8 pagesRare Earth Magnets
China made it illegal to export rare earth magnets at the local price. Today the same molecule trades at one price inside China and at double that abroad. That gap is the next ten years of investment thesis.
30 Apr 2026 · Read the paper →
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30 Apr 2026
Open PDF →▸ Research note · 8 pages
Rare Earth Magnets
China made it illegal to export rare earth magnets at the local price. Today the same molecule trades at one price inside China and at double that abroad. That gap is the next ten years of investment thesis.
Read full paper →
26 Apr 2026
Open PDF →▸ Research note · 5 pages
The Reflexive Trinity in Indian Equities
Foreign investors sold a record 1.18 lakh crore. The Nifty had its worst month since Covid. Indian retail SIPs hit an all-time high. All in the same month. The textbook says these three things should not happen together. Here is what is going on.
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29 Apr 2026
Open PDF →▸ Research note · 22 pages
Steel, Towers, and a Supercycle
Most power transmission contractors buy their steel towers. Transrail makes them in-house. On a 1000 crore contract, that gap is worth 40 crore of extra EBITDA. The stock trades at a discount to peers. Here is why that gap closes.
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