Research-led investing in India's listed markets, trusted by 150+ clients since 2022.
Founded by Piyush Vaid & Hitesh AdvaniFormerly HDFC Ltd, Motilal Oswal, IndusInd Bank
01The partners
One partner brings analytical rigour in credit, lending and equities; the other, an instinct for building businesses and client relationships. Both saw investing from inside India's largest institutions, and both wanted a firm where the client's interest is never second.
Managing Partner
MBA, Finance
Over a decade inside India's lending and wealth institutions. Piyush led microfinance lending across a regional portfolio at IndusInd Bank, advised equity investors as an Investment Franchise Manager at Motilal Oswal, and ran branch profitability, compliance and client relationships as a Branch Manager at HDFC Ltd.
Co-Founding Partner
MBA, Marketing
An operator before an investor. Hitesh built and scaled a distribution business for Prestige, one of India's best-known kitchen appliance brands, while running a Motilal Oswal franchise that gave him first-hand exposure to retail investing and client service.
02What we stand for
Modern in our approach. Traditional in our principles.
01
Every recommendation is tested against one question: is this in the client's best interest? Protecting capital matters as much as growing it.
02
Legal, transparent and fully disclosed. Clients see what they own, why they own it, and what it costs.
03
In-house analysis of India's listed companies, pairing quantitative screens with judgement on promoters, sectors and the economy.
04
Data and technology do the heavy lifting. The principles stay timeless: buy quality, stay patient, manage risk.
03How we invest
Every position is the end of a chain of decisions, not an isolated tip. Four layers narrow the market step by step, so each holding fits the portfolio, the risk budget and the moment India is in.
Growth, inflation, RBI policy, the fiscal deficit, FII and DII flows, and the rupee. This sets the risk posture for everything below.
Large, mid or small cap, weighed on valuation, earnings growth, liquidity, market breadth and sentiment.
Energy transition, Digital India, defence and domestic manufacturing, healthcare, and rising consumption.
Bottom-up valuation, earnings quality, balance sheet strength and governance, with position sizes capped to limit concentration.
Before any company is considered
The numbers come first. Only companies that clear every screen move on to full research.
P/E below its sector average, with outliers removed from the benchmark.
Market capitalisation of at least ₹700 Cr, for liquidity and coverage.
Price-to-book low relative to sector peers.
Trailing revenue growth of 15%+ and net profit growth of 10%+.
Promoter and FII holding together at 50% or more.
Positive operating cash flow, so profits are backed by real cash.
Then, the businesses we favour
Brands customers return to out of habit or trust, with the pricing power that follows.
Businesses with network effects and high switching costs that get stronger as they grow.
Non-cyclical demand, backed by differentiated products and sustained R&D.
04Track record
We have never relied on advertising. Growth came from clients who stayed, and then introduced the people closest to them.
FY 2022–23
Started with family, relatives and trusted friends, each onboarded personally by the founders. The year went into building the research framework and investment process.
FY 2023–24
The first full year. Founding clients began referring friends and family, and growth came entirely by word of mouth.
FY 2024–25
Expanded from equity into debt instruments and built research relationships with promoters and auditors of listed companies.
FY 2025–26
Alternative Investment Funds and fund houses joined as institutional clients. Coverage now spans equity, debt, private equity, tax-saving and liquid instruments.
* Net returns and assets as reported from the firm's internal records for each financial year. These figures are not independently audited, individual client outcomes vary, and past performance does not indicate future results.
05Research calls, 2023–2026
Positions from our research model portfolio, started after the March 2023 correction and exited through 2023–2026. We show every call, including the ones that lost money.
13
calls shown
11 of 13
closed higher
+138%
median result
Garden Reach Shipbuilders
Apr 2023 → Sep 2024 · Defence
Eternal (Zomato)
Apr 2023 → Jan 2026 · Digital
Bhagyanagar Industries
May 2023 → May 2026 · Manufacturing
Tilaknagar Industries
Apr 2023 → Nov 2024 · Consumption
Waaree Energies
Jun 2023 → Dec 2024 · Energy transition
Jeena Sikho Lifecare
Jun 2023 → Dec 2024 · Healthcare
HAL
Apr 2023 → Jul 2024 · Defence
NAVA Ltd
Apr 2023 → Jan 2025 · Energy
Dee Development Engineers
Jun 2024 → May 2026 · Manufacturing
JK Paper
Apr 2023 → Oct 2023 · Materials
ACC
Apr 2023 → Sep 2024 · Infrastructure
Wipro
Apr 2023 → Mar 2024 · Digital
Udaipur Cement Works
May 2023 → May 2026 · Infrastructure
Please read: these are research calls from an illustrative model portfolio, using approximate market prices at entry and exit. They are not the returns of any client account or fund, have not been audited, and exclude costs and taxes. Results of this kind are not typical and cannot be relied on to repeat. Past performance does not indicate future results, and nothing here is a recommendation to buy or sell any security.
06What we offer
For individuals, families and institutions, including Alternative Investment Funds and fund houses.
Research-led portfolios of NSE and BSE listed companies.
Fixed-income instruments for stability and diversification.
Selective access to growing Indian businesses through our promoter network.
Instruments for tax efficiency and short-term parking of cash.
07In our clients' words
Client quote goes here: one or two sentences in the client's own words about working with Astro Miles.
Client name
City · Client since 20XX
Client quote goes here: ideally something specific, such as how they are kept informed or how a difficult market was handled.
Client name
City · Client since 20XX
Client quote goes here: an institutional or long-standing client works well in this slot.
Client name
City · Client since 20XX
?Questions
Your details open in a WhatsApp chat with our team. A partner or senior team member will reply, usually the same working day, to understand your goals and set up a call.
No. The first conversation is about understanding your situation and explaining how we work. You decide whether to proceed.
Yes. Our office is at Durga Towers, Begumpet, Hyderabad. We are happy to meet there by appointment.
No. Investments in securities are subject to market risk, and past performance does not indicate future results. We will walk you through the risks of any strategy before you invest.
→Start a conversation
No obligation. We will explain the risks as clearly as the opportunities.
Enquire. Three details, one minute.
Conversation. A call or meeting to understand your goals.
Proposal. A plan in writing, with costs and risks spelled out.