Invest in Compounding Businesses. Anchored by Forensic Accounting Rigour.
We reject speculative market noise and short-term stock tips. Led by CA Shivam Dugaya, Wealth Compounder applies audit-level balance sheet scrutiny and disciplined valuation models to identify durable compounders for patient, long-term wealth creation.
Timeless Investing Principles. Rigorous Execution.
At Wealth Compounder, our research framework is grounded in the timeless disciplines of value investing, forensic balance sheet verification, and patient multi-year compounding.
The first rule of compounding: Never interrupt it unnecessarily. Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things.
Accounting is the language of business. You have to understand accounting and you have to understand the nuances of accounting to be successful at making equity investments.
Behind every stock is a company. Find out what it's doing. If you understand the business and the balance sheet, you will outperform the crowd.
Behind Every Investment Is a Decision Worth Understanding.
Markets offer a constant stream of information, opinions, and opportunities. Knowing what matters requires more than following price movements. It requires understanding how a business earns, what supports its growth, whether its valuation is reasonable, and how an investment fits into your broader financial picture.
At Wealth Compounder, we turn analysis into clear explanations. Our research explores investment opportunities, while our advisory service considers your individual circumstances to help you make informed choices.
Forensic Audit Meets Long-Term Equity Research
Most retail investors lose money not by missing multi-baggers, but by buying hidden accounting traps. Led by CA Shivam Dugaya, our research applies audit-level scrutiny before evaluating any stock thesis.
1. Accrual & Cash Divergence
We reconcile reported Operating Profits (EBITDA) with genuine Cash Flow from Operations (CFO). If profits don't translate to bankable cash, the thesis fails.
2. Governance & Related Parties
We scrutinize auditor notes, contingent liabilities, promoter share-pledging, and related-party advances to identify governance red flags early.
3. Reinvestment Rate & ROIIC
Compounding requires deploying capital at high hurdle rates. We measure Return on Incremental Invested Capital to test the durability of the business moat.
4. Solvency & Working Capital
We stress-test debt repayment schedules and cash conversion cycles to ensure the company thrives through economic downcycles without dilution.
The Power of Long-Term Compounding
Consistent investments combined with sensible return hurdles create exponential wealth trajectories. Use our interactive calculator to see how patient capital accumulates over time.
Give Your Investment Decisions a Clearer Direction.
Whether you are looking for company research or personalised investment advice, explore how Wealth Compounder's services can support your investment journey.
Built Around Research. Guided by Your Goals.
Wealth Compounder brings together equity research and investment advisory with a focus on clear thinking, careful analysis, and informed decision-making. We help investors understand the businesses they invest in and consider how their investment choices relate to their financial objectives.
Analysis Beyond the Ticker Symbol.
Our research looks at business fundamentals, financial strength, industry dynamics, valuation, and investment risks. Our advisory service adds a personal dimension by considering each client's financial circumstances, investment horizon, and risk profile.
We believe useful advice should come with an explanation. Our aim is to help clients understand the reasoning behind a recommendation, the trade-offs involved, and the uncertainties that remain.
"To provide well-reasoned research and personalised investment advice that help investors make informed decisions with a clear understanding of opportunities and risks."
A Long-Term Outlook Begins with Thoughtful Decisions Today.
Compounding depends on many factors, including investment outcomes, time, costs, and investor behaviour. Our philosophy centres on understanding businesses, maintaining valuation discipline, considering risk, and reviewing decisions as circumstances evolve.
We approach investing as an ongoing process of analysis and judgment. Patience matters, but so does the willingness to revisit assumptions when the evidence changes.
The Principles Governing Our Practice
Our work is anchored in four core values that shape every interaction, research report, and advisory consultation.
Clarity
We make research and advice understandable, with clear explanations of the reasoning, limitations, and underlying assumptions.
Discipline
We follow a structured, repeatable process when evaluating companies, estimating intrinsic value, and developing recommendations.
Transparency
We communicate service scope, fees, relevant disclosures, and potential conflicts of interest clearly before every engagement.
Client Understanding
We take the time to understand the unique goals, risk capacity, and liquidity milestones that shape each advisory client's needs.
