The Shopkeeper’s Cut
The trade margin is the slice of the printed price that never comes back to the company. What it reveals about brand strength — and the four things it cannot tell you.
SEBI Registered Research Analyst · INH100004775
Four businesses a year. Each researched to be owned for five years.
Independent equity research by Manish Goel, Chartered Accountant. Each year I study a small number of Indian listed companies the slow way — annual reports, cash flows, governance, valuation — and publish detailed research on the four that best meet my standards.
Four research reports · All four on day one · No trading calls · No assured returns
INH100004775SEBI registration — Individual Research Analyst
5228BSE (RAASB) enlistment number
CA, 2005Chartered Accountant, rank holder
Since 2002Investing in Indian equities
One plan, kept simple
Research you can read, check and hold on to.
There are no tiers, no trading calls and no add-ons. Four in-depth research reports — one company each — written for investors who intend to own for the long term. You pay once, and all four reach you on the same day.
If my view on any of the four companies changes materially within twelve months — for example, a downgrade or an exit — you also receive a short note saying what changed, at no charge.
Research plan
₹1,77,000for four research reports
₹1,50,000 + 18% GST · paid once
- 4 research reports — all four sent to you on the day you pay
- Each one researched for a five-year holding horizon
- A detailed written report: business, governance, financials, valuation and risks
- A note by email if my view on any of them changes within 12 months
Fees are paid only through banking channels to Manish Goel — never in cash. Once the reports are delivered the fee is not refundable; if they cannot be delivered, it is refunded in full. One plan per family in any 12 months, within SEBI’s limit of ₹1,51,000 per family per year (excluding GST).
Inside every report
Every report answers the questions an owner would ask.
Written in plain English, with the reasoning shown — so you can judge it for yourself rather than take it on trust.
The business, in plain words
What the company sells, who pays for it, and why customers keep coming back.
The moat and the industry
Competitive position, pricing power, industry structure — and what could erode them.
Management and governance
Promoter record, capital allocation, related-party dealings, pledges and auditor remarks.
Ten years of numbers
Growth, margins, return on capital, debt — and how much of the profit turns into cash.
Valuation and margin of safety
The valuation at the time of the recommendation, how it compares with peers and history, and the assumptions behind the five-year view.
Risks, and what would change my view
The specific developments that would prove the thesis wrong, and the triggers for a review or exit.
Each report also carries the disclosures required under the SEBI (Research Analysts) Regulations, 2014 — including any holding or financial interest in the company.
The process
A slow process, on purpose.
- 01
Screen
The listed universe is narrowed to businesses with long records of profit, sensible debt and real cash generation.
- 02
Read
Ten years of annual reports, notes to accounts, auditor reports, shareholding patterns and filings — read in full.
- 03
Check
The story is tested against the real world: products, customers, competitors, and what management said versus what it did.
- 04
Value
What the business may be worth on conservative assumptions — with a margin of safety for the mistakes every analyst makes.
- 05
Write and follow
The full reasoning, including the risks. Each company is then reviewed after its results, and clients are told if my view changes materially.
What the research stands on
Five principles behind every recommendation
- i.
Fewer, better ideas
Four recommendations a year leaves time to know each business properly — and to keep following it.
- ii.
Owners, not traders
The question is never where the price goes next month, but what the business can earn over the next five years.
- iii.
Cash over stories
Reported profit can be an opinion; cash in the bank is a fact. The research follows the cash.
- iv.
Governance first
A good business run by people who do not treat minority shareholders fairly is not a good investment.
- v.
Price still matters
Even an excellent company can be a poor investment if bought at the wrong price.
Fit
Is this research right for you?
It is meant for you if
- You invest for years, not weeks, and can sit through sharp falls.
- You want to understand what you own, not just a stock name.
- You make your own decisions and value a clear, reasoned view.
- You prefer a few well-researched ideas to a stream of tips.
It is not for
- Intraday, F&O or short-term trading.
- Anyone looking for assured or fixed returns — no one can offer them, and SEBI prohibits it.
- Anyone who wants their money or trading account managed for them.
- Money you may need in the next few years.
Research is the same for every subscriber and does not take your personal circumstances into account. If you need personalised advice, consult a SEBI-registered investment adviser.
Start here
Core lessons
Eighteen lessons on business quality, valuation and investor behaviour, most with a short explainer video. They are not research reports and not recommendations.
Business quality
Business quality
Work Already Won
An order book is a diary of promises, not a bank balance. Five plain questions that turn a big headline number into real information.
Price and value
The Share-Price Illusion
Why a ₹10 share is not cheap and a ₹1,00,000 share is not costly — and what to look at instead of the price tag.
Blog
Fresh from the blog
A new plain-English lesson most mornings — on judging businesses, reading annual reports and investor behaviour. Educational only, never a recommendation.
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Featured in
- The Economic Times
- The Times of India
- Business Standard
- Moneycontrol
- Mint
- ABP Live
- Forbes India (Brand Connect)
- The Knowledge Review
- Insights Success
- CIO Look India
- The Enterprise World
- The Business Fame
- Brilliant Read
- Bhopal Samachar
Some were brand or sponsored features. See the awards and read the articles
Begin
Start with a conversation.
Write to me with your name and city. I will explain how the research works, complete your KYC, share the terms for your consent — and only then send the fee details.
WhatsApp: +91 73801 22211 — please save the number first, then send a message.