has gone to some of the greatest minds in science, many of whom are also Nobel laureates. Iconic recipients include Chen-Ning Yang, Steven Weinberg, and Hans Bethe in its earliest years, followed by visionary cosmologist Alan Guth and leading theorists like Edward Witten, Gerard 't Hooft, and Peter Higgs. More recently, luminaries such as gravitational physicist Kip Thorne, black hole theorist Roy Kerr, and cosmologist Renata Kallosh have joined this distinguished roster, keeping Klein’s imaginative scientific spirit alive.
Tushar Sarkar retweeted
The Mother of All IPOs,
The Giant Behind India's Digital Transformation; and
India's 1st Ever $100 Bn Listing!
JIO Platforms IPO
Detailed Analysis
Applying For Reasonable Listing Gains And Long-term
Highlights of the Issue :
Date : 21-23 October
Price Band : 1,065-1,119
Size : 30,213 Crore (Full Fresh)
M.cap : 10,30,491 Crore
Objects Of The Issue :
▪︎ Repayment Of Debt - 27,500 Cr
▪︎ GCP - 2,713 Cr
Key Pointers :
▪︎ JIO Platforms is India’s largest Telecom operator and Digital Connectivity Player with a user base of 53.3 Cr customers
▪︎ Jio’s platform is built on a vertically integrated proprietary technology stack and core capabilities across network, device engineering, software and operating systems and applications
▪︎ The Company revolutionized the nation's digital landscape by offering ultra-low-cost data and free voice calls, effectively catapulting India from 155th in mobile data penetration to the world’s leading mobile broadband market. As the 3rd largest mobile operator globally, Jio anchors a vast network that carries ~60% of India's mobile data traffic
▪︎ The Company currently holds ~49.8% market share in wireless broadband and ~43.3% in overall fixed broadband
▪︎ Jio has developed a Made in India end-to-end 5G technology stack, including its own portfolio of 4G+5G combination core, 5G devices, and its OSS and BSS operating systems
▪︎ Jio is the only Indian Company to be among the top 20 companies globally in the WIPO Patent Cooperation Treaty (PCT) rankings, It has filed filed 7,220 patent applications across 4G, 5G, 6G cloud-native core network architectures, AI-driven network automation and other technologies, of which 1,043 have been granted
▪︎ Portfolio offerings :
Consumers —
• Digital Connectivity (4G, 5G, JioFiber, JioAirFiber)
• Digital Entertainment (JioTV+, JioSaavn, JioGames, JioHotstar)
• Cloud and Productivity (JioAICloud, JioPC)
• Smart Home and IoT (Jio Set-top-box, JioHome)
• AI Products (JioBrain, Google AI Pro)
Corporate —
• Enterprise Connectivity (JioBusiness, Internet Leased Line (ILL), MPLS VPN)
• Enterprise IoT (JioThings, CPaaS)
• Cloud and Security (Managed Wi-Fi, Private 5G, Software-Defined Wide Area Network (SD-WAN)
• Managed Services (Managed Network Operations Centre (NoC), unified communications)
• Enterprise AI (JioBrain)
▪︎ Jio Plans To Significantly Deleverage its Balance sheet, leading to a significant saving in the interest costs and make it almost a net debt free company
▪︎ The Company is set to grow in low to mid-teens for next 3-4 FYs on the back of tariff hikes, the premiumisation drive leading to ARPU expansion, also expanding into new services and verticals, and exploring many adjacent opportunities
Financials and Personal Assumptions :
(In Crores)
▪︎ FY24
Revenue : 1,09,558
EBITDA : 54,959
PAT : 21,423
▪︎ FY25
Revenue : 1,28,218
EBITDA : 64,170
PAT : 26,109
▪︎ FY26
Revenue : 1,46,885
EBITDA : 76,255
PAT : 30,049
▪︎ Q1 FY27
Revenue : 39,173
EBITDA : 20,865
PAT : 7,764
▪︎ FY27E
Revenue : 1,65,500
EBITDA : 87,500
PAT : 34,000
▪︎ FY28E
Revenue : 1,92,000
EBITDA : 1,03,000
PAT : 40,000
Valuing Jio At 13× FY28E EV/EBITDA, Anticipated Value Comes At 1421, Implying An Upside Of 27%
