Glossary

The dominant owner. In India their integrity often matters more than the business model.

In India a succession is simultaneously a management change and a transfer of a controlling shareholding.

A shareholder who is not deciding whether to sell but is prevented from selling until a date the offer document names. The absence of selling before that date says nothing whatever about intention.

A falling price triggers margin calls, forcing lenders to dump shares — which drives price lower still.

Rising promoter pay with no dividend and flat profit is the clearest red flag in the note.

Not a sale but a recovery process, run on notices rather than on screens. The chart usually stopped months earlier, when the security was suspended.

Markets discount them because you cannot choose which parts you own, and cash thrown off by the good businesses can be redeployed into ventures you never picked.

Hold through a successful one and you own an unlisted share with no screen price and no easy exit.

The shares that genuinely trade. It determines liquidity and index weight.

The mirror image of a buyback — here the owner is reducing their stake, which deserves a question.

New shares are created and sold to somebody in particular, so the count rises while your holding does not. Nothing about it is adjusted on the chart.

A common route for value to leave a company quietly. Always read this note.

It manufactures revenue that never becomes cash. Where it surfaces is the related-party note and large receivables from group companies that persist year after year.

Small individually and very large collectively. The genuine edge is a long horizon, no redemption pressure and the freedom to hold cash — never speed or information.

One page, free, filed every quarter, containing the single best early warning available on Indian mid-caps.

The number that turns a share price into a company size, and turns your holding into a fraction of the business. Without it a price means nothing.

The asymmetry that justifies different rules for stocks and indices: an index cannot go to zero and an individual stock can.

Watch the strike price and who holds them. Promoter warrants priced well below where the share eventually trades are a transfer from minority shareholders, disclosed in the notes rather than announced.

Typically one decision by one large party — a private equity exit, a promoter tranche, a fund taking a position.

It entrenches promoter control using less of the promoter's own money, and it is one reason a discount can sit unchanged for a decade.

Rating outlook, interest coverage and promoter pledging warn well in advance.

In a PSU it may follow the promoter’s fiscal calendar rather than the business’s reinvestment needs.

Faster and more predictable than the old regime, and promoters are generally barred from bidding for their own company.

In a market with large promoter holdings this can be a small fraction, so a company’s index weight is often far below what its market capitalisation suggests. The company is big; the part the index counts is not.

The moment a promoter's personal finances become your share price problem.

It stops the derivatives tail growing large enough to wag the cash market. The basis on which it is computed has been revised, so read the current circular for the formula — what has not changed is that the names reaching the ceiling are overwhelmingly midcaps with concentrated promoter holdings and thin deliverable float.

When the promoter has objectives beyond the share price, this is who funds them.

An IPO in name and in reporting, under materially different rules. Analyst coverage is minimal, so promoter quality carries more weight here than anywhere else.

The promoter is also the policymaker, employer and often the largest customer.

Shareholders bid the price up rather than down. The promoter can accept or walk away.