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Research

Every report has a target price. Few show their working.

You can read a research note end to end and still not know what the view is based on, what would prove it wrong, or who else is paying the analyst. Those three things are the difference between research you can use and research you have to trust.

  • The basis is labelled. Fundamental, technical or quantitative — stated, not implied.
  • The invalidation is stated. The specific things that would end the thesis.
  • The conflicts are up front. Holdings and interests, before the argument, not after.
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Check us before you read us

Every claim on this page is one you can verify against a public register. Start there, not with us.

SEBI Research Analyst
INH000028723
BSE RAASB Enlistment
7338
Registration validity
Perpetual, subject to compliance
Our only income
Research fees
Read a full specimen report ↓

Desvelado Advisory Private Limited · SEBI-Registered Research Analyst, Reg. No. INH000028723 · BSE RAASB Enlistment No. 7338. Investments in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, enlistment with RAASB and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Why that happens

Follow who pays the analyst.

Most research is competent and most analysts are honest. The question is not character; it is what the report has to do for whoever funded it.

Broker research

Paid by brokerage

The desk that publishes the note also earns on the trade it prompts. That is not an accusation, it is the business model, and it is disclosed in the report you are already reading.

Sponsored coverage

Paid by the company

The subject of the report commissioned it. Whatever the analyst concluded, the report exists because the issuer wanted coverage to exist.

Distribution

Paid by the product

A recommendation that carries a commission from the manufacturer is a sales channel with a research department attached.

Desvelado

Paid by you

A research fee, and nothing else. No brokerage desk, no corporate mandates, no distribution income — which is a constraint on us, not a favour to you.

What that costs you

Not money. The ability to check.

Take any research note you have to hand and look for these four things. The point of this section is that you do not have to take our word for any of it.

  1. 01

    You cannot see the basis

    A name that came off a screen and a name that came out of three weeks in the filings read identically once they are written up. Nothing in the format tells you which one you have.

  2. 02

    You cannot see what would make it wrong

    A target price is a conclusion. Without the conditions that would end the thesis, there is no way to tell — next quarter, or next year — whether the reasoning failed or the world simply moved.

  3. 03

    You cannot see the conflicts

    Whether the analyst holds it, whether the firm earns on it, whether the issuer paid for it. Where these are disclosed at all they are usually disclosed after the argument has been made.

  4. 04

    So you cannot audit the last one

    Which leaves the only available test of a research provider as whether the last call happened to work — the one test that says least about the next one.

So read one first

Nobody should buy research they have never read.

A complete report in the format every Desvelado note follows: the view, the levels, the horizon, what would invalidate the thesis, the risks specific to the idea, and the full disclosure block. Nothing is summarised for the website.

Specimen. Meridian Industrials Ltd is a fictional company — it is not listed, and this is not a recommendation to buy or sell anything. It exists to show what a Desvelado report contains.

SPEC/2026-27/0001 · 10 August 2026

Meridian Industrials Ltd · MERIND

ISIN INE000X01011
Buyfundamental basis
Market price at recommendation
₹1,412.50
Entry
₹1,380.00
Stop loss
₹1,240.00
Target
₹1,720.00
Horizon
9 to 12 months
Benchmark
Nifty Midcap 150
Risk band
Moderate

The view

Capacity utilisation crossed 82% in the September quarter against 71% a year earlier, and the incremental volume is landing at a materially better gross margin because the new line runs on contracted gas rather than spot. Working capital has been the historical complaint: receivable days fell from 96 to 71 across four quarters and the improvement is visible in the cash flow statement, not only in the ratio. We value the business at 18x FY28 earnings, a discount to the larger listed peer, on the view that the margin gain holds for at least six more quarters.

What would make us wrong

Two things would break this view. First, gas contracted at the current rate expires in FY28 — a renewal materially above it removes most of the margin gain and we would step aside rather than wait. Second, receivable days rising back above 85 for two consecutive quarters would tell us the working-capital improvement was a channel-stuffing artefact and not a change in how the business is run.

Risks specific to this idea

  • Single-plant concentration — an outage at the primary facility affects roughly 70% of volume.
  • Input cost is contracted, not hedged. The contract is a fixed price with a counterparty, so it carries counterparty risk rather than price risk.
  • Promoter holding is pledged to the extent of 11%. A margin call at the promoter level is a price event unrelated to the operating business.
  • Liquidity — median daily traded value supports the stated horizon but not an intraday exit.

Disclosures

Does the research analyst, the firm, or their relatives or associates hold any financial interest in the subject company?
No
Has the firm received any compensation from the subject company in the past twelve months?
No
Has the firm received compensation for products or services other than research from the subject company?
No
Has the research analyst or anyone at the firm served as an officer, director or employee of the subject company?
No
Has the firm engaged in market making activity in the subject security?
No
Does the firm or its associates hold beneficial ownership of 1% or more in the subject company, measured at the end of the preceding month?
No

Extent of AI use. Filing extraction and ratio computation were machine-assisted. The thesis, the valuation and the recommendation are the analyst's own, and the firm remains fully responsible for the output.

Analyst: Desvelado Research Desk. Desvelado Advisory Private Limited · SEBI-Registered Research Analyst, Reg. No. INH000028723 · BSE RAASB Enlistment No. 7338 · Unit 502, D Mall, Netaji Subhash Place, Pitampura, New Delhi 110034.

Investments in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, enlistment with RAASB and certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors. Research reports are investment research and not investment advice tailored to any individual.

How we work

The same discipline on every note.

Good research is repeatable. Ours follows the same process every time — so when we are wrong, you can see exactly where the reasoning broke. That is worth more than being right once by accident.

On track records. We do not publish performance figures. SEBI's Past Risk and Return Verification Agency (PaRRVA) exists so that a research analyst's record is verified by a third party rather than asserted by the analyst. We are enrolled, and until validated figures are available in the prescribed form there will be no performance claim on this website. Anyone showing you an unverified one is telling you something about themselves.

State the basis you actually used

If a name came off a screen, the report says it came off a screen. A quantitative signal written up in the language of a valuation study misrepresents the research basis — independently of whether the call works.

Primary sources, or it does not go in

Annual reports, exchange filings, cash flow statements. Not second-hand tips, not a management deck restated. If we cannot cite it, we do not write it.

Say what would make us wrong

Every note carries an invalidation section — the specific, observable things that would end the thesis. It is the section that makes the rest of the report auditable, and the one most research leaves out.

Risk before reward

What can go wrong, and why, before what can go right. Risk factors specific to the security and the idea — generic market risk is a disclaimer, not an analysis.

What you receive

Four kinds of work. One standard of proof.

The depth changes with the question. The disclosures, the risk statements and the record obligations do not — a free public note and an institutional mandate carry exactly the same regulatory content.

01

Single-stock research notes

A thesis, a valuation we show our working for, and the risks that would break it. The basis is labelled — fundamental, technical or quantitative — so you know what kind of work produced the view.

Published as coverage is initiated and whenever the thesis materially changes

02

Earnings and filing breakdowns

What the number says, what the management call avoided, what changed against the prior quarter, and whether the original view still holds. Written the same evening where the filing lands in time.

Same evening where possible, otherwise before the next open

03

Sector and thematic work

How an industry actually makes money, who is taking share and why, and what would disrupt it. Written to inform a portfolio decision, not to fill a content calendar.

Periodic, with an update when the structural picture changes

04

Rules-based model portfolios

Transparent baskets with a stated methodology, horizon, rebalance cadence and benchmark — and a research note behind every constituent, not just the basket.

Rebalanced on the published cadence, with a note explaining every change

What that gets you

A record you can actually judge us on.

We are not going to tell you what your portfolio will do. What we can tell you is what you will be holding afterwards, and what it lets you work out.

You can tell a good call from a lucky one

The reasoning is on the page with the conclusion, so a note that worked for the stated reasons and a note that worked anyway are distinguishable — at the time, not in hindsight.

Being wrong stays informative

An invalidation section means a thesis that breaks tells you which assumption failed. That is the part worth keeping, and it is the part an unexplained target price cannot give you.

The record accumulates in your hands

Every note is dated, disclosed and yours to keep. Judging us gets easier over time rather than harder, and nothing on this site asks you to take the record on trust.

What it costs

A service cost, never a share of your returns.

Priced against your portfolio, not your profits

The right way to judge a research fee is as a percentage of the capital it is applied to. For most subscribers that lands under one percent a year. We are never paid a share of gains, and never charge a performance-linked or profit-sharing fee — a Research Analyst is not permitted to.

SEBI caps what we are allowed to charge you

Fees to an individual or HUF client are limited to ₹1,51,000 a year across all our research services, excluding GST. That is a regulatory ceiling, not a price list — it exists to protect you, and it applies whatever we would prefer to charge.

We never touch your money

Desvelado provides research only. We do not execute trades, hold client funds or securities, or ask for trading, demat or bank credentials or OTPs — ever, by anyone, for any reason. Fees are payable only through our published channel.

Read us for free first

Explainers, market commentary and factual recaps are open to everyone on Signal. That tier is education — it carries no buy, sell or hold recommendation on any named security, because that is a regulated service and it belongs behind a client relationship.

SEBI-Registered Research Analyst — INH000028723.

Desvelado Advisory Private Limited · BSE RAASB Enlistment No. 7338. Independent equity research on subscription. KYC and a signed research services agreement are completed before any paid research is delivered — payment alone does not entitle anyone to research output.

Investments in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, enlistment with RAASB and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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