Multibagger Shares

About Manish Goel

SEBI Registered Investment Adviser • Chartered Accountant

448 Articles Published

Manish Goel is a Chartered Accountant and the Founder of Multibagger Securities Research & Advisory Pvt. Ltd. (SEBI Registered Investment Adviser, INA100007736). A full-time value investor since 2010, he writes on value-investing principles for education and general awareness.

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 “Multibagger Shares” heading at top left and a caption at bottom left reading “Multibagger Shares · SEBI IA · INA100007736”

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.

May 6, 2026

Hero layout on dark blue background with title 'The Inevitable' and subtitle; below is a 2x2 color grid: top-left gray block labeled 'Trader', top-right green block labeled 'COMPOUNDER', bottom-left light gray block labeled 'Drift', bottom-right orange block labeled 'Speculator'

The Inevitables: Warren Buffett’s 1996 Letter Three-Tier Test of Business Predictability

Warren Buffett's 1996 letter framework classifies businesses into Inevitables, Highly Probables and Hopefuls. Most Indian retail portfolios mistake tier three for tier one. Titan Biotech FY25's audited numbers read as a Highly Probable profile.