Manish Goel

About Manish Goel

SEBI Registered Research Analyst • Chartered Accountant

377 Articles Published

Manish Goel is a Chartered Accountant, SEBI Registered Research Analyst, and founder of Manish Goel PMS. A full-time value investor since 2010, he has helped thousands of investors build long-term wealth through quality stock picking and disciplined fundamental analysis.

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May 31, 2026

Hero layout showing a left dark-blue panel with the headline 'Days Payable Outstanding: The Working-Capital Ratio That Reveals Negotiating Power or Hidden Liquidity Stress' and a right beige panel containing a bar chart titled 'Illustrative DPO range across Indian sectors (days)' with four bars: IT Services 42, Pharma 78, Mid-cap Engg. 110, FMCG 120.

Days Payable Outstanding: The Working-Capital Ratio That Reveals Negotiating Power or Hidden Liquidity Stress

Days Payable Outstanding (DPO) measures how long a company takes to pay suppliers. Rising DPO can mean franchise-level negotiating power — or hidden liquidity distress. Here is how to tell which, with an FY25 Indian biotech illustration.

May 30, 2026

Borrowings-to-Equity ratio sector benchmarks editorial cover

Borrowings-to-Equity Ratio: How One Balance-Sheet Line Separates Capital-Disciplined Compounders From Leverage-Driven Time Bombs

One ratio. Ninety seconds. The single balance-sheet discipline that separates compounders from NCLT cases — explained with the Titan Biotech FY25 audited illustration.

May 29, 2026

Slide titled Incremental Return on Invested Capital with a four-bar chart on a dark blue background.

Incremental Return on Invested Capital: The Mauboussin-Greenwald Compounder Test That Reveals Whether Every New Rupee of Capital Earns Its Keep

Headline RoIC describes legacy capital; Incremental RoIC describes the most recent rupees deployed. The Mauboussin-Greenwald compounder test, explained step-by-step with audited Indian disclosures.

May 28, 2026

Article header: Sloan's Accrual Anomaly: Why High-Accrual Stocks Underperform, with intro paragraph and author byline on a beige page.

Sloan’s Accrual Anomaly: The 1996 Accounting Review Discovery That High-Accrual Stocks Underperform — And Why the Cash-Backed Earnings Test Is the Single Most Powerful Forensic Filter for Indian Long-Term Investors

Richard Sloan 1996 Accounting Review discovery on high-accrual underperformance and the cash-backed earnings test for Indian long-term investors.