Mahim Patel
Equity Research Analyst & Quantitative Derivatives Enthusiast
“7 years of market immersion (Age 13 to 20). Combining forensic fundamental analysis with quantitative options market structure.”
Bridging bottom-up fundamental equity research (3-statement financial modeling, DCF valuation, forensic accounting audits) with top-down quantitative options positioning (NSE Gamma Exposure / GEX profiling). Dedicated to disciplined, long-term capital compounding and institutional research.
Active personal capital allocation through the March 2020 Covid crash, post-pandemic liquidity rally, and rate hike cycles.
Certified under SEBI (Research Analysts) Regulations, 2014; trained in valuation ethics, disclosures, and derivative mechanics.
Published initiation reports: BLS International (8 pages, B2G visa outsourcing) and Tamilnad Mercantile Bank (TMB).
Proprietary Python model parsing live NSE option chains to profile dealer gamma flips, volatility regimes, and expiry pin levels.
Institutional Candidate Evaluation Dossier
Direct access to institutional research deliverables, audited broker statement ledgers, and SEBI credential proofs.
About Mahim Patel: Journey, Competencies & Vision
Seven continuous years of capital allocation across changing market regimes, fusing bottom-up financial statement analysis with quantitative options market structure.
The Evolution: Trial, Error & Forensic Rigor
My investing journey began in 2019 at age 13. Like most beginners, I initially gravitated towards retail technical indicators and fast-paced price action. However, the crucible of managing real capital through the Covid-19 crash taught me that chart patterns without balance sheet fundamentals are merely speculative noise.
During Class 11th and 12th (Age 16–17), I systematically broadened my market education across the complete financial landscape—learning all aspects of Futures & Options (F&O), primary market IPOs and DRHP prospectuses, and the spectrum of diverse investment instruments (equities, debt securities/G-Secs, mutual funds, ETFs, REITs, InvITs, and SGBs). In parallel, I transitioned completely to fundamental valuation: dissecting annual reports, scrutinizing working capital cycles, auditing related-party transactions, and modeling Free Cash Flow to Firm (FCFF). Over the last 4 years, I fused this fundamental grounding with mathematical derivatives mechanics—specifically engineering options dealer positioning models (NSE Gamma Exposure - GEX) to understand real institutional liquidity.
The Long-Term View: Institutional Capital Compounding
I view capital markets not as an arena for rapid speculation, but as a weighing machine that rewards intellectual honesty, exhaustive forensic diligence, and extreme patience. My ambition is to dedicate my career to institutional equity research and asset management desks where independent conviction, accounting integrity, and deep structural research drive sustained multi-year alpha.
Core Technical Competencies
VERIFIEDIn-depth understanding of cryptocurrency market structure, blockchain networks, Bitcoin Corporate Treasury mechanics (Saylor convertible flywheel, mNAV accretion), and GIFT City IFSC frameworks.
Gamma Exposure calculation across NSE strikes, zero-gamma flip points, pin risk, and delta-hedging volatility bounds.
Automated option-chain parsers, statistical distribution backtesting, and automated volatility surface charting.
Forensic analysis of monetary transmission, credit-deposit scissors deficits, structural currency debasement, and technological cost parity.
7-Year Portfolio Journey & Historical Statements (Age 13 → 20)
Chronological market evolution and verified broker audit records from 2019 to 2026.
Market Mechanics & Speculative Trial
First capital deployment into domestic equities and exchange-traded index baskets (NIFTYBEES, BANKBEES). Navigated the intense volatility of the March 2020 Covid liquidity shock with personal capital.
F&O, IPOs & Multi-Asset Instruments
During Class 11th and 12th, systematically expanded into complete market machinery: mastered Futures & Options (Greeks, volatility skews, option writing capital dynamics), primary market IPO mechanics (DRHP prospectus analysis, anchor books, OFS vs. fresh issue, listing dynamics), and the full spectrum of investment instruments (Debt/G-Secs, Mutual Funds, ETFs, REITs, InvITs, and SGBs).
