Last updated: 8 August 2026
This disclaimer applies to The Microcap Minute and The Microcap Minute Global, published by Ayush Agrawal. Every issue carries a short notice covering advice, positions and sources, and links here for the full text.
How an issue is put together is set out separately in our Methodology.
This is impersonal commentary, published on a regular schedule to a general audience. It is not personalised advice, and no reader is a client.
Nothing here is a recommendation to buy, sell, or hold any security. The same content goes to every reader. It is not tailored to anyone’s financial situation, objectives, or risk tolerance, and no reader’s individual circumstances are known to the author.
It covers only securities listed on non-Indian exchanges. Readers of any nationality or residency are welcome; the restriction is on subject matter, not audience. Depositary receipts and other instruments of companies also listed on an Indian exchange are excluded from coverage.
The tests that produce it are printed in full in every issue. The fundamentals section reports figures published by StockAnalysis.com and does not score or rank the companies.
Nothing here is a buy, sell or hold rating, a price target, or a forecast. Relative strength and past financial results describe what has already happened and do not predict future returns.
The tests are mechanical. Given the same figures they always return the same answer, and they are printed in full in every issue.
The step before them is not. Which sectors are followed, which industry funds are shown, and which companies are carried into those tests, is the author’s own reading of a Relative Rotation Graph, done by eye. It is a judgement. Another reader looking at the same graph could reasonably reach a different one, and no part of it is automated or reproducible in the way the tests are.
A position statement is printed in the disclaimer of every issue and states the position as at the time of writing. It is re-checked and re-affirmed before every issue is built, and an issue whose declaration has not been re-affirmed does not build at all. It covers the author, the author’s household and any entity the author controls.
This page describes the practice. It does not carry a live position, because a position can change between issues and a policy page nobody rebuilds would go stale. The statement in the issue you are reading is the current one.
No position is opened or closed in any security named in an issue within 72 hours either side of publication.
The author accepts no payment from any company covered, from any promoter, or from any investor relations firm, and has never done so.
Relative Rotation Graphs and all charts are from StockCharts.com. Every figure we report, in the text, the tables and the company cards, is from StockAnalysis.com: the sector and fund prices behind the sector map, the price and moving-average data behind the shortlist, and the company fundamentals.
A reproduced chart necessarily shows its own axis scales and the index level on the day, and those are StockCharts’ figures, presented as part of their image. Nothing is read out of a chart into our text, tables or cards. The graphs decide what we look at, not what we print about it.
Where the parts of a return are shown beside the return itself, they are worked out by us from the revenue, net income, total assets and shareholders’ equity that StockAnalysis.com reports, rather than copied from its own ratio columns, so that the parts reconcile with the whole.
In the company cards, a dash means the figure is either not reported or does not apply to that company. A ratio that cannot legitimately be zero, such as inventory turnover for an insurer, is shown as a dash rather than as 0.00, because printing zero would state a measurement that was never made.
Charts are reproduced from StockCharts.com under their reprint permission policy, captured manually, with attribution beneath each chart and their copyright notice left intact.
Relative Rotation Graph(R) and RRG(R) are registered trademarks of RRG Research, used with permission.
Fundamental data from StockAnalysis.com is cited with a link back to the relevant company page, per their permission.
Permission to reproduce charts or data is not an endorsement of this publication or its conclusions.
The publisher participates in the StockAnalysis.com affiliate programme and may earn a commission when a reader subscribes to that service through a link in an issue. This costs the reader nothing.
These arrangements do not influence which sectors, funds or companies appear: selection is made from price and relative-strength data alone, first by the author’s reading of it and then by the stated tests, before any fundamental data or commercial consideration enters the process.
All figures come from the third-party sources named above and are believed reliable at time of publication, but they are not independently verified. The fundamental figures are taken from StockAnalysis.com as published, or calculated from figures it publishes as described above, and are not checked against the companies’ own quarterly or annual filings, exchange disclosures or investor releases. Where StockAnalysis.com and a company’s own filing disagree, our pages follow StockAnalysis.com.
No representation or warranty, express or implied, is made as to the accuracy, completeness or timeliness of any figure. Data may be delayed, revised or incomplete. An error in an underlying source will carry straight into an issue. The screening, collection and assembly of each issue is substantially automated, and both that process and the human editing around it can introduce mistakes of their own.
Any reader intending to rely on a number should check it against the company’s own filings first.
Readers should conduct independent due diligence and consult a licensed financial professional registered in their own jurisdiction before making any investment decision. This publication does not know your circumstances and does not provide personalised advice.
To the maximum extent permitted by law, the author and publisher disclaim all liability for any direct or indirect loss arising from use of, or reliance on, anything published.
This publication is independent. Apart from the reprint permissions and affiliate arrangements disclosed above, the publisher has no corporate relationship with StockCharts.com, RRG Research or StockAnalysis.com: it is not owned by, does not own, and is not under common control with any of them, and has no relationship of any kind with any company discussed. None of these parties endorses or sponsors this publication.
By reading an issue, you acknowledge and accept the terms above.