Understand what you own.

The lost decade is over. The pricing power that was missing for thirteen years has returned, and the market now pays a rich 46 times earnings for exactly that. A wonderful business, no longer a cheap one.

A real compounder in a business that outlives every business cycle. The only open question is price, and at 46x with a quarter of the promoter stake pledged, price is not on your side yet.

A textbook turnaround, from a loss-making laggard to a 29% margin machine, but a lot of that shine comes from US exclusivities that fade, so the real question is what the profit looks like once the jackpots roll off.

The rare Indian carmaker that is winning on both fronts at once, number one in SUVs and number one in tractors, and it is doing it at a multiple that does not yet ask you to pay up for perfection.

The undisputed king of Indian cement, buying up rivals and gushing cash, but you are being asked to pay 41 times earnings for a commodity business earning just 11% on its equity, and the two do not sit comfortably together.