Welcome to the Technofunda Investing community. Thank you for being Life Long Learner...!!!

Share this newsletter Via: LinkedIn, WhatsApp, Twitter​

You can view all previous newsletters here​

Sectors in Focus

Major Corporate Developments This Week

1. MOIL: Produced 1.60 lakh tonnes in Oct 2025 — highest ever for the month, up 9.1% YoY. Apr–Oct FY26 production at 11.04 lakh tonnes, up 8.5% YoY. Achieved record exploration drilling of 57,275 meters during the same period.
2. Marksans Pharma : The company's wholly owned subsidiary Relonchem in UK has received marketing authorization for its product Exemestane 25mg film-coated tablets from UK MHRA.
3. Lupin Limited: The company has received an Establishment Inspection Report (EIR) from the U.S. FDA for its Pithampur Unit-3 facility following an inspection from July 7 to July 17. The facility manufactures metered dose inhalers, dry powder inhalers, topical formulations, and nasal solutions.
4. Kaynes Tech: Revenue has grown by 58% yoy to Rs 906 crore. Operating profit grew by 80% to Rs 148 crore. Margins strongly improved 190 bps to 16.3%. PAT doubled to Rs 121 crore. Order book remains strong at Rs 8099 crore up 50% yoy.
5. Avalon Technologies: Revenues grew 30% yoy to Rs 382 crore. EBITDA grew by 28% yoy to Rs 39 crore and net profit grew by 43% to Rs 25 crore. Revenues from both India and US businesses grew 31% & 44% YoY in Q2 FY26. Order book increase by 25% yoy.
6. Senores Pharmaceuticals: The company reported two major developments – Its wholly owned subsidiary, Senores Pharmaceuticals Inc. (SPI) acquired 51% stake in Zoraya Pharmaceuticals LLC, Delaware, USA through subscription of membership interest.
7. Jubilant Agri: Company Approves Demerger Scheme between Jubilant Agri and JASL, Share Exchange Ratio 1:1 for Demerger
8. Aegis Vopak: Company expands with Major Greenfield Terminal Acquisition at JNPA
9. Poddar Pigments: Company Signs Agreement With Ib Vogt Solar India To Install 3.51 Mwp Solar Power Plant In Jaisalmer Rajasthan
10. RITES: Company has secured a construction order worth Rs. 372.68 cr from the National Institute of Mental Health & Neurosciences
11. Akums Drugs: Company Granted Patent for "Dual Release Gastro-Resistant Composition" For 20 Years; Innovative Tablet Designed For Better Relief in Gerd Patients
12. Cipla announced it will acquire a 100% stake in Inzpera Healthsciences Ltd for about ₹110.65 crore, making it a wholly owned subsidiary. The cash deal, valued at an enterprise value of ₹120 crore, is expected to close within a month, subject to customary adjustments.
13. Godfrey Phillips India Ltd posted 22.9% YoY rise in net profit to ₹305 crore for Q2, supported by improved margins despite flat revenue at ₹1,632 crore. EBITDA grew 13.4% YoY to ₹314.5 crore, with margins expanding to 19.3% from 17%. The company declared an 850% interim dividend (₹17 per share).
14. Hitachi Energy India Ltd reported a fivefold jump in net profit to ₹264 crore for Q2, driven by robust order execution and healthy margins. Revenue rose 18% YoY to ₹1,832.5 crore, while EBITDA more than doubled to ₹299.3 crore, with margins expanding to 16.3% from 7% YoY.
15. Vodafone Idea clarified that no proposal requiring disclosure is currently being considered by the board. This follows media reports suggesting that PE firm TGH is in talks to invest up to $6 billion (around Rs. 50,000 cr) in the company.

TechnoFunda Investing Quote from Legends -

This quote by Ben Graham emphasizes that successful investing is less about outsmarting others in the market and more about mastering your own emotions, discipline, and decision-making. Markets are unpredictable and driven by collective behavior, but your success hinges on how well you manage fear, greed, impatience, and overconfidence. Rather than constantly chasing returns or comparing yourself to others, focus on sticking to a sound strategy, staying rational, and making decisions aligned with your long-term goals. In essence, investing is a psychological game — and the biggest opponent is often yourself.

