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Unlocking Value Through Demergers: The Raymond Limited Story and Lessons from Raymond Realty

Demergers have emerged as a powerful strategy for Indian conglomerates to unlock hidden value, allowing shareholders to benefit from focused, standalone businesses. Our investment journey with Raymond Limited, a diversified group with interests in textiles, real estate, engineering, and now electric vehicles (EV) and aerospace, exemplifies this trend. In this blog, I’ll share our experience with Raymond’s demergers of Raymond Lifestyle and Raymond Realty since 2024, with a particular focus on the Raymond Realty demerger. We’ll also discuss our continued holding in Raymond Limited, betting on its promising EV and aerospace ventures. The key takeaway? Demergers can create significant value, but the newly listed entities aren’t always bargains, and strategic timing is critical. Our Journey with Raymond Limited We started investing in Raymond Limited before the announcement of its lifestyle business demerger in 2024. Raymond’s diverse portfolio—spanning textiles, apparel, real estate...
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Indian Corporate Earnings: A Story of Resilience and a Path to Recovery

The recent corporate earnings season has been a topic of much discussion, and for good reason. Data points from the last few quarters suggest a notable shift in the Indian corporate landscape. Based on a comprehensive review of the Q2FY25 to Q1FY26 results, there is a clear trend of improving profitability, which presents a compelling narrative for the Indian market's future. The aggregate earnings for the Indian market have demonstrated a significant beat on estimates. This isn't just a fleeting trend; it reflects a resilient corporate sector that is successfully navigating global headwinds. While the Q1FY26 earnings were modest, they largely met or exceeded expectations. Critically, analysts are now projecting a robust earnings growth trajectory for the coming years. Valuations and the Growth Outlook A common question among investors is whether the current market valuations are sustainable. To address this, it's essential to look at the Price-to-Earnings (P/E)...
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Navigating Market Turbulence: Strategic Steps for Investors, Traders, and Speculators in August 2025

As an equity research analyst, I recognize that the past six weeks of market declines, marked by heightened bearish sentiment, have created a challenging yet opportunistic environment for investors, traders, and speculators. The Nifty 50 has been sliding week by week, testing its 23.6% Fibonacci retracement level with key support at 24,473 and resistance near its all-time high of 25,670. Bank Nifty, a significant market driver, has also faced pressure but is holding above its critical support at 55,280. With the market in a consolidation phase, this blog outlines tailored strategies for investors, traders, and speculators to navigate these turbulent times effectively, drawing on current market dynamics and sectoral trends. For Investors: Strategic Deployment and Portfolio Optimization If You’re Sitting on Cash For investors who sold earlier and are holding cash, now is a prudent time to start deploying capital. The market rarely allows purchases at the absolute bottom, so waiting...
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The Zomato/Eternal Mindset: Part 3 – The Delivery Boy Outshines the Big Guns!

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Two years ago, I wrote about “The Zomato Mindset,” where we scratched our heads over Zomato’s relentless focus on growth over profits, wondering if their optimism was a recipe for success or a risky bet. Back then, we chuckled at their ambitious Adjusted EBITDA targets and raised eyebrows at Blinkit’s strikes and Zomato Gold’s tiny subscriber base. Fast forward to Q1 FY26, and guess what? The delivery boy is now valued more than some manufacturing giants and legacy Nifty heavyweights! Let’s unpack how Zomato (ahem, Eternal in our little fictional universe) is defying gravity, soaring past companies with fatter profits, and what this says about today’s wild stock market. Zomato’s Businesses: Still Zooming, Still Hungry Zomato’s playbook hasn’t changed much since 2023—it’s all about growth, baby! The company’s three main engines—Food Delivery, Blinkit, and Hyperpure—are still racing forward, each with its own flavor of chaos and promise. Food Delivery : This is Zomato’s bread and butt...
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Will Markets Hit New Highs Soon? All Eyes on Q1 FY26 Results

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The Indian equity market has been resilient in the face of multiple global and domestic headwinds, but is it gearing up for new highs? Or will it consolidate and wait for fresh triggers? If we go by the recently concluded FY25 earnings season, the answer seems to lean towards patience — with the market likely waiting for Q1 FY26 results to confirm whether growth momentum is making a convincing comeback. 📌 What the FY25 Earnings Say A deep dive into the earnings of Nifty 50 heavyweights, which collectively account for over 68% of the index, reveals a mixed picture: YoY Profit Growth Trend: Q1 FY25: 7% Q2 FY25: 11% Q3 FY25: 11% Q4 FY25: 8% While profit growth did improve in the middle of the year, it lacked consistency, with Q4 showing a slight slowdown. Companies like HDFC, SBI, Sun Pharma, and Bajaj Finance showed commendable growth, but heavyweights like Bharti Airtel, Reliance, and ITC displayed patchy performances, weighing on overall sentiment. YoY S...
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