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Sectors in Focus

Major Corporate Developments This Week

RESULTS (Significant Earnings Moves)

1. Torrent Pharmaceuticals – Q3 Net Profit at Rs 635 Cr vs Rs 503 Cr. Revenue at Rs 3303 Cr vs Rs 2809 Cr (YoY)
2. Fortis Healthcare – Operating Profit at Rs 506 cr vs Rs 375 cr, Revenue at Rs 2265 cr vs Rs 1928 cr (YoY)
3. NBCC – Q3 Net Profit at Rs 193 Cr vs Rs 138.5 Cr. Revenue at Rs 3,022 Cr vs Rs 2,809 Cr (YoY)
4. Inox Wind – Q3 Net Profit at Rs 126.6 Cr vs Rs 111 Cr. Revenue at Rs 1159 Cr vs Rs 1010 Cr (YoY)
5. Sical Logistics – Net Profit at Rs 48.0 cr vs loss Rs 4.5 cr, Revenue at Rs 93 cr vs Rs 49 cr (YoY)
6. Easemytrip – Net Profit at Rs 5.8 cr vs loss Rs 33 cr, Revenue at Rs 152 cr vs Rs 118 cr (YoY)

ORDERS / LARGE PROJECTS / CAPEX

1. Cochin Shipyard – Company Declared L1 bidder for ~Rs 5,000 crore project by Defence Ministry
2. Cochin Shipyard – Company received Rs 2,000 crore order with CMA CGM, France
3. Power Mech Projects – Company has secured two large-scale orders aggregating to over Rs 1,000 crore, excluding goods and services tax.
4. GPT Infraprojects – Company’s JV with RVNL bags contract worth Rs 1,201.36 Crore
5. BHEL – Company wins major ₹1,200-1,500 Cr captive power plant order from SAIL
6. Ashoka Buildcon – Company bags LOA for EPC road project worth $45.27 million in Liberia
7. Texmaco Rail & Engineering – Company gets order worth ₹219.18 cr from Mumbai Railway Vikas Corporation
8. Highway Infrastructure Ltd – Company secures ₹154.60 Cr NHAI Toll Contract

REGULATORY / APPROVAL / STRATEGIC

1. Zydus Lifesciences – Company received final USFDA approval for Bosentan tablets for oral suspension, 32 mg.
2. Aurobindo Pharma – Company gets US FDA approval for ADQUEY Ointment
3. NATCO Pharma – Company receives approval for launching Semaglutide in India.
4. Bharti Airtel – Company secures RBI registration as type ii NBFC-ND (ICC) to commence non-banking financial operations
5. Dr. Reddy's Laboratories – Company has acquired the trademarks Progynova and Cyclo-Progynova, along with related assets in India, from UK-based Mercury Pharma Group Limited (MPGL) for USD 32.15 million
6. Adani Enterprises – Adani Road Transport Limited completed acquisition of 49% stake in Sree Vishwa Varadhi Private Limited on February 17, 2026

SECTOR MOVERS / THEMATIC

1. Oil upstream stocks – Crude jumps 4% as US-Iran tensions rise
2. Power stocks – Government likely to provide big relief to mega power projects: ET sources
3. Steel stocks – US Open to Metals Tariff Enforcement Adjustments, Greer Says
4. BEL / HAL – India-France extend Defense agreement for another decade

Others

1. NCC – Company receives an order of debarment from NHAI for two years.
2. Jindal SAW – API restricts the company from using the monogram on pipes

TechnoFunda Investing Quote from Legends -

This quote by Robert Olstein highlights the paradox that trying to achieve consistent, flawless performance in investing can actually hinder long-term success. Investors who constantly chase short-term gains or feel pressured to always "win" may take unnecessary risks, overtrade, or abandon sound strategies during market volatility. True long-term performance comes from patience, discipline, and accepting that periods of underperformance are inevitable—and often necessary—for achieving superior results over time.

