Konversation with Kushal

Ishmohit Arora of SOIC and Siddhant Bhandari, co-founders of Persistence Capital, join Kushal to break down their N.E.W. framework for spotting stocks at the start of a J-curve. They walk through real case studies like TVS Motors, Welspun Corp, CG Power and TD Power, and explain how their fund is up about 40% in two years while the Nifty went nowhere.What You'll Learn:1-Convex vs Concave: Why you should chase bets and tasks with non-linear upside, not capped returns.2-The Power of NEW: New products, policies, management, customers and supply-demand gaps that make earnings explode.3-The Train A, B, C Model: Why waiting in a "hope" train is dead money and how to board Train B or C at the right speed.4-Sector Beats Stock: Why around 80% of a stock's move comes from its industry, and how healthcare had a 63% win rate in a falling market.5-Habits That Find Winners: Reading concalls, Saturday corporate announcements, management interviews, and even counting "congrats" on calls.#KonversationWithKushal #IshmohitArora #SOIC #PersistenceCapital #KushalLodha #StockMarketIndia #MultibaggerStocks #ThematicInvesting #CatalystInvesting #ShareMarket

N Jayakumar, MD and Group CEO of Prime Securities, joins Kushal for an investment banking masterclass drawn from a 41 year career. What You'll Learn:1-How Investment Banking Works: Equity, debt, fee ranges and why matching assets and liabilities by duration matters.2-Operating Leverage Explained: Why companies with low capacity utilisation and falling debt can give outsized returns.3-Sector Views: Bullish on domestic manufacturing and defence, bearish on IT and solar, wait and watch on commodities.#KonversationWithKushal #NJayakumar #PrimeSecurities #InvestmentBanking #StockMarketIndia #OperatingLeverage #CareerInFinance #IPOIndia #KushalLodha #InvestingForBeginners

Vikas Khemani, Founder of Carnelian Asset Management, joins Kushal to explain why small caps are a hunting ground for superior wealth creation, not just a risk. He backs it with data on small cap profit growth, case studies like Sun Pharma, Bajaj Finance, Reliance and Airtel vs Vodafone Idea, and his view on the current global noise.What You'll Learn:1-Small Caps as Opportunity: Why 196 small caps grew profits 10x in 10 years versus only 8 large caps.2-Quality Over Cap Size: How he judges management on ability, intent and hunger before looking at the business.3-Rerating and Derating: Why great companies like HDFC Bank can still deliver zero returns when valuations shrink.4-Rate of Change: How to spot positive change early with Reliance's capex cycle and the Jio shake-up as examples.5-Crisis vs 2008: Why India's balance sheets are stronger today and why he sees India becoming its own asset class.#KonversationWithKushal #VikasKhemani #Carnelian #SmallCapInvesting #StockMarketIndia #Rerating #Derating #WealthCreation #KushalLodha #ShareMarket

Ameya Deosthali, the 23 year old independent investor behind Value Equity, joins Kushal to break down how he finds stocks at peak pessimism and rides the turn. He walks through real case studies like Laurus Labs, Apollo Pipes, Coforge, Sansera Engineering and Dynamatic Technologies.What You'll Learn:1-The Pessimism Rate of Change Tracker: How to spot sectors in deep pain through low multiples, bad commentary and 20 minute concalls.2-Bullish Management, Skeptical Analysts: The early recovery signal that took Apollo Pipes 2.5x before the pipe cycle even started.3-The Trajectory Pivot Framework: How Laurus Labs' shift from ARV drugs to CDMO turned it into a 6x in three years.4-Capability Built Through Grit: Why he read 20 years of Dynamatic annual reports to understand its journey to Tier 1 Airbus supplier.#KonversationWithKushal #ValueEquity #CyclicalInvesting #LaurusLabs #StockMarketIndia #ValueInvesting #MultibaggerStocks #ShareMarket #KushalLodha

Most investors chase low PE stocks. Amitabh Vatsya, founder of Sadhan, does the opposite. He has identified 45+ multibaggers. In this episode he walks through real case studies of how he finds them.What You’ll Learn1- Talk To The Customer: How supplier and customer calls helped him spot Krishca and Shivalik Bimetal early.2- Capability Over Capacity: Why a bigger plant does not mean a better business.3- Proprietary Assets: How Zen Technologies and PTC Industries showed their moats before the numbers did.4- Why High PE Can Work: The thinking behind buying a 239 PE stock.5- Mistakes And Red Flags: Why trimming winners hurt him, and which management traits he avoids.#KonversationWithKushal #AmitabhVatsya #Sadhan #MultibaggerStocks #SmallCapInvesting #MicroCapStocks #HighPEStocks #ContrarianInvesting #StockMarketIndia #InvestingPodcast

