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🌙 Overnight Economic Indicators · Pre-Market Global Cue · Update before market open

Sector Conviction Heatmap · Apr 23, 2026 · Click any sector for Risk & Reward breakdown · Click conviction ticker for dual qualitative review

Financials

AVOID

POST-Q

Industrials

COOLING

PRE-Q

Metals

LIVE

POST-Q

Pharma

COOLING

PRE-Q

Technology

COOLING

PRE-Q

Infra/RE

6.5

COOLING

PRE-Q

FMCG

5.5

COOLING

POST-Q

Auto & EV

COOLING

PRE-Q

Defense

8.5

LIVE

PRE-Q

Energy

6.5

COOLING

MID-Q

Materials

LIVE

PRE-Q

Telecom

8.5

LIVE

POST-Q

Realty

LIVE

PRE-Q

10 Economic & Market Macro Signals · India F&O Lens

GDP Growth FY26

7.6%

▲ New base 2022-23

BULLISH

Signal: FY26 GDP at 7.6% under new MoSPI base year. FY27 RBI projection 6.9%. Consumption-led growth intact. Signal: GDP >7% = RISK-ON · Deploy full allocation.
Trade Note: Nifty/BankNifty LONG · Reduce cash to 15% · Add cyclicals

CPI Inflation (Mar)

3.40%

▲ from 3.21%

POSITIVE

Signal: Well below RBI 4% target. Food 3.87%, Core 3.4%. Supports rate hold or further cut path.
Trade Note: LONG HDFC Bank / Bajaj Finance / DLF · CPI >5% = cut all rate-sensitives

GST Collections (Mar)

₹2.00L Cr

▲ +8.8% YoY · 2nd highest

BULLISH

Signal: Gross ₹2,00,064 Cr. FY26 full year ₹22.27L Cr (+8.3%). Import GST +17.8% = consumption strong.
Trade Note: ₹2L Cr+ = LONG BankNifty/Consumption. Monthly drop >10% = reduce auto/FMCG

Nifty PE (Apr 2026)

24,378.1

▼ 0.81% today

FAIR VALUE

Signal: Below 20x = cheap → aggressive long. 20–24x = fair value → selective conviction. >26x = expensive → reduce to 3 positions max.
Trade Note: 22.1× = deploy full allocation on conviction names · Widen stops

RBI Repo Rate

5.25%

Hold · Neutral · 5th time

HOLD

Signal: HOLD. SDF 5.00%, MSF 5.50%. 125bps cut in 2025. Next MPC: Jun 3–5, 2026. Rate cut path conditional on CPI <4% sustained.
Trade Note: Jun cut expected = LONG BankNifty (+3-5%), DLF/Lodha (+8-12%), Bajaj Finance

10Y G-Sec Yield

6.52%

▼ from 6.75% pre-cuts

BULLISH

Signal: Falling from 6.75% → 6.52%. Below 6.4% = market pricing next cut. Bullish for Banks, RE, NBFCs.
Trade Note: Yield <6.4% = LONG DLF / Bajaj Finance / HDFC Bank · Yield >7% = reduce RE/NBFC

Forex Reserves

$697.1B

▲ Near all-time high

POSITIVE

Signal: $697.1B = ~11 months import cover. RBI managing INR. Buffer against crude shock.
Trade Note: Reserves >$650B = INR stable · IT/Pharma longs safe · Drop <$550B = exit IT positions

UPI Transactions (Mar)

22.64 Bn

▲ +24% vol · ATH

BULLISH

Signal: All-time record. Daily avg 730 Mn txns, ₹95,243 Cr/day. Retail confidence at peak.
Trade Note: Record UPI = LONG BankNifty / ICICI / HDFC / Zomato · 24% YoY = digital secular trend

HSBC Mfg PMI (Mar)

58.1

▲ vs 56.3 Feb · 3M high

BULLISH

Signal: >50=expansion. 58.1 = strong factory output, new orders at record pace. Dixon/BEL/ABB bullish.
Trade Note: PMI >58 = add T3 on capital goods (ABB/Cummins/Dixon) · PMI <50 = exit all mfg longs

HSBC Services PMI (Mar)

59.6

▲ Highest YTD · 8M high

BULLISH

Signal: 59.6 = highest in 8 months. New business orders strong. Finserv/IT/Hospitality expanding.
Trade Note: Services >58 = add Bajaj Finance / ICICI LONG · Drop <54 = reduce finserv exposure

Macro Gates · G1 Risk-Env · G2 QoQ · G3 PEG / Beta · G4 Sub-Sector KPI

Horizon

60 Days

· Vinay's default window · Permanent

v30 LOCKED

Tranche Engine · Live Zerodha Position & Corpus Util

TRANCHE ENGINE

📈 EXPANSION

🤖 AUTO

T1×1.1 · T2×0.85 · T3×1.05

Reserve ≥0%

ENTER≥70 · TRIM@-15

Next tick: 1m 24s

🔗 ZERODHA LIVE ICICIBANK26MAYFUT · 17 lots × 700 Avg ₹1377.49 · LTP ₹1356.30 P&L ₹-2,52,210 (-1.54%) M2M ₹-2.32L Corpus ₹31.88L · Util 91% · Free ₹0.54L

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Apr 23

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ICICIBANK · conv 61 · Zerodha pull · ICICIBANK26MAYFUT · 17 lots @ ₹1377.49 · LTP ₹1356.30 · P&L ₹-2,52,210 (-1.54%)

18:24

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Watchlist · — Instruments · NSE F&O Stocks + Indices + MCX Commodities

