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Quality & Compounders

Marcellus Rising Giants

Marcellus Rising Giants is a Quality & Compounders screen. It checks every NSE-listed stock against 4 conditions computed from nightly data, after excluding heavily pledged promoters and very small market caps. This page explains the rule, each figure and its source. It lists no stocks and is not advice.

What it does and why

Marcellus Investment Managers' Rising Giants portfolio, managed by Saurabh Mukherjee and his team, targets capital-light businesses in the ₹2,000–₹75,000 Cr market cap range that can compound at 20-25% annually for a decade. The framework's most distinctive criterion is negative net debt (cash exceeds total borrowings) — meaning the company's organic cash generation has been so strong over years that it has accumulated more cash than it owes. This fortress balance sheet is both a quality signal and a strategic advantage: the company can survive any downturn, fund acquisitions opportunistically, and does not need external capital to grow. High ROCE ensures the business is genuinely capital-efficient, not just cash-rich from a one-time sale.

The rule, step by step

A stock must satisfy every condition below. Conditions are grouped under the pillar they test.

Capital Efficiency

  • PAT/Assets ≥ 15%, 3 Years is true

Balance Sheet Strength

  • Total Debt (or 0 if missing) ≤ Cash & Equivalents (or 0 if missing)

Management Quality

Described in the philosophy; not a pass/fail condition in the current rule

General conditions

  • Market Cap ≥ 500
  • Market Cap ≤ 5000

Hard excludes

  • Promoter pledge above 30% of the promoter's holding
  • Market cap below ₹500 crore
Passes the screen

Ranked by Market Cap, highest first.

The figures it uses

Market Cap

Used in a condition
Formula
Close × paid-up equity shares ÷ 10,000,000 (₹ crore)
Input fields
close, paidUpEquityShares
Source of record
Upstox · public historical candles, NSE_EQ|{ISIN} (no auth)FinEdge · /api/v1/daily-quotes/{symbol} (fallback)FinEdge · /api/v1/shareholdings/summary/{symbol}?period=quarterly
Corporate actions
Adjusted for corporate actions before use
Refresh
Recomputed nightly (06:30 IST job); rows older than 3 days are excluded from screens

Total Debt

Used in a condition
Formula
Total debt from the latest annual balance sheet
Input fields
total debt
Source of record
FinEdge · /api/v1/financials/{symbol}?statement_code=bs&period=annual
Refresh
Recomputed nightly (06:30 IST job); rows older than 3 days are excluded from screens

Cash & Equivalents

Used in a condition
Formula
Cash and equivalents from the latest annual balance sheet
Input fields
cash and equivalents
Source of record
FinEdge · /api/v1/financials/{symbol}?statement_code=bs&period=annual
Refresh
Recomputed nightly (06:30 IST job); rows older than 3 days are excluded from screens

PAT/Assets ≥ 15%, 3 Years

Used in a condition
Formula
True when PAT ÷ total assets was at least 15% in each of the latest three years (a ROCE proxy)
Input fields
pat, total assets
Source of record
FinEdge · /api/v1/financials/{symbol}?statement_code=pl&period=annualFinEdge · /api/v1/financials/{symbol}?statement_code=bs&period=annual
Refresh
Recomputed nightly (06:30 IST job); rows older than 3 days are excluded from screens

Promoter Pledge

Hard exclude input
Formula
Pledged shares as a share of the promoter's own holding: pledgedSharesPct ÷ promoter holding × 100; blank when the quarter is not listed
Input fields
pledgedSharesPct, promoter holding
Source of record
FinEdge · /api/v1/shareholdings/summary/{symbol}?period=quarterlyFinEdge · /api/v1/shareholdings/pattern/{symbol}?period=quarterly
Refresh
Recomputed nightly (06:30 IST job); rows older than 3 days are excluded from screens

What each figure means

Revenue CAGR (8 Years, %)

Compound annual growth rate of revenue over 8 fiscal years — the maximum depth of our FinEdge data.

High is better

Return on Capital Employed (%)

EBIT divided by capital employed (total equity + total debt - cash). Measures how efficiently the company uses all the capital at its disposal.

High is better

Net Debt (₹ Cr)

Total debt minus cash and equivalents. Negative means cash exceeds debt — the company is a net creditor, not a borrower.

Negative net debt is Marcellus's most distinctive requirement. It means this company owes nothing in net terms — it could retire all its debt tomorrow and still have cash left over. Very few Indian companies achieve this, which is precisely why those that do are worth identifying.

Low is better

Pledged Shares (% of Total Equity)

Percentage of total equity pledged by promoters. Marcellus requires zero pledge.

Any pledging disqualifies from the Marcellus framework — it signals financial pressure on the promoter and introduces tail risk of forced selling that is inconsistent with the long-duration, patient-capital thesis.

Low is better

Try the rule

Type hypothetical values to see which conditions they satisfy. These are not real stocks and nothing here is stored.

  • Market Cap ≥ 500—
  • Market Cap ≤ 5000—
  • Total Debt (or 0 if missing) ≤ Cash & Equivalents (or 0 if missing)—
  • PAT/Assets ≥ 15%, 3 Years is true—

Enter values to begin

How sensitive is it?

How many stocks pass if this threshold were set differently. Counts only; no stocks are named.

A worked example

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Evidence

What the harness measured

no_verified_figureNot yet tested

We have not measured this screen yet, so there is no record to explain.

Live monitoring

  • 5-day IC -0.044 · signal date 2026-10-14 · n 4447
  • 22-day IC -0.009 · signal date 2026-09-12 · n 3840

This is a historical, statistical measurement produced by FINOME TECHNOLOGIES PVT LTD's research harness on past data. It is not a prediction, and past results do not indicate future results. The universe is today's Nifty 500 constituents, so the sample is affected by survivorship bias. It describes how a screen's selections behaved in the past and does not constitute investment advice or a recommendation.

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Rule version 1.0.0

Questions

How is this screen calculated?
Each stock is tested against 4 conditions using figures computed from exchange prices and company filings, adjusted for corporate actions. The rule is versioned; this page shows version 1.0.0.
How often does the screen update?
The figures are recomputed once each trading day after the nightly compute. A stock whose figures are more than three days old is left out rather than shown stale.
Is this investment advice?
No. This is educational material describing a screening method. It does not recommend any security and does not consider your circumstances.
Educational use only — GoQuant is a research tool. This page explains a screening method and is not a recommendation. Investment advice is provided by FINOME TECHNOLOGIES PVT LTD (AltQube), SEBI-registered Investment Adviser, registration no. INA000018373, under a signed advisory agreement and after a risk profile. Past performance is not indicative of future results.