Signal
28 Sep 2026
· 5 min read
Empirica Signal: Market Health | Sep 28, 2026 ·
This week's reading: hold fresh money, build the watchlist
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Research-driven investing for India
The best time to find a company is before the institutions do.
Empirica researches Indian small and midcaps in the ₹2,000–30,000 crore band, the window where price action has started but coverage has not.
You get the full reasoning: the entry, the stop, the risks we found, and the ones we are still watching.
Most research tells you what to buy. Almost none tells you why, or when to leave.
India has no shortage of stock ideas. What it lacks is reasoning you can inspect: the working behind the call, the price that would prove it wrong, and an honest record of the ones that did.
We built Empirica the other way round. Every company we cover gets a 60 to 80 page institutional-grade report: the balance sheet, the promoter pledge, the transcript contradictions, the entry zone, the stop loss. We publish the risks before we publish the case. And when a position fails, it stays on the record.
We are not a brokerage. We earn nothing from your trades, nothing from any AMC, and nothing from volume. We are paid by readers, which means the only thing we have to sell is being right.
Read more“We would rather be early and boring than late and loud.”
— The principles that guide every Empirica portfolio.
Three core products
The shortlist, the reasoning, and the position.
Most services hand you a name and leave you alone with it. You get the whole chain instead: the companies still on the bench, the analysis that promoted or rejected each one, and the position with its size and exit already defined.
The live watchlist
Eight to twelve companies with live charts, on the page while the work is still underway. You start from a screened shortlist in ₹2,000 to 30,000 cr marketcap territory instead of hunting for ideas alone.
The research letters
Free Newsletter: Signal teaches our framework every week. Paid Newsletter: Selection covers what entered our watchlist and why. Paid Newsletter: Positioning is the full research report. You learn to judge a call rather than simply receive one.
The model portfolio
Position sizes, entry dates, exits and stop loss levels published in paid subscription. You see what we did and the level at which we would be wrong, so you can size it against your own money instead of guessing.
The watchlist and the weekly letter are free, permanently. The reports and the portfolio are what a subscription buys.
See what each plan includes →The Ignition Framework
Four steps, applied the same way every time.
Every company we cover goes through the same sequence. Most do not survive step two, and that is the point of having a sequence at all.
Price first
We screen on relative strength against the NSE 500 across 1, 3, 6 and 12 months. The market speaks before the research does.
Then the business
Only names that clear the screen get the fundamental work. Most fail here, and that is exactly what the step is for.
The governance test
Promoter pledge, transcript against filing, FII and DII holding patterns. The uncomfortable finding is usually the valuable one.
Entry, stop, size
A technical seven-point checklist with an explicit pass or fail, an entry zone, position sizing and stop loss at which we admit we were wrong.
Companies in the ₹2,000–30,000 crore band only. Below that, liquidity fails you. Above it, the research has already arrived.
See what is in the framework right now →A peek inside our model portfolio
Two positions are open below with the full history visible. Paid subscribers get the full list of holdings, average prices and XIRR.
Start free. Upgrade when you are convinced
Every plan includes the weekly Signal and the live watchlist. What changes is how much of our work you see.
Learner
Free foreverLearn how to find investment ideas, position building, entry & exit strategies in the Indian markets. If you are new to the markets this is for you.
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- Weekly Newsletter - Signal | Learn the framework that we use @ Empirica India
- Access to live charts that we are tracking @ Empirica India
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Investor
This plan aids you in becoming an informed investor. In addition get a monthly research report on one of the ideas in which we have been investing @Empirica India
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- Monthly Newsletter - Positioning | Institutional deep dives that we create internally to advice clients @ Empirica India
- Bi-Monthly Newsletter - Selection | Get access to watchlist additions and removals @ Empirica India
- Weekly Newsletter - Signal | Learn the framework that we use @ Empirica India
- Access to live charts that we are tracking @ Empirica India
- Standard 24/7 Email Support
Wealth Creator
Get full access to model portfolio @ Empirica India. This includes our position sizing, exact buy and sell dates for each investment call. This is a full package to get to know our investment strategy and execution @ Empirica India
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- Get full access to model portfolio @ Empirica India.
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- Everything in the Investor Plan
Latest work
All articles →Company deep dives, framework notes and market reads.
Selection
26 Sep 2026
· 24 min read
Why GMM Pfaudler Is On Our Watchlist
The largest maker of corrosion-proof process equipment in the world spent three years going nowhere. Sales stopped growing. Reported profit fell by more than three quarters. The share price halved. Underneath all of that, the company was quietly generating more spare cash every single year ₹367 crore last year against ₹52 crore of reported profit. Its order book has just reached an all-time high, and the share price has broken out to a new high.
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Selection
20 Sep 2026
· 19 min read
Why we added this company in Pharma + AI Data Centre sector on our watchlist
EMPIRICA INDIA | SELECTION · Watchlist addition · 18 September 2026
Read moreWhere our views appear
Our views matter & listened by top editors of the nation
Featured views in Inc42: As global capital pours into AI-led growth, India risks being sidelined
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Featured views in AIM: How mid-tier Indian IT firms are outpacing larger rivals in the AI race
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Featured views in AIM: Wipro's ₹15,000 crore buyback highlights a broader debate on capital allocation amid slowing growth in India's IT sector
Read moreWeekly reports goes to members every saturday.
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