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

I don’t come from a background where wine was ever on the table. But over time, like many of us, I watched Sula Vineyards sneak its way into dinner conversations, rooftop parties, and eventually, portfolios. Let me tell you something I didn’t expect when I started digging into Sula Vineyards. This company is best known for making India drink its first glass of wine- is a lot more complex (and interesting) than I gave it credit for. So when the stock corrected more than 50% from its peak, I didn’t rush to conclusions. I opened the investor deck, read the earnings call transcript line by line, and just tried to understand one thing: Is this the beginning of the end… or just a hangover from a good run? 👉 If this wasn’t a stock- would I still respect the business? And here’s what I found. From First Sip to First Mover Sula isn’t just India’s leading wine brand, it is the Indian wine category. They started in 1996, when most people in this country didn’t know the difference between Shiraz

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

Look, I don’t usually get excited about alcohol stocks. I mean… it’s a tough space, right? Super seasonal, full of government regulations, state-wise pricing, and weird excise laws. Not to mention, most beer companies are either too flashy or too boring. But then I stumbled upon Som Distilleries & Breweries And something clicked. It wasn’t the typical “large-cap consumer brand with 20 ad campaigns a year” type of story. It was more like, “Okay, these folks are just quietly doing their thing—and doing it well.” Let’s Talk Numbers First So here’s what made me look twice. In Q3 FY25, Som clocked: ₹3,027 Cr in revenue (13.6% jump YoY) ₹192 Cr in net profit 4.7 million beer cases sold 0.34 million IMFL cases EBITDA margin of 12.5% — not bad at all That’s not just steady — it’s solid. And what caught my eye is how clean the growth looks. Margins have held up. Realizations per case have improved. And it’s not just more volume — it’s better volume. That’s when I thought — maybe there’s more to