Macro Avoidance, Commodity Momentum & Verified Alpha
Previous FY macro thesis: broader Indian equities would deliver near-zero returns, avoiding secondary market froth. Captured commodity cycle momentum in Gold & Silver (+₹85.7k ETFs + ₹1.50L physical bullion) and Direct IPO listing gains (+₹1.22L). Strictly managed risk with a disciplined stop-loss exit in crypto (-₹25k at $105k BTC).
In strict adherence to institutional privacy and SEBI regulatory best practices, personal account PAN numbers, mobile contacts, and total capital figures have been redacted. Trade timestamps, percentage gains, holding durations, and broker ledger structures are 100% authentic and verifiable from original broker sheets.
Verified Broker Statements & Ledger Archive
DOCUMENT ARTIFACTSZerodha Equity P&L Performance Statement
Official Zerodha Broking Ltd performance report verifying execution across 14+ equity, IPO, and ETF positions.
Consolidated Holdings & XIRR Audit
Consolidated depository holdings statement verifying multi-year systematic asset compounding and internal rate of return.
Multi-Year Investment Ledger
Comprehensive personal accounting log tracking trade-by-trade cash flows, corporate actions, and rebalancing decisions since age 13.
Systematic Allocation Order History
Verified record of disciplined dollar-cost-averaging across market drawdowns without pause.
Groww Mutual Funds Order History
Systematic investment plan (SIP) execution log verifying periodic capital deployment across market cycles.
Comprehensive Investment Ledger (.numbers)
Primary transaction ledger maintained continuously since first market entry at age 13.
Current Portfolio Allocation & Active Theses
Capital allocation across high-conviction micro/small-cap compounders, commercial banks, and liquid hedges.
Asset Allocation Breakdown
Disciplined multi-asset barbell strategy prioritizing downside protection.
Active Equity Holdings & High-Conviction Positions
Click any position to expand the investment thesis, key risks & margin of safety.
| Company / Ticker | Sector | Weight (%) | Entry Horizon | Unrealized / Total Return | Conviction Tier | Action |
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Bitcoin Corporate Treasuries
CORE ALPHA THESIS
NASDAQ: MSTR • NASDAQ: SMLR • OTC: MTPLY (INDmoney LRS)
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Digital Capital & Credit | ₹3.5L Seed ₹21L 4-Yr Staged Plan | 4-Yr Cycle (2026–2030) | Asymmetric Alpha (2.8x–5.1x) | Top Conviction | |
Investment Thesis: Bitcoin Corporate Treasuries Basket (Target Return: 2.8x–5.1x MOIC | HIGH-CONVICTION)
Execution Rule: ≤15th %ile mNAV
TCS Drag: 0% (< ₹7L/yr)
1. MicroStrategy (42.9% • ₹1.5L)
NASDAQ: MSTR
Mega-cap institutional anchor. Zero-margin-call senior convertible notes maturing 2027–2032. FASB fair-value rules unlock S&P 500 eligibility and passive institutional index inflows.
2. Strive / Semler (31.4% • ₹1.1L)
NASDAQ: SMLR
Medical diagnostics cash cow (QuantaFlo, ~40% operating margin, zero funded debt) redirecting 100% of operational free cash flow into programmatic Bitcoin accumulation for rapid per-share BTC Yield.
3. Metaplanet (22.8% • ₹80K)
OTC: MTPLY • TSE: 3350
The "Asian MicroStrategy". Exploits structural Bank of Japan negative real rates and 34-year Yen debasement. Strong domestic retail demand driven by 20% equity tax vs 55% Japanese crypto income tax. |
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BLS International Services
NSE: BLS • BSE: 540073
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Tech B2G Visa Outsourcing | 22.5% | Q3 2024 (Holding) | +41.2% | Top Conviction | |
Investment Thesis: BLS International Services Ltd (Fair Value Target: ₹485 | BUY)Margin of Safety: 34.0%
1. B2G Visa Outsourcing Moat
High barriers to entry with governmental security clearances. Global visa processing volumes rebounding beyond pre-Covid records.
