Equity Research Service

Founded in 2014, Stalwart Advisors is a SEBI registered Equity Research firm specialising in identifying emerging and fundamentally strong businesses, especially from the small-cap & mid-cap category. Our endeavour is to assist our investors in beating inflation as well as outperforming market across cycles. You can access the list of our top stock ideas along with detailed research reports, by subscribing to ‘Treasure Trove’. Stay in full control of your capital as it stays in your existing broking account under your name while we assist you in deploying the same in a sensible and professional way. The subscription process is completely digital i.e. it requires no paperwork and account gets activated instantly.


We are SEBI Registered Research Analyst (Registration No. INH100007912); we follow all due-diligence and compliance procedure as per SEBI regulations.


We aren’t another run-of-the-mill advisory, rather a team of full-time investors & and qualified MBAs & CFAs (USA) with rich experience in investment analysis and portfolio management.


A comprehensive proprietary checklist for identifying frauds, corporate governance issues and various other risks at company & portfolio level. For us, capital protection takes precedence over returns.


We focus primarily on niche businesses with long runway for growth and not in 20-25% upside/trading ideas. Goal is to create wealth and not get lost in trading opportunities.

400+ Companies Analyzed

15+ Stock Ideas Under Coverage Currently

50+ Companies Covered

Blog Subscribers

List of Highest Winners

Company (Sector)Brief Rationale / Investment Thesis
Tasty Bite Eatables (Consumer)Avg. Return: 667%
Leader in branded ready-to-eat Indian cuisine in the USA & proxy for quick-service restaurants like McDonald’s & Domino’s in India as a supplier of sauces, meals & frozen food. We got an early mover advantage as the first institution to enter this promising story which later caught the fancy of most investors.
Usha Martin*
Avg. Returns: 435%
Leader in steel wire & ropes used across industries ranging from mining, oil & gas, elevators, infrastrucure, etc. We have had a variant perception on this business gaining the past glory after exiting steel mill & completely deleveraging the balance sheet. It is a quality FMIG business on track to grow led by rising global market share to be catered by their new capacities.
Suven Pharma* (Pharma)Avg. Return: 410%
Suven does contract development & manufacturing for global pharma innovators. The value-add is extremely high as reflected by 70% gross margins. We opportunistically entered before the demerger (of the loss-making research arm) at attractive valuations.
Gujarat Ambuja Exports (Agro-Processing)Avg. Return: 385%
Leader in starch & starch derivatives derived from maize with critical applications in pharma & FMCG besides paper & textile. Market still
perceived this as oil/textile company while maize silently became earning driver. We entered at reasonable valuation before earnings exploded & market took notice.
APL Apollo (Buildings Material)Avg. Return: 367%
APL pioneered branding, product innovation & manufacturing excellence to transform the large but commoditized category of steel pipes. As an owner-operator, Mr. Gupta massively invested in expanding capacities to cater to rising demand as well as capture market share from weaker peers.
Indian Energy Exchange (Power)Avg. Return: 330%
Power sector has been going through decarbonization (renewable), democratization (peer-to-peer), decentralization (microgrids) & digitalization (data analytics & blockchain). With a 95%+ market share in the short-term power market, IEX has been at the forefront to benefit from the sector transformation.
RHI Magnesita (Industrials / MNC)Avg. Return: 320%
RHI makes high value-add refractories which are essential consumables in steel- making leading to pricing power. This has been a high-quality proxy to ride growing steel production in India without taking any commodity, foreign exchange or balance sheet risk.
* Still Invested. Prices as on February, 2024

Note: This section is for transparently communicating the factual information and should not be seen as advertisement or promotion.


We do not analyse stocks, we analyse businesses, mostly small & mid sized emerging companies that are dominant in an expanding niche, are run by a competent & ethical management teams and are available at fair valuations. A few good stocks are enough for creating a lifetime of wealth & these are the kind of opportunities we strive to unearth. We do not get interested in businesses until they have potential to give decent returns over 3-5 years. We are obsessed with capital protection and hence first assess the downside risks before potential upside which rules out most of the names from commodity space, those with high debt, from highly regulated sectors, government-owned entities & those run by managements with questionable integrity or bad capital allocation history.

We are not arm-chair investors who just read annual reports and invest, rather we make sure we interact with the management and visit company’s plants to understand business and its growth levers from ground up. We also interact with other stakeholders mainly channel partners (dealers & distributors) and employees to get a first hand information on the management quality. Since our process involves a lot of qualitative as well as quantitative filters, we leverage simple yet effective tools like checklists to make sure we do not miss any important factor.

A detailed explanation of the process can be Read Here.


It is not going to be all multi-baggers only, which are infact far and few, and only clear in hindsight. We have had our fair share of lemons too – stocks which we eventually sold at a loss or like Wonderla Holidays where thesis got punctured by COVID-19 pandemic. However, every cycle we will have few winning outliers which will not only make up for positions where the thesis does not play out but considerably lift the overall performance of the portfolio. This cycle has the likes of APL Apollo (5x in 2.5 years) and Suven Pharma (4x in 2 years), the previous cycle had Tasty Bite Eatables (9x in 2.5 years). That’s the nature of the game – lose some, win big. It is important to be at peace with few loss-making or non-performing stocks realizing the outliers will more than makeup for them. No matter how much we try, unfortunately, there is no way we can fully avoid losing positions as it’s all too dynamic. Even the best of investors and fund managers globally have not got it right beyond 6 out of 10 positions as per Peter Lynch.