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Ticker ↕	Sub KPI	CMP ↕	Signal ↕	OW/UW ↕	Rev QoQ% ↕	EBIT QoQ% ↕	Profit QoQ% ↕	ROCE% ↕	P/CF ↕	PEG ↕	EV/EBITDA ↕	Piotroski ↕	%52W Hi ↕	Q Result ↕
DABUR Consumer	Volume growth · Gross margin	₹449.6	WATCH	UW	3.48%	3.41%	-53.54	26.96×	18.6%	3.12%	22.1%	5/9	40.4×	4/10
SUPREMEIND Industrials	ROCE: 22.04% · Order book	₹3,668.1	AVOID	UW	2.78%	-20.3%	-41.45	31.56×	12.6%	2.32%	22.6%	5/9	46.4×	2/10
TIINDIA Auto & EV	Volume growth · EV mix	₹2,917.3	AVOID	UW	15.84%	-24.86%	-25.87	23×	9.2%	3.27%	14.7%	5/9	45.9×	2/10
MANAPPURAM Financials	NIM: —% · AUM growth: -8.11%	₹280.8	AVOID	UW	-8.11%	-79.27%	-20.09	13.85×	46.6%	6.71%	12.7%	5/9	-51.1×	1/10
DALBHARAT Materials	EBITDA/t · Utilisation	₹1,995	LONG	UW	3.2%	85.44%	-15.32	13.68×	20.3%	4.39%	20.1%	3/9	17.7×	3/10
PRESTIGE Realty	Pre-sales ₹Cr · Collections	₹1,419.6	LONG	Neutral	26.99%	66.59%	-14.72	19.61×	31.3%	3.92%	21.7%	5/9	462.2×	5/10
TATACOMM Telecom	ARPU · Sub adds · EBITDA margin	₹1,503.6	AVOID	UW	6.48%	-2.44%	-10.87	11.2×	19.2%	3.95%	25%	7/9	14.8×	4/10
NHPC Energy	PLF: — · Capacity MW	₹83.21	WATCH	UW	12.37%	17.14%	-9.21	16.04×	46.0%	4.94%	9.9%	6/9	16.5×	3/10
ULTRACEMCO Materials	EBITDA/t · Utilisation	₹12,045	LONG	UW	17%	30.81%	-8.5	22.82×	18.7%	3.18%	8.1%	3/9	33.2×	4/10
DIVISLAB Healthcare	ANDA pipeline · US gen margin	₹6,250	LONG	OW	13.62%	22.56%	-6.84	42.48×	32.9%	2.07%	11.7%	7/9	101.0×	5/10
JUBLFOOD Consumer	ROCE: 13.08% · PEG: -4.68	₹469	LONG	Neutral	20.09%	44.32%	-4.68	19.06×	19.5%	2.65%	35.6%	6/9	18.7×	6/10
SRF Materials	ROCE: 12.27% · PEG: -3.1	₹2,478.95	LONG	Neutral	11.01%	61.25%	-3.1	22.52×	21.6%	3.39%	25.4%	7/9	29.4×	5/10
JINDALSTEL Metals	LME price exposure · EBITDA/t	₹1,287.95	AVOID	UW	0.24%	-30.3%	-2.85	16.14×	17.9%	4.15%	1.3%	4/9	12.2×	2/10
TECHM Technology	TCV deals · Attrition: ~13%	₹1,496.65	LONG	Neutral	5.05%	28.38%	-2.83	16.56×	15.1%	4.73%	19.3%	8/9	25.4×	6/10
VEDL Metals	ROCE: 25.26% · PEG: -2.66	₹767.7	WATCH	OW	-4.43%	12.18%	-2.66	10.49×	27.6%	7.25%	3%	8/9	7.6×	5/10
LAURUSLABS Healthcare	ANDA pipeline · US gen margin	₹1,121.7	LONG	OW	27.46%	321.11%	-2.64	35.07×	25.1%	2.12%	2%	7/9	100.2×	6/10
GAIL Energy	GRM: $/bbl · Crude exposure	₹161.75	AVOID	UW	3.07%	-18.49%	-2.64	7.93×	9.5%	9.40%	20.2%	7/9	6.7×	2/10
HINDPETRO Energy	GRM: $/bbl · Crude exposure	₹385.1	LONG	UW	-0.61%	155.36%	-2.57	4.81×	6.2%	16.30%	24.3%	5/9	5.8×	4/10
SHREECEM Materials	EBITDA/t · Utilisation	₹25,658	LONG	UW	6.38%	46.5%	-2.39	17.46×	23.0%	2.75%	21.1%	5/9	18.7×	4/10
GRASIM Materials	EBITDA/t · Utilisation	₹2,777.2	LONG	UW	18.78%	20.49%	-1.95	10.81×	20.2%	7.30%	6.8%	1/9	-11.0×	3/10
ONGC Energy	GRM: $/bbl · Crude exposure	₹283.4	AVOID	UW	-1.26%	-5.1%	-1.14	4.31×	15.1%	15.58%	3.3%	5/9	3.9×	3/10
NAUKRI Consumer	GMV growth · Take rate · EBITDA	₹1,073.25	LONG	UW	14.8%	111.19%	-1.11	32.36×	33.7%	2.90%	30.8%	6/9	79.8×	4/10
NMDC Metals	LME price exposure · EBITDA/t	₹88.25	WATCH	Neutral	18.56%	6.24%	-0.98	6.92×	31.3%	13.74%	2.1%	2/9	41.1×	4/10
JSWSTEEL Metals	LME price exposure · EBITDA/t	₹1,279.8	LONG	UW	5.19%	121.22%	-0.93	14.25×	15.1%	4.54%	1.2%	5/9	15.0×	5/10
UPL Materials	ROCE: 7.66% · PEG: -0.76	₹655.35	LONG	Neutral	8.72%	2605.29%	-0.76	8.68×	17.8%	7.79%	19.3%	8/9	5.4×	5/10
IIFL Financials	NIM: —% · AUM growth: 17.22%	₹474.35	LONG	Neutral	17.22%	27.78%	-0.72	9.95×	59.8%	9.76%	29.7%	2/9	-4.2×	4/10
SAIL Metals	LME price exposure · EBITDA/t	₹175	WATCH	UW	8.1%	3.65%	-0.59	8.57×	10.1%	6.01%	1.4%	5/9	7.3×	3/10
TATASTEEL Metals	LME price exposure · EBITDA/t	₹212.2	LONG	UW	1.84%	222.37%	-0.49	10.69×	13.8%	6.12%	2%	6/9	11.3×	5/10
IOC Energy	GRM: $/bbl · Crude exposure	₹147.35	LONG	UW	1.3%	268.38%	-0.27	4.8×	8.7%	15.98%	22%	4/9	6.0×	4/10
TITAGARH Industrials	ROCE: 16.55% · Piotroski: 2/9	₹738	LONG	UW	-15.29%	-37.31%	0.06	27.01×	9.5%	3.27%	24.3%	2/9	-101.9×	3/10
LICI Financials	Premium growth: 6.75% · VNB margin: —	₹829.1	LONG	OW	6.75%	22.96%	0.08	8.15×	5.7%	12.36%	15.4%	7/9	-57.0×	9/10
ASHOKLEY Auto & EV	Order book · L3 bids	₹177.3	LONG	OW	13.5%	29.25%	0.1	13.97×	19.4%	6.41%	17.7%	5/9	807.5×	8/10
SUZLON Industrials	ROCE: 32.52% · Order book	₹52.88	LONG	OW	61.67%	176.1%	0.11	24.96×	18.3%	3.55%	28.8%	5/9	66.2×	10/10
PNB Financials	NIM: —% · NII growth: 8.59%	₹114.75	LONG	Neutral	8.59%	5.69%	0.11	16.37×	72.5%	6.11%	15.1%	8/9	5.9×	7/10
PREMIERENE Industrials	ROCE: 41.12% · Order book	₹996.95	LONG	OW	19.76%	74.34%	0.11	18.52×	30.9%	4.19%	14.3%	8/9	33.5×	10/10
WAAREEENER Industrials	ROCE: 34.94% · Order book	₹3,506.85	LONG	OW	64.92%	129.13%	0.15	16.22×	23.8%	5.34%	9.3%	6/9	31.6×	10/10
CANBK Financials	NIM: —% · NII growth: 5.56%	₹144.3	LONG	OW	5.56%	22.89%	0.15	15.31×	66.3%	6.53%	11.4%	8/9	2.2×	8/10
BANKINDIA Financials	NIM: —% · NII growth: 7.87%	₹150.65	LONG	OW	7.87%	19.66%	0.16	16.32×	71.2%	6.13%	15.6%	8/9	3.7×	7/10
LICHSGFIN Financials	NIM: —% · AUM growth: 4.29%	₹564	LONG	UW	4.29%	6.49%	0.17	11.22×	93.3%	8.88%	12.8%	7/9	-1.9×	7/10
BANKBARODA Financials	NIM: —% · NII growth: 4.67%	₹283.9	LONG	Neutral	4.67%	-4.72%	0.2	16.91×	62.6%	5.91%	12.8%	7/9	4.2×	6/10
RBLBANK Financials	NIM: —% · NII growth: 1.35%	₹320.3	LONG	UW	1.35%	-32.46%	0.24	16.23×	32.8%	6.16%	5.9%	3/9	-23.5×	3/10
INDIANB Financials	NIM: —% · NII growth: 8.32%	₹924.75	LONG	OW	8.32%	13.69%	0.26	16.6×	68.8%	6.03%	7.6%	8/9	7.1×	7/10
JIOFIN Financials	NIM: —% · AUM growth: 71.94%	₹235	LONG	Neutral	71.94%	-4.65%	0.33	63.01×	65.6%	1.57%	30.6%	2/9	-9.7×	6/10
TMPV Auto & EV	Volume growth · EV mix	₹356.15	LONG	UW	-13.51%	-80.2%	0.34	5.59×	7.0%	6.18%	20.8%	5/9	2.1×	4/10
COALINDIA Energy	ROCE: 48.04% · PEG: 0.34	₹442.85	LONG	UW	-2.76%	-13.01%	0.34	4.96×	29.1%	16.23%	7%	4/9	9.3×	5/10
RECLTD Financials	NIM: —% · AUM growth: 12.19%	₹382.85	LONG	Neutral	12.19%	10.16%	0.35	10.55×	95.9%	9.47%	14.5%	4/9	-2.6×	7/10
PFC Financials	NIM: —% · AUM growth: 14.22%	₹472.6	LONG	Neutral	14.22%	13.14%	0.35	10.32×	95.8%	9.69%	1.4%	6/9	-1.7×	7/10
LUPIN Healthcare	ANDA pipeline · US gen margin	₹2,323.2	LONG	OW	18.86%	73.42%	0.36	13.69×	29.3%	6.13%	2.3%	6/9	35.2×	8/10
PNBHOUSING Financials	NIM: —% · AUM growth: 10.66%	₹988.8	LONG	OW	10.66%	18.34%	0.38	11.65×	94.5%	8.53%	13.4%	4/9	-2.8×	7/10
MARUTI Auto & EV	Volume growth · EV mix	₹13,524	LONG	Neutral	14.16%	2.68%	0.39	16.47×	11.7%	4.57%	22.1%	6/9	26.2×	7/10
SBIN Financials	NIM: —% · NII growth: 6.22%	₹1,110.7	LONG	Neutral	6.22%	2.16%	0.42	17.15×	44.7%	5.83%	10.1%	7/9	21.2×	6/10
