From research to profit booking
Empirica is an independent research & advisory firm run by Uddeshya Goel, CFA with eight years of experience across Indian asset classes. It provides two core services. It publishes research on Indian small and midcaps in the ₹2,000–30,000 crore band, the window where price action has started but coverage has not, through three newsletters that show the full reasoning rather than a list of names. And it advises HNIs, working professionals and NRIs in the listed market to achive an alpha return in the long-term.
Why this exists
The opportunities were never in the names everyone covered.
Uddeshya started managing money privately in 2019, after time at 360 One Wealth, Invest India and Edelweiss. Empirica was formally launched in 2020, and the mandate widened across mutual funds, alternative investment funds, unlisted shares, listed equity.
Along the way a pattern kept repeating. The most interesting businesses were sitting between ₹2,000 and ₹30,000 crore, where the price had begun to move but the research had not arrived.
A company would report two good quarters. The stock would start behaving differently. Nine months later the first institutional note would appear — at a price 60% higher.
We called that window the Recognition Gap. Everything Empirica publishes & advices on is an attempt to work inside it, and the Ignition Framework is how we do it the same way every time.
Four core products
Research you can inspect or the whole portfolio handled for you.
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. And when you would rather it was managed, that is a separate service with a separate conversation.
The live watchlist
Eight to twelve companies with live charts, on the page while the work is still underway. Yo... 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. Read more
The research letters
Free Newsletter: Signal teaches our framework every week. Paid Newsletter: Selection covers... 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. Read more
The model portfolio
Position sizes, entry dates, exits and stop loss levels published in paid subscription. You... 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. Read more
The advisory service
Managing more than ₹50 lakhs of your own money? We advise HNI families, working professional... Managing more than ₹50 lakhs of your own money? We advise HNI families, working professionals and NRIs across the portfolio in the listed market to achive an alpha return in the long-term Read more
The watchlist and the weekly letter are free, permanently. The reports and the portfolio are what a subscription buys. The advisory is a separate service for portfolios above ₹INR 50 lakhs.
See what each plan includes →What we stand for
Four commitments you can hold us to.
Independence
No brokerage. No distribution commissions. No AMC relationships. We are paid by readers, so... No brokerage. No distribution commissions. No AMC relationships. We are paid by readers, so our incentives and yours point the same way. Read more
The working, not the verdict
Anyone can name a stock. We show the analysis, the risks and what would change our mind, so... Anyone can name a stock. We show the analysis, the risks and what would change our mind, so you can disagree with us intelligently. Read more
Discomfort in writing
When we find a promoter pledge at 40%, we print it. When management says one thing on a call... When we find a promoter pledge at 40%, we print it. When management says one thing on a call and another in a filing, we quote both. Read more
The record, including losses
Closed positions stay visible, wins and losses together. A track record you can only see hal... Closed positions stay visible, wins and losses together. A track record you can only see half of is an advertisement. Read more
Who writes the research & advices
Uddeshya Goel, CFA
Founder & Chief Investment Officer (CIO)
A CFA charterholder with eight years of investment experience across asset classes and past stints at 360 One Wealth, Invest India and Edelweiss.
Advising 22 clients (6 NRIs + 16 Indians) with total AUA of INR 52 Cr as on 31st March'26
His views have appeared in Inc42 and Analytics India Magazine on Indian IT, AI capital flows and capital allocation, and he writes on markets to an audience of 12,000+ on LinkedIn.
8
Years investing
₹52 Cr
Asset under Advisory
12k+
Readers on LinkedIn
Read six weeks before you decide anything.
Signal is free and stays free. Watch the watchlist change, see how the reasoning holds up, and pay us only if it does.