2. Unmasking The Margin Illusion
Digital business dilution masks core visa franchise EBITDA margins of 40%+. Cash conversion from EBITDA to Operating Cash Flow exceeds 88%.
3. Asset-Light Balance Sheet
ROCE exceeding 28% with zero debt. Cash and liquid treasury investments provide substantial runway for strategic M&A bolt-ons. Key Risks Monitored: Sovereign diplomatic tensions, contract renewal friction in European consulates.
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Tamilnad Mercantile Bank
NSE: TMB • BSE: 543596
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Commercial Banking | 19.5% | Q1 2025 (Holding) | +18.6% | Deep Value | |
Investment Thesis: Tamilnad Mercantile Bank (P/B: 0.9x | BUY)CRAR: 28.5% (Fortress)
1. Industry-Leading Capital Adequacy
CRAR of 28.5% is more than double RBI regulatory minimums, eliminating dilution risk for the next 5 years.
2. Pristine Asset Quality Defense
GNPA below 1.4% and NNPA under 0.4% with 90%+ loans secured by real estate or hard agricultural collateral.
3. Valuation Re-rating Gap
Trades at steep discount to peers (0.9x P/B vs 1.6x peer average) due to historical promoter disputes now resolved by institutional board. Key Risks Monitored: CASA deposit runoff to term deposits, loan book geographic concentration in Southern India.
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LG Electronics India
NSE: LGEINDIA • Realized P&L Record
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Consumer Electronics | 14.0% | FY2025–26 (Closed) | +50.3% (+₹1.04L) | Realized Alpha | |
Trade Audit: LG Electronics India (Realized Gain: ₹1,04,494.80)Source: Zerodha Ledger pnl-NQT996Captured consumer durable premiumization thesis. Purchased at buy value ₹2,07,480.00 and exited into valuation expansion at sell value ₹3,11,974.80. Fully documented in broker ledger with all taxes and STT paid. |
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Gold & Precious Metal Hedges
NSE: GOLDCASE / SILVERBEES
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Macro Volatility Hedge | 18.0% | Systematic Holding | +22.1% (+₹75.4K) | Liquid Hedge | |
Institutional Research Watchlist (Pre-Deployment Pipeline)
Companies undergoing 3-statement modeling and forensic auditing prior to capital allocation.
Premier Explosives Ltd
Carysil Limited
Coastal Port Infrastructure Candidate
Fine Organic / Clean Science
Evaluating entry points following 2-year cyclical export destocking. Monitoring margin inflection and export volume recovery.
Institutional Equity Research Reports & Financial Models
Comprehensive 8-page initiation reports with dynamic 3-statement financial models and DCF sensitivity matrices.
Bitcoin Corporate Treasuries Initiation Report
Capturing Structural Alpha via Digital Credit, Volatility Monetization & mNAV Discipline
Executive Thesis & Quantitative Architecture:
Issuing 0%–0.875% convertible senior notes in melting fiat to purchase an asset compounding >40% CAGR with zero margin-call liquidation covenants.
At-The-Market equity issuance at mNAV > 1.0x monetizes market premium to acquire spot BTC at a net discount, compounding underlying BTC per share (BTC Yield).
Staged ₹21L capital allocation (₹3.5L seed + ₹5L/yr) deployed strictly at compressed multiples; 0% TCS across all 4 years under ₹7L RBI LRS limit.
BLS International Services Ltd (NSE: BLS)
Tech-Enabled B2G Outsourcing & Global Mobility Infrastructure
Core Thesis Summary:
- Government visa outsourcing franchise protected by stringent national security clearance moats.
- Digital services margin dilution masks true visa franchise EBITDA margins exceeding 40% with 88%+ cash conversion.
- Asset-light capital efficiency: ROCE > 28%, zero external debt, and surplus net cash for accretive global acquisitions.
