A. Business growth — 25
3Y/5Y revenue and EBITDA CAGRs, 3Y EPS CAGR, consistency, acceleration and operating leverage. One-off spikes are not rewarded. Incomplete 5Y series (recent listings) get partial credit, never invented history.
Transparent model
Every point is visible on the stock page. Technicals never decide whether a business is good — they only time entry. 10X maths are scenarios, not targets. The desk has two books: a small/mid discovery sleeve, and a Nifty 100 large-cap reference book scored with the same model so size is not rewarded.
3Y/5Y revenue and EBITDA CAGRs, 3Y EPS CAGR, consistency, acceleration and operating leverage. One-off spikes are not rewarded. Incomplete 5Y series (recent listings) get partial credit, never invented history.
ROCE, ROE, gross and EBITDA margins, margin trend, asset turnover, cash conversion, FCF and incremental returns. High scores go to businesses that earn high returns while still reinvesting.
D/E, net debt/EBITDA, interest cover, OCF, FCF, working-capital intensity, cash and debt trend. Growth funded by chronic dilution or leverage is penalised.
A qualitative desk score on addressable market, penetration, India structural themes, exports, capacity and whether revenue can plausibly 3x, 5x or 10x. Historical growth alone cannot win this sleeve.
Share trend, switching costs, brand, cost, IP, distribution, network effects and why the firm can stay relevant as it gets larger.
Guidance vs actual, promoter holding and trend, pledging, governance and capital allocation. Questionable governance is never hidden behind a high growth print.
P/E versus quality-implied multiple, PEG and FCF yield. Cheap is not automatically good. A great company at a full multiple scores differently from a mediocre company at 12x.