30+ Years of Microcap Investing Masterclass ft. Ashish Chugh | Kushal Lodha #343

➡ Recommend A Guest For Our Podcast Here - https://forms.gle/eotmhzWMx6KpJQH86 ➡ The 9:15 Club - India’s smartest young investors community: https://forms.gle/GyUiatVUJoUUkkcm6 ➡ Join This Group To Be Invited To Future Offline KwK Events in Mumbai: https://chat.whatsapp.com/F3MbHDPwTwC... Here's your description and hashtags for the Ashish Chugh episode, kept tight as requested: In this episode of Konversation with Kushal, legendary small-cap investor Ashish Chugh-founder of Hidden Gems Advisory and the man who has read over 4,500 balance sheets — decodes the exact framework behind his biggest multibaggers including Avanti Feeds (100X), Natco Pharma (70X), Greenply (60X) and Bajaj Finserv (50X). Ashish breaks down his 3Q framework — Quality of Business, Quality of Management and Quality of Balance Sheet — and explains why he ignores PE ratios, why he actively hunts loss-making companies with positive cash flows, and why a stock available at ₹4 crore market cap once turned into a 100-bagger in just 3 years. He shares the raw psychology of small-cap investing, the difference between a company performing and a stock performing, and why "stomach for profits" matters more than IQ. From decoding the GVK Power write-off, the demerger arbitrage plays in Marico-Kaya and Arvind Smart Spaces, why SME IPOs are a strict NO, to how he turned ₹34 lakh into ₹8 crore between 2003-2005 — this is a masterclass for anyone serious about micro-cap and small-cap investing. Here's what you'll learn in this episode: 1.The 3Q Framework: Why Quality of Business, Management and Balance Sheet-in that order — is the only filter Ashish uses to spot hidden multibaggers under ₹500 crore market cap. 2.Why Loss-Making Companies Make The Best Buys: The exact reason a stock with ₹685 crore loss and ₹17 crore positive cash flow can be a no-brainer-and how to spot the difference. 3.Stock Performance vs Company Performance:The single biggest mistake retail investors make, and why Ashish buys MORE when the company performs but the stock falls. 4.The SME IPO Trap:Why 80% of SME IPOs trade 50-90% below their listing highs, and why secondary markets still offer better value than primary issues today. 5. Demerger Arbitrage Explained:How small demerged entities like Marico Kaya and Arvind Smart Spaces turned into 10-20X returns in just 2 years — and how to spot the next one. If you want to understand how India's most respected small-cap investor actually thinks about risk, patience and balance sheets, this conversation will change the way you look at stocks forever. 🔔 Hit SUBSCRIBE and turn on notifications so you never miss a deep dive with India's sharpest investing minds! #ashishchugh #hiddengems #smallcapinvesting #multibaggerstocks #microcapinvesting #valueinvestingindia #stockmarketindia #balancesheetanalysis #konversationwithkushal #kushallodha ➡ Order my book 'Acing CA' here: https://www.amazon.in/dp/8195816886?r... ➡ Order my book 'Unlocking Unicorn Secrets' here: https://www.amazon.in/dp/0143461605?r... Follow Kushal Lodha on Social Media: 📝 LinkedIn: LinkedIn: kushallodha548 📷 Instagram: Instagram: kushallodha548 📱 Twitter: Twitter: kushallodha548 Follow guest on Social Media: 📝 LinkedIn: https://www.linkedin.com/in/chughashi... 📱 Twitter: https://x.com/hiddengemsindia?s=21&t=... Timestamp: 00:00 Intro & Trailer 02:49 3Q Framework Deep Dive 08:55 Key Ratios Deep Dive 10:21 Does He Invest in Loss Making Companies? 14:04 P/E as an Investment Metric 16:39 Greenply Story 17:24 Avanti Feed Story 19:02 Balaji Amines Story 23:25 Cashflow Analysis Deep Dive 29:16 Special Situation Deep Dive 32:33 Bajaj Finserv and Mah Scooter Story 34:26 Lessons from Losses 38:33 Confidence Petroleum Story 40:46 Portfolio Deep Dive 42:31 Investable Universe Deep Dive 46:03 ION Exchange Story 47:23 GSM Segment Deep Dive 48:52 IPO Investment Deep Dive 52:08 Message to SME IPO Investors 52:58 Top 5 Holdings Deep Dive 56:28 Learnings and Mistakes Deep Dive 57:14 Exit Strategy Deep Dive 01:02:01 Top Investing Books 01:03:46 Balance Sheets Deep Dive 01:06:35 Rent vs Buying a House 01:09:51 Daily Routine of an Investor 01:11:00 Top Sources for Investors 01:13:10 AI Tools for Investing 01:14:06 What Would Mr. Ashish Ask Himself? 01:20:31 When Did He Turn Full Time Investor? 01:23:59 Conclusion & Outro #kushallodha