Meet the Founder
Personal accountability, verifiable credentials, and institutional pedigree behind every analysis.
CA Shivam Dugaya
CA Shivam Dugaya established Wealth Compounder to bring institutional forensic accounting rigour, unconflicted equity research, and patient long-term investment advisory to discerning investors seeking analytical depth.
As a qualified Chartered Accountant and SEBI-registered Research Analyst (Registration No. INH000015631, registered since March 19, 2024 with perpetual validity), Shivam Dugaya combines professional audit-level scrutiny of financial statements, balance sheet health checks, and cash flow verification with qualitative business moat analysis.
The firm's approach reflects a confirmed research philosophy: grounding investment decisions in owner-earnings analysis, capital allocation track records, and strict margin-of-safety valuation thresholds rather than market momentum or speculative tips.
SEBI Registered Research Analyst
2 Years on Official SEBI Register
Experience Research-Driven Investing.
Whether you are seeking company research or personalized advisory, we welcome the opportunity to discuss your financial journey.
A Thoughtful Approach to Research and Investment Advice.
Different investors need different kinds of support. Wealth Compounder offers equity research for understanding investment opportunities and personalised advisory services for decisions that require an assessment of your individual financial circumstances. Each service has a defined scope, with deliverables and fees explained before engagement.
Understand the Business Behind the Stock.
Our equity research examines the factors that shape a company's investment case. We study how the business operates, assess its financial performance, consider its competitive position, and evaluate valuation using stated assumptions.
Research presents both the opportunity and the risks. It explains what supports the investment thesis and what developments could weaken or change it.
Proposed Coverage:
- ✓ Business model and revenue drivers
- ✓ Industry structure and competitive positioning
- ✓ Financial statements, cash flows, and debt
- ✓ Management and capital allocation track record
- ✓ Valuation methods and explicit sensitivity assumptions
- ✓ Investment rationale and key downside risks
Advice That Starts with Understanding You.
Investment decisions should reflect your financial goals and the circumstances in which you will hold those investments. Our advisory process begins with understanding your objectives, financial position, investment experience, time horizon, and risk profile.
We use this assessment to develop recommendations and explain their suitability, trade-offs, and risks. The scope of advice and the review arrangements are agreed upon at the start of the engagement.
Proposed Coverage:
- ✓ Financial goal assessment and milestone mapping
- ✓ Risk profiling and formal suitability assessment
- ✓ Investment horizon and liquidity considerations
- ✓ Strategic asset allocation recommendations
- ✓ Personalised investment recommendations with full rationale
Process, Framework & Due Diligence for Company Selection
We invest through public markets to build a concentrated portfolio of companies, all of which possess a sustainable competitive advantage, have demonstrated pricing power, and have a long runway to grow profitably.
Ultimately, the companies we invest in have high return ratios, strong cash flows, and robust balance sheets, and are run by capable, trustworthy managers who are able to redeploy cash flows profitably to grow their businesses over a long period of time. We believe that successful capital allocation decisions can result in steady compounding of returns at a high rate which results in outperformance over the long-term while taking on limited risks. As value investors, we invest in these outstanding companies when their valuations are below our conservative estimate of intrinsic value.
Moat & Pricing Power
Sustainable competitive advantage with a long runway for profitable growth.
Financial Durability
High return ratios, robust balance sheets, and strong free cash flow generation.
Capital Allocation
Capable, trustworthy leadership redeploying cash flows profitably over decades.
Margin of Safety
Disciplined entry strictly below our conservative estimate of intrinsic value.
Our diligence process compels us to understand a business better than anyone else
Granular Business Drivers & Moat Sustainability
The process involves understanding the underlying growth drivers of a business in granular detail, evaluating the strength and sustainability of the competitive moat, and judging the capability and intentions of management. In order to accomplish this objective, we conduct extensive due diligence involving various stakeholders.
Management Relationships & On-Ground Field Research
We build strong relationships with management teams and entrepreneurs who are well regarded by the industry, in order to fully understand their business, and thus invest with confidence when we feel the valuation is attractive. Our conviction is further strengthened through the extensive on-ground field research we undertake with other stakeholders to understand the company from their perspective.
