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Presenting Mutual Fund smallcases by Windmill Capital

HDFC Bank’s Governance Ripple: Understanding the Resignation, the Reaction, and the Path Forward

Atanu Chakraborty’s exit wiped ₹1L cr off HDFC Bank. What it means for governance and what investors should watch.

Three Problems Hit Polycab India at Once. Is It a Crisis?

How Polycab India quietly built the most important infrastructure franchise in Indian manufacturing and why the current turbulence is a chapter, not the story.

BEL: Executing on a Policy Tailwind

From a government-owned manufacturer executing orders to a company that is actively shaping India's defence technology landscape; BEL has structurally changed.

Rebalancing a Windmill Capital smallcase: Everything You Need to Know

This article explains what a rebalance is, what we do when we run one, and answers the questions we hear most often.

Windmill Capital Investor Letter – March 2026 Edition

From a $119/bbl oil shock and a record-low rupee to governance tremors at HDFC Bank and India's first green hydrogen export contracts, we break down March's five defining stories. Read the full update.

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