Tamilnad Mercantile Bank (NSE: TMB)
Regional Commercial Banking Fortress: Superior CRAR & Asset Quality Defense
Core Banking Analysis:
- Industry-leading Capital Adequacy Ratio (CRAR) of 28.5% eliminates equity dilution risk for the next 5 years.
- Exceptional asset quality: Gross NPA < 1.4% and Net NPA < 0.4% with 90%+ loans secured by hard collateral.
- Trades at steep discount to peers (0.9x P/B vs 1.6x peer average) due to legacy promoter governance disputes now resolved.
Dynamic 3-Statement DCF Model (BLS International)
Full 3-statement valuation model linking revenue drivers (visa volume vs value-added services), working capital days, tax schedules, and DCF valuation with dynamic WACC vs Terminal Growth matrix.
Commercial Banking NIM & Credit Cost Stress Model
Comprehensive stress-testing model evaluating Net Interest Margin (NIM) sensitivity, Cost-to-Income ratios, and credit cost shocks for regional commercial banks (Tamilnad Mercantile Bank vs peers).
Quantitative Engineering: NSE Options Gamma Exposure (GEX) Engine
Algorithmic options market structure profiler analyzing dealer delta hedging dynamics, zero-gamma pivot levels, and weekly expiry pinning on the National Stock Exchange of India.
NSE Options Gamma Exposure (GEX) & Volatility Surface Profiler
The Structural Problem in Modern Equity Analysis
Traditional fundamental equity research treats stock prices as determined purely by fundamental earnings releases, while technical analysis relies on lagging indicator curves. Both ignore the massive institutional plumbing of modern derivatives: options market makers (dealers) must continuously delta-hedge their portfolios.
When retail and institutional participants buy calls and puts, options dealers take the opposite side. To remain delta-neutral, dealers are forced to buy and sell the underlying cash market in mechanical, mathematically predictable patterns dictated by Gamma ($\Gamma = \partial^2 V / \partial S^2$).
The GEX Mechanism: Positive vs Negative Gamma Regimes
Dealers are forced to buy dips and sell rallies to maintain delta neutrality. This acts as a structural shock absorber, dampening realized volatility and causing mean-reverting price action around high-gamma strikes.
Dealers are forced to sell as spot falls and buy as spot rises. This dynamic hedging feedback loop accelerates market momentum, triggering aggressive liquidation cascades and tail-risk expansion.
Concrete Advantages Over Existing Retail Tools (Sensibull, Opstra, Quantsapp)
Why retail tools give distorted or lagging signals compared to an institutional second-order Greek engine
Retail tools plot raw Open Interest bars, treating an OTM 26,000 Call identically to an ATM 25,000 Call. The GEX engine weights every contract by its exact Black-Scholes second-order partial derivative, computing true rupee hedging capital (₹ Cr / 1% move).
Retail platforms rely on archaic static "Max Pain". The GEX engine numerically solves for the dynamic Zero-Gamma Flip level ($S^*$), pinpointing the exact threshold where market behavior switches from volatility dampening to volatility explosion.
Calculates the instantaneous derivative $d(\text{Delta})/dS$, revealing the exact crore value of futures contracts market makers are mathematically forced to dump into the orderbook on a 50-point drop.
Disaggregates near-week expiries where $\tau \to 0$ from monthly structural hedges, preventing noise and isolating the massive gamma cluster magnets that govern Thursday 3:30 PM settlements.
Written in vectorized NumPy/SciPy arrays with Brent's numerical inversion, processing 120+ strikes across Calls and Puts in under 42ms with zero SaaS subscription costs or third-party black-box dependency.
Streams directly to local Apache Parquet time-series tables, enabling custom historical backtesting of mean-reversion and regime-breakout strategies impossible on retail platforms.
What Did I Learn: The 6 Sequential Stages of Engineering & Quantitative Immersion
Chronological progression of technical breakthroughs and market microstructure lessons
Transitioned from retail directional guessing to understanding that options desks are inventory managers. Market movement is not an emotional battle—it is a continuous mechanical re-hedging flow governed by second-order Greeks ($\Gamma = \partial^2 V / \partial S^2$).