Management Quality, Capital Allocation & Corporate Governance
A key focus of our research is to ascertain the quality of the management team in order to determine their skill at allocating capital and whether they have the passion to take their business to the next level. A less appreciated, but extremely important part of this process, is to evaluate the integrity of the management team and corporate governance structure they have put in place.
Proprietary Edge & Benchmark-Agnostic Portfolio Construction
Our intensive proprietary due diligence ultimately allows us to discover under-researched opportunities which we use to build a highly differentiated, benchmark agnostic portfolio.
Disciplined Valuation & Transparent Assumptions
Every valuation model relies on assumptions regarding the future. At Wealth Compounder, we invest in outstanding companies only when their valuations are below our conservative estimate of intrinsic value, ensuring an uncompromising margin of safety.
Frequently Asked Questions.
Clear answers about our service scope, distinction between research and advisory, fee structures, regulatory safeguards, and engagement processes.
Wealth Compounder offers equity research and personalised investment advisory, including portfolio review and advisory where agreed. The deliverables, fees, and terms of each service are explained and formally documented before engagement.
Equity research analyses investment opportunities and presents independent research conclusions regarding companies and valuations. Personalised investment advisory goes further by considering your personal financial circumstances, financial goals, risk profile, and investment horizon when developing tailored recommendations.
Personalised recommendations are provided through our investment advisory service after the relevant information gathering, risk profiling, and suitability assessment. Equity research subscriptions, by contrast, provide general fundamental analysis and coverage notes without individual customization.
Yes, through our portfolio review and advisory service. The review assesses your existing investments in relation to your objectives, risk profile, diversification, sector exposure, and investment horizon, providing an objective forensic diagnosis.
No. Wealth Compounder operates on a strict non-discretionary advisory model. We do not manage client accounts, execute transactions, or hold custody of client funds or securities. Clients retain 100% control over their trading and depository accounts with their chosen brokers and execute recommendations at their discretion.
No. Investments in securities markets involve risk, including the potential loss of capital. Research, advice, and past performance do not guarantee future investment outcomes. Wealth Compounder does not make assurances or promises of guaranteed returns under any circumstances.
Services are delivered through encrypted email, our secure client repository portal, and scheduled virtual strategy sessions. The specific format and frequency depend on the selected service and agreed terms in your engagement agreement.
Fees are shared transparently before engagement. We operate on a fee-only model with zero distributor commissions or rebates. Please contact us directly for the fee schedule of the specific service you are considering.
Contact our designated Grievance Officer, CA Shivam Dugaya, at [email protected]. Full details of our multi-tiered complaint resolution timeline and regulatory escalation channels (SEBI SCORES 2.0 and SMART ODR) are available on our Grievance Redressal section.
Tell Us What You Are Looking For.
Whether you want to understand our research coverage, explore personalised investment advisory, or enquire about a portfolio review, we are here to explain the available services. Share your requirements, and we will help you understand the next steps.
Send an Enquiry
Please fill in your details below. Our team reviews all incoming submissions and responds within one business day.
Wealth Compounder
Principal Research Analyst
CA Shivam Dugaya (Proprietor)
SEBI RA: INH000015631 (Perpetual)
Registered Office
C608 Sanskriti Society, Kaspate Wasti Road, Wakad, Pune, Maharashtra 411057, India
Business Hours
Monday ' Friday: 9:30 AM ' 6:00 PM IST
Closed on NSE/BSE Trading Holidays
What Happens Next?
- Our team reviews your submission for service suitability.
- We send an introduction memo detailing scope, deliverables, and fees.
- If proceeding with advisory, we initiate mandatory SEBI risk profiling.
Regulatory Disclosures & Conflicts of Interest.
This page provides information about Wealth Compounder's service scope, registration details, relevant interests, potential conflicts, and other applicable disclosures.