BHARTIARTL Telecom	ARPU · Sub adds · EBITDA margin	₹1,862.05	LONG	Neutral	25.05%	53.2%	0.44	11.22×	56.6%	5.04%	14.4%	5/9	11.5×	9/10
DRREDDY Healthcare	ANDA pipeline · US gen margin	₹1,221	LONG	Neutral	11.06%	3.66%	0.48	11.14×	23.3%	7.12%	11.5%	2/9	21.9×	6/10
IREDA Financials	NIM: —% · AUM growth: 29.03%	₹129.9	LONG	OW	29.03%	22.69%	0.5	14.73×	88.6%	6.76%	30.4%	4/9	-2.5×	9/10
TORNTPOWER Energy	PLF: — · Capacity MW	₹1,623.2	LONG	Neutral	-0.76%	33.85%	0.54	15.61×	19.0%	4.69%	0.9%	7/9	17.0×	7/10
INDHOTEL Consumer	ROCE: 17.21% · PEG: 0.54	₹665.2	LONG	OW	19.63%	15.63%	0.54	29.02×	32.9%	2.84%	22.1%	9/9	43.2×	8/10
LTF Financials	NIM: —% · AUM growth: 10.43%	₹290.95	LONG	OW	10.43%	10.51%	0.57	15.47×	61.1%	6.34%	11.7%	4/9	-4.4×	7/10
PGEL Consumer	ROCE: 19.36% · PEG: 0.58	₹560	LONG	OW	35.8%	30.55%	0.58	29.41×	8.8%	2.87%	44.4%	6/9	-209.4×	9/10
NATIONALUM Metals	LME price exposure · EBITDA/t	₹425.5	LONG	OW	19.86%	58.2%	0.59	7.92×	46.0%	11.82%	3.3%	9/9	13.4×	10/10
SHRIRAMFIN Financials	NIM: —% · AUM growth: 18.05%	₹1,042.6	LONG	OW	18.05%	12.71%	0.6	13.7×	72.7%	7.14%	5.9%	4/9	-5.6×	7/10
MOTHERSON Auto & EV	Volume growth · EV mix	₹125.2	LONG	UW	8.71%	-14.52%	0.62	12.45×	8.9%	4.62%	8%	7/9	20.9×	5/10
KPITTECH Technology	TCV deals · Attrition: ~13%	₹745	LONG	OW	11.37%	0.3%	0.62	14.71×	19.6%	5.42%	48.1%	9/9	14.7×	9/10
GODREJPROP Realty	Pre-sales ₹Cr · Collections	₹1,819.9	LONG	UW	-10.22%	7.34%	0.62	26.31×	-26.1%	3.67%	27.4%	6/9	-24.3×	5/10
FEDERALBNK Financials	NIM: —% · NII growth: 5.48%	₹295.6	LONG	UW	5.48%	1.4%	0.63	15.95×	65.7%	6.27%	2.1%	4/9	8.3×	6/10
AXISBANK Financials	NIM: —% · NII growth: 4.53%	₹1,374.8	LONG	UW	4.53%	-6.82%	0.63	17.61×	59.5%	5.68%	3.1%	4/9	9.7×	6/10
M&MFIN Financials	NIM: —% · AUM growth: 13.97%	₹308.45	LONG	Neutral	13.97%	-0.08%	0.66	12.54×	61.2%	7.76%	25.2%	4/9	-2.7×	7/10
BPCL Energy	GRM: $/bbl · Crude exposure	₹317.3	LONG	UW	0.48%	78.33%	0.69	3.99×	8.7%	20.60%	19%	4/9	5.8×	8/10
MAZDOCK Industrials	ROCE: 43.24% · Piotroski: 7/9	₹2,665.3	LONG	OW	8.53%	-12.52%	0.78	30.11×	16.0%	3.23%	29.4%	7/9	51.6×	6/10
KALYANKJIL Consumer	ROCE: 15.02% · PEG: 0.79	₹417.45	LONG	OW	35.27%	73.99%	0.79	20.21×	6.8%	4.12%	32.4%	6/9	35.4×	9/10
HEROMOTOCO Auto & EV	Volume growth · EV mix	₹5,267.55	LONG	OW	9.45%	33.24%	0.8	12.91×	14.3%	6.97%	17.6%	8/9	24.5×	10/10
CIPLA Healthcare	ANDA pipeline · US gen margin	₹1,231.3	LONG	Neutral	5.08%	-4.71%	0.81	13.24×	22.8%	6.40%	26.4%	7/9	19.9×	7/10
LODHA Realty	Pre-sales ₹Cr · Collections	₹882.45	LONG	OW	19.25%	33.25%	0.82	18.24×	29.2%	5.19%	42.5%	7/9	55.8×	8/10
KAYNES Industrials	ROCE: 14.28% · Piotroski: 2/9	₹4,282	LONG	OW	41.84%	50.91%	0.82	41.74×	16.3%	2.17%	44.4%	2/9	-346.3×	8/10
DIXON Consumer	ROCE: 39.95% · PEG: 0.82	₹11,307.85	LONG	OW	46.44%	121.73%	0.82	27.14×	3.9%	3.16%	38.8%	7/9	59.6×	10/10
DLF Realty	Pre-sales ₹Cr · Collections	₹608.25	LONG	OW	35.8%	14.85%	0.85	41.97×	21.2%	2.30%	31.5%	7/9	28.7×	7/10
HUDCO Financials	NIM: —% · AUM growth: 30.44%	₹198.7	LONG	UW	30.44%	3.7%	0.87	13.86×	95.6%	7.21%	21.7%	6/9	-1.3×	8/10
EICHERMOT Auto & EV	Volume growth · EV mix	₹7,286.95	LONG	OW	26.19%	21.58%	0.89	25.76×	24.5%	3.50%	11.5%	4/9	49.9×	10/10
KOTAKBANK Financials	NIM: —% · NII growth: 7.3%	₹381.35	LONG	UW	7.3%	-4.4%	0.9	17.49×	23.9%	5.71%	17.2%	7/9	22.5×	7/10
HDFCBANK Financials	NIM: —% · NII growth: 3.64%	₹811.2	LONG	UW	3.64%	7.57%	0.9	16.47×	40.4%	6.07%	20.5%	4/9	11.0×	6/10
M&M Auto & EV	Volume growth · EV mix	₹3,247.6	LONG	Neutral	22.54%	28.96%	0.93	12.63×	18.9%	6.46%	15.4%	5/9	127.2×	9/10
BSE Financials	TCV deals · Attrition: ~13%	₹3,512.1	LONG	OW	51.23%	133.45%	0.93	45.68×	61.3%	2.09%	1.6%	8/9	345.8×	10/10
INDIGO Infra	ROCE: 17.34% · PEG: 0.94	₹4,694.9	LONG	UW	10.72%	-25.37%	0.94	11.06×	20.3%	4.62%	24.7%	5/9	7.5×	5/10
CARTRADE Consumer	GMV growth · Take rate · EBITDA	₹1,774.75	LONG	OW	20.8%	79.8%	0.94	26.34×	31.1%	3.37%	46.1%	8/9	49.5×	9/10
BAJAJHLDNG Financials	NIM: —% · AUM growth: -34.08%	₹10,403	LONG	UW	-34.08%	-2.09%	0.94	14.24×	85.5%	7.04%	30.1%	4/9	-58.8×	6/10
INDUSTOWER Telecom	ARPU · Sub adds · EBITDA margin	₹417.7	LONG	UW	8.55%	-28.73%	0.95	7.11×	55.5%	8.73%	13.3%	8/9	5.6×	7/10
GROWW Financials	TCV deals · Attrition: ~13%	₹210.45	LONG	OW	14.37%	14.18%	0.95	42.52×	59.1%	2.28%	2.5%	3/9	-6517.5×	7/10
BAJFINANCE Financials	NIM: —% · AUM growth: 19.99%	₹943.8	LONG	OW	19.99%	13.93%	0.97	18.31×	66.9%	5.38%	14.4%	4/9	-8.6×	7/10
OBEROIRLTY Realty	Pre-sales ₹Cr · Collections	₹1,728.65	LONG	UW	-0.76%	-12.61%	1	19.32×	55.8%	5.00%	13.8%	5/9	29.0×	3/10
ADANIENT Metals	ROCE: 9.45% · PEG: 1.01	₹2,232.2	LONG	UW	-5.11%	-5.76%	1.01	23.93×	14.7%	2.83%	14.6%	5/9	64.2×	5/10
TATACAP Financials	NIM: —% · AUM growth: 55.82%	₹333.05	LONG	Neutral	55.82%	16.56%	1.04	15.65×	72.4%	6.24%	9.4%	2/9	-4.8×	6/10
ABCAPITAL Financials	NIM: —% · AUM growth: 13.05%	₹344.15	LONG	Neutral	13.05%	-3.31%	1.04	14.53×	36.0%	6.76%	6.8%	3/9	-3.2×	5/10
ADANIPORTS Infra	Order book · L3 bids	₹1,600	LONG	OW	23.74%	18.89%	1.07	17.54×	59.3%	4.49%	0.7%	7/9	21.3×	7/10
ICICIBANK Financials	NIM: —% · NII growth: 4.77%	₹1,385.6	LONG	UW	4.77%	6.29%	1.09	17.59×	25.2%	5.68%	7.6%	6/9	14.8×	5/10
CHOLAFIN Financials	NIM: —% · AUM growth: 22.68%	₹1,591.4	LONG	OW	22.68%	19.14%	1.09	15.04×	68.7%	6.56%	13.1%	3/9	-4.2×	6/10
HYUNDAI Auto & EV	Volume growth · EV mix	₹1,894.45	LONG	UW	1.3%	2.24%	1.12	15.05×	13.2%	5.25%	34.5%	6/9	36.0×	7/10
BAJAJFINSV Financials	NIM: —% · AUM growth: 15.38%	₹1,848.3	LONG	OW	15.38%	14.44%	1.21	12.28×	36.9%	7.94%	15.8%	3/9	-4.8×	5/10
NBCC Infra	Order book · L3 bids	₹93.7	LONG	OW	13.84%	17.3%	1.29	22.07×	4.8%	4.50%	28.3%	8/9	38.3×	8/10
IRCTC Consumer	ROCE: 49.03% · PEG: 1.32	₹562.75	LONG	OW	10.14%	12.08%	1.32	22.12×	32.9%	4.42%	31.4%	5/9	53.8×	7/10
PIIND Materials	ROCE: 22.86% · PEG: 1.33	₹3,042.2	LONG	UW	-12.56%	-19.68%	1.33	20.52×	26.2%	4.01%	29.7%	6/9	32.4×	3/10
BLUESTARCO Consumer	ROCE: 26.2% · PEG: 1.39	₹1,882.3	LONG	Neutral	9.51%	-2.63%	1.39	42.06×	7.1%	1.97%	10.6%	7/9	55.9×	7/10
NTPC Energy	PLF: — · Capacity MW	₹397.7	LONG	UW	0.86%	10%	1.42	9.5×	29.2%	7.52%	1.2%	9/9	7.6×	7/10
NH Healthcare	EBITDA margin · Bed occupancy	₹1,805.55	LONG	Neutral	29.01%	5.68%	1.43	24.84×	21.6%	3.06%	23.9%	5/9	37.4×	7/10
LT Infra	Order book · L3 bids	₹4,075.3	LONG	OW	11.71%	22.97%	1.44	16.52×	12.8%	5.42%	8.2%	5/9	61.2×	7/10
AUBANK Financials	NIM: —% · NII growth: 22.33%	₹1,033.2	LONG	OW	22.33%	13.63%	1.45	17.43×	52.0%	5.73%	0.9%	6/9	14.3×	7/10