Solved NSE's strict Akamai bot protections, 403 Forbidden blocks, and dynamic cookie expiration (every 12 minutes). Engineered automated session-handshake routines and local disk caching to prevent pipeline dropouts.
Replaced slow Python `for` loops with vectorized NumPy array broadcasting, reducing execution latency from 1,800 ms to 38 ms. Implemented Brent's method to invert implied volatility surfaces across 120 strikes.
Formulated the institutional positioning assumption (dealers short upside calls and downside puts). Built a numerical root solver that sweeps spot prices from -5% to +5% to identify the Zero-Gamma crossover within 0.1 index points.
Empirically observed Thursday afternoon pinning where NIFTY stayed within ±0.15% of the primary gamma wall. Documented violent negative gamma cascades where breaking below the Zero-Gamma line triggered 280-point liquidation drops in under 35 minutes.
Recognized model blind spots: unrecorded institutional OTC block strangles, off-market bilateral hedges, and overnight gap-risk hedging failure. Reinforcing that quantitative models must always be bounded by strict position sizing and cash reserves.
SEBI Accreditations & Global Charter Candidate
Verified certifications issued by SEBI-mandated institutions and ongoing international charter accreditations.
NISM-Series-XV: Research Analyst Certification
National Institute of Securities Markets (SEBI Mandated)
CFA® Program Candidate (Level 1)
CFA Institute, Charlottesville, USA
Applied Quantitative Valuation & Modeling
Financial Analysis & Python Numerical Systems
Macro Perspectives & Personal Investment Journal
Long-form analytical essays on market psychology, structural microcap compounding, and derivatives market mechanics.
Living on Borrowed Silicon: The Terminal Economics of Indian IT Services
Why three decades of human labor cost arbitrage face an existential squeeze as GPU memory walls collapse and custom silicon closes the token cost gap.
The Great Deposit Squeeze & Why I Invested in Tamilnad Mercantile Bank
How the migration of household savings into mutual fund SIPs caught private banks off-guard, and why a conservative regional bank with 26% capital adequacy offered a far thicker margin of safety.
Corporate Balance Sheet 2.0: Bitcoin Treasuries in India
Can cash-rich Indian corporates adopt the MicroStrategy convertible capital flywheel to hedge structural Rupee debasement? A forensic breakdown of tax, FEMA, and GIFT City IFSC.
Investment Philosophy & Core Tenets
Capital allocation framework refined over 7 years across fundamental equity valuation and derivatives risk management.
To compound capital across the next three decades, an investor cannot rely on the passive dogmas of the 20th century. Anchored in a growth-oriented, structurally adaptive mindset developed over 7 years of active immersion in Indian capital markets (age 13 to 20), my framework synthesizes fundamental franchise quality, non-linear Long/Short derivatives plumbing, frontier technological exploration, and radical intellectual humility.
Long/Short Discipline & Derivatives Overlay
Markets do not compound in a straight line; cyclical drawdowns destroy long-only beta. Compounding requires a mixed portfolio: long secular compounders, short/hedged against disrupted legacy models, and tactical options strategies (volatility skew & theta harvesting) to engineer non-correlated alpha.
Moats, Business Quality & Margin of Safety
Single-stock equity alpha is generated by buying companies with durable economic moats, pricing power, high capital efficiency (ROCE > 20%), and fiduciary leadership—acquired strictly when Mr. Market offers a tangible margin of safety to protect against analytical error.
Frontier FinTech, Tokenization & BTC Treasuries
To become a premier money manager over the next 30 years, an allocator must actively master structural shifts: blockchain infrastructure, Real-World Asset (RWA) tokenization, and corporate Bitcoin treasury balance sheets as a hedge against global fiat debasement.
Radical Humility: Taking Losses & Learning
In a long compounding journey, mistakes are statistically certain. The differentiator is radical intellectual humility: ruthlessly cutting losers when the thesis breaks, keeping individual drawdowns small, and logging forensic post-mortems to continuously refine future decision-making.
