Manish Goel

Manish Goel - SEBI Registered Research Analyst

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.

May 8, 2026
Dark blue page with the title 'Export Revenue Mix' and a horizontal bar chart of fiscal years FY20–FY25; values are 28, 26, 22, 18, 14, 11, with FY25 shown in green.

Export Revenue Mix: The Geographic Diversification Test for Indian Small-Caps

Export Revenue Mix isn't just a percentage — it's a forensic test for customer concentration, currency hedging, and pricing power against global benchmarks. Using Titan Biotech FY25's audited ~34.5% export share across 60+ countries as an educational illustration of disciplined geographic diversification.
May 7, 2026
Dark blue hero banner showing the headline “CWIP-to-Gross-Block Ratio” with a green italic subtitle; a circular multicolor donut chart labeled FY25 centered below the text; small “Manish Goel Portfolio Management Service” heading at top left and a caption at bottom left reading “Manish Goel Portfolio Management Service · SEBI IA · INH100004775”

CWIP-to-Gross-Block Ratio: The Forward-Looking Capex Pipeline Marker That Reveals Whether Indian Companies Are Building Their Future or Stuck With Stranded Assets

A forensic balance-sheet ratio every Indian long-term investor should master, illustrated with Titan Biotech FY25 audited markers (₹11 Cr CWIP, ₹57 Cr Gross Block, ₹3 Cr borrowings, 103% CFO/Operating Profit).
May 7, 2026
Chart: Opportunity Cost as Hurdle Rate by fiscal year FY20–FY25, with bars showing values 28, 26, 22, 18, 14 and a green FY25 bar at 11%.

Opportunity Cost as Hurdle Rate: Charlie Munger’s ‘Best Available Alternative’ Test

Charlie Munger's lifetime discipline: every rupee must beat the next-best alternative use, on a risk-adjusted basis. How Indian long-term investors apply the hurdle-rate test using the 10-year G-sec, and why Titan Biotech FY25's audited RoCE spread illustrates the discipline.
May 6, 2026
Infographic showing CFO/EBITDA ratio by year from FY20 (28) to FY25 (11); FY25 bar highlighted in green.

CFO/EBITDA Ratio: The Operating-Cash Quality Test

Learn the CFO/EBITDA cash-conversion ratio — the 60-second test that separates real operating profits from accounting fiction — using Titan Biotech FY25's 103% audited reading as a positive illustration.
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