What determines the health of the real estate market? Wage growth - both the extent & stability of this With some major job creator industries (IT Services, tech) slowing down in metro India......can current rentals sustain in the residential market?

There are nuances within sectors - Some new entrants have scaled in pipes & fittings - Different story in plywood - Some new entrants have made a dent in MDF market Is it unit economics? Supply side challenges? Brand strength? Distribution? Can be a case study by itself

The longer the consolidation & base formation in an uptrend, the stronger the move when it eventually plays out Disc: This business is part of one of our smallcase portfolios Not a recommendation, please do your own due diligence

What do you understand that the market doesn't yet? You either need an analytical edge OR a behavioral edge to develop variant perception Reading earnings calls & tracking results is just step one in this. Do not hype up this simple, basic activity

What does one navigate a grinding market? - Stay patient - Don't indulge in needless activity - Focus on fundamentals & earnings - Do the work without expecting immediate payback Tell yourself that this is a stepping stone for better times in the future