UNOMINDA Auto & EV	Volume growth · EV mix	₹1,150.5	LONG	OW	17.51%	23.21%	1.46	28.15×	11.5%	2.57%	16.8%	4/9	62.0×	7/10
MCX Financials	TCV deals · Attrition: ~13%	₹2,846.6	LONG	OW	70.02%	82.89%	1.5	56.39×	66.7%	1.67%	1.9%	9/9	75.8×	9/10
TVSMOTOR Auto & EV	Volume growth · EV mix	₹3,767.5	LONG	OW	23.4%	49.26%	1.51	25.63×	15.4%	3.31%	5.1%	8/9	50.9×	8/10
POLYCAB Industrials	ROCE: 29.72% · Order book	₹7,987.5	LONG	OW	28.51%	42.77%	1.56	29.16×	14.3%	3.13%	8.4%	4/9	66.2×	8/10
HDFCAMC Financials	TCV deals · Attrition: ~13%	₹2,798	LONG	Neutral	1.7%	16.19%	1.6	31.57×	80.1%	3.11%	5.7%	5/9	47.3×	6/10
ACC Materials	EBITDA/t · Utilisation	₹1,435.6	WATCH	UW	16.38%	4.69%	1.61	7.33×	12.8%	9.56%	32.4%	5/9	15.8×	5/10
SUNPHARMA Healthcare	ANDA pipeline · US gen margin	₹1,673.9	WATCH	OW	10.09%	2.91%	1.64	20.11×	30.8%	4.28%	9.6%	9/9	28.4×	6/10
360ONE Financials	TCV deals · Attrition: ~13%	₹1,114.6	WATCH	Neutral	22.1%	9.97%	1.66	21.65×	61.1%	4.40%	12.5%	5/9	-18.7×	6/10
KFINTECH Financials	TCV deals · Attrition: ~13%	₹994.6	LONG	OW	19.34%	9.73%	1.68	30.42×	42.3%	2.84%	28.4%	7/9	43.1×	6/10
MUTHOOTFIN Financials	NIM: —% · AUM growth: 46.84%	₹3,627.35	LONG	Neutral	46.84%	75.64%	1.69	12.63×	78.4%	7.89%	12.6%	1/9	-5.5×	6/10
PERSISTENT Technology	TCV deals · Attrition: ~13%	₹5,338	LONG	OW	23.46%	36.28%	1.73	30.03×	18.8%	2.88%	19.1%	7/9	72.7×	8/10
ICICIAMC Financials	TCV deals · Attrition: ~13%	₹3,454.8	LONG	OW	15.82%	24.43%	1.75	37.66×	74.5%	2.55%	0.1%	6/9	52.9×	7/10
CUMMINSIND Industrials	ROCE: 36.32% · Order book	₹5,135	LONG	OW	13.31%	15.92%	1.75	43.29×	21.4%	2.18%	2.6%	8/9	84.2×	7/10
TATAPOWER Energy	PLF: — · Capacity MW	₹436.55	AVOID	UW	0.62%	-2.36%	1.79	12.32×	20.1%	5.80%	0.5%	6/9	11.0×	5/10
HAL Defense	Order book ₹Cr · Execution	₹4,368.55	LONG	Neutral	2.48%	2.35%	1.82	18.69×	30.5%	4.77%	15.4%	7/9	21.4×	6/10
BEL Defense	Order book ₹Cr · Execution	₹451.4	LONG	OW	14.46%	19.48%	1.82	37.72×	29.7%	2.49%	4.7%	8/9	562.6×	7/10
ICICIPRULI Financials	Premium growth: -10.49% · VNB margin: —	₹549.1	LONG	UW	-10.49%	34.45%	1.94	51.99×	0.3%	1.92%	22.3%	4/9	-14.9×	5/10
ICICIGI Financials	Premium growth: 12.66% · VNB margin: —	₹1,848.1	WATCH	Neutral	12.66%	10.5%	1.96	24.91×	13.2%	4.03%	10.9%	5/9	35.0×	5/10
IEX Financials	TCV deals · Attrition: ~13%	₹126.3	LONG	OW	12.03%	16.09%	2.01	17.66×	84.5%	5.47%	41.4%	7/9	26.2×	6/10
ITC Consumer	Volume growth · Gross margin	₹305.8	LONG	UW	8.44%	5.26%	2.04	12.76×	33.7%	7.29%	31.2%	4/9	22.0×	6/10
ADANIGREEN Energy	PLF: — · Capacity MW	₹1,150.2	WATCH	Neutral	17.19%	11.88%	2.04	24.5×	82.2%	2.93%	3.8%	6/9	22.6×	5/10
HINDALCO Metals	LME price exposure · EBITDA/t	₹1,022.4	WATCH	OW	13.98%	19.6%	2.07	8.06×	12.9%	9.48%	2.5%	8/9	9.4×	6/10
AMBUJACEM Materials	EBITDA/t · Utilisation	₹458.55	AVOID	UW	15.97%	-10.54%	2.22	14.11×	17.5%	4.12%	26.6%	3/9	50.7×	2/10
SOLARINDS Materials	ROCE: 38.13% · PEG: 2.25	₹15,065.15	LONG	OW	28.16%	29.4%	2.25	56.52×	26.1%	1.61%	15.5%	8/9	54.8×	9/10
FORTIS Healthcare	EBITDA margin · Bed occupancy	₹926.5	LONG	OW	15.99%	28.19%	2.26	35.15×	22.7%	2.28%	16.1%	8/9	48.6×	7/10
LGEINDIA Consumer	ROCE: 56.83% · PEG: 2.29	₹1,618.3	LONG	OW	14.12%	45.71%	2.29	31.41×	12.8%	2.84%	7.5%	7/9	66.1×	7/10
VBL Consumer	ROCE: 19.71% · PEG: 2.31	₹481.5	WATCH	UW	8.39%	10.68%	2.31	30.6×	23.4%	2.50%	13.7%	5/9	46.8×	5/10
OIL Energy	GRM: $/bbl · Crude exposure	₹466.65	AVOID	UW	1.86%	-20.94%	2.32	8.35×	28.5%	9.51%	11%	4/9	6.7×	3/10
KEI Industrials	ROCE: 21.29% · Order book	₹4,840.8	LONG	OW	22.24%	34.77%	2.36	34.54×	10.3%	2.72%	8.7%	3/9	-1432.3×	6/10
TCS Technology	TCV deals · Attrition: ~13%	₹2,604.15	LONG	UW	4.58%	7.86%	2.41	12.3×	27.1%	7.52%	28.3%	4/9	18.1×	6/10
SYRMA Industrials	ROCE: 11.67% · Piotroski: 8/9	₹1,000.25	LONG	Neutral	6.83%	101.93%	2.45	36.06×	11.0%	2.37%	2.6%	8/9	107.6×	7/10
HCLTECH Technology	TCV deals · Attrition: ~13%	₹1,444.6	LONG	UW	9.63%	0.58%	2.61	13.31×	20.9%	6.38%	18.9%	6/9	17.6×	6/10
BOSCHLTD Auto & EV	Volume growth · EV mix	₹38,161.6	WATCH	OW	11.31%	14.2%	2.66	32.57×	13.0%	2.74%	9%	7/9	47.4×	5/10
INFY Technology	TCV deals · Attrition: ~13%	₹1,312.55	LONG	UW	8.24%	4.37%	2.86	11.5×	23.7%	7.77%	24%	6/9	14.9×	6/10
CAMS Financials	TCV deals · Attrition: ~13%	₹751.8	LONG	UW	8.34%	2.85%	2.87	27.31×	45.6%	3.23%	14.1%	8/9	42.0×	7/10
TORNTPHARM Healthcare	ANDA pipeline · US gen margin	₹4,163	LONG	OW	12.74%	23.82%	2.89	35.12×	32.7%	2.29%	7.1%	9/9	54.1×	8/10
AUROPHARMA Healthcare	ANDA pipeline · US gen margin	₹1,397.65	AVOID	UW	7.31%	-0.71%	2.91	10.87×	20.5%	7.05%	0.2%	6/9	20.6×	5/10
BAJAJ-AUTO Auto & EV	Volume growth · EV mix	₹9,798.25	WATCH	Neutral	15.66%	18.67%	2.95	21.4×	20.3%	4.51%	3.8%	2/9	-194.7×	5/10
SONACOMS Auto & EV	Volume growth · EV mix	₹581.25	WATCH	UW	13.78%	9.03%	3	31.15×	25.1%	2.44%	2.6%	6/9	46.6×	5/10
MAXHEALTH Healthcare	EBITDA margin · Bed occupancy	₹1,019.55	LONG	UW	24.44%	37.6%	3.02	44.16×	26.4%	1.85%	22.4%	3/9	68.1×	5/10
ALKEM Healthcare	ANDA pipeline · US gen margin	₹5,683.35	WATCH	OW	11.73%	11%	3.04	20.17×	20.2%	4.38%	4.2%	7/9	35.6×	4/10
PIDILITIND Materials	ROCE: 29.84% · PEG: 3.09	₹1,397.6	WATCH	Neutral	9.75%	15.5%	3.09	39.57×	23.4%	2.23%	11.3%	7/9	62.7×	5/10
ABB Industrials	ROCE: 29.93% · Order book	₹7,275	AVOID	UW	8.32%	-11%	3.1	61.91×	15.5%	1.52%	0.6%	5/9	126.1×	3/10
CDSL Financials	TCV deals · Attrition: ~13%	₹1,362.6	LONG	UW	0.72%	-14.28%	3.11	40.81×	52.0%	2.23%	25.5%	7/9	52.5×	3/10
WIPRO Technology	TCV deals · Attrition: ~13%	₹204.5	WATCH	UW	3.97%	0.82%	3.12	10.33×	19.2%	8.36%	25.1%	5/9	14.4×	4/10
UNITDSPR Consumer	ROCE: 26.5% · PEG: 3.31	₹1,359.65	WATCH	Neutral	9.29%	19.86%	3.31	35.82×	18.2%	2.49%	17.4%	7/9	50.9×	5/10
APOLLOHOSP Healthcare	EBITDA margin · Bed occupancy	₹7,758.7	LONG	Neutral	14.52%	38.62%	3.38	31.27×	14.6%	2.47%	4.2%	8/9	52.1×	6/10
OFSS Technology	TCV deals · Attrition: ~13%	₹7,999.5	LONG	UW	8.13%	6.35%	3.56	18.69×	43.5%	5.30%	19.6%	7/9	31.4×	5/10
GLENMARK Healthcare	ANDA pipeline · US gen margin	₹2,228.4	LONG	Neutral	25.44%	317.76%	3.71	13.2×	26.5%	6.66%	3%	6/9	-76.2×	6/10
POLICYBZR Financials	ROCE: 5.9% · PEG: 3.87	₹1,622.7	LONG	Neutral	36.89%	178.37%	3.87	96.46×	6.5%	0.86%	18%	5/9	-410.2×	5/10
LENSKART Consumer	GMV growth · Take rate · EBITDA	₹539.95	LONG	Neutral	22.57%	4938.22%	3.87	75.67×	14.7%	0.49%	3.5%	6/9	76.3×	5/10
AMBER Consumer	ROCE: 14.49% · PEG: 3.99	₹7,936.05	WATCH	Neutral	30.67%	4.65%	3.99	30.73×	7.2%	2.33%	8%	7/9	38.8×	5/10
