There’s something deeply annoying about watching a stock do absolutely nothing while the business underneath it is breaking records. That’s exactly what Larsen & Toubro (L&T) has been for the last 18 months. Flat on the charts. Almost zero returns. But inside the balance sheet? A quiet monster. I’ve spent the last two weeks going through every earnings call transcript, investor deck, the FY24 annual report, and even one obscure page from their nuclear division’s capability brochure. I came out of it with one feeling: We have no idea how big this company really is. The Industrial Octopus We Ignored Everyone thinks L&T is just bridges and metros. But this company is an octopus — spanning infrastructure, hydrocarbons, aerospace, defense, clean energy, and digital exports. It has skin in every game that will define India over the next decade. As of Q3 FY25, Infra projects make up half the revenues. But 17% now comes from hydrocarbon EPC, and 19% from digital services (via LTIM and LTTS). E

You hear “Patel Engineering” and something stirs—not excitement, not fear, but a weird mix of respect and suspicion. This isn’t your regular smallcap infra play. This is a company with 75 years of mud, mountains, and messed-up books behind it. It has built more tunnels than you’ve crossed. But it’s also been buried under more debt than most smallcap infra names can survive. So when I sat down to analyze Patel Engineering for Shikshan Nivesh, it wasn’t out of curiosity. It was because I wanted to know: How the hell is this company still standing? The Numbers Are Cleaner Than You’d Expect Let’s start here. Q3 FY25 wasn’t flashy, but it was solid. Revenue hit ₹1,205 Cr. PAT came in at ₹80.4 Cr. That’s not nothing, that’s margin and cash coming from hydro and tunneling projects in J&K, Himachal, and the Northeast. This company is quietly turning effort into earnings. But the real story is margin sustainability. Margin Discipline Is Holding — For Now EBITDA margins have been climbing. Up fr

Some businesses grow quietly. Others survive loud crashes. Sanghvi Movers? It’s doing both — and nobody’s watching. It started with a question. “Why is Sanghvi Movers down 60%?” I wasn’t even tracking it seriously. Just one of those stocks sitting quietly at the bottom of a watchlist- industrial, boring, forgotten. And then I looked. And I read. And 36 tabs, 3 investor calls, 2 investor presentations, 1 annual report, and 7 hours later… I had to admit it: This is not the business I thought it was. Sanghvi isn’t dead. It’s evolving. And the market hasn’t caught on yet. Here’s what I found. The Business Everyone Underestimated Sanghvi rents cranes. Big, serious, 20 to 1,000-ton cranes. The kind of stuff that builds wind farms and nuclear plants and 500-ton reactors. They’re the largest crane rental company in Asia and 4th globally. And for years, it was a simple model: • Buy cranes • Lease cranes • Keep utilization high • Print money But as I peeled back FY25, the old narrative cracked.

What I Saw When I Looked Into Action Construction Equipment (ACE) — and Why It Left Me Impressed There’s something deeply calming about a company that doesn’t shout. That doesn’t chase narratives. That doesn’t ride the hype train. Just builds. A few days ago, we explored Sanghvi Movers — a crane rental major. Asset-heavy. Yield-driven. Riding the infra cycle with steel and sweat. But there’s another kind of crane company. One that manufactures the lifters. Not rents them. That’s how I found myself neck-deep in the numbers and machine oil of Action Construction Equipment (ACE). And honestly, it might be one of the cleanest, most focused execution stories in India’s capital goods space right now. I Didn’t Want to Like It This Much I thought it would be just another boring manufacturing story. Turns out, I was completely wrong. ACE makes cranes — yes — but it also makes loaders, forklifts, tractors, telehandlers, and vibratory rollers. It supplies to infra, logistics, warehousing, agri, a

Let me tell you a story about a company that built a ₹700 crore solar project... and the market saw none of it. This is HG Infra Engineering — one of India’s most consistent infra executors. If you've driven on a clean highway through Rajasthan or ziplined across metro rails in Delhi, chances are, HG Infra had something to do with it. And yet, in FY25, things looked like they were falling apart. Stock down 40%. Revenues looked flat. Earnings uninspiring. But that’s just the optics. I’ve spent the past few days knee-deep in their Q1 to Q3 concalls, investor decks, and annual report. And what I found is what I love about researching companies: the truth is rarely on the surface. Let’s get into it. Not Broken. Just Misunderstood. HG Infra builds roads, highways, metro rail, and now solar parks + BESS (Battery Energy Storage Systems). Their core business is EPC — engineering, procurement, and construction. High execution, low leverage, and historically, high RoCE. But FY25 looked bad. Why?