A research letter,
not a dashboard.Synthesis over summary.
very name in the ~5,000-stock universe is read the way a portfolio committee would read it — through four PhD-level analytical lenses and a forensic engine that reads the annual report so you don’t have to. What we publish is a view, argued from the filings — not a score, asserted. The numbers are the same everywhere; the work is in the reading.
Read like a portfolio committee
Before a single flag is raised, every name is examined through four frameworks drawn from the academic canon — each asking a different, hard question of the same financials.
Penman
Strips accounting noise to ask whether reported profit is backed by operating reality — separating returns earned from the business from returns manufactured by leverage.
Merton
Treats equity as an option on the firm's assets to measure how many standard deviations of value sit between the company and insolvency.
Mauboussin
Reverse-engineers the growth and margin the current price already assumes, then asks whether the business can plausibly clear that bar.
Ohlson
A probabilistic read on financial distress built from size, leverage, liquidity and profitability — a sober cross-check on the optimists.
The market hands everyone the same numbers. The edge is not in having them — it is in reading the footnotes nobody else finishes.
One filing in.
Six findings out.
A forensic engine that reads the annual report so you don’t have to — six passes per filing, every flag cited to its source.
10y of filings, every NSE + BSE listing
Ind AS aligned, restatements reconciled
Six forensic passes per filing
Weighted composite, peer-percentiled
Every flag cited to its source page
CARO Decoder
- Loan defaults & evergreening clauses
- Statutory dues in arrears
- Fund-diversion qualifications
- Fraud reporting under §143(12)
The Worry Score
Five engines, weighted, peer-percentiled. One number per company.
Engine weights
Re-calibrated annually against realised governance events.
We are a research library, not an advisor. Everything here is descriptive analysis of public filings — built for your own thinking, never a recommendation to buy, sell, or hold.