Independent Research

Markets, models,
and honest analysis.

Revenue CAGR: 8% in FY27, tapering to 4% by FY31, anchored to analyst consensus
EBITDA margin: 22% held constant, in line with recent actuals
Capex: approximately 5% of revenue based on a 5-year historical average
Change in working capital: 2.5% of revenue
Tax rate: 25%

Equity deep-dives and crypto research, written by a finance learner who would rather be right than sound smart.

Noman Khursheed

Aspiring financial analyst based in India. I build valuation models, research crypto markets, and write about what I am learning in public.

Finance and Equity Research Crypto and Token Markets DCF Modelling Korean Exchange Dynamics Excel and Power BI Tokenomics

CV / Resume

Markets, models,and honest analysis.