Helping Our Investors Meet Their Wealth Objectives

Magadh Capital is a Mumbai based SEBI (Securities and Exchange Board of India) - registered Portfolio Manager

The Non-negotiables

Integrity, Knowledge, Simplicity

Our Conventional Style Makes Us Different

Old school investment style may seem boring but history suggests that if it is applied with discipline and patience it can lead to healthy wealth creation

Alignment in Investment Philosophy and Life Philosophy

Application of a mix of top down as well as bottom-up approach to create a portfolio of stocks selected by dovetailing fundamental analysis and behavioural finance, and then running the portfolio in a disciplined manner

Standing on The Giants' Shoulders

Our investing style draws heavily from top practitioners of fundamental style of investing, from our own experience in the field, and from the masters in the field of behavioural economics.

Awareness of Pitfalls

In keeping with our view that markets are inherently risky, we assign high priority to assessing, understanding and optimising risk pertaining to stocks and portfolios - Capital protection is a crucial focus area for us

Our Vision

We at Magadh Capital aim for long term wealth creation for our investors by delivering healthy and consistent returns in the world class portfolio management services that we provide with high level of integrity. In this pursuit we intend to keep interests of all stake holders (investors, investment managers, employees and third-party service providers) largely aligned, with investors’ interests being the core focus of our business.

"Magadh Capital keeps our investors’ interests at the centre of everything that we do.

The PMS invests in Indian listed equity markets based on a combination of conventional fundamental-research, and behavioural finance. The founder of Magadh Capital is a professional with rich experience in investment industry and other industries in senior positions, and with a solid academic background.

Magadh Capital’s investors are typically HNI (High Networth Individuals), family offices, corporates, financial institutions, and NRI’s (Non Resident Indians).

The Magadh Connection

The first pan-Indian empire at its peak - sometime in the second century BC - Magadh was a cradle for knowledge in ancient India. It remained the centre of culture and learning in India for almost thousand years starting about 5th century BC. During this period there was rapid progress in politics, economics, literature, religion, and philosophy. While eminent centres of learning like Nalanda and Vikramshila universities flourished in Magadh, two great religions - Buddhism and Jainism, too were founded there.

Magadh also saw some brilliant developments in the fields of mathematics, astrology, astronomy, warfare and medicine. Large parts of this era were marked by relative peace which was facilitated by the farsightedness of the leaders of the empire who focused on efficient mitigation of external and internal threats.

This approach to life - of deep thinking, seeking wisdom, solid execution, and risk management - inspires us in every aspect of our philosophy and process at Magadh Capital. In our pursuit for excellence in fund management, this approach also helps us in our attempt to develop a mindset which seeks to identify facts, and their relationships.


The fund functions on the three broad pillars of -
a) Integrity and transparency – in the entire gamut of the fund management practices as well as in operations, and in the way the fund deals with all its stakeholders. Magadh Capital places a lot of emphasis on keeping the managers’ interests aligned with those of its investors.
b) Research and knowledge - are the basic guiding principles for identifying stock ideas, portfolio construction and risk management. Learning is a continuous, ongoing process for us.
c) Simplicity - is what the fund practices, and adheres to during stock selection, and portfolio management - or for that matter, in everything that it does.

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  • Intense focus on risk mitigation and capital protection - No attempt to time the market but prepared to take occasional cash calls to avoid deep and prolonged bear markets
  • Amalgamation of fundamental research and behavioural finance
  • Active approach based on a mix of core calls, tactical calls and counter consensus calls
  • Dovetailing of deep quantitative work with plausible narratives
  • Mix of top down and bottom up approach


Magadh Capital’s portfolio construction is based on its proprietary FACTS boxes validation process which optimizes the risk-reward profile of the portfolio. The stock selection process is an intensive one based on a combination of qualitative as well as quantitative measures.

We follow a conventional, disciplined approach backed by fundamental bottom-up/top-down research to identify good stocks with moderate risks at fair price. We are keen for contrarian opportunities if we see strength in a company that is being missed by the market for some reversible reasons.
Ours is a blend of growth and value styles. We look to figure out a stock’s fair value in a range backed by our fundamental equity research process and thus attempt to identify instances of market mispricing. DCF (Discounted cash flow) method forms the core of our valuation exercise though we do apply other methods too.

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We work with the understanding that markets are inherently risky. We see possibility of permanent capital erosion or of poor returns in the long run as the central risk factor and strive to minimize this risk - as our first goal. Magadh Capital does not see stock price dip due to short term volatility as a measure or indicator of risk.
Our investment philosophy and style have been influenced heavily by our focus on alleviation of risks in our pursuit for wealth creation for our investors. Our investment process is designed to assist us in identifying key risk factors, in trying to estimate the range of probabilities for various risk factors, and in thinking of impact of those risk factors. At the same time, while we score well on the scale of risk aversion, we are not loss averse over near term especially if we are convinced regarding long term opportunities.

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PMS Registration: INP000007155

AIF Registration: IN/AIF3/16-17/0279

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