Ultimately what matters is how we do at the portfolio/basket level despite losing on some positions, as the winning positions more than make up for the losing positions – maximum one could lose in a stock is the invested capital, however there is no upper limit to returns in positions where we get it right. The 80:20 rule applies in investing too – 80% of the gains come from 20% of the positions. To win a cricket match, not every player has to hit a century, and ultimately what matters is winning the match (portfolio returns) and not how every player performed (individual stock performance) and our focus is on winning the game (portfolio returns). It is extremely important for the subscribers co-investing with us to be aligned in this thought-process.

List of Worst Losers

Company (Weight)What went wrong?
Pokarna* (3%)
Loss: 74%
*We sold Pokarna, Goodricke & VRL around March 2020 market crash to rotate capital to more sustainable opportunities that emerged during COVID crash. We had deployed all our idle cash and had to make further room for long-awaited opportunities that came in our buy zone due to market wide crash.
Goodricke Group* (4%)
Loss: 68%
These were otherwise decent businesses that continued to do well; as reflected in their stock prices which are far higher today. Allocations in these were at lowest (3-4%) protecting the negative impact on portfolio.
VRL Logistics* (3%)
Loss: 50%
In hindsight, the returns made from newer opportunities were in most cases similar or better, but more importantly, it added holding power & longevity.
Exide Industries
Loss: 21%
Thesis faltered – Management chased market share over margins.
Agro-Tech Foods
Loss: 12%
Thesis faltered – Co. could not scale up foods portfolio profitably beyond ACT II popcorn.
GE Power India
Loss: 9%
We initially undermined the risks – global parent-specific risks due to debt and potential restructuring, but luckily exited before the risks materialized.

Investing is a probabilistic endeavour – mistakes will continue to happen. We believe it is fine to take three steps forward and one step back, as long as we are satisfied with the net positive outcome. The idea is to minimize mistakes by compounding our learning & wisdom.


We are not in the tip-giving business, luring gullible individual investors and playing with their greed and get-rich-quick dreams. We ourselves are full-time investors, and are willing to partner only like-minded investors in building a solid long-term portfolio to create wealth.


SEBI Registered Professionals

We are SEBI Registered Research Analyst (Registration No. INH100007912); we follow all due-diligence and compliance as per SEBI regulations and run by team of qualified MBAs and CFAs (US) with rich experience in investment analysis and portfolio management.

Long-Term Fundamental Equity Research

We are not anyway into stock broking business hence do not embrace ‘activity’ just for the sake of it. We act when its important, otherwise we let money work and reap benefits of compounding.

Capital Protection & Risk Management

There will be volatility as we go along however the chances of permanent loss of capital would be low, thanks to our focus on business quality as well as management quality. We avoid following current fads in blindly chasing returns. Read about our Risk Management Framework.

Know What you Own & Why

Well researched, insightful and yet easy-to-understand research reports; no point in borrowing somebody’s conviction, we help you build your own. Read the Initiating Coverage Report and AGM Visit & Annual Report Dissection Note of Tasty Bite Eatables.

Buying & Selling Strategies

Clear strategies and rating on each stock – buy, hold and exit.

Track Investments Religiously

Quarterly updates, AGM and Annual Report dissection Notes, Management Meet Notes and other relevant news reach your dashboard for which you get notified via email.


We focus primarily on niche businesses with long runway for growth and not in 20-25% upside/trading ideas. Goal is to create wealth and not get lost in trading opportunities.


New stock ideas are released only when its a compelling opportunity; no counter-productive commitments on fixed number of new stock ideas or frequency like monthly or fortnightly which is often against investor interest.

Cut Noise

15-20 high quality stock ideas along with Sizing Guide to help you construct an ideal long-term portfolio.

Nominal Flat Fee

We have deliberately kept the fee nominal so as to make economic sense to individual investors with smaller capital base. More importantly, there is no profit sharing. Minimum suggested capital is Rs 10 lacs, though higher the better.


Treasure Trove

Rs. 25,000*/ Year

15+ Stocks under Coverage with a clear Buy/Hold Rating

New Stock Ideas

Research Reports

Buying & Exit Strategies

Quarterly Updates

*By clicking Subscribe Now you agree to terms & conditions, 18% GST Additional


“The team at SA follows an extremely focused research methodology. The emphasis is always on thorough scuttlebutt and long term appraisal of a business as opposed to short term factors. This is precisely the kind of research retail investors lack access to”

Rohit Kawathekar, Deutsche Bank

“I have known Jatin for a while now. I find his approach to investing to be quite sensible with a structured balance between capital appreciation and loss protection. He chooses quality companies with a good scalability potential and remains loyal to them to let the returns play out.”

Safir Anand, Owner, Anand and Anand, Law Firm

“The team at SA follows an extremely focused research methodology. The emphasis is always on thorough scuttlebutt and long term appraisal of a business as opposed to short term factors. This is precisely the kind of research retail investors lack access to”

Ashish Kila, CIO, Perfect Research, Delhi


The firm is led by Jatin Khemani, who has over twelve years of experience in investment analysis and portfolio management. Prior to founding Stalwart Advisors in 2014, Jatin was working with a Delhi-based family office as the head of research. He is a CFA (US) Charter holder, earned MBA in Finance from Christ University, Bangalore and graduation in commerce from Delhi University.

Thanks to his admiration for Peter Lynch & Phillip Fisher, Jatin has over the years become proficient in Scuttlebutt; a primary research method to find out truth about a company or an industry.

Jatin has a passion for teaching – he has been a Guest Faculty at a few B-Schools & CFA Institutes visiting students during weekends. He is also a trainer at FIL, Pune. As a way of giving back to society, he has been an active volunteer with The Art of Living since 2006, where he has led multiple state level fund-raising campaigns.

Stalwart Advisors also has a board of advisors which includes veterans with decades of investing experience; each stock idea is meticulously discussed and brainstormed within this board before being added to buy list.

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