Learning objectives
By the end you can:
- Execute the full deep-dive system unaided, at institutional grade, on a never-studied Indian company: assemble the source stack from Indian primary sources, drive the three-day method from a blank workbook, and produce the complete thesis package to the M8.05 deep-dive bar.
- Build the ten-year history with the India normalizations and compute incremental ROIC: apply the Ind AS 116 lease break (FY20), the FY20 corporate-tax-cut break, and exceptional/re-segmentation/acquisition adjustments so the series is comparable, then compute ΔNOPAT ÷ Δinvested capital and read the compounder test that headline ROCE hides.
- Map the industry and prove or reject the moat in the numbers: run Porter plus Mauboussin's profit-pool and market-share-stability tests and all four moat lenses, confirming any moat claim in a persistent ROIC series rather than in adjectives.
- Value the company three ways with Ind AS effects handled: intrinsic (FCFF/owner-earnings DCF), relative (multiples with India premium-multiple discipline), and expectations (reverse DCF), with internally consistent assumptions (g = RR × ROIC; terminal g ≤ nominal GDP) inside defensible bands.
- Conduct the Governance & Promoter Deep-Read and deliver a defensible verdict: quantify promoter holding and pledge %; read related-party transactions from the notes, AOC-2, and the Board's Report against SEBI LODR Reg 23 materiality; check LODR compliance and Section 197(12) remuneration; reconcile standalone versus consolidated; and answer "is this management honest and aligned?" with evidence, recognizing the pledge, promoter-distributor-RPT, royalty-creep, and cash-upstreaming red-flag patterns.
- Run the SOTP / holding-company-discount check where the target is a group company or holdco: value listed and unlisted stakes, apply and justify a holdco discount, and judge whether the structure creates or destroys minority value.
- Write the institutional thesis package: a one-page thesis with a falsifiable variant perception, a supporting deep-dive memo, a governance dossier, clean exhibits, and a pre-mortem wired to pre-committed sell criteria.
- Self-grade to the pass bar and diagnose your own misses: score the package against the capstone rubric, identify which criteria cost points, and remediate honestly.
Prerequisites & connections
Builds on. Everything, but most directly the Phase 8 signature skill you certified six weeks ago. M8.03: the ten-year history spreadsheet, the standard row template, the Ind AS 116 / FY20-tax normalizations, incremental ROIC, the industry map, the three-statement-lite model, and the reverse DCF are run here without scaffolding. M8.04: the Day-3 method (scuttlebutt via Fisher's fifteen points, the incentive read on the Indian Board's Report, the four earnings-call tells, the steelman, the one-page thesis, the pre-mortem) is the backbone of your governance and qualitative work; §4.4 of that module is where the Titan promoter/RPT read was first worked, and the capstone generalizes it. M8.05: the deep-dive rubric and its five hard gates (incremental ROIC, reverse DCF, steelman, one-page thesis, pre-mortem) are the floor this capstone builds on. M2.03 (NOPAT, invested capital, incremental ROIC), M2.08 (the forensic/quality-of-earnings toolkit and the Indian collapse cases: Satyam, IL&FS, DHFL, Yes Bank, Manpasand, Vakrangee), M3.07 (the five uses of capital and the proxy/board-report incentive framework), M3.10 (SOTP and holding-company discounts, banks and cyclicals valuation, IBC), and the Phase 5 sector playbooks (M5.01–5.10, the right lens, KPIs, and thresholds for whatever sector your candidate is in) are all assumed and used wholesale. M1.10 installed the anatomy you now read at speed: Ind AS and Schedule III, the auditor's report and CARO, BRSR, the shareholding pattern, and promoter-pledge disclosures. M6.05 gave you the written checklist you run before writing a word.
Feeds forward. M10.03 (the communication toolkit) takes this package as raw material: you will rewrite the thesis to professional standard and build the exec deck from it. M10.04 (the final audit) grades both capstone theses against the institutional rubric to record M11 — core competence, and re-opens the naive one-pager you sealed in week 3. Phase 9's process is where this thesis becomes a sized position with a journal entry and a calibration score. In the years after the program, this is the template every Indian deep dive you ever run will follow.