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<rss version="2.0"><channel><title>Pokharna Research research notes</title><link>https://pokharnaresearch.in/notes/</link><description>Pokharna Research: company analysis, industry intelligence, financial statement analysis and corporate due diligence for Indian businesses.</description>
<item><title>Case study: Kodak, when the invention is not the business</title><link>https://pokharnaresearch.in/notes/case-study-kodak-when-the-invention-is-not-the-business/</link><guid>https://pokharnaresearch.in/notes/case-study-kodak-when-the-invention-is-not-the-business/</guid><pubDate>Mon, 12 Oct 2026 00:00:00 GMT</pubDate><description>A widely documented example of a market leader whose core business was displaced by a technology it helped to invent.</description></item>
<item><title>Case study: Nokia, leading a market and then losing it</title><link>https://pokharnaresearch.in/notes/case-study-nokia-leading-a-market-and-losing-it/</link><guid>https://pokharnaresearch.in/notes/case-study-nokia-leading-a-market-and-losing-it/</guid><pubDate>Mon, 12 Oct 2026 00:00:00 GMT</pubDate><description>How a leading mobile-phone maker was affected when the market shifted from handsets to software platforms.</description></item>
<item><title>Cyclical or structural? Separating the cycle from the trend</title><link>https://pokharnaresearch.in/notes/cyclical-vs-structural-demand/</link><guid>https://pokharnaresearch.in/notes/cyclical-vs-structural-demand/</guid><pubDate>Mon, 12 Oct 2026 00:00:00 GMT</pubDate><description>Why a strong year is not a trend, and how to tell whether an industry's demand is rising with the cycle or for lasting reasons.</description></item>
<item><title>Five places working capital can hide risk</title><link>https://pokharnaresearch.in/notes/five-places-working-capital-can-hide-risk/</link><guid>https://pokharnaresearch.in/notes/five-places-working-capital-can-hide-risk/</guid><pubDate>Mon, 12 Oct 2026 00:00:00 GMT</pubDate><description>Receivable ageing, inventory build-up, supplier terms, advances and cash-flow divergence: where to look when profit looks better than cash.</description></item>
<item><title>Growth at what cost? Incremental returns and funding needs</title><link>https://pokharnaresearch.in/notes/growth-at-what-cost/</link><guid>https://pokharnaresearch.in/notes/growth-at-what-cost/</guid><pubDate>Mon, 12 Oct 2026 00:00:00 GMT</pubDate><description>Revenue growth is not the same as value creation. How to examine the capital a business consumes to grow, and what it earns on the extra capital.</description></item>
<item><title>How to read an industry in five questions</title><link>https://pokharnaresearch.in/notes/how-to-read-an-industry-in-five-questions/</link><guid>https://pokharnaresearch.in/notes/how-to-read-an-industry-in-five-questions/</guid><pubDate>Mon, 12 Oct 2026 00:00:00 GMT</pubDate><description>A simple, repeatable checklist for understanding how an industry earns its profits before looking at any single company.</description></item>
<item><title>Profit is an opinion. Cash flow is a test.</title><link>https://pokharnaresearch.in/notes/profit-is-an-opinion-cash-flow-is-a-test/</link><guid>https://pokharnaresearch.in/notes/profit-is-an-opinion-cash-flow-is-a-test/</guid><pubDate>Mon, 12 Oct 2026 00:00:00 GMT</pubDate><description>How to read the relationship between reported earnings, receivables, inventory and operating cash flow, and what deserves a closer look.</description></item>
<item><title>Reading the auditor's report: what to look for</title><link>https://pokharnaresearch.in/notes/reading-the-auditors-report/</link><guid>https://pokharnaresearch.in/notes/reading-the-auditors-report/</guid><pubDate>Mon, 12 Oct 2026 00:00:00 GMT</pubDate><description>The parts of an auditor's report worth reading closely: the type of opinion, key audit matters, emphasis paragraphs and going-concern comments.</description></item>
<item><title>Related-party transactions: what to look for</title><link>https://pokharnaresearch.in/notes/related-party-transactions-what-to-look-for/</link><guid>https://pokharnaresearch.in/notes/related-party-transactions-what-to-look-for/</guid><pubDate>Mon, 12 Oct 2026 00:00:00 GMT</pubDate><description>Why dealings between a company and its promoters, subsidiaries or associates deserve a closer read, and the questions to ask about each one.</description></item>
<item><title>Return on capital: how to read ROCE and ROE</title><link>https://pokharnaresearch.in/notes/how-to-read-return-on-capital/</link><guid>https://pokharnaresearch.in/notes/how-to-read-return-on-capital/</guid><pubDate>Mon, 12 Oct 2026 00:00:00 GMT</pubDate><description>What return on capital employed and return on equity measure, how leverage can flatter them, and what to compare them against.</description></item>
<item><title>The four engines of company growth</title><link>https://pokharnaresearch.in/notes/four-engines-of-company-growth/</link><guid>https://pokharnaresearch.in/notes/four-engines-of-company-growth/</guid><pubDate>Mon, 12 Oct 2026 00:00:00 GMT</pubDate><description>Volume, price, mix and new markets: a simple way to explain where a company's growth actually comes from, and how durable each source is.</description></item>
<item><title>What is free cash flow, and why does it matter?</title><link>https://pokharnaresearch.in/notes/what-is-free-cash-flow/</link><guid>https://pokharnaresearch.in/notes/what-is-free-cash-flow/</guid><pubDate>Mon, 12 Oct 2026 00:00:00 GMT</pubDate><description>A plain-English explanation of free cash flow, how it is commonly calculated, and the cautions that go with it.</description></item>
<item><title>Who captures the value in a sector?</title><link>https://pokharnaresearch.in/notes/who-captures-the-value-in-a-sector/</link><guid>https://pokharnaresearch.in/notes/who-captures-the-value-in-a-sector/</guid><pubDate>Mon, 12 Oct 2026 00:00:00 GMT</pubDate><description>Tracing profit along the value chain, from suppliers to manufacturers, distributors and customers, to see who holds the pricing power.</description></item>
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