Dhruv's Research — members' desk

F2F (Forest to Flower)

Macro, sector and company research on Indian markets, built from filings, results presentations and earnings calls.

By Dhruv Madia, CFA · 4 years in macro & sector research

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Members only30 Sept · 12 pages

Connecting the Global Copper Story to Indian Equities

Part 2 of the copper story. A higher copper price does not help every copper-related company in the same way — it depends on where the company sits in the value chain, whether growth is coming from price or volume, and whether margins are actually improving. Hindustan Copper, Hindalco, Vedanta, Jain Resource Recycling, Polycab, KEI, RR Kabel, Finolex, Ram Ratna and Precision Wires, each run through the same five questions.

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The membership

Why F2F exists.

Good investment information isn't the problem. Finding it inside all the noise is. F2F is the path I cut through that noise: research reports, audio notes, videos, and whatever format the story calls for. It's built to help you spot the flowers in the forest instead of wading through it yourself. Everything here sharpens your own analysis and decisions. It doesn't replace them.

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What you get.

  • Business analysis
  • Quarterly results analysis
  • Sector analysis
  • Macro research
  • Watchlist stocks

Inside F2F.

Business analysis

Understanding a business from scratch — how the company actually makes money, what drives revenue and margins, where growth can come from, and what the key risks are. Built primarily from annual reports, filings, investor presentations, concalls, and management commentary rather than market headlines.

Quarterly results analysis

Every results season, the numbers that matter from results presentations and earnings calls: growth, margins, guidance, and what changed from last quarter.

Sector analysis

Understanding how an entire industry works from a top-down perspective — the demand drivers, cost structure, value chain, competitive landscape, industry economics, and the factors that determine which businesses are likely to perform better or worse within the sector.

Macro research

Breaking down what is happening in the broader economy from scratch and connecting it to financial markets. The focus is primarily on US macro — inflation, growth, interest rates, liquidity, fiscal policy, bond yields, and other economic developments — and understanding how they can eventually flow through to equities and other asset classes.

Watchlist stocks

A running list of companies I'm tracking closely.

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Four results seasons, and every long-read in between.

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These notes are open in full, the same as members get them.

Business update17 Sept · membership

What you get as an F2F member

F2F (Forest to Flower) is my research membership on Indian markets: company deep dives, results analysis, sector and macro reads, audio notes, and answers to your own questions. Here is exactly what is inside, what it costs, and how to join.

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Sector/Macro read04 Sept · 17 pages

India’s listed broking platforms after Q1 FY27: Groww vs Angel One

Billionbrains Garage Ventures (Groww) and Angel One both reported Q1 FY27 in mid-July. One grew revenue 66%, the other 25%. That gap is the story.

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Business update04 Sept · newly listed

Indo-MIM: strong numbers, but FY26 raises important questions

A newly listed company where the core is now the thing to track. Revenue grew 26%, but more than half the increment came from a loosely defined segment nobody has broken out.

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Business update04 Sept · post-results

Electronics Mart India: strong Q1, but the real story starts now

The stock jumped after a blockbuster quarter. The bigger question is how to track this going forward — starting with the base it was measured against.

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Business update17 Aug · deep-dive

Lenskart is screaming growth and we must not miss it

Lenskart is a growth story that if executed well, can create the next multibagger — but execution is the key.

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Sector/Macro read12 Aug · 13 pages

Indian Pharma: Moving from volume to value

Unravelling the deeper macro theme developing in the Indian pharma space. India got very good at making the same medicine cheaper than anyone else — and that is exactly the skill the market has stopped paying for. What every large Indian pharma company is quietly rebuilding around instead.

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Company breakdowns, macro explainers and how I work, on video.

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About the membership programme

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Who writes it

Dhruv Madia, CFA

I am a CFA Charterholder and a Macro Specialist Designation Level I cleared (currently appearing for Level II). I have four years working in the field on macro research, sector research and macro data analytics, and have spent the last seven years analysing and studying equity markets.

About & disclosures

What members say.

“If you're on the fence about Dhruv's premium membership, don't hesitate. His deep market knowledge and structured approach helped me finally understand market dynamics and the fundamentals of stock selection. Dhruv is extremely supportive and patient — no question is ever treated as 'dumb,' and he ensures you walk away with complete clarity. The value you get far exceeds the cost. Worth every single rupee!”
Vishal Sarkar · Research programme member