Practice Drills: Scuttlebutt Research on a Real Indian Small Cap

A hands-on drill course for serious investors who know Philip Fisher's scuttlebutt method and now need to run it on a real company. You pick one live Indian small cap and work it end to end. Build the desk file from annual reports, concall transcripts and BSE and NSE filings, map the value chain into a source list, and turn Fisher's fifteen points into questions you can actually test. Draw the UPSI line under SEBI's insider trading regulations before a single call, then script and run dealer checks, customer and competitor interviews, and conversations with ex-employees and suppliers, logging every note in a disciplined format. Back at the desk, run the candour test on five years of management guidance, weight conflicting evidence, and score the company on a weighted fifteen-point scorecard. Finish by valuing the growth, sizing for small-cap liquidity, setting sell triggers and writing a complete scuttlebutt memo you can act on. Every drill uses Indian companies, exchange filings and INR figures.