Why do the biggest investors make most of their money in B2C businesses? Ankush Agrawal, SEBI Registered Research Analyst and founder of Surge Capital, shares his stock picking framework with real case studies.What You'll Learn1. Resilient vs Non-Linear: How he splits his portfolio between safe compounders and high-risk bets.2. B2C vs B2B: Why B2C businesses compound with fewer growth shocks.3. Case Studies: Bajaj Finance, Eternal, Saregama vs Tips and more.#KonversationWithKushal #AnkushAgrawal #SurgeCapital #StockMarketIndia #StockPicking #B2CStocks #InvestingFramework #ValueInvesting #IndianStockMarket #WealthCreation

Parth Shah, Founder & Director of Smart Horizon Capital Advisors, joins Kushal for a masterclass on merchant banking and SME IPOs. He has listed 80 companies, raised around ₹3,000 crore for them, and built a 50 member firm doing ₹100 crore+ in revenue. He walks through real deals he took on, the ones he walked away from, and why the price you list at decides everything.What You'll Learn:1-Merchant Banking Explained: What a merchant banker actually does, from due diligence to the offer document to listing day.2-Pricing the IPO Right: Why an SME should list well below the sector leader's PE, and why 10x to 20x is the realistic range.3-His Deal Checklist: Positive operating cash flow in 2 of 3 years, 20% growth and at least ₹5 crore profit.4-Red Flags That Kill Deals: A debt default and a promoter demanding 35x, two deals he walked away from.5-Stop Chasing GMP: Why grey market premium is just hype and how to judge an IPO instead.#KonversationWithKushal #SmartHorizonCapital #MerchantBanking #SMEIPO #IPOIndia #IPOValuation #GreyMarketPremium #InvestmentBanking #StockMarketIndia #KushalLodha

Christopher Wood, Global Head of Equity Strategy at Jefferies and the author of GREED & fear for 30 years, joins Kushal to explain why he believes AI is the real bubble today. He also breaks down why foreign investors left India, why he prefers Brazilian bonds to US Treasuries, and how gold could reach $10,000.What You'll Learn:1-The AI Capex Arms Race: Why he compares the AI boom to the 19th century railroad bubble, and why the hyperscalers could destroy capital.2-Why Foreigners Sold India: How TSMC, Samsung and SK Hynix now make up about 30% of the emerging market index.3-The $10,000 Gold Case: How US yield curve control could weaken the dollar, and why he is comfortable with 20% in gold.4-Brazil Govt Bonds Over US Treasuries: Why the 10-year yield matters more than the Fed, and why 5% does not pay for the risk.5-India Is a Bottom-Up Market: Why stock picking beats the index, with his views on banks, NBFCs, power, Real Estate and Quick Commerce (Eternal).#KonversationWithKushal #ChristopherWood #GreedAndFear #Jefferies #AIBubble #StockMarketIndia #GoldInvesting #GlobalMacro #KushalLodha #ShareMarket

Manish Sonthalia has 30+ years of experience in the Indian stock market. He spent 19.5 years at Motilal Oswal and is now Director & CIO at Emkay Investment Managers, the Asset Management arm of Emkay Global. In this episode, he breaks down his proprietary EQUAL framework, the red flags he uses to reject a stock, and the price discipline behind his multibaggers. If you want to pick stocks with a system instead of tips, watch till the end.What You'll Learn1-The EQUAL Framework: How he scores business quality and management integrity before buying any stock2-Red Flags To Avoid: Promoter pledging, related party deals, royalty payments and unhedged foreign debt3-Growth Over Cheap Value: Why he says value is a trap and wants profits to double in 3 to 4 years4-Purchase Price Discipline: Why he buys at a PEG of 1 to 2 and avoids anything above 35-When To Sell: The only reasons he exits a stock, and why his portfolio churn stays so low#KonversationWithKushal #ManishSonthalia #StockMarketIndia #EqualFramework #RedFlagsInStocks #GrowthInvesting #StockPicking #InvestingIndia

In this episode of Konversation with Kushal, Dhiraj Dave, a full-time investor, shares the rare dividend-first investing philosophy that has compounded his portfolio at 22% CAGR for over three decades.Here's what you'll learn:1-Cash Flow is Truth: Why he trusts dividends over profit and calls cash flow the only "reality" in investing.2-The Financial Moksha Formula: How dividends covering 120% of your expenses means you never touch your capital again.3-The Debt Free Rule: Why an "Antifragile" portfolio avoids companies carrying high debt, whatever the growth story.4-Real Stock Case Studies: From a TV18 mistake to multibagger bets like Shivalik Bimetal, VST Tillers and SRF.5-REITs and InvITs Explained: How to earn steady, tax efficient income beyond the stock market.#KonversationWithKushal #DhirajDave #DividendInvesting #ValueInvesting #StockMarketIndia #REITvsInvIT #PassiveIncome #WealthCreation #KushalLodha #financialfreedom