Windmill Capital Investor Letter – July 2026 Edition
Windmill Capital Archives - smallcase
Windmill Capital Investor Letter – July 2026 Edition
July was the month earnings did the heavy lifting. Strong Q1 FY27 results and a Fed on hold pushed Indian equities higher even as crude oil climbed and geopolitical tension stayed elevated all month.
₹1 Lakh, One Crash, Three Very Different Outcomes
Three investors put money into the exact same strategy right before a market crash. One panicked and sold. One held on. One kept a monthly SIP going through it all. Same crash, same strategy; wildly different outcomes. Here's what actually separated them.
Inside HNI Prime Growth at a Fair Price Asset Allocation smallcase
Rather than staying invested in equities at all times, the HNI Prime Growth at a Fair Price moves between asset classes depending on how equity markets are behaving.
Strategic Analysis: The Persistent-Nagarro $2.9 Billion AI Consolidation
Persistent Systems just agreed to buy Germany's Nagarro SE for $1.3 billion and paid a jaw-dropping 140% premium to do it! We explain this deal in plain English.
How Kirloskar Oil Engines Went From Boring to Upper Circuit
KOEL (Kirloskar Oil Engines Limited) posts record ₹5,604 crore in FY26 sales, wins 192 MW hyperscale data centre order, and launches defence subsidiary Kirloskar Advanced Systems.
HCLTech Is Down 36% This Year, Here’s What It’s Betting On Next
HCLTech moves into chip manufacturing with Foxconn, a lead investment in India's sovereign AI project Sarvam, and a retraining push across 135,000 employees.