Bharti Airtel Valuation is currently trading at ~12× FY28E EV/ EBITDA on its Pure-play India Business; Assumption on the back of Valuing Airtel Africa at 7× FY28E EV/ EBITDA and Applying a 50% Holdco discount on its 51% stake in Indus Towers (EBITDA estimates on Adj. IND AS 116 Nos); An expectation of Re-rating in Bharti on the indicative multiple on the blended business (around a 8-9% catch-up)
The Target Multiple doesn't consider a premium over Bharti at the current point (discounting the anticipated 8-9% gap in Bharti)
Overall A Mammoth Scale Business with great growth prospects backed by a High-quality Promoter with Proven Track record at Reasonable Valuations
Just A Personal View, Only For Educational Purposes
Tushar Sarkar retweeted
Pointless - watching US bond gurus on CNBC, endless discussion with friends whether Fed will tighten by 25 bps or 50 bps, whether and by how much will RBI follow, whether a bear market has arrived or will soon arrive…you get the drift
Productive - follow outperformers in results season, listen concalls, read research reports and annual reports, if not this then go on vacation and recharge your mind and soul
Tushar Sarkar retweeted
B2B Jewellery space (Skygold, Utssav CZ Gold and Shanti Gold) is very strong in weak market
Jewellery stocks have started to pick up ahead of festive season and marriage season.
The correction in Gold and Silver prices this year should trigger volume growth as well.
PN Gadgil Jewellers
Shanti Gold
Sky Gold
Kalyan Jewellers
Priority Jewels, Deepa Jewels (recently listed)
sahi.com/news/p-n-gadgil-tar…
Tushar Sarkar retweeted
The stock market is often considered a barometer of the economy—and, more importantly, a forward-looking indicator of what may lie ahead.
For the past few years, the Indian equity market has remained under persistent pressure, while FIIs have continued to sell.
A weakening market does not necessarily mean an economic crisis is imminent, but sustained deterioration in market sentiment should never be ignored. Markets often reflect concerns before they become visible in the broader economy.
What is worrying is the apparent lack of urgency from the government. There seems to be little evidence of any major corrective action or meaningful policy response to address the growing concerns.
The government must recognise the importance of a healthy and confident capital market.
If the warning signs are ignored today, the consequences tomorrow may extend far beyond investors’ wealth.
Millions of investors could suffer significant losses, and prolonged weakness in capital markets could eventually have wider economic consequences.
The time to understand the warning signals and act is now—not after the damage is done.
Tushar Sarkar retweeted
This man is a hero.
Captain Smit Machchhar, the Indian captain of flydubai Flight 1073, fought back after being stabbed in the cockpit.
Despite being severely injured, he managed to unlock the cockpit door - allowing Israeli passengers and the Emirati crew to intervene and save all the passengers.
Together, their extraordinary courage saved 174 lives.
Indian. Israeli. Emirati.
Different nationalities. One extraordinary act of courage. 🇮🇳🇮🇱🇦🇪
We wish Captain Machchhar a full and speedy recovery.
Tushar Sarkar retweeted
💠 Continuing the coverage from Arihant Capital’s Bharat Connect Conference 🚀🚀
👉 Bringing more management insights from the next batch of emerging SME & microcap companies.
👉 Note: Due to some compilation errors in the financial figures previously, Shree Refrigerations, Indo SMC, Sunlite Recycling, and Tipco Engineering are being attached again to ensure data accuracy.
👉 And like last time, do point out any errors or corrections; if you spot them !!
