BSc Finance - NMIMS Mumbai, Class of 2029
More than
the numbers.
Hesha Sheth studies markets for a living and everything else for fun - fashion, art, books, and whatever idea she's currently obsessed with. This issue: her positions, her research, and the rest of the story.
Case File
These are positions I hold with real capital. This is a record of my reasoning, not a recommendation. I am a student, not a licensed advisor.
The same eye that reads a collection can read a balance sheet. Luxury is the most durable moat in consumer markets - pricing power, intangible assets, and cultural desirability compounding over decades. These are the houses I study alongside my Indian equities.
LVMH - MC.PA · DCF MODEL
LVMH DCF Model
5-Sheet Excel · FY2021-2024 Actuals · FY2025-2029 Projections
A full DCF valuation of LVMH — five-year projections, WACC build, terminal value, and sensitivity analysis.
Download model →
LUXURY EMPIRE · INTERACTIVE
Luxury Dashboard
Hermès · LVMH · Kering · Richemont · Burberry · 2020-2025
Six years of luxury financial data made interactive. Toggle any metric, isolate any house, hover any data point. Built to make the Hermès premium visible at a glance.
Open dashboard →
HERMÈS - RMS.PA · RESEARCH
The Hermès Premium
Is the Market Irrational or Pricing a Superior Business Model?
A full equity research report on whether Hermès' 2-6x valuation premium over peers is rational. Spoiler: mostly yes. Gross margin 72.7%, operating margin 41%, D/E 0.05x — the numbers make the case.
Download report →
Note: The Maison Desk is a watchlist and study exercise, not a declaration of current positions. All figures approximate, from public filings. My lens here is informed by the INSIDE LVMH Certificate (Creation & Branding; Retail & Client Experience, 2026).
India's Defence Capex Cycle: Why This Time Is Structurally Different
The indigenisation mandate isn't a policy preference - it's a budget line. MTAR, Paras, and L&T are not riding a wave; they're building the infrastructure for the next two decades of Indian defence procurement. A look at the order book math and what the market is still mispricing.
Eternal (Zomato): Quick Commerce Is Not a Business. Yet.
Blinkit's unit economics are improving. The question is whether it matures into a business with durable margins before the cash runs out - and whether District can hold up the valuation while it does.
The Hermès Premium: Is the Market Irrational or Pricing a Superior Business Model?
Hermès trades at P/E multiples of 50-70x against a peer average of 15-25x. This paper asks whether that premium reflects irrational exuberance or the accurate pricing of a genuinely superior business. Across six years of financial data for five luxury companies, one answer keeps emerging: the market is approximately 80-90% rational. Hermès is not the best-performing luxury company in the peer group on most metrics - it operates in a different performance category entirely. Gross margin 72.7%, operating margin 41%, ROIC 31.8%, debt/equity 0.05x. The scarcity-first model is not a strategic affectation - it is the structural foundation of an economics that compounds decade after decade.
Operations Intern
Om Jewels - Mumbai
Managed day-to-day operations across inventory, vendor communication, and workflow tracking. Hands-on exposure to real business decision-making - the moment you realise that operational discipline is what separates good margins from bad ones. [Add metrics: ₹X lakh inventory, X vendors, X% turnaround improvement]
Operations · Inventory · Vendor mgmtMember
NMIMS Entrepreneurship Cell
Planning, coordination, and execution of student-led initiatives. Deadline-driven, cross-functional - the closest a campus club gets to what an actual deal desk feels like.
Leadership · Events · StrategyMember
Vaayu Fest
Event operations, sponsorship coordination, and team workflows for one of campus's larger student-run productions.
Ops · Sponsorship · CoordinationThe Most Important Thing
Risk, after everything, is most of the game.
Poor Charlie's Almanack
Mental models over models.
The Outsiders
Capital allocation, case by case.
Capital Returns
The best book on cycles nobody assigns.
Competition Demystified
Moats, without the buzzword.
Off the Clock — Painting
Buddha with Lotus
This piece explores the contrast between inner stillness and the chaos of the external world. The Buddha is positioned at the center of the composition, surrounded by warm concentric halos that create a sense of calm, balance, and spiritual focus. In contrast, the textured background remains intentionally unpredictable, symbolizing the distractions and turbulence of everyday life.
I chose a warm palette of gold, amber, bronze, and earthy browns to create a feeling of serenity and timelessness. Metallic accents were incorporated to catch light and add depth, giving the work a dynamic quality that changes depending on the viewer's perspective.
The raised lotus elements introduce a sculptural dimension, encouraging viewers to engage with the painting beyond the flat surface.
The Activist's Journal
Long-form essays on feminism, identity, and power at forwomen14.com - researched and written start to finish since 2024. The same discipline that makes a good investment memo makes a good argument. Same muscle, different weight.
Curriculum Vitae
One page. Education, experience, relevant coursework - updated each issue.
INSIDE LVMH Certificate
Bloomberg Finance Fundamentals
DELF A2
Serious about markets.
Open for conversation.
Best reached by email. Open to summer analyst conversations, research collaborations, and a good argument about any position on this page. Replies within 48 hours.