Investment Director at @XponentTribe
Chennai, India
Joined January 2019
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Sanjay Kumar Elangovan retweeted
In 1971, India used L-70 anti-aircraft guns to defend airfields against attacking aircraft. During Operation Sindoor, upgraded versions of the same gun were used against incoming drones.
The gun still fires shells. What improved was its ability to find, follow and aim at a target, through daylight and thermal cameras, a laser rangefinder, automatic tracking and a digital fire-control computer.
Similar upgrades are happening across military equipment, with guided bombs, better missile seekers and more capable radars on aircraft. A modern weapon is increasingly an electronics system with a weapon attached to it.
Our Q2FY27 letter is on Indian defence electronics. Here's what we learned 🧵
Personal Update:
After five and a half years at @ithoughtpms, where I built my foundation as an investor, I'm moving on. Grateful for every lesson.
New chapter: Investment Director at @XponentTribe, joining @kshayjogani, Sagar & a tribe of curious, intellectually honest people!
Shilpa Medicare wouldn't have been a surprise if one followed my questions in their concall 😅
They even have a website for their semiconductor chemicals/polymers portfolio:
shilpasemicon.com/
The chemical ecosystem is forming too.
> Shilpa Medicare (was a surprise for us too) , Sumitomo Chemical (moving from agro to niche semi chemicals), Baba Fine Chemicals working on lithography and packaging chemicals (photoacid generators, monomers, photo-definable polyimides)
> Most projects still at pilot stage, ~2 years to materialise
> Baba Fine Chem is already commercial, entirely export today, management optimistic on domestic demand building
> Navin Fluorine: several advanced materials products already commercial, a few in pilot stages. But were very confident of scaling this business to new trajectory in next 4-5 years
Sanjay Kumar Elangovan retweeted
Looking at the export data, order book and earnings visibility of many small caps, does it make sense to stay invested in small caps this cycle and not hide in large caps?
Did any small cap do well (relatively) in 2018 because of good earnings?
Sanjay Kumar Elangovan retweeted
Intelligence is more abundant than patience.
“Once at Flame university, I had put up a list of all companies which went up 100 times.”
“I asked the audience, Is there anybody here who has not bought any of these names?”
“There was not a single hand which went up. So, effectively all of us end up owning a 100 bagger at some point in life. The sad part is that we don’t have patience.”
- Durgesh Shah. Src: @CFAinstitute India
Sanjay Kumar Elangovan retweeted
If public sector banks can't be scammed anymore does it mean huge event risks for many private sector companies... Moat is gone ?☺
Sanjay Kumar Elangovan retweeted
I guessed Shashi Jagadisan was on the way out last week itself. This video talks of the emerging scenario. என்ன நடக்கும் என்று கணித்து நாம் வியுகம் அமைத்து முதலீடு செய்யும் நேரம். @muthaleetukaLam உங்களை அப்படி சிந்திக்கத் தூண்டும் களம். Follow us on youtube. வேற level Content கிடைக்கும் ஒரே இடம்.
youtu.be/WMnI-_blTYE?si=loMW…
Sanjay Kumar Elangovan retweeted
BIG - Bengal Investment Group: The Beginning of a Dream
bengalinvestmentgroup.in
If you're in Kolkata and want to attend our sessions, register your contact details here, and we will notify you of upcoming sessions.
intelsense.substack.com/p/bi…
Zaggle is an example of Financial Engineering 101. Similar to Banks, you can decide the growth rate by playing around with the inputs.
Banks = Loan Growth.
Zaggle = Propel Points or Program Fees
You either get growth or cashflow.
Simple, if Growth rate > ROE, you need equity.
Sanjay Kumar Elangovan retweeted
People are asking (mostly deliberately) on TAM-increasing questions on concalls these days. Especially when they are invested from the past.
Because TAM-increasing is P/E increasing - and who doesn’t love a higher and highest P/E.
It’s not a curious question(s) - it’s P/E qns.
Sanjay Kumar Elangovan retweeted
#Lauruslab
Nov’22 - @alphaideas event in Mumbai I said
“Laurus entered the decade at 3000 cr mcap. Will exit at 3 lac cr mcap”
Mcap then was 20k, everyone laughed.
Nov’23 - same event- repeated same statement. Mcap then was 15k - everyone mocked
Nov’25 - same event- again same statement. Mcap was 50k - everyone got serious
Aug’26 - 1 lac cr MCap
If Direction is right, destination is certain
Sanjay Kumar Elangovan retweeted
Summarising returns over last 24 years, including the last 6 years of live tracking
Despite two flat years, the performance over the last 6 years has held up well
The asymmetry in outcomes makes it lumpy, but over a full cycle, so far, so good. Let's see if it holds from here🤞
Yet again, the Magic Formula portfolio performance was average in FY25-26, in both absolute and relative terms
Metals/Mining contributed to the majority of positive attribution, while IT and Infra dragged the returns
FY26-27 Portfolio Link: docs.google.com/spreadsheets…
Sanjay Kumar Elangovan retweeted
Good numbers from Jio Financials.
Strong as expected.
Lets see how mkts react .
US Biotechs with Indian CDMO partners:
Esperion (Bluejet/Neuland)
New Amsterdam (Piramal/Aarti Pharma)
Unicycive (Shilpa/Granules)
Biocryst (Sai Life)
Vanda (Sai Life)
Mineralys (Sai Life)
Lantern (Shilpa)
Note - US market is brutal. Everything can be discounted in few ticks.
US FDA has approved Wockhardt's Zaynich (WCK 5222)!
This honestly feels like a very personal moment for me.
First US FDA approval for an Indian NCE is historic. Wockhardt is a national pride and deserves to be celebrated. Hopefully, this marks the beginning of a pharma innovation cycle in India.
Congratulations to everyone who was part of this journey!
Over and out.
- a rookie analyst from Chennai!
