Research & insights

Market notes, portfolio thinking and investing ideas from the Empirica desk.

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Signal

Learn 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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Selection

Learn what entered our watchlist at Empirica India and what left it. The screen that flagged it, the test it passed or failed, and the entry zone we would want.

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Positioning

The full institutional deep dive on one company: forward fundamental analysis, scenario valuations, governance review, FII/DII analysis, the technical checklist, entry, stop and sizing.

Signal 28 Sep 2026 · 5 min read

Empirica Signal: Market Health | Sep 28, 2026 ·

This week's reading: hold fresh money, build the watchlist

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.

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

Signal 14 Sep 2026 · 17 min read

How We Select Small and Mid-Cap Stocks: The Recognition Gap | Empirica India

The hardest problem in Indian small-cap investing is not finding a good business. It is finding one at the moment the market starts agreeing with you. We screen price action first and fundamentals second and we give up the first 30-40% of the move on purpose.