Investors and HNIs
You want the portfolio, not the evenings
You have capital and no appetite for reading annual reports. Subscribe to a model portfolio, see every holding and the reason it is there, and let us keep it current.
Investment research — India and the US
We publish model portfolios, backed by deep research.
We are an independent research house covering innovative companies in India and the United States. Subscribe to the research reports, or subscribe to a model portfolio and see every holding with the reason it is there.
Not yet registered with SEBI as a Research Analyst. Nothing is for sale today and no model portfolio is open — leave your email and we will tell you once that changes.
Why us
There is no shortage of Indian equity research. Very little of it is written by people who have built the thing they are analysing.
01 We have worked inside innovative businesses
Years spent building and running businesses that had to keep innovating to survive. We know what real innovation looks like from the inside, and how long it takes to show up in the numbers.
02 We read the business, not just the multiple
Most Indian equity research is finance people reading finance. We explain how a business actually works and where its advantage comes from, across several industries, before we discuss what it is worth.
03 Every decision is on the record
You can see how a view was reached, what it rests on, and what changed when we changed our minds. Every holding carries its reasoning, every number its source and date.
04 We built a system to cover more ground
Our own research operating system handles the gathering, cross-checking and monitoring, so a small firm like ours can follow more companies, more closely, and revisit them more often than its size would normally allow.
Our methodology
We place a company inside its economy, its sector and its value chain before we form a view on it. Four kinds of evidence, weighed together.
Macro Economy and policy
- Central-bank decisions and government data
- Inflation, growth and interest rates
- Public spending and private investment
- Commodity and currency movements
Sector Industry research
- Industry reports and regulatory changes
- Demand, supply and pricing trends
- Orders, tenders and new capacity
- Value chain, competitors and private players
Company Company disclosures
- Annual reports and exchange filings
- Quarterly results and investor presentations
- Conference calls and AGM transcripts
- Ownership, credit ratings and corporate actions
Primary research Ground-level checks
- Customer and supplier conversations
- Distributors and industry experts
- Former employees, where appropriate
- Independent checks on management claims
Connect the evidence. Challenge the conclusion.
We then test the business, its management, its financials, its valuation and its risks — and write down what would prove us wrong.
Our research system
We are AI-native by build. Alongside the research itself, we have built the software that runs it — which is how a small firm like ours is able to cover two markets at a depth that takes a much larger team. We use it as rigour, and we do not sell it.
A research operating system
Software we wrote ourselves works through filings, annual reports, conference calls and industry data, and keeps watching them after the report is published.
Coverage that scales
It gives two people the reach of a much larger desk: more companies followed, in more depth, and refreshed as new disclosures arrive rather than once a year.
A human signs every judgement
The system gathers, cross-checks and flags. Every conclusion published under our name is made and signed by a person.
Our philosophy
Buy innovative companies at a fair price, and hold.
Companies that keep moving and innovating tend to outlast the ones sitting in place. So we look for genuine innovation, pay a fair price for it, and then sit still ourselves. Holding periods are measured in years. The thesis changing is the reason to sell, not the price moving. Every name in a portfolio is followed by a written note explaining why it is there.
What we do not do
- No stock tips
- No intraday trading
- No derivatives
- No timing the market
- No daily trading
Who this is for
Investment consultants
You want the research, not a portfolio
You advise your own clients and need depth, and the reasoning behind every change. Subscribe to the research.
Either way, you subscribe to what we publish. We never hold your money or your shares, and never take discretion over your account.
About us
Aadhvi Capital is run by people who spent their working lives inside businesses that had to keep innovating to stay ahead, and the last seven years reading companies for a living. The edge is understanding how a business actually creates its advantage, across several industries rather than one, and being able to tell a real one from a claim in a presentation.
Where things stand
SEBI Research Analyst registration is not yet in place, so no model portfolio is open and nothing is for sale. Leave your email and we will write to you once the research and the portfolios go live. That is the only reason we will use it.
Get notified at launch