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Published reports
Business deep diveSmall capDigital trust softwareWhat happened to India's biggest digital signature seller?
Browsers dropped one of its root certificates in October 2026 and it is leaving global website certificates. A 2024 rule had already cut its certificate sales by up to half, and the growth since was bought abroad at thinner margins.
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Red flagsSmall capMedia and entertainmentFrom drug trading to Gujarati TV
A pharma shell turned Gujarati streaming stock, with ₹24 crore of sales. 9 people got every new share, at ₹5 to ₹20 after the split.
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Red flagsMicro capSoftware and shrimp farmingHow did a shrimp farm become a software company?
It farmed prawns, sold phone subscriptions, then traded shrimp. Now it books ₹3 crore a quarter of software sales with no named customer, while its own shares went to the promoter at ₹10.
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Business deep diveSmall capProcess equipmentRecord sales of ₹3,524 crore, and 1.5% kept as profit
Profit was ₹52 crore on ₹3,524 crore of sales, the overseas plants earn 4%, and the Group CFO just quit.
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Business deep diveSmall capTravel technologyIt borrowed to buy Sojern, and now earns per booking or campaign
It spent its cash and borrowed to buy Sojern. Now four fifths of its revenue is paid per booking or campaign.
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Business deep diveMicro capFragrances and flavoursA plant at 124%, and a new one that keeps slipping
A factory running at 124%, a new one on its fourth start date, and paperwork that keeps showing small cracks.
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Business deep diveSmall capLogistics techWho's following the truck drivers?
A 93% contribution margin, ₹26 crore of borrowings against ₹1,104 crore of cash, and a customer nobody else builds for.
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