👉 Stay tuned for more insights from Day 2-4 ⏳⏳
👉 Combined Coverage Day 1 Part 2 :
#ShreeRefrigerations
#IndoSMC
#SunliteRecycling
#TipcoEngineering
#AVPInfracon
#ClayCraft
#GulshanPolyols
#HRHNextServices
#PajsonAgro
#KarnikaIndustries
#ShriKanhaStainless
#VirtualGalaxyInfotech
#PaluckTechnologies
#NeochemBioSolutions
#CanarysAutomations
#DachepalliPublishers
#SathlokarSynergys
#VishnusuryaProjects
#SrivariSpices
#AllETechnologies
#PNGSGargiFashionJewellery
#IndianPhosphate
#LeadReclaim
#InflameAppliances
💠IPOs / SMIDs are buzzing and within them the SME space continues to show incredible resilience and momentum! 🚀🚀
👉 A sincere effort to distill management insights and fundamentals from a stellar lineup of emerging companies via Arihant Capital’s Bharat Connect Conference 🏦
👉 A gentle reminder to keep analysing, track leadership execution, and sharpen your research; especially in the microcap & smallcap universe. 🪙💰
👉 While care has been taken to ensure accuracy, errors do happen—point them out or correct them if you spot any !!
💠 Stay Tuned for more insights ⏳⏳
💠 Combined Coverage Day 1 Part 1 :
#ShreeRefrigerations
#Merritronix
#IndoSMC
#TipcoEngineering
#AccordTransformer
#InfluxHealthtech
#NamoeWaste
#NeetuYoshi
#PrimeCableIndustries
#SystematicIndustries
#TechnocratsPlasma
#TelgeProjects
#UnihealthHospitals
#VilasTranscore
#BahetiRecycling
#EnergyMissionMachineries
#GaneshInfraworld
#GenxAIAnalytics
#GrandContinentHotels
#Identixweb
#Infollion
#JDCables
#KhazanchiJewellers
#MadhusudanMasala
#PuneEStockBroking
#SunliteRecycling
#TridentLifeline
#DivinePowerEnergy
#arihantbharatconnectconference
#bharatconnectconference #arihantcapital
Tushar Sarkar retweeted
A SENIOR IRANIAN OFFICIAL TOLD KYODO IRAN WOULD REOPEN THE STRAIT OF HORMUZ WITHIN 7 DAYS IF THE US LIFTS ITS PORT BLOCKADE AND EASES MILITARY PRESSURE AROUND IT.
Tushar Sarkar retweeted
Bernstein: Many of India's large caps represent a "bygone economic era"
Foreign institutional investors will return to trade, but have "little reason" to invest in India
Tushar Sarkar retweeted
Data centres are creating a structural new growth engine for genset makers
Data centres could become a massive demand pool for generator manufacturers as backup power is mission-critical
India expects data centers to add 26.3 GW of demand by FY32 building grid to support them could cost trillions of rupees and year.
Generator sets have become imperative to keep IT infrastructure, cooling systems and lighting running on the event of outrage
Opportunity
Generators accounted for 9% of total data-centre capital expenditure
Data Centres spending Rs. 65 CR per MW and expected to add additional capacity of 2.2GW by FY30, the projected net revenue will be Rs. 1.35 trillion by FY30 as per PL Capital.
Beneficiary Companies -
Cummins India, 51% is owned by US Parent company has been the biggest beneficiary.
Annually, data centre business has contributed 30-35% of overall power generation domestic revenue as per Company's MD.
As per PL Capital, Cummins accounted for 55% of all generators sold to data centers as of June.
Data centres grew at over 54% annually for Cummins in the intervening seven years.
Kirloskar Oil Engines is aggressively moving into high horsepower gensets, and data centres will be the key revenue drivers in the future.
The company is targeting a revenue of $2 Bn revenue by FY30 with a higher double digit margins.
KOEL has already supplied 25 data centres; its 192 MW hyperscale order shows it is gaining traction.
As per CEO Rahul Sahai, products vary range from 750 kVA and go all way to 4,000-5,000 kVA to support the requirements of data centers.
Execution Matters
Announced data-centre capacity doesn't automatically translate into commissioned capacity. Power connectivity, equipment availability and project execution remain bottlenecks.
Gensets were traditionally a cyclical backup-power business → data centres are turning them into a structural infrastructure business.