1. Entity and Registration Details
Wealth Compounder is a sole proprietorship firm owned and operated by Shivam Dugaya, registered with SEBI as a Research Analyst:
- Entity Name on SEBI Register: Shivam Dugaya Proprietor of Wealth compounder
- SEBI Registration Number: INH000015631
- Registration Date & Validity: March 19, 2024 - Validity: Perpetual
- Registered Office: C608 Sanskriti Society, Kaspate Wasti Road, Wakad, Pune, Maharashtra, 411057
- Principal Analyst: CA Shivam Dugaya - Phone: +91 81092 18342 - Email: [email protected]
2. Clear Segregation of Research and Advisory
Wealth Compounder maintains an arm's-length segregation between independent Equity Research distribution and Personalised Investment Advisory engagements. Research reports are prepared without regard to individual circumstances. Clients of our advisory service undergo explicit suitability checks prior to receiving personal recommendations.
3. Disclosures under SEBI Regulations
- Neither the Research Analyst nor any relative holds 1% or more financial interest or beneficial ownership in the securities of covered companies.
- Neither the Analyst nor the firm has received compensation from subject companies for merchant banking or brokerage in the past 12 months.
- The Analyst does not serve as an officer, director, or employee of subject companies.
4. No Guarantees on Returns
Investments in securities markets are subject to market risks. Past performance is neither an indicator nor a guarantee of future outcomes. Wealth Compounder does not offer, promise, or assure any guaranteed returns on equity investments.
SEBI Investor Charter.
Official SEBI Investor Charter detailing rights of investors, dos and don'ts, and grievance escalation timelines for Research Analyst and Investment Adviser services.
A. Vision and Mission of Research Analysts
Vision: Protect the interests of investors and encourage healthy development of capital markets by providing independent, unbiased, and objective research.
Mission: Provide research analysis grounded in fact-based assessments, maintaining confidentiality and highest standards of professional integrity.
B. Rights of Investors
- Receive unbiased research reports and fair treatment from the Research Analyst.
- Get transparent disclosure of all conflicts of interest, ownership, and compensation.
- Access established grievance redressal channels with designated timelines.
C. Dos and Don'ts for Investors
DO: Always verify SEBI registration status before subscribing. Understand that research does not guarantee returns.
DON'T: Never share your trading passwords or bank OTPs. Do not be misled by promises of unrealistic or guaranteed profits.
Investor Grievance Redressal Mechanism.
Official escalation matrix, designated grievance officer contact details, and SEBI SCORES 2.0 and SMART ODR portal resolution timelines.
Tier 1: Direct Internal Resolution
If you have any grievance or complaint, please write directly to our designated Grievance Redressal Officer:
Grievance Officer: CA Shivam Dugaya
Email: [email protected] / [email protected]
Phone: +91 81092 18342
Turnaround Time: We acknowledge within 24 hours and resolve within 7 business days.
Tier 2: SEBI Complaints Redress System (SCORES 2.0)
If your grievance is not resolved to your satisfaction within 30 days, you can lodge a complaint on the official SEBI SCORES portal at scores.sebi.gov.in ↗.
Tier 3: Online Dispute Resolution (SMART ODR)
If unresolved through SCORES, disputes can be escalated to the SMART ODR Portal for conciliation and online arbitration at smartodr.in ↗.
Privacy Policy.
Learn how personal, contact, and financial suitability data is gathered, processed, and safeguarded by Wealth Compounder.
Information We Collect
When you submit an enquiry, subscribe to research, or engage advisory services, we collect contact details (name, email, phone number) and mandatory SEBI suitability profiling information.
How We Use Your Information
Your information is used strictly to deliver research reports, conduct suitability assessments, provide personalized advice, and satisfy statutory SEBI record-keeping requirements. We do not sell, rent, or trade client information to any third parties.
Data Security
We employ modern encryption and secure server practices to protect your information against unauthorized access, alteration, or disclosure.
Terms of Service.
Terms governing the use of the Wealth Compounder website, research subscriptions, and advisory engagements.
1. Website Use & Intellectual Property
All materials, research notes, calculators, and content published on this website are the intellectual property of Wealth Compounder and CA Shivam Dugaya. Content may not be redistributed without express written permission.
2. Non-Discretionary Advisory Scope
Our advisory engagements are strictly non-discretionary. Clients execute all transactions independently in their own brokerage accounts. Wealth Compounder does not handle client money or securities.
3. Jurisdiction & Dispute Resolution
All engagements are governed by the laws of India and subject to the exclusive jurisdiction of the competent courts in Pune, Maharashtra.