OMKARA CAPITAL – DAILY NEWSLETTER (4th June, 2026)

Headlines
•⁠ ⁠Israel and Lebanon have agreed to “the implementation of a ceasefire”.
•⁠ ⁠The US–India deal and the RBI meeting this week are important to track.

Stocks in news
•⁠ ⁠Jefferies on Poonawala: initiates coverage with a price target of ₹490/share. Jefferies expects sharp earnings growth, with ROE expanding to 16% by FY29E (vs. 6% in FY26).
•⁠ ⁠Skipper: approves raising up to ₹433 cr via equity, including the issuance of 92 lakh shares at ₹470/share.

MARKET COMMENTARY: STAY STOCK SELECTIVE, but only with strong management and balance sheets. Investment journey should be lonely and not part of the crowd with narratives

It’s the wisdom of markets, and the madness of crowds.

I love the quote above as it reminds us that markets have a wisdom that must be respected despite the madness and noise around us. Everyone you speak with worries about the US–Iran war, FII outflows, currency depreciation, or any number of other things that are outside anyone’s control and change by the minute. Despite two years of underperformance in India, we have still seen many winners from select sectors (and not AI) where there are massive tailwinds. Themes don’t shift in a few days the way they do on social media. Investing is a grinding process, and at times a lonely one. We stick with manufacturing, precision engineering, financials (NBFCs), pharma, and textiles as our anchor sectors, and we are focused on building systems to be future-ready. We are studying many companies, but not rushing — margin of safety remains our first and most important criterion.

On a separate note, I want to share some genuinely good news. Our AIF — the Boring India AMC India Inflection Fund — has reported its May 2026 returns. Gross returns since inception stand at 55%, versus 10.5% for the BSE 500 and 6.5% for the Nifty 50 over the same period. We have operated without any distributor, relying entirely on your trust. Sincere thanks to our investors and extended family for everything

Some other items worth mentioning

Bitcoin: we all remember the craze of a year ago, when Trump, Musk (with Dogecoin), Saylor, and many others pumped it relentlessly. Individual meme coins launched at the peak (the Melania meme coin, for instance) are now down 99% or more. And Bitcoin itself — the headline asset — is down 50% from its high, yet no one is talking about it. Even today, many investors are buying into global markets on euphoria rather than fundamentals, which is unsettling for a boring investor like me.

Rajesh Exports: SEBI has accused Rajesh Exports of one of India’s largest corporate frauds, alleging that 98% of its reported five-year revenue — ₹15.15 lakh crore out of ₹15.45 lakh crore — was misrepresented. The mismatch is stark: while its core Swiss subsidiary, Valcambi SA, reported only a few hundred crore in standalone annual revenue, the Indian holding structure inflated that figure into several lakh crore at the group level. What is more surprising is that LIC holds a roughly 10% stake.

In closing: while there is plenty of negative news flow to read every day, smart money is quietly investing in select names. Skipper and KRN Heat completed QIPs, Lenskart saw a block deal, and several brokers are initiating coverage daily on select stocks. We continue to see value in IIFL Finance, Borosil Renewables, Happy Forgings, VST Tillers, Gokaldas Exports, and many NBFCs.

The only way to stay at the wicket is disciplined risk management — and resisting the urge to get rich on a daily basis. Enjoy the grind now; enjoy the ride later.

Warm regards,
Omkara Capital Private Limited, India

www.omkaracapital.in

Disclaimer: This newsletter is for informational purposes only and does not constitute investment advice. Please consult your financial advisor before making any investment decisions.