One ratio. Ninety seconds. The single balance-sheet discipline that separates compounders from NCLT cases — explained with the Titan Biotech FY25 audited illustration.
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.
How to read the Defensive Interval Ratio — the forensic liquidity metric that counts days of survival without selling inventory or receiving new revenue, illustrated with audited FY25 markers from a disciplined Indian specialty-biotech operator.