FLAME University


The Epicentre of Value Investing in India

Cases in Business and Investment Analysis
with Prof. Sanjay Bakshi

June 29 - July 02, 2023


FLAME was founded with the concept of liberal education as its cornerstone. FLAME celebrates ideas, cherishes diversity, and strives to deliver an academic experience that fosters intellectual curiosity, a critical thought process, self-reflection, leadership and teamwork skills, a sense of commitment and professionalism and a heightened sensitivity to one’s sociocultural environment. FLAME aims to provide an interdisciplinary platform of education by propagating different models and paradigms through, but not limited to, history, philosophy, political sciences, psychology, business, economics, mathematics and finance.

As part of its endeavor to constantly redefine education, FLAME inducted the FLAME Investment Lab (FIL), an initiative that strives to deliver the concepts and decipher the art of value investing to interested students. FIL believes in the dictum “invest in yourself”. It provides tools for self-learning and acquiring knowledge, constantly striving for intellectual stimulation and asking questions. FIL strives to widen your horizons, aiding you to connect the dots within seemingly disparate information. FIL truly believes that the best investment is investing in yourself. As Socrates has said, “I cannot teach anybody anything. I can only make them think.”

After successfully hosting multiple FLAME Investment Lab programs, we are excited to announce the ‘FLAME Investment Lab – Cases in Business and Investment Analysis with Prof. Sanjay Bakshi’, from June 29 – July 2, 2023.



Sanjay Bakshi

Sanjay Bakshi

Sanjay Bakshi recently joined FLAME University as Distinguished Adjunct Professor - Finance. Previously he was Adjunct Professor at Management Development Institute, Gurgaon. Sanjay has twenty-five years of teaching experience. He is also Managing Partner at ValueQuest Capital LLP, a SEBI Registered Investment Adviser.

Sanjay received M.Sc. (Economics) from London School of Economics and Political Science and B.Com. (Hons.) from University of Delhi. He is also a Fellow member of the Institute of Chartered Accountants of India.

He is 57 years old and lives in New Delhi with his wife and two daughters


This program will use a case-based approach to teach key concepts in business and investment analysis. Some of these concepts are:

  • Journey of a business from fragility to robustness over time
  • The economics of niche businesses
  • The importance of entry barriers for long-term value creation
  • The economics of commodity industries and the value investing approaches for them
  • How competition and obsolescence affect estimation of owner earnings
  • Pricing power versus a low-cost advantage
  • The growth component in valuation and how to think about it conservatively
  • Optionality framework in the valuation process
  • Asset conversion plays
  • Proxy investing with low business risk
  • The economics of contract manufacturing
  • Switching costs and their sources
  • The risks and opportunities in financial and operating leverage
  • The importance of capital allocation decisions
  • Combining Philip Fisher and Ben Graham approaches in value investing

Most of these cases have been developed by the instructor based on his experience as a practicing value investor over the last twenty-eight years.

In each of these cases, participants will learn about one or more key ideas relating to business and/or investment analysis and then work towards discovering similar situations, often in totally different industries. These cases, therefore, will serve as stepping stones for generating more creative ideas for business and investment analysis.

Disclaimer: Case studies on specific companies are created purely for educational purpose only.


Those who are open to learning about business economics and investment analysis, even if they have been investing in listed securities for many years. Those who are new to public market investing but have a deep interest in the subject should consider applying for this program.


This program is for curious, open-minded participants who have a deep interest in business analysis and value investing. This interest will be evaluated in the application materials submitted by the participants. The program is not suitable for traders or for people looking for stock tips.


The course is about developing the right-thinking style to become more rational. While this has many useful applications and investing wisely is one of them, if you are contemplating attending this workshop to find ways to get rich quickly, then please do not apply as you will be disappointed.


  • INR 45,000 plus GST (INR 53,100) which includes tuition, course materials, meals and on campus accommodation.
  • Fee does not include travel and other incidental expenses.
  • Candidates need to submit the application form online and mail the payment to FLAME. Only cheques will be accepted as a payment method.
  • The cheque payment must reach FLAME by the application deadline. Kindly note, even if the application is submitted, but the payment does not reach FLAME by the application deadline, the application will be deemed incomplete and annulled.
  • Cheques should be made payable to ‘FLAME University’.
  • Cheque should be dated June 1, 2023. Candidates should write their name and the program they have applied for behind the cheque.
  • Cheques should be mailed to ‘FLAME University, Gat No. 1270, Lavale, Off. Pune Bangalore Highway, Pune - 412115, Maharashtra, India.
  • Candidates are requested to use preferred courier services such as Speed Post or Blue Dart.

Refund policy

  • In the event that FLAME University is unable to provide the program, all fees will be fully refundable.
  • For selected candidates:
    • If request for withdrawal is received before and up to June 8, 2023, full amount of the fee paid shall be refunded.
    • If request for cancellation is received after June 8, 2023, 10% of the fee paid shall be refunded. GST on cancellation will be applicable.


To apply the applicant must:


Accommodation will be provided in an AC, single occupancy room to all participants at the FLAME campus in Pune for three nights of June 29, 30 and July 1, 2023.


June 29 - July 02, 2023


April 15, 2023


Confirmation emails will be sent to the selected participants by April 22, 2023.


FLAME University | Gat No. 1270, Lavale, Off. Pune Bangalore Highway, Pune - 412115, Maharashtra, India.


FLAME offers 60 acres of tranquil space, just 13 kms. from the Pune University main gate. It is an eco-friendly campus adjoining a 18-hole golf course. FLAME has an international sized cricket ground, football, tennis, basketball and volleyball courts, outdoor Olympic sized swimming pool, track and field, futsal and handball at their disposal. A fitness and conditioning studio, badminton courts, billiards tables, squash courts, table tennis, carrom and chess ensure that FLAME’s sports facilities are second to none.

Its academic spaces include lecture theatres, conference rooms, a library, a performing arts studio, a visual arts studio, a sculpture studio, Physics, Chemistry and Biology labs, and amphitheatres. Some of the other amenities include cafes, Wi-fi connectivity, an infirmary and an ambulance in case of emergency.

During the duration of the program, participants are encouraged to explore the campus and use the facilities FLAME offers.


Phone: +91 9657709882 (Text & Whatsapp only)
Toll-free No: 1-800-209-4567
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.flame.edu.in


Program Brochure


Equity Analysis for Beginners
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FLAME Investment Lab with the Masters
June 21 – June 25, 2023
Frameworks of Equity Investing
July 13 - July 16, 2023
Elements of Self-Leadership
July 28 - July 30, 2023
FLAME Investment Lab Alumni Meet
August 4 - August 6, 2023