For more insights, keep checking this space
@DhawalDoshi5
@vishan_29 @Dynamicinvstr
Tushar Sarkar retweeted
Introducing our 3rd tool: 'Before the Bell' - A DRHP analyzer. You will love this.!
drhpanalyzer.lkradvisors.in/
For a serious investor, an IPO should ideally begin before the bell rings on listing day not after it.
Companies file DRHPs running into 800 to 1,000 pages. Yet somewhere along the way IPO investing has increasingly become a game of applying hoping for an allotment and selling on listing day. The actual business, its economics, competitive position and risks often get lost somewhere inside hundreds of pages of regulatory disclosures.
We are trying to change that.
Before the Bell is our DRHP Analyzer, built for investors who want to actually understand an IPO before deciding whether they want to participate in it. It goes through the entire DRHP, supporting documents and disclosures of up to 1,000 pages and converts them into a structured, beautifully designed research report that can be understood in minutes.
The analysis is organised across critical areas including Business Overview, KPIs and Objects of the Issue, Channel Mix and Manufacturing Capacity, Competitive Landscape, Market Share and TAM, Revenue and Customer Concentration, Technology, Governance Risks, Promoter Litigation, Related Party Transactions, Previous Fund Raises and Valuations, Material Risks, Auditor Disclaimers and SEBI Observations, along with several other important disclosures that can easily get buried inside a DRHP.
One section I particularly wanted to build was the history before the IPO. What capital has the company raised over the last three years? At what valuation? From whom? How has that valuation evolved before the public markets enter the picture? These are questions that can tell you a lot about an IPO but are surprisingly easy to miss..
At the end, Before the Bell brings everything together into an executive summary, so you get both the depth of the DRHP and a concise view of what actually matters.
You can also export the entire analysis as a report.
Use your API key to generate a report. It should take around 5 to 6 minutes and cost roughly $3 depending on the document. It supports DRHPs of up to 1,000 pages currently.
Our 2nd tool for Investors @ no cost!
knowledgebase.lkradvisors.in…
This is probably one of the most time intensive pieces of work we have undertaken in building this investor education platform.
The idea was simple, but executing it was anything but simple: how do we make someone genuinely understand businesses, industries, financial terminology and the Indian economy without expecting them to spend years figuring it all out themselves?
We have built this tool with two distinct layers of learning - Industries & Concepts and Indian Macroeconomics.
On the Industries & Concepts side, we have covered 29 industries and 894 individual concepts. But this is not a dictionary of definitions or a collection of generic industry summaries. We have gone considerably deeper. For every industry, we have tried to explain what the industry actually does, how it functions, how the entire value chain works, who the major players and competitors are, how large the market is, how it has evolved over the last 10 years, what has driven that growth and what challenges and structural changes the industry is facing today etc..
Then there are the 894 concepts, which go right from the absolute basics to specialised terminology that investors encounter while analysing companies. It could be as simple as What is PLI? Or something more specific such as a Production Sharing Agreement or a DSF - Discovered Small Field or a concept that is specific to a particular industry. Each of these has been broken down in simple language, with the objective of explaining not just what something means, but how it works and why an investor should care about it.
The second side of the tool focuses on Indian Macroeconomics where we have covered another 28 important macroeconomic concepts and tools (adding more in coming days).. The objective here is to help investors understand the larger economic environment in which Indian businesses operate the variables, indicators and mechanisms that ultimately influence growth, inflation, interest rates, liquidity, government finances, currency, consumption, investment and the broader capital markets.
What makes this exercise particularly demanding is not simply the number of topics. It is the amount of work that went into researching, cross-checking, simplifying and then explaining each one without losing the underlying meaning.. (still trying to make few concepts simplier) Hundreds of concepts may have a perfectly accurate technical explanation available but converting that into something that a first-time investor can read in two minutes and actually understand took considerably more effort.
We have spent a tremendous amount of time going through these concepts, refining them, removing unnecessary jargon, restructuring explanations and asking a very basic question repeatedly: “If someone has never studied this before, will they actually understand it after reading this?”