COLPAL Consumer	Volume growth · Gross margin	₹2,077	LONG	UW	-2.73%	-8.79%	4.22	28.32×	31.5%	3.22%	24.4%	6/9	41.1×	4/10
BRITANNIA Consumer	Volume growth · Gross margin	₹5,714	LONG	Neutral	7.31%	11.02%	4.4	37.58×	18.4%	2.37%	9.8%	8/9	56.7×	6/10
RELIANCE Energy	GRM: $/bbl · Crude exposure	₹1,353.2	WATCH	UW	9.01%	10.92%	4.43	10.52×	17.4%	6.81%	16%	4/9	10.3×	4/10
MPHASIS Technology	TCV deals · Attrition: ~13%	₹2,429.4	WATCH	OW	10.16%	10.69%	4.49	14.81×	18.8%	5.62%	20%	7/9	24.2×	4/10
COCHINSHIP Industrials	ROCE: 20.35% · Piotroski: 4/9	₹1,557.2	AVOID	UW	15.68%	-13.55%	4.49	35.2×	14.9%	2.57%	38.9%	4/9	-152.3×	2/10
SBILIFE Financials	Premium growth: 0.96% · VNB margin: —	₹1,907.8	WATCH	UW	0.96%	2.85%	4.53	69.38×	1.0%	1.44%	10.6%	6/9	7.5×	4/10
DMART Consumer	GMV growth · Take rate · EBITDA	₹4,564.35	WATCH	UW	15.37%	5.31%	4.77	59.67×	7.5%	1.34%	7.8%	4/9	121.5×	4/10
PAGEIND Consumer	ROCE: 59.4% · PEG: 5.1	₹38,050	LONG	UW	5.44%	15.08%	5.1	35.33×	22.1%	2.59%	24.8%	6/9	35.3×	5/10
VOLTAS Consumer	ROCE: 17.64% · PEG: 5.14	₹1,453.85	AVOID	UW	-4.88%	-27.67%	5.14	54.38×	4.5%	1.68%	8.1%	5/9	-215.2×	1/10
LTM Technology	TCV deals · Attrition: ~13%	₹4,758.7	WATCH	UW	9.85%	13.33%	5.23	16.83×	17.6%	5.21%	26%	5/9	31.0×	5/10
POWERINDIA Industrials	ROCE: 19.44% · Order book	₹30,220	LONG	OW	17.44%	181.13%	5.3	100.51×	14.3%	0.93%	0.6%	8/9	89.2×	6/10
COFORGE Technology	TCV deals · Attrition: ~13%	₹1,299	LONG	OW	39.36%	58.45%	5.31	16.51×	16.8%	4.65%	34.9%	4/9	35.1×	6/10
SBICARD Financials	NIM: —% · AUM growth: 10.67%	₹683.1	WATCH	UW	10.67%	2.3%	5.34	18.27×	27.3%	5.41%	33.5%	3/9	-30.2×	3/10
TITAN Consumer	ROCE: 19.14% · PEG: 5.58	₹4,487.25	LONG	Neutral	30.23%	50.76%	5.58	48.58×	10.5%	1.88%	1.5%	3/9	-735.1×	5/10
MANKIND Healthcare	ANDA pipeline · US gen margin	₹2,185.35	AVOID	UW	20.46%	-8.65%	5.87	25.28×	24.2%	3.02%	19.9%	4/9	37.6×	5/10
HDFCLIFE Financials	Premium growth: 7.01% · VNB margin: —	₹614.1	WATCH	UW	7.01%	14.92%	5.87	64.95×	1.1%	1.54%	25.2%	7/9	5.9×	4/10
MARICO Consumer	Volume growth · Gross margin	₹755.25	LONG	UW	25.33%	6.86%	5.95	39.98×	17.4%	2.28%	7.2%	4/9	72.6×	6/10
BIOCON Healthcare	ANDA pipeline · US gen margin	₹362.1	WATCH	UW	13.99%	5.24%	6.81	18.47×	20.8%	2.75%	14.8%	6/9	14.4×	3/10
DELHIVERY Infra	ROCE: 2.47% · PEG: 6.84	₹473.45	LONG	Neutral	11.73%	340.62%	6.84	37.8×	5.5%	0.86%	3.4%	5/9	62.4×	4/10
POWERGRID Energy	PLF: — · Capacity MW	₹320.3	AVOID	UW	4.06%	-0.13%	6.95	10.38×	82.3%	6.61%	0.8%	5/9	8.2×	4/10
ASIANPAINT Consumer	ROCE: 25.72% · PEG: 7.08	₹2,529.3	AVOID	UW	1.22%	-6.46%	7.08	34.23×	18.3%	2.41%	15.3%	6/9	55.1×	5/10
HAVELLS Consumer	ROCE: 25.32% · PEG: 7.38	₹1,324.7	WATCH	UW	8.17%	8.38%	7.38	32.63×	10.0%	2.53%	20.9%	7/9	55.0×	5/10
NESTLEIND Consumer	Volume growth · Gross margin	₹1,296.65	LONG	UW	9.74%	1.34%	7.44	50.5×	22.9%	1.75%	3.3%	3/9	52.7×	4/10
TATACONSUM Consumer	Volume growth · Gross margin	₹1,125.25	WATCH	Neutral	14.93%	10.08%	8.19	40.22×	13.5%	1.91%	7.8%	7/9	55.0×	4/10
HINDZINC Metals	LME price exposure · EBITDA/t	₹592	LONG	OW	11.49%	24.1%	8.35	13.01×	52.5%	6.28%	19.2%	7/9	17.6×	6/10
APLAPOLLO Industrials	ROCE: 22.36% · Order book	₹2,107.7	LONG	Neutral	8.79%	79.99%	8.35	32.3×	7.8%	2.70%	8.4%	6/9	48.2×	5/10
IRFC Financials	NIM: —% · AUM growth: -0.86%	₹103.86	WATCH	UW	-0.86%	7.18%	8.76	10.94×	99.1%	9.15%	30.3%	8/9	16.4×	3/10
ZYDUSLIFE Healthcare	ANDA pipeline · US gen margin	₹930.45	WATCH	OW	17.27%	12.67%	8.89	11.82×	30.8%	7.34%	12.1%	7/9	13.8×	4/10
HINDUNILVR Consumer	Volume growth · Gross margin	₹2,241	WATCH	UW	3.44%	5.29%	8.99	33.38×	23.1%	2.66%	15.8%	6/9	45.7×	5/10
CGPOWER Industrials	ROCE: 37.48% · Order book	₹814	LONG	OW	25.48%	18.28%	10.48	74.74×	12.5%	1.21%	0.6%	4/9	134.3×	6/10
RVNL Infra	Order book · L3 bids	₹299.7	AVOID	UW	-0.33%	-11.84%	11.12	33.76×	4.6%	2.92%	33.1%	5/9	33.2×	1/10
PAYTM Financials	ROCE: -10.14% · PEG: 11.97	₹1,176.5	LONG	Neutral	11.42%	127.06%	11.97	54.68×	3.4%	0.93%	14.9%	3/9	-614.9×	3/10
BALKRISIND Auto & EV	Volume growth · EV mix	₹2,306.7	AVOID	UW	2.56%	-26%	14.11	18.33×	21.4%	3.90%	18.1%	8/9	25.3×	3/10
JSWENERGY Energy	PLF: — · Capacity MW	₹548.1	LONG	Neutral	55.52%	22.2%	23.37	16.1×	51.3%	4.43%	1.8%	3/9	25.0×	4/10
SIEMENS Industrials	ROCE: 15.83% · Order book	₹3,744	AVOID	UW	10.2%	-17.02%	23.82	50.7×	11.7%	1.76%	1%	5/9	353.7×	2/10
BHEL Industrials	ROCE: 4.87% · Order book	₹331.2	LONG	OW	10.36%	56.87%	24.98	53.98×	4.7%	1.58%	0.8%	9/9	52.8×	5/10
ANGELONE Financials	TCV deals · Attrition: ~13%	₹322.7	AVOID	UW	-1.96%	-21.93%	26.35	11.34×	35.4%	8.17%	1.8%	2/9	-7.1×	1/10
NYKAA Consumer	GMV growth · Take rate · EBITDA	₹266	LONG	Neutral	24.88%	187.14%	29.3	111.26×	7.0%	0.50%	6.9%	6/9	162.6×	6/10
ETERNAL Consumer	GMV growth · Take rate · EBITDA	₹258.45	AVOID	UW	138.73%	-65.16%	34.2	113.7×	1.9%	0.32%	29.9%	6/9	813.0×	2/10
GODREJCP Consumer	Volume growth · Gross margin	₹1,103.65	WATCH	UW	7.29%	12.65%	36.39	34.67×	20.2%	2.61%	15.7%	5/9	44.7×	4/10
ASTRAL Industrials	ROCE: 19.71% · Order book	₹1,584	AVOID	UW	6.67%	-2.07%	41.5	41.44×	15.9%	1.75%	10.4%	5/9	67.5×	4/10
MFSL Financials	Premium growth: 0.55% · VNB margin: —	₹1,652.7	AVOID	UW	0.55%	-43.23%	42.14	210.85×	0.5%	0.47%	12.7%	7/9	6.8×	2/10
BDL Defense	Order book ₹Cr · Execution	₹1,377.7	WATCH	Neutral	54.35%	2.52%	52.8	53.17×	12.5%	1.72%	34.3%	5/9	301.1×	5/10
BHARATFORG Auto & EV	Volume growth · EV mix	₹1,908.85	WATCH	Neutral	4.55%	18.11%	98.92	32.07×	17.5%	2.16%	1.4%	7/9	50.5×	4/10
ATHERENERG Auto & EV	Volume growth · EV mix	₹901.65	LONG	Neutral	50.94%	24.95%	—	-88.15×	-16.1%	-1.63%	4.9%	4/9	-47.6×	5/10
GMRAIRPORT Infra	Order book · L3 bids	₹97.8	LONG	Neutral	37.36%	55.59%	—	24.63×	38.8%	2.77%	11.4%	4/9	29.8×	5/10
INDUSINDBK Financials	NIM: —% · NII growth: -8.67%	₹859.2	AVOID	UW	-8.67%	-128.04%	—	17.9×	44.4%	5.59%	11.3%	5/9	3.6×	1/10
MEESHO Consumer	GMV growth · Take rate · EBITDA	₹170.85	AVOID	UW	23.31%	-1311.82%	—	-589.2×	-6.2%	-0.21%	32.9%	5/9	144.8×	2/10
PWL Consumer	ROCE: -2.12% · PEG: —	₹109.59	LONG	OW	48.74%	73.56%	—	98.86×	6.9%	-0.13%	32.4%	7/9	61.7×	5/10
SWIGGY Consumer	GMV growth · Take rate · EBITDA	₹282.4	AVOID	UW	52.09%	-73.27%	—	-25.08×	-16.6%	-5.38%	40.4%	4/9	-36.1×	2/10
TMCV Auto & EV	Order book · L3 bids	₹442.25	WATCH	UW	0%	0%	—	-2102175.88×	—	0.00%	13.1%	1/9	—	2/10
URBANCO Consumer	GMV growth · Take rate · EBITDA	₹137.5	LONG	Neutral	38.22%	358.39%	—	-1979.73×	-9.5%	-0.19%	31.6%	6/9	387.9×	5/10

