Tirthan Capital Private Limited

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Tirthan Capital Private Limited

Tirthan Capital Private Limited’s mission is to deliver superior investment results with risk under control & to conduct our business with the utmost integrity.

What We Do

At present we do not have any commercial offerings. We are in the process of obtaining required regulatory approvals for our upcoming investment management vehicle.

Tirthan Capital is a Pune based investment firm led by experienced team that has managed, advised Indian equities across multiple economic cycles. Our goal is to deliver superior investment results with a repeatable investment process & risk control. The firm is committed to conduct its business with the utmost integrity & perform towards protecting the trust shown by our clients.

Our investment process is driven with its independent thinking & ability to take contrarian calls whenever needed.

Business Evaluation & Growth Drivers

Conservative Entry Valuations

Risk Control

Business Evaluation

Independent & Long Range Thinking

Proprietary, Bottom Up Research

Contrarion Approach

Financial Sector & Banking As A Lead Indicator
Liquidity & Credit Flows
RBI – monetary / fiscal cycles
Economy, Policies & Politics

Forensics & Valuation checks
Sectoral Studies & Comparisons
Various Indian / Global Datasets
Profit pool movements across sectors
Domestic & Global Price action

Advertisement campaigns & Rebranding
New Product Launches, Patents, R&D Tracker
Management Change & Corporate Actions
Deals in private equity space, emerging tech
Books, case studies, other markets, megatrends
Industry Expo’s & Forums, Cluster Visits

Deep Dives

Our Inhouse Idea Generation Engine

Macro Heatmap, Liquidity & Flows

Stock Specific Studies

Data Sets

Softer Aspects

Advertisement campaigns & Rebranding
New Product Launches, Patents, R&D Tracker
Management Change & Corporate Actions
Deals in private equity space, emerging tech
Books, case studies, other markets, megatrends
Industry Expo’s & Forums, Cluster Visits

Macro Heatmap, Liquidity & Flows

Data Sets

Softer Aspects

Advertisement campaigns & Rebranding
New Product Launches, Patents, R&D Tracker
Management Change & Corporate Actions
Deals in private equity space, emerging tech
Books, case studies, other markets, megatrends
Industry Expo’s & Forums, Cluster Visits

Stock Specific Studies

Stock Selection

We rigorously look for companies that satisfy these 5 criteria's

Businesses with strong unit level economics

While the street is obsessed about headline numbers, it really gives an edge if there is a clear understanding of the unit level economics. Slight changes in cost structures can lead to huge delta in earnings. Profitability can go up exponentially

Competent management & ability to generate strong cash flows

Businesses where operating profits are converting into real cash flow growth. Working capital cycle improvements, low capex is improving the cash generation. Businesses that are run by capable entrepreneurs with experience.

Existence of strong entry barriers

Without entry barriers there is no re-rating in the valuations. Entry barriers in terms of product / services superiority, distribution network, or tight credit supply to the entire industry that can drive above average profitable growth.

Possibilities of strong volume growth

Companies that are gaining market share, entering into new geographies, extending their product lines. Companies that are using cash flows from established operations to build newer verticals. Huge option value.

Low valuations

Entry valuations decide the return we make. We like out of favor businesses or themes where current stock price reflects depressed earnings & no interest from market participants. EV /Sales Total Assets / Market Cap Improving Return On Assets