The view
others miss.
Institutional-quality equity research focused on businesses, industries, and capital allocation. Deep dives, investment theses, and market commentary written for investors who do their own thinking.
Recent Publications
KSH International Limited: Capacity Unlock Turns a Demand Story Into an Earnings Story
KSH International manufactures magnet winding wire for transformers, motors, and EV drivetrains, holding India's only disclosed HVDC 400kV approval. This report examines the company's business model, capacity expansion, financial trajectory through FY29E, valuation, and key risks as capacity roughly doubles against a tripling Indian transformer demand backdrop.
Thesis
A near-doubling of installed capacity, a copper/FX pass-through pricing model, and an approval-based moat in HVDC/EHV winding wire together turn a historically demand-constrained business into an earnings-growth story — with execution of the Supa ramp as the key swing factor.
KSHIL
KSH International Limited: Capacity Unlock Turns a Demand Story Into an Earnings Story
KSH International manufactures magnet winding wire for transformers, motors, and EV drivetrains, holding India's only di…
TARIL
Transformers & Rectifiers (India): A Growth Story Facing a Cash-Conversion Reckoning
TARIL has compounded revenue and profit sharply since FY22, culminating in a 56% FY25 surge, but FY26 profit growth mask…
GRAVITA
Gravita India: Scaling Into Copper and Critical Minerals
Gravita India is one of India's largest integrated non-ferrous metal recyclers, built on a metal-price-agnostic EBITDA/t…
Market Notes & Commentary
India's Data Centre Capex Cycle: Mapping the Value Chain, Sizing the Beneficiaries
A segment-by-segment valuation study of India's ₹1.6-2 lakh crore data centre capex cycle, mapping 27+ listed comps across electrical systems, cooling, EPC and real estate on confirmed EV/EBITDA data.
The Verified Deal vs. The Narrative
An evidence-based analysis of the July 2026 India–Indonesia summit, separating confirmed agreements from media reporting and strategic interpretation.
Coal to Chemicals: How India's ₹37,500 Crore Gasification Bet Reshapes an Industry
A research note on the policy architecture, technology economics, corporate positioning, and risk factors behind India's National Coal Gasification Mission — and what it may mean for the companies executing it.
Outside the consensus.
Not against it.
ThirdView Capital was founded on the conviction that rigorous independent research — free from institutional conflicts — serves investors better than consensus-driven coverage. We work with sophisticated investors across India who value depth over volume.
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