Howard Marks · 4-Phase Market Cycle Framework · Current: Expansion

● Expansion

12–36 months

CURRENT

GDP GrowthRising 7.6%

InflationRising — 3.4%

Interest RateHold → Cut path

Corp EarningsStrong beat

EmploymentNear-full

Credit Growth+15% YoY

Sector Positioning

Financials LONG

Industrials LONG

Metals LONG

Technology WATCH

Real Estate WATCH

Consumer Disc WATCH

Healthcare WATCH

TFT PLAY: LONG BankNifty · ICICI · Hindalco · BEL · HDFC Bank

Peak

6–12 months

GDP GrowthSlowing

InflationHigh — peaks

Interest RateHiking

Corp EarningsSlowing

EmploymentTight

Credit GrowthDecelerating

Sector Positioning

Energy LONG

Materials LONG

Healthcare WATCH

Financials WATCH

Technology SHORT

Industrials SHORT

Real Estate SHORT

TFT PLAY: SHORT IT · SHORT RE · LONG Crude/Gold MCX · Reduce cyclicals

Contraction

6–18 months

GDP GrowthFalling <5%

InflationFalling

Interest RateHigh plateau

Corp EarningsFalling

EmploymentRising claims

Credit GrowthContracting

Sector Positioning

Healthcare LONG

FMCG Staples LONG

Gold/Silver LONG

Financials SHORT

Industrials SHORT

Technology SHORT

Real Estate SHORT

TFT PLAY: SHORT BankNifty · Bajaj Finance SHORT · LONG Gold MCX · Exit all cyclicals

Recovery

6–9 months

GDP GrowthBottoming

InflationLow

Interest RateCutting

Corp EarningsFlat / stable

EmploymentSteady

Credit GrowthEasing

Sector Positioning

Real Estate LONG

Industrials LONG

Technology LONG

Financials WATCH

Healthcare WATCH

FMCG WATCH

Commodities WATCH

TFT PLAY: LONG DLF · LONG BankNifty · LONG L&T · Persistent Systems entry

Commodities · MCX + Global · Apr 23, 2026

Crude Oil (MCX)

₹8,210

Brent $101 · WTI $96 · ME risk

RISING

⚠ $100+ = margin pressure on Banking, FMCG, Tyres

Gold (MCX)

₹12,871

+0.8% · 10g

RISING

Safe haven bid · War premium · Geopolitical hedge · Muthoot Finance tailwind

Silver (MCX)

₹97,500

+1.2% · 1kg

RISING

Industrial + safe haven dual demand · Solar panel input · Electronics supply chain

Aluminium (MCX)

₹255

LME $3,540 · 3-yr high zone

RISING

Hindalco LONG trigger · NALCO tailwind · Iran supply shock + EV anode structural bull

Copper (MCX)

₹890

+0.6% · /kg LME $9,400

RISING

EV transition + data center build-out · Hindalco copper division · Power infra capex

Natural Gas (MCX)

₹275

-3.2% · /mmBtu

FALLING

GAIL tailwind on fall · Fertilizer input cost easing · Gujarat Gas neutral

Steel HRC (India)

₹54,200

+0.4% · /tonne

RISING

Tata Steel/JSPL margin indicator · Infra capex + housing demand · L&T input cost

Geopolitical Signal Matrix

🇮🇱West Asia Conflict

Strait of Hormuz risk premium in crude — $97/bbl structural floor

CRUDE ↑

Shipping insurance surcharges on India-EU route + 15% freight premium

LOGISTICS ↑

India defense capex ₹6.2L Cr FY27 — BEL/HAL/Bharat Forge direct beneficiary

DEFENSE ↑

India declared non-aligned — trade with both sides continues unhindered

NEUTRAL

🇺🇸US-China Trade War

US tariffs 145% on China → India EMS winner · Dixon PLI acceleration

EMS ↑↑

Apple/Samsung manufacturing shift from China to India = PLI surge FY26-27

MFG ↑↑

Pharma API supply chain diversification from China → Hyderabad/Ahmedabad clusters

