Writing

Notes from the working file

Long-form write-ups of things I have actually built — valuation models, research projects, and the mistakes that taught me the most. Every figure is cited to the document it came from, so you can check me.

A dark exhibit comparing IBL's share of revenue with its share of profit across four clusters, with the ownership chain from IBL through Mambo Retail to Naivas drawn beneath it

Latest · Financial statement analysis

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.

19 September 2026 · 36 min read · 12 diagrams · 4 clusters

Read the write-up

Rs 120.8bn

group revenue, up 19% — of which 13% organic

6.3×

profit per employee, distribution vs industry

40%

of group profit belonging to minority shareholders

10 September 2026 Forensic accounting36 min read

Rs 51 billion went in. Rs 8 billion was left. I went looking for the machine in between.

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. Nobody has been convicted of anything.

2 September 2026 Equity research14 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.

What I am working on next

A discounted cash flow on the same target The comps say what the market pays. A DCF says what the cash is worth. They should disagree, and the gap is the interesting part.
Reading a Mauritian annual report, end to end One filing, every note that matters, in the order I actually open them.
What the companies registry will and will not give you Section 14 of the Companies Act says the public can buy any filed document. I am testing whether that is true in practice.