Multi-factor selection
Cross-sectional ranking on momentum, quality, and liquidity signals computed from a point-in-time store. Every factor carries a written mechanism before it is allowed into the stack.
Systematic equity
The market, from a different altitude.
Caelion Capital is a small, self-funded systematic desk trading Indian equities, with a particular focus on mid- and small-cap names. Signals are deterministic, data is point-in-time, and the results that did not work get published alongside the ones that did.
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The screen
Four hundred in, 29 held
400
Names in the tradable universe
NSE equities, with a mid- and small-cap research tilt, screened for liquidity.
29
Stocks currently held
Active stock positions in the published book.
6
Stages in the research pipeline
Ingest through to book, with one hard boundary in the middle.
- Ingest
- Scout
- Reader
- Harness
- Warden
- Book
- Point-in-time
- Deterministic
- Spent-once holdout
- Hard veto
01The thesis
Indian mid- and small-caps are under-researched, and that is the entire edge.
Below the large-cap index, analyst coverage thins out fast, disclosure quality varies, and the data infrastructure most people use is quietly broken in ways that produce backtests which could never have been traded. That combination creates real dispersion for anyone willing to do the unglamorous work of getting the data right first.
We are not trying to be faster than anyone. We are trying to be more careful: point-in-time by construction, deterministic where it counts, and honest about how often a promising hypothesis turns out to be nothing.
How an idea becomes a position
- Ingest
- Scout
- Reader
- Harness
- Warden
- Book
01Model permitted
Ingest
Filings, concall transcripts, exchange bhavcopy and corporate actions land in a point-in-time store. Every row is stamped with when it became knowable, not when it was fetched.
03The book
Top 10 positions.
The ten strongest current moves from average cost. The full active ledger lives on the Book page. No position sizes and no capital figures - the move from average cost is the part that is anyone else’s business.
10 positions
Prices 1 Oct 2026, 15:30 IST
Sigma Advanced Systems
+125.2%
Electronics
Sterlite Technologies
+54.1%
Cables
Standard Engineering Technology
+42.4%
Capital Goods
Birla Cable
+39.2%
Cables
Ratnaveer Precision Engineering
+36.8%
Capital Goods
Divgi TorqTransfer Systems
+17.3%
Auto & Ancillaries
Multi Commodity Exchange of India
+12.8%
Miscellaneous
CG Power & Industrial Solutions
+9.9%
Electric Equipment
R R Kabel
+9.1%
Cables
Laurus Labs
+7.5%
Pharmaceuticals
04Research
Including the work that went nowhere.
Publishing only the wins is how a research programme lies to itself. Most of what follows is a record of things that did not survive contact with an out-of-sample window.
05The name
Caelum04h 30m / −44°
Caelum, the engraver’s chisel.
The mark is the constellation Caelum, plotted from its real J2000 coordinates. It is the eighth-smallest constellation in the sky, 81st of 88 by area, and it contains no star brighter than magnitude 4. Almost nobody looks at it.
It is named for a cutting tool, not for the heavens. That is the right idea for this desk: a small, faint, precise instrument that removes material until what is left is the shape you wanted. A screen is subtractive in exactly the same way. Four hundred names go in, 29 come out, and the work is in what gets cut away.
Correspondence
We are not raising capital. We are happy to talk about the work.
Caelion runs its own book only. If you want to discuss the research, the infrastructure, or something we got wrong, the inbox is open.