The Compounding Life Newsletter - by Vivek Mashrani

The TechnoFunda Circle

📚 Book I'm Reading This Week The Zurich Axioms The Zurich Axioms is a classic book on speculation and risk-taking in financial markets, based on the strategies of Swiss bankers. It presents 12 major axioms and 16 minor ones that challenge conventional investment wisdom, encouraging boldness, calculated risk-taking, and emotional discipline. Instead of promoting diversification or long-term holding, the book emphasizes seizing opportunities, cutting losses early, and avoiding overconfidence—making it a thought-provoking guide for traders and investors willing to embrace uncertainty in pursuit of profit. List of All Books I have Shared →

TechnoFunda 101 - Power Capsules

Learn technical as well as fundamental concept in a simple way

Everyone Wants Wide Moats — But Here’s How to Actually Spot One

Walk into any investor gathering, and you’ll hear the term “wide moat” thrown around like confetti.

👉 “We only invest in wide-moat businesses.”

👉 “This stock has a durable competitive advantage.”

But what does that actually mean?

And more importantly, how do you filter the real wide moats from companies that just sound good in a management presentation or YouTube analysis?

This week, let’s break down the real filters and key numbers that signal whether a company truly has a moat — one that protects returns and compounds wealth over the long term.

🛡️ What is a Wide Moat — Really?

A moat protects a business from competition, just like a literal moat protects a castle.

A wide moat means:

• The business can defend its profits
• Competitors find it hard to attack or copy
• Customers keep coming back
• It has pricing power, loyalty, or cost advantages that are hard to break

But how do you filter for it, beyond just taking someone's word?

✅ The WIDE MOAT FILTER — Questions to Ask Before You Believe the Hype

1. Is the business better than competitors on key fronts?

Don’t just ask if it’s good. Ask — “Is it clearly winning?”

2. Is the moat sustainable — or just temporary luck?

Is the advantage durable over time (e.g., strong brand, distribution edge, regulatory barrier), or is it just a short-term trend (e.g., commodity price tailwind)?

3. Do the numbers back the story?

You need hard proof. Talk is cheap — metrics matter.

4. How has management allocated capital in the past?

Did they reinvest wisely, return capital smartly, avoid diworsification?

5. Are they honest and competent?

Look for integrity, not just intelligence. Check past promises vs delivery.

6. Is there a long runway of growth?

Even the best moat is useless if there’s no market left to capture.

7. Does the company have the capacity to suffer?

Moats get tested in downturns. Can it handle pain to protect the long game (e.g., Amazon’s losses for years, but with a vision)?

📊 Numbers That Signal a Wide Moat Business

To spot a moat, look for consistency in the following metrics:

📌 Important:

• Numbers need to be sustained over time. One year doesn’t prove anything.
• These metrics must be better than competitors in the same industry. That’s how you judge the edge.
• When multiple of these align, it reflects strong execution and management quality — the real moat protectors.

🧠 The Key Insight: Moats Are Proven, Not Claimed

The difference between a real moat and a marketing story is this:

“A true moat reflects in the business outcomes — not in what the CEO says.”

So next time you hear “moat”, run it through this filter.

And remember: Consistency > Storytelling.

🚀 My Content For This Week 🎬 Auto CV Sector | Technofunda Analysis​ ​ 📋 Twitter: Vivek Mashrani, CFA @MashraniVivek “You don't have to pee on an electric fence to learn not to do it” ― Charlie Munger You don't need to go through pain and losses. Here are 10 Hard-Hitting Lessons that Transformed my investing journey 🎯 11:27 AM • Dec 20, 2025 0 Retweets 4 Likes Read 1 replies ​ 📷 Instagram: Investing Doesn't Require High Intelligence 🔗 Linkedin: What I’ve Observed After Studying 30+ Years of Market Crashes 📉📈​

🎙️ My Weekly Podcast For You

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Keep Compounding...

Vivek Mashrani, CFA Founder, TechnoFunda Investing

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