Port Louis, Mauritius

Yadav Sitaram

From code to capital.

I started in network security and systems programming, where I learned how software works by taking it apart. Now I take companies apart the same way: from the documents they file, I work out their revenue models, capital structure and corporate development strategy.

Yadav Sitaram
Open to finance internships
  • StudyingBSc (Hons) Finance, minor LawUniversity of Mauritius
  • WorkingIT ConsultantSakeenah Group
  • SittingCFA Level IAugust 2027
  • Open toInternshipsFinance and analysis

01Projects

Flagship2026undefined demo

Project Nightfall

Private-markets intelligence for Mauritius: who owns what, what they filed, and what the numbers say.

  • 2,037companies on the register
  • 3,342ownership links traced
  • 1,181sets of filed accounts read
  • 191approved property projects mapped

Counts from the Nightfall database, 26 Sep 2026.

Visit Nightfall

The public site is open; the terminal behind it needs a free account.

Nightfall hotels, tourism and food service sector: 150 companies, peers ranked by total assets from filed accounts, led by Lux Island Resorts at Rs 6.63bn
Nightfall news map: the last 24 hours of Mauritian news filtered to politics, with a Curepipe story opened on the map

Security and code

Scanners, parsers and demos from the years before finance, and one rebuilt this year.

2026Open source

numnet-2.0

Scans a network and draws what it finds, live, in the browser.

  • Python63%
  • JavaScript27%
  • CSS6%
  • HTML4%
View source

2023Open source

PEPY

Opens up a Windows .exe and tells you what is inside it.

  • Python100%
View source

2022Open source

Spython

A demo of how much one ordinary program can get at once it is running on your machine.

  • Python100%
View source

2026Private

Everything I have read and every figure I have used, with the file it came from.

2022–24Private

Win32, C and assembly experiments that never turned into repositories.

02Writing

Notes from the working file

Long-form analysis of Mauritian companies, built from the primary documents. Every figure is cited to the page it came from, so you can check me.

All writing

IBL LtdFinancial statement analysis19 Sep 202636 min read

IBL: how a conglomerate actually makes money

The whole machine taken apart: the accounting mechanics that make the headline numbers mean something other than they appear to, where each of the four clusters actually earns, how the Beyond Borders strategy works, and where every rupee goes between the customer and the shareholder.

Read the analysis
  • Rs 120.8bnrevenue, but a consolidation perimeter, not a possession
  • 6.3×profit per head, distribution against industry
  • 40%of group profit owned by minority shareholders
Latest

BAI GroupForensic accounting10 Sep 202636 min read

Rs 51 billion went in. Rs 8 billion was left.

All seven chapters of the forensic report on Mauritius’s biggest corporate collapse, drawn out technique by technique: what each one is called, exactly how it worked, and the provision it would be tested against.

  • 3.3%what the insurer earned in cash, against 5–12.75% promised
  • Rs 17.3bnsent to companies inside the same group

New Mauritius HotelsEquity research2 Sep 202614 min read

Is Beachcomber worth buying? I built the comp set to find out.

Nine listed hotel companies, every figure from an audited filing and cited to the page. Two of the numbers the spreadsheet produced were wrong, and neither was an arithmetic mistake.

  • 5.63xEV/EBITDA, against a peer median of 4.47x
  • −15%what the peer median implies, below the traded price

03Path

How I got here

Three stages so far, with the education and work that ran alongside them.

  1. 2021

    2021 – 2025

    Royal College Port-LouisHigher School Certificate

    President of the Debate Club. Led the competitive team and coached the junior years.

  2. 2022

    Chapter 1

    Networks and systems

    At sixteen I started studying how computer networks work, then went further down the stack into Windows internals, the Win32 API and x86 assembly. I learned each layer by building tools for it: network scanners, an ARP spoofing tool and a parser for Windows executables. I also followed the Cisco CCNA course, which taught me the basics of routing and switching.

    • Networks
    • Win32 internals
    • x86 assembly
    • CCNA coursework

    Course

    Cisco Networking AcademyCCNA course, not certified

    Followed the CCNA course in routing, switching and network fundamentals. Coursework only; I did not sit the certification exam.

  3. 2024

    Chapter 2

    Politics, business and law

    My interest then moved from how technology works to how countries and companies are run. I started reading about politics, then business, then law, because I wanted to understand who makes the decisions and how the whole system holds together.

    • Politics
    • Business
    • Law

    Nov – Dec 2024

    The Log Toy StoreSalesman

    Sales during the peak Christmas season: advising customers, managing stock and displays, and running the till.

  4. 2025

    Oct 2025 – Jan 2026

    Sunset Café, Le CaudanWaiter, trainee bartender

    Long shifts on the floor of a busy waterfront restaurant, first as a waiter and then training behind the bar.

  5. 2026

    Chapter 3

    Finance and law

    I am now reading for a BSc (Hons) in Finance with a minor in Law at the University of Mauritius, and I am registered for CFA Level I in August 2027.

    • Statements & IFRS
    • Valuation
    • Markets
    • CFA Level I

    Now

    University of MauritiusBSc (Hons) Finance, minor Law

    Sakeenah GroupIT Consultant

  6. 2027

    CFA Level IBooked for August 2027