2021
Best Teacher in Mathematics
Awarded by the Gujarat University Department of Mathematics Alumni Association (GUDMAA).
Currently — IPO & RHP/DRHP research
Dr. Dhruti Patel
Every week I take an Indian IPO apart — the business, the cash, the promoter, the price — and write down what the RHP actually says, in plain English.
Ph.D. in Mathematics and fourteen years of teaching engineering mathematics before this. The habit is the same: Check the arithmetic, then decide what it means.
- Ph.D. Mathematics
- M.Phil. Financial Mathematics
- Best Teacher, GUDMAA 2021
- Dubai, UAE
01 — About
A mathematician who moved to the markets
For most of my career I taught mathematics — partial differential equations, linear algebra, graph theory and operations research — to engineering students across Gujarat. A Ph.D. on parabolic PDEs, an M.Phil. in financial mathematics, six peer-reviewed papers, two design patents, and a Best Teacher award along the way.
The financial mathematics was always the thread. Since 2026 I have worked as an independent stock market analyst, focused on the part of the Indian market where the documentation is richest and the reading is thinnest: Initial Public Offerings.
Almost every IPO conversation starts and ends with "should I apply?" — a question about the next five days. I am interested in the one that decides the next five years: What am I actually buying, and what am I being asked to pay for it? The answer is in the prospectus, in the cash flow statement nobody opens.
The OWNERS framework
Every prospectus I read goes through the same six sections, in the same order — business first, price last.
- O
Operations
What the company actually does, and how it makes money.
- W
Why the money
Fresh issue or offer for sale — how much reaches the company.
- N
Numbers & cash
Whether reported profit ever became cash in the bank.
- E
Executives & promoters
Who runs it, who owns it, and who is selling.
- R
Risks & rivals
The disclosed risks and the listed peer set, on like-for-like terms.
- S
Sticker price
What the band implies — P/E, P/B, market cap — and what it requires.
02 — Writing
mPulse India
Subscribe on SubstackLong-form IPO and market analysis. Educational only — I am not a SEBI-registered Research Analyst or Investment Adviser, and nothing here is investment advice.
No articles match that search.
03 — Notes
Substack Notes
Follow on NotesShorter takes — the