That is the standard we have tried to maintain throughout the tool..
Tushar Sarkar retweeted
I'm building one of most powerful scanner for swing. Purely text book theory getting converted in to coding.
Even more stronger than last one which I shared
Will DM you the image or code if this tweet is reposted
Tushar Sarkar retweeted
Raymond has ₹5,960+ Cr aerospace order book (10-yr horizon) and doing 1,000 Cr capex
Raised 214.71 cr from Minerva Ventures Fund at ₹645
Also appointed Former BEL CMD Bhanu Prakash Srivastava as CEO – Defence to Lead Next Phase of Strategic Growth
Good going...
Track stocks in real-time over WhatsApp finq.in
Tushar Sarkar retweeted
Important Warning ⚠️
Pump & dump is running full swing again in low-float Microcaps / SME stocks.
Same playbook as last cycle: operators accumulate cheap, flood Telegram/WhatsApp with “pakka multibagger” tips, retail FOMO buys the top — then they dump.
Tiny float makes it easy to pump 2-3X and crash 70-90%.
Don’t become their exit. Ignore unverified tips. Check float, volumes & fundamentals.
Stay careful.
Tushar Sarkar retweeted
💊 STOCK TO WATCH 💊
₹1,060–1,070 → ₹1,462 → ₹2,888 👀
A pharma/CDMO name appearing on my Weekly R4 Momentum Breakout Scanner.
Windlas Biotech Ltd.
📌 Buy Zone: ₹1,060–1,070
📌 Breakout Zone: ₹1,056
🛑 Stop Loss: ₹751
🎯 Target 1: ₹1,462
🎯 Target 2: ₹2,888
Why Windlas Biotech?
🧬 CDMO + formulations play: Windlas operates across generic formulations CDMO, domestic trade generics/institutional sales and exports, giving it multiple revenue engines.
🌍 Growing export opportunity: FY25 export revenue grew 19% YoY to ₹32.6 Cr, with 69 products exported to global partners.
🏭 Regulated manufacturing base: Its facilities include WHO-GMP-approved plants, with Plant 4 approved for markets including Europe, Canada and South Africa; Plant 5 adds injectable manufacturing capability.
💊 Complex-generic opportunity: The company is expanding product-development and manufacturing capabilities in complex generics and specialised dosage forms.
📈 Strong operating track record: Windlas reported Q1 FY26 revenue of ₹210 Cr, EBITDA ₹27 Cr and PAT ₹18 Cr, with YoY growth of 20%, 27% and 31%, respectively.
Why It Caught My Attention
✅ CDMO + branded formulations + exports
✅ Complex-generic opportunity
✅ WHO-GMP manufacturing infrastructure
✅ Injectable manufacturing capability
✅ Growing international presence
✅ Strong recent operating momentum
🔥 Weekly R4 Momentum Breakout
⚠️ HIGH RISK – HIGH REWARD SETUP. The technical levels above are your scanner-defined levels. The ₹751 stop-loss should be treated as the risk-control point, while execution, margins and export growth need continued monitoring.
Risk Defined. Reward Visible.
📢 Disclaimer: This content is for educational purposes only and not investment advice. Please do your own due diligence before making any investment decisions.
© 20K Microcap Investing | R4 Momentum Desk
#WindlasBiotech #WINDLASS #PharmaStocks #CDMO #PharmaceuticalStocks #ComplexGenerics #SmallCapStocks #HealthcareStocks #StockMarketIndia #IndianStocks #StocksToWatch #R4Breakout #MomentumInvesting #20KMicrocap
Tushar Sarkar retweeted
1. Aarti Industries
2. Fineotex Chemical
3. Vinati Organics
Here is my preferred way to think about them: 🧵
Tushar Sarkar retweeted
Three encouraging data points from the Indian economy today
1. India GDP - Growth Surprises Positively
Q1FY27 real GDP growth: 7.8%
RBI estimate: 7%
Manufacturing grew 9.2%, Financial Services + Real Estate + IT grew 12.1%, while Gross Fixed Capital Formation - a proxy for investment activity - grew 11.9%.
