Product one of two

Quality Compounders

Durable, high-return businesses held for the long run. Every holding carries a published score, a governance gate and three sell triggers written at entry.

The mandate

Objective	Long-term growth from durable, high-quality businesses
Benchmark	Nifty 100 TRI
Holdings	8 to 12
Position cap	12% soft, 15% hard
Sector cap	30%
Cash	up to 10%
Review	Quarterly, first weekend after quarter end
Turnover	Low by design

What gets a company in

A weighted score of 4.00 or higher on the published rulebook, a clear governance gate, and a position size consistent with the caps above. Banks are scored on the separate lender rulebook, because debt to equity and interest cover say nothing useful about a lender.

What gets a company out: any one of its three published sell triggers firing, a governance red flag appearing, or the score falling below 3.25 and staying there.

Read the rulebook

This quarter’s performance

> Portfolio Returns

Every holding put through the same rulebook and documented.

Holdings

RANKED BY SCORE

JSW Steel Ltd JSWSTEEL

2026-Q3 · operating rulebook · Candidate

WATCH / STARTER

3.28

Quality

4.00

Score 3

13.6%

Avg ROCE, 5 years

Score 3

13%

Avg ROE, 5 years

Score 4

16.8%

Avg operating margin

Score 5

+3pp

Margin trend

Score 5

3.57

Cash conversion

Score 4

Moat

Growth

3.67

Score 5

18%

Revenue CAGR, 5 years

Score 2

PAT CAGR, 5 years

Score 4

Runway

Valuation

4.00

Score 5

-52.13%

P/E vs own 5y average

Score 3

4.96%

P/E vs peer average

Risk

1.33

Score 2

0.8

Debt / equity

Score 1

0.02

Interest cover

Score 1

Governance

A dashed outline marks a judgement I made rather than a figure the rules computed.

4.00Quality

3.67Growth

4.00Valuation

4.00Momentum

1.33Risk

Action this quarter: Added

Scored on the rulebook as it stood on 2026-09-22, and frozen at publication.

Educational model portfolio. Not investment advice. No client money is managed.

Netweb Technologies India Ltd NETWEB

2026-Q3 · operating rulebook · Candidate

ADD CANDIDATE

4.10

Quality

4.33

Score 5

44.6%

Avg ROCE, 5 years

Score 5

32%

Avg ROE, 5 years

Score 3

13.8%

Avg operating margin

Score 4

0pp

Margin trend

Score 5

2.85

Cash conversion

Score 4

Moat

Growth

5.00

Score 5

73%

Revenue CAGR, 5 years

Score 5

90%

PAT CAGR, 5 years

Score 5

Runway

Valuation

2.50

Score 4

-5.07%

P/E vs own 5y average

Score 1

521.05%

P/E vs peer average

Risk

4.33

Score 3

0.4

Debt / equity

Score 5

23.4

Interest cover

Score 5

Governance

A dashed outline marks a judgement I made rather than a figure the rules computed.

4.33Quality

5.00Growth

2.50Valuation

5.00Momentum

4.33Risk

Action this quarter: Added

Scored on the rulebook as it stood on 2026-09-22, and frozen at publication.

Educational model portfolio. Not investment advice. No client money is managed.

Max Healthcare MAXHEALTH

2026-Q3 · operating rulebook · Candidate

WATCH / STARTER

3.76

Quality

4.17

Score 3

14.6%

Avg ROCE, 5 years

Score 4

14%

Avg ROE, 5 years

Score 5

27%

Avg operating margin

Score 4

0pp

Margin trend

Score 5

Cash conversion

Score 4

Moat

Growth

4.67

Score 5

27%

Revenue CAGR, 5 years

Score 5

60%

PAT CAGR, 5 years

Score 4

Runway

Valuation

4.50

Score 4

-15.52%

P/E vs own 5y average

Score 5

-19.48%

P/E vs peer average

Risk

2.00

Score 4

0.3

Debt / equity

Score 1

0.07

Interest cover

Score 1

Governance

A dashed outline marks a judgement I made rather than a figure the rules computed.

4.17Quality

4.67Growth

4.50Valuation

4.00Momentum

2.00Risk

Action this quarter: Added

Scored on the rulebook as it stood on 2026-09-22, and frozen at publication.

Educational model portfolio. Not investment advice. No client money is managed.

United Spirits Ltd UNITDSPR

2026-Q3 · operating rulebook · Candidate

ADD CANDIDATE

4.25

Quality

4.67

Score 5

25%

Avg ROCE, 5 years

Score 5

20%

Avg ROE, 5 years

Score 4

17.2%

Avg operating margin

Score 5

+5pp

Margin trend

Score 4

0.78

Cash conversion

Score 5

Moat

Growth

4.00

Score 3

Revenue CAGR, 5 years

Score 5

35%

PAT CAGR, 5 years

Score 4

Runway

Valuation

4.50

Score 4

-17.57%

P/E vs own 5y average

Score 5

-65.69%

P/E vs peer average

Risk

3.67

Score 5

Debt / equity

Score 1

0.13

Interest cover

Score 5

Governance

A dashed outline marks a judgement I made rather than a figure the rules computed.

4.67Quality

4.00Growth

4.50Valuation

4.00Momentum

3.67Risk

Action this quarter: Added

Scored on the rulebook as it stood on 2026-09-22, and frozen at publication.

Educational model portfolio. Not investment advice. No client money is managed.

Siemens Ltd SIEMENS

2026-Q3 · operating rulebook · Candidate

WATCH / STARTER

3.69

Quality

3.67

Score 4

17.8%

Avg ROCE, 5 years

Score 4

16%

Avg ROE, 5 years

Score 3

11%

Avg operating margin

Score 2

-4pp

Margin trend

Score 5

1.33

Cash conversion

Score 4

Moat

Growth

4.67

Score 5

20%

Revenue CAGR, 5 years

Score 5

30%

PAT CAGR, 5 years

Score 4

Runway

Valuation

1.50

Score 1

45.4%

P/E vs own 5y average

Score 2

25.48%

P/E vs peer average

Risk

5.00

Score 5

Debt / equity

Score 5

118.76

Interest cover

Score 5

Governance

A dashed outline marks a judgement I made rather than a figure the rules computed.

3.67Quality

4.67Growth

1.50Valuation

3.00Momentum

5.00Risk

Action this quarter: Added

Scored on the rulebook as it stood on 2026-09-22, and frozen at publication.

Educational model portfolio. Not investment advice. No client money is managed.