Research & Diligence Archive / Projects, Research & Analysis

5 Portfolio Pieces

Research Archive & Work in Progress

Memos & Analysis: Indian Credit Markets

I study Indian businesses through the questions behind a credit decision: how cash is generated, how much debt a company can carry, and what protects capital when conditions change. I combine finance fundamentals with Python, AI, and document analysis to turn complex situations into clear, testable ideas.

Ongoing Research Research Paper

In Progress · 2026

Whether Interest Earned Adequately Compensates Private Credit Firms for Risk Taken

Indian Private Credit · Risk-Adjusted Returns · Underwriting

An ongoing study of whether coupon income, fees, and downside protection adequately compensate private credit firms for default, liquidity, concentration, and recovery risk.

Return

Coupon, fees, amortisation, and exit economics.

Risk

Default, liquidity, concentration, and documentation risk.

Test

Stress cases for loss, recovery, and risk-adjusted return.

newspaper Follow Research Progress

Research Question

Does the income earned on a private credit investment justify the risks that cannot be diversified away?

Lens: Risk-adjusted return

Market: Indian private credit

Special Situations / Restructuring Independent Analysis

Analysis · Indian Healthcare

Investment Memo: INR 1,000 Cr Rescue Financing & Mezzanine Debt for an Indian Healthcare Borrower

Facility: Second-Lien Secured Notes · 14.5% All-in Yield · Sponsor-backed Indian healthcare

Underwriting memo assessing debt service coverage, working capital, and collateral quality during a nine-month liquidity gap.

LTV Cushion 52.0%

Opening Net Lev 4.20x

Liquidity Floor INR 125 Cr

Fixed Charge Cover 1.48x

The linked Deal Breakdown takes these assumptions into a recovery waterfall, showing how the working-capital facility, second-lien notes, and subordinated debt may be paid through a stressed outcome.

newspaper Read Full Memo Breakdown Explore Recovery Waterfall ->

Capital Structure Stack

1L Working Capital Facility (INR 290 Cr) 0.6x Lev

Second-Lien Facility (INR 1,000 Cr) 4.2x Lev

Subordinated Debt (INR 375 Cr) 5.1x Lev

Direct Lending / Private Debt Independent Analysis

Analysis · Indian SaaS Credit

Credit Memorandum: INR 700 Cr First-Lien Facility for an Indian Enterprise Software Business

Facility: First-Lien Senior Debt · Floating-rate pricing linked to Indian benchmarks · 98.5 OID · 2.50% Exit Fee

Recurring-revenue facility for an Indian B2B software provider, with ARR maintenance covenants transitioning to EBITDA leverage and a 50% excess-cash-flow sweep.

Debt / ARR 2.24x ARR

Net Retention 118.4% NRR

Cash Flow Sweep 50.0% ECF

newspaper View SaaS ARR Breakdown Deal Breakdown ->

Covenant Architecture

· Negative pledge against incremental junior debt.
· INR 65 Cr minimum cash balance test monthly.
· Full first-priority UCC lien on software IP and source code.

Valuation & Financial Due Diligence Built Project

Project · Valuation Toolkit

Financial Due Diligence & Quality of Earnings Framework for Private Debt Underwriters

Methodology: Aswath Damodaran Valuation · Forensic EBITDA Adjustments · NWC Seasonality Pegs

Integrating corporate finance and intrinsic valuation to reconcile reported EBITDA down to true free cash flow. Using Python to scrub general ledgers, detect revenue recognition timing shifts, and compute debt capacity from synthetic ratings.

EBITDA Scrubbing

Eliminating non-cash synergies, one-off gains, and owner add-backs.

Working Capital Peg

Analyzing 12-month trailing seasonality to prevent post-close cash drain.

Synthetic Ratings

Mapping ICR to Damodaran default spread tables to test maximum debt capacity.

newspaper Read FDD Primer on Substack View Academic Foundations ->

Data Science Toolkit

· Python / Pandas: General ledger invoice churn and cohort analysis.

· Damodaran Models: Intrinsic DCF & debt capacity sensitivity matrices.