Credit growth has also accelerated to ~18.3%
Despite global uncertainty & elevated oil prices, domestic economic momentum remains quite strong
2. Mumbai Property Registrations - Housing Demand Remains Resilient
Mumbai recorded ~12,500 property registrations in August, up ~11% YoY & the highest August registrations in more than 14 years
3. Massive FCNR Inflows - Another Interesting Macro Signal
As of August 21, total forex mobilisation under the facility had reached ~$72.9 Bn, of which FCNR(B) deposits contributed ~$65.4 Bn - nearly 90% of the overall inflows.
For context, the 2013 FCNR(B) scheme had mobilised around $26 Bn over roughly three months. The current programme has already attracted more than 2x that amount in a much shorter period.
The response has been so strong that RBI decided to close the FCNR(B) window on Aug 31, one month earlier than originally planned
These flows have helped strengthen the banking system's foreign currency funding & contributed to India's forex reserves reaching a record ~$729 Bn
Tushar Sarkar retweeted
Recent heavyweight IPOs/ DRHPs which has helped or can help the already listed peers to rerate
🏥 Manipal Health Enterprises
➤ Listed at high valuation and still continues to go up.
Has triggered rerating of other fast growing hospital peers like Yatharth Hospital, Park Medi World etc.
🐄 Milky Mist
➤ Listed at triple digits PE and still significantly up post listing.
Can trigger rerating for Parag Milk and Hatsun as both shifting to high margin product mix. Not tracking Dodla.
📊 NSE
➤ Post listing, if NSE rerates, it might trigger BSE for upmove (I am biased as it's my largest holding)
🛜 Jio Platforms
➤ Bharti Airtel is closest peer. It may also trigger rerating of other new age platform business peers in Enterprise Cloud, Fintech, e-commerce, AI gaming spaces.
Tushar Sarkar retweeted
Some trends I have been reading about:
1. Countries like Switzerland have prospered due to their focus on high value add and low volume niche manufacturing goods. Focus on value addition has helped them escape the high volume commoditised industries.
2. Textile exports from India will have a bumper year in FY27. Last years base is a friend due to de stocking and multiple FTAs will contribute to overall growth rates.
3. Peptides are the new growth vector for Pharma Cdmo cos. Margins are higher tides (Peptides+oligonucleotides). Some of the Cdmo companies will surprise big time vs the street estimates. You can read more about it here-
soic.substack.com/p/the-pept…
4. Memory shortage is here to stay and as per SK Hynix’s CEO, the tight market can last well into 2030s. Nvidias gross profit margin was impacted due to Higher memory prices this Quarter. Look out for optically higher growth for distributors in India and for companies in refurbished laptops.
5. AI trend is here to stay given Nvidia upped its guidance. The next frontier will be the physical manifestation of AI via humanoids. Bearings companies and forging companies will the ones who will be exposed to this optionality. Given humanoids need human joints like dexterity to move and pick up things. Chinese Humanoid games is a must watch to understand this upcoming trend.
6. In some places in the chemical industry. Chinese shutdown again is going to last for multiple years. As the anti involution drive is gathering pace and subsidies have been withdrawn in spaces like xantheine, dyes, pigments & few other bulk chemicals. Even for Amines there is a trend of firm prices post the shutdown in Middle East caused by war.
7. Indian 2W EV adoption is going through an S curve at the moment. Where adoption is exploding+Ecosystem for battery manufacturing for EV & Bess is taking shape in India. This is a space where solar was in 2017-2019. We have to wait for more positive government policies to come here.
8. Software companies in US have started rallying and select few which have far better growth rates in India vs frontline index have started doing well here too. Is the tide turning for good product companies? (just check sales force chart)
9. We are in a world where Europes own decisions like Russian Gas dependence, Over regulation, wage hikes etc have led to de industrialisation. I was speaking to few forging guys from the industry. Multiple plants from Europe are on the blocks due to unviable power costs to do forging and manufacturing. This business is shifting. Let’s see if Indian cos can capitalise on this mega trend.