PHARMA ↑

IT sector US BFSI client capex freeze risk if US recession deepens

IT ↓

🇮🇳India Macro Position

GDP 7.6% + CPI 3.4% = Goldilocks combination — rare global positioning

BULLISH

FII net buyers Apr 2026 — EM rotation from China to India in progress

FII ↑

PLI scheme disbursals FY26 ₹8,460 Cr — capex multiplier for manufacturing

MFG ↑

Crude $97 → CAD at risk if Brent >$105 sustained beyond 90 days

WATCH

🌐Global Supply Chain

Red Sea disruptions → Asia-Europe freight +18% YoY — Adani Ports volume impact

FREIGHT ↑

Semiconductor supply normalizing — Dixon Electronics component access easing

EMS ↑

LME Aluminium structural bull — energy transition + EV demand secular growth

ALUM ↑

China PBoC stimulus → global copper demand floor — watch for spike above $10K

COPPER ~

The Cultivator · Model DNA · v44 · Stable Release · 203 Instruments · SHORT Mode · Conviction Unified

Your Unique Financial Intelligence Framework · NSE F&O Futures · Built for the AI Era · Apr 23, 2026

A conviction-led, cost-minimizing, cycle-aware futures trading model. No buy-and-hold. No options. No Warren Buffett theory. Just Howard Marks' 4-phase cycle intelligence, ruthless fundamental filters, geopolitical commodity overlays, and maximum 4 high-conviction derivative trades per horizon. Entire corpus deployed through an Adaptive Tranche Engine that sizes each leg by market cycle phase — not equal fixed splits.

v36 Risk-Env Overlay · How Market Environment Modifies Tranche Engine · Built Apr 23, 2026

Core principle: Mode selection (Expansion / Peak / Contraction / Recovery) sets the base thresholds. The Risk-Env Overlay then adjusts those thresholds based on live market environment. Same mode behaves differently in a RISK-ON world vs a RISK-OFF world — because the cost of being wrong is asymmetric across environments. The overlay runs on every 15-min tick and on every Refresh-triggered macro audit.

Lever	🟢 RISK-ON	⚪ NEUTRAL	🔴 RISK-OFF
Entry floor (conviction)	mode − 5	mode default	mode + 8 (capped at 95)
T1 size multiplier	× 1.10	× 1.00 (mode base)	× 0.70
MARK-UP trigger Δ	+8 (quicker)	+10 (default)	FROZEN — no adds
T3 scale-in on winner	allowed freely	allowed (margin-gated)	FROZEN even on +8% P&L
Trim Δ threshold	mode default	mode default	mode + 4 (tighter)
FAST-TRIM P&L gate	−5% (default)	−5% (default)	−3% (earlier trigger)
Defensive Trim 🛡	—	—	25% auto-trim on NEUTRAL→RISK-OFF flip · one-shot, regardless of conviction

⚠ RISK-OFF Triggers (any 2 = flip)

• Brent crude > $100
• DXY (Dollar Index) > 103
• India 10Y G-Sec > 7.2%
• PMI Manufacturing < 52
• FII net flow < −₹2,000 Cr
Also: any single trigger + zero RISK-ON triggers = RISK-OFF

↑ RISK-ON Triggers (2+ required, 0 off)

• Brent crude < $85
• PMI Manufacturing > 56
• FII net flow > +₹2,000 Cr
• DXY < 98
Requires 2+ ON triggers with ZERO OFF triggers to flip

Why the asymmetric design

In RISK-OFF environments, the cost of being wrong compounds — forced margin calls, widening spreads, and gap-downs eat conviction plays alive. The overlay is not about calling tops or bottoms; it's about sizing smaller and exiting faster when the tape is hostile, and pressing harder when the tape is supportive. Defensive Trim exists because every experienced trader has a "Iran ceasefire collapse" story — the night the world broke while the thesis was still intact. A mechanical 25% trim at the env flip removes the emotional reflex and buys optionality.

v27 Architecture · 3-Layer Framework · Built Apr 23, 2026

LAYER 1

Tranche Engine

Market-agnostic brain. Reads cycle phase + risk env + 10 macro signals → auto-selects 1 of 4 modes. Each mode defines: T1/T2/T3 multipliers, reserve floor, conviction entry threshold, trim threshold. Outputs one of 5 universal verbs every 15 min: ENTER · MARK-UP · HOLD · MARK-DOWN · EXIT. Manual mode override supported (🔒 MANUAL badge appears when engaged).

LAYER 2

Efficient Super Trade

F&O-only universe filter. 191-stock NSE F&O pool runs through 4 sequential gates: (1) Risk-On/Off env (2) QoQ fundamentals (rev/profit/ROCE≥10/Piotroski≥5) (3) Val×Growth×Beta rank (4) Sub-sector specifics. Survivors scored 0–100 via formula: (Fund×0.25)+(Tech×0.30)+(Macro×0.25)+(Catalyst×0.20)−Risk. Top 4 with sector diversification (1 per sector) become Super Trades. Floor: conviction ≥ 50 to qualify.

LAYER 3

One Active Trade

Engine ranks · you pick. 4 ranked cards with conviction bars. Tap ACTIVATE to deploy 100% corpus (Expansion mode) to one trade. Engine now runs 15-min tick decisions on that trade. Lots sized live = max_lots × (conviction/100) × mode.t1Mult. Trims are conviction-linked proportional: drop −20 conviction → trim 20% of lots. Thesis-flip protocol triggers red alert box when conviction drops beyond mode trim threshold. Lot Action Queue logs last 10 decisions with full reasoning trail.

Mode Config Reference — EXPANSION: enter≥70, trim@−15, reserve≥0%, T1×1.10 · PEAK: enter≥78, trim@−10, reserve≥25%, T1×0.80 · CONTRACTION: enter≥82, trim@−8, reserve≥30%, T1×0.60 · RECOVERY: enter≥72, trim@−12, reserve≥10%, T1×0.90

Why this architecture? The framework is the product. Instruments are replaceable inputs. If a trade's catalyst fires against us or a stock has a corporate action, only Layer 3 reshuffles. Layers 1 and 2 remain sound. Stale data → fresh ranking at next tick. No rebuild needed.

The 3 Pillars · What This Model Is Built On

🔄

Pillar I · Economic & Market Cycle

Howard Marks' 4-phase framework: Expansion → Peak → Contraction → Recovery. Each phase dictates which sectors get capital and which get avoided — entirely. India is currently in Expansion: GDP 7.6%, PMI 58.1, credit growth 15%+. RBI rate cut path active (Apr 30 MPC). This single call determines the directional bias for ALL trades. Cycle phase reviewed monthly or on significant macro events — not daily noise.

CURRENT PHASE: EXPANSION ●

📊

Pillar II · Sectoral Performance

7 sectors scored 1–10 based on: QoQ results quality, sub-sector specific KPIs (NIM for banks, EBITDA/t for metals, order book for defense), PMI overlays, FII flow, and results calendar context (pre/post/mid-quarter). Each sector clicked reveals its full Risk vs. Reward matrix. Only LIVE sectors (score ≥ 7.5) qualify for capital deployment in Expansion phase.

LIVE SECTORS: FINANCIALS · INDUSTRIALS · METALS · PHARMA · TECHNOLOGY 🔥

🌍

Pillar III · Geopolitical Commodity & Supply Chain

US-China tariff war 145% → India EMS winner (Dixon), pharma API shift (Lupin). West Asia conflict → Brent crossed $100 overnight ($102) → OMC headwind, defense tailwind (BEL/HAL). DXY at 98.35 → STILL ABOVE 98 — IT re-rate trigger NOT yet active (Persistent, Coforge on hold). LME Aluminium $3,570/t (3yr high) → Hindalco structural positive confirmed on Iran supply shock. Red Sea freight premium → logistics cost overlay intact. These are not macro noise — they are direct input-output chains mapped to specific stocks in the watchlist.

LIVE: BRENT $102 · LME ALUM $3,570 · US TARIFFS 145% · DXY 98.35 ABOVE 98 ⚠

The 4 Gates · Every Trade Must Pass All Before Capital Is Deployed

Sequential Gate Filter — Fail Any = No Trade. Pass All = Super Trade Candidate.

Risk-On / Risk-Off Environment

Check Nifty PE, FII flow direction, VIX level, and global risk sentiment before entering any trade. Risk-On = Nifty PE 18–24×, FII net buyers, VIX <16, DXY stable. Risk-Off = exit all cyclicals, hold cash or Gold MCX. This is the master switch — if Risk-Off is called, no new trades enter regardless of fundamentals.

PASS: Nifty PE 18–24× · FII buyers · VIX <16 FAIL: PE >26× or FII sellers or VIX >20 → EXIT ALL

QoQ Results Quality Filter · 3 Core Growth Metrics

Three sequential QoQ filters — all three must be positive for Gate 2 to pass.
(1) Sales Growth → Revenue QoQ% — Top-line must grow quarter-over-quarter. A one-quarter dip is allowed only if structural (seasonal), not if structural revenue is shrinking.
(2) Operating Growth → EBIT QoQ% — Earnings Before Interest & Tax must grow QoQ. EBIT QoQ% is the operating leverage signal — it strips out financial costs and shows whether the core business is expanding. Screener.in label: Operating Profit QoQ.
(3) Profit Growth → Profit QoQ% — Net Profit after tax must grow QoQ. If revenue grows but profit shrinks, margin compression has failed Gate 2. Screener.in label: Net Profit QoQ.
ROE/ROCE must be stable or rising. Free Cash Flow must be positive or improving. A company beating on revenue but compressing margins fails this gate.

① Sales Growth

Watchlist: Rev QoQ%
Screener.in: Sales QoQ

② Operating Growth

Watchlist: EBIT QoQ%
Screener.in: Operating Profit QoQ

③ Profit Growth

Watchlist: Profit QoQ%
Screener.in: Net Profit QoQ

PASS: Rev QoQ↑ + EBIT QoQ↑ + Profit QoQ↑ + FCF↑ + Margin stable FAIL: Any of the three QoQ metrics negative, or margins compressing → SKIP

Super Trade Selection · Valuation + Growth + Beta Rank

Among all Gate 2 passers, rank by: (1) Lowest PEG Ratio — growth-adjusted value. (2) Lower EV/EBITDA — enterprise value sanity check. (3) Higher Beta — for futures, beta amplifies returns in a trending market. The intersection of cheap-on-growth × high-beta × clean balance sheet = Super Trade. Max 4 trades selected per horizon. No diversification — conviction or nothing.

PASS: PEG <2 · EV/EBITDA reasonable · Beta ≥1.1 FAIL: PEG >3 with no catalyst override → DEPRIORITIZE

Sub-Sector Specific Indicator Check

Each sub-sector has its own health indicator that overrides generic financials. Banks: NII growth + NIM direction (NIMs compressing = structural headwind even if PAT beats). Insurance: Gross Premium growth + VNB margin. Manufacturing/Capital Goods: ROCE, ROIC, Piotroski Score ≥7. Metals: LME commodity price direction + EBITDA/tonne. IT: TCV deal wins + attrition rate + DXY direction. Pharma: ANDA pipeline + US generics pricing + DXY.

PASS: Sub-KPI trending in right direction FAIL: Sub-KPI deteriorating → AVOID even if G1–G3 pass

Trading Horizon · 60 Days · Permanent

60 Days

v30 · LOCKED HORIZON

Vinay's only trading window

60-day window spans 2 NSE expiry cycles. Captures full quarterly result + Q1 FY27 guidance. Wider stops (8–10%), higher Pillar I conviction required. Roll month-by-month if sector conviction ≥ 7.5. Ideal for structural themes — defense capex, EMS PLI ramp, pharma ANDA pipeline, IT re-rate — where thesis needs time to play out past a results catalyst. 30-day and 90-day horizons removed permanently — 30-day is too noisy for conviction trades, 90-day requires corpus-lock inconsistent with Vinay's cadence.

Entry trigger: Sector score ≥ 7.5 · Piotroski ≥ 5 · PEG < 1.5 or growth override · 2 results in window
Exit rule: Target hit · OR cycle phase shifts to Peak/Contraction · OR stop hit
Review cadence: Monthly on macro event or sector score change · Not daily active monitor
Expiry coverage: 2 monthly expiries within window · captures 1 full quarterly result cycle

Current window: Apr 23 → Jun 22, 2026 · 2 expiries (Apr 29, May 27) · Q4 FY26 results window

Daily Morning Update Protocol · What to Update Before Market Open

⏰ Every Morning (5 mins · 9:00–9:15 AM)

①

Check Nifty 50 / BankNifty pre-market futures. Update Risk-On/Off badge in masthead manually.

Source: Zerodha Kite → F&O → Pre-market

②

Check SGX Nifty / GIFT Nifty for global overnight cue. Update Macro section if gap >1%.

Source: SGX / NSE GIFT City futures

③

Check LME Aluminium, Crude Oil MCX, Gold MCX. Update Commodities tab if ±2% move.

Source: MCX India → Commodities live

④

Check DXY (Dollar Index). If DXY breaks below 98 → IT sector full re-rate trigger.

Source: TradingView → DXY chart

⑤

Check FII/DII provisional flow from NSE (released 6 PM previous day). Update macro signal.

Source: NSE India → Market Data → FII/DII

⑥

Review active trade CMP vs. entry level. Confirm stop not hit. Update S/R levels if needed.

Source: Zerodha Kite → Portfolio

📅 Monthly / Event-Driven Update (30 mins)

①

Update Screener.in data for all watchlist stocks after quarterly results season (Jan, Apr, Jul, Oct).

Source: Screener.in → Export CSV

②

Re-run all 4 Gates for each Super Trade candidate. Update conviction score (1–10) per trade.

Action: Update TRADES object in file

③

Re-assess Howard Marks cycle phase. Check RBI MPC decisions, GDP print, IIP, CPI release.

Source: RBI.org.in · MOSPI · Bloomberg

④

Update sector scores (1–10), sig (LIVE/COOLING/AVOID), and result context (pre/mid/post).

Action: Update SECTORS array in file

⑤

Update Geo Intelligence for new geopolitical events. Add commodity chain impacts.

Action: Update GEO_DATA array in file

⑥

Change file name to next version (v13, v14...) after each monthly full model refresh.

Action: Save as cultivator_vXX.html

Sub-Sector KPI Reference · Gate 4 Indicators by Sector

What to Track Per Sub-Sector — Gate 4 Health Indicators

🏦 Banks (PSU & Private)

NIM (Net Interest Margin) — must be stable or expanding. Falling NIM = margin pressure even if PAT beats. Track: ICICI 4.35% ↑ · HDFC Bank 3.5% stable

NII Growth QoQ — Net Interest Income growth. Must be +ve. Also check: Gross NPA, CASA ratio, slippage ratio, credit-to-deposit ratio.

💰 NBFCs & Finance

AUM Growth & NIM — Assets Under Management must grow QoQ. Bajaj Finance: AUM +26% YoY. NIM must hold ≥10% for gold loan NBFCs.

Asset Quality — Stage 3 assets (NPA equivalent), credit cost, ECL provisioning. Deteriorating AQ = avoid even if revenue grows.

⚙️ Capital Goods & Industrials

Order Book & Order Inflow — BEL ₹76K Cr backlog = 3yr revenue floor. L&T order inflow QoQ. Order book / Revenue ratio must be >3×.

ROCE + Piotroski Score — ROCE ≥20% preferred. Piotroski ≥7 = strong financial health signal. Execution margins: EBITDA margin direction.

🔩 Metals & Mining

LME Price Direction — Aluminium, Copper, Zinc on LME. Rising LME = revenue tailwind even before results. EBITDA/tonne must be expanding.

Realization Price — Average selling price per tonne vs cost of production. Novelis (Hindalco US) EBITDA/t $480 = key watch metric.

💊 Pharma & Healthcare

ANDA Pipeline & DXY — US generic drug approvals pending with USFDA. DXY <98 = export revenue upside. Lupin: 96 ANDA pending.

Domestic Growth + US Generics Margin — India domestic formulations growing 12% YoY. US generic pricing: declining faster than new approvals = risk.

💻 IT Software & Services

TCV Deal Wins & DXY — Total Contract Value of new deals signed. Persistent TCV +38% = structural AI-led growth. DXY <98 = revenue upside.

Attrition Rate & Utilization — Attrition <15% = stable workforce. Utilization >82% = efficient capacity use. BFSI + Healthcare IT vertical mix matters.

🏭 EMS & Electronics Mfg

PLI Disbursals & Revenue Mix — Dixon PLI scheme disbursals FY26 ₹8,460 Cr. Customer concentration: Apple/Samsung shift timeline.

ROCE + Revenue per Client — Dixon ROCE 39.95% = best-in-class. Revenue per OEM client growing = pricing power. Watch US tariff news daily.

🏠 Real Estate

Pre-Sales & Collections — DLF pre-sales ₹Cr per quarter. Collections efficiency. Unsold inventory months. New launches pipeline.

Rate Cut Sensitivity — Every 25bps RBI cut = RE sector +5-8% structural re-rate. Watch RBI MPC dates: Jun 3-5 2026 is the key catalyst.

🛡️ Defense & Aerospace

Order Backlog & Execution — BEL ₹76K Cr backlog = 3yr revenue floor. HAL ₹1.3L Cr pending orders. Execution rate vs. order inflow rate.

Budget Allocation Growth — India defense capex ₹6.2L Cr FY27. Offset clause progress. Export order wins (global defense secular upcycle).

The Philosophy · Why The Cultivator Exists

NOT WARREN BUFFETT

Buy-and-hold made sense in a pre-AI, pre-geopolitical dislocation era. In 2026, supply chains restructure quarterly, AI disrupts sector moats in months, and tariff wars reprice entire industries overnight. Static holding destroys capital. The Cultivator is dynamic.

NOT AN OPTIONS PLAYER

Options decay destroys conviction plays. If you're right on the thesis but wrong on timing by 2 weeks, options expire worthless. Futures carry the position without theta decay. A 2-week holding window with 3 tranches and proper stops is how capital compounds in F&O without structural time-decay risk.

CONVICTION OVER DIVERSIFICATION

Diversification is protection against ignorance. When the model passes all 4 gates, diversification dilutes returns without reducing risk — it just guarantees mediocrity. Max 4 trades. One primary. All corpus on the best setup. That is The Cultivator's edge: ruthless prioritization.