The Compounding Life Newsletter - by Vivek Mashrani

The TechnoFunda Circle

📚 Book I'm Reading This Week Buffett and Munger Unscripted Buffett and Munger Unscripted offers a rare and insightful look into the minds of two of the greatest investors of all time — Warren Buffett and Charlie Munger. Drawing from decades of their candid conversations, shareholder meetings, and off-the-cuff remarks, the book captures their wit, wisdom, and unfiltered thoughts on investing, business, decision-making, and life. It’s a treasure trove of timeless principles and mental models delivered in their signature straightforward and often humorous style, making it both educational and deeply engaging for investors at any stage. List of All Books I have Shared →

TechnoFunda 101 - Power Capsules

Learn technical as well as fundamental concept in a simple way

Why a Process Is More Important Than a Hot Stock Pick

Investors often ask:

“What’s the next multibagger?”

But rarely do they ask:

“What’s my process for consistently finding and holding great businesses?”

In this week’s edition, we focus not on returns — but what drives them. And the answer isn’t a formula or a secret stock tip.

It’s a disciplined process.

Here’s why:

🧠 Process > Outcome: A Simple but Powerful Truth

A process is a repeatable, thought-through framework that helps investors:

• Filter decisions objectively
• Avoid emotional reactions
• Navigate different market cycles with clarity
• Reduce decision fatigue and inconsistency

“If the process is full-proof, the outcome will be rewarding.” You don’t control short-term results — but you do control your approach.

⚖️ Is There One “Correct” Process?

No — and that’s the beauty of it.

Some investors focus on compounders, others on cyclical turnarounds. Some are data-driven, some are qualitative thinkers. The common thread isn’t the style — it’s having a clear, consistent method and sticking to it.

Building your own process means choosing:

Your process is personal. It evolves with time, mistakes, mentors, and market cycles.

🌱 The Bamboo Tree Analogy: Why Returns Often Lag Process

The Chinese bamboo tree offers a powerful metaphor: it takes years of unseen root-building before experiencing a sudden, explosive growth spurt. Similarly, a solid investing process may take years to show visible “returns” — especially while navigating early mistakes. But once the system is internalized, returns can accelerate, often following a hockey-stick or J-curve trajectory

📉 The Cost of No Process? Inconsistent Results & Big Mistakes

Without a process, investors rely on tips, instincts, or trends. That leads to:

• Inconsistent returns
• Overconfidence during lucky streaks
• Large drawdowns during cycles
• Emotional churn and poor portfolio hygiene

As James Montier notes in The Little Book of Behavioural Investing:

"Dumb luck can work for a while. But only a process leads to consistent success."

📈 Compounding Happens When a Good Process Meets Discipline

A portfolio with fewer mistakes and consistent 15–20% compounding will far outperform a volatile one with boom-bust cycles.

That’s because:

• Avoiding losses protects capital
• Avoiding stress protects decision-making clarity
• Long-term compounding rewards patience and process

🎯 Key Takeaway

You don’t need perfect foresight. You need a process.

A process built on sound logic, tested through cycles, and implemented with discipline.

As Martina Navratilova said:

In investing, clarity of mind + clarity of process = long-term peace and performance.

🚀 My Content For This Week 🎬 YouTube: Semiconductor Sector Analysis | Technofunda Stocks​ ​ 📋 Twitter: Vivek Mashrani, CFA @MashraniVivek One Megatrend can change your life... Special Muhurat Stocks and Themes from Technofunda... Covering 3 Powerful Megatrends... Reply "Diwali" to receive our detailed Technofunda Research Report 4:34 PM • Oct 18, 2025 60 Retweets 575 Likes Read 783 replies ​ 📷 Instagram: Semiconductors power the invisible layer of our digital world, from AI to autonomous systems.​ 🔗 Linkedin: Delhi City Meetup

🎙️ My Weekly Podcast For You

​​

Keep Compounding...

Vivek Mashrani, CFA Founder, TechnoFunda Investing

You Can Share This Newsletter...!!! ​​​

Follow all my content on my social media handles below ​​​​​​​​

Disclaimer:

• The content provided on this page by the publisher is not guaranteed to be accurate or comprehensive. All opinions and statements expressed herein are solely those of the author.
• The information found on this newsletter should not be interpreted as investment advice, nor does it express any viewpoint on the future trading prices of any company's securities. The opinions and information shared here should not be taken as specific guidance for making investment decisions.
• The content, including opinions and expressions, present on this newsletter, is not a direct or indirect offer or solicitation to buy or sell securities or financial instruments mentioned. The securities quoted are for illustration only and are not recommendatory.
• Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
• By accessing the site or affiliated social media accounts, you signify your agreement to this disclaimer and the terms of use.
• Neither the publisher nor its affiliates assume liability for any direct or consequential losses arising directly or indirectly from the use of the information provided in this content.

Shivalik Parkview, Ahmedabad, Gujarat 380058
​Unsubscribe · Preferences​