Money by Ash

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Free equity research, done properly

Every report on this page follows the same institutional-grade, framework-driven process — fraud screens, moat scorecards, scenario valuation, and a plain-English verdict — applied consistently across companies, not tailored to sell you anything. Reports are free to read, no account required.

General information only

These reports are general information and education about listed companies. They are not personal financial advice, not a recommendation to buy, hold, or sell any security, and we don't hold an Australian Financial Services Licence (AFSL). Each report is dated “as at” a specific day — company facts and prices move on. Always do your own research or speak to a licensed adviser before investing.
Unlisted

API Holdings

API Holdings is now debt-free. The ₹1,050 Cr NCDs were redeemed in full on 14 August and the entire Thyrocare pledge was released by 17 August. This is a genuine, material de-risking. But it was funded by selling 9.90% of Thyrocare for ~₹986 Cr, so at the enterprise level it is close to value-neutral — an asset was exchanged for a liability at roughly fair value. What improved is survival risk, not intrinsic value.

Published 20 August 2026

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DIXONNSE

Dixon Technologies (India) Ltd

India's largest listed electronics manufacturing services (EMS) player, covering contract manufacturing across mobiles, consumer electronics, and appliances. Classified a quality compounder trading around base-case fair value as at 16 July 2026.

Published 16 July 2026

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LANDMARKNSE

Landmark Cars

Landmark is India's leading premium/luxury auto retailer — Mercedes-Benz's largest dealer partner plus Honda, Jeep, Renault, VW, Kia, MG, BYD, Mahindra and Ashok Leyland CV — and it has just exited a four-year investment cycle in which it grew its outlet network ~25% while profits collapsed under the resulting overheads (PAT: ₹85 Cr FY23 → ₹17 Cr FY25).

Published 4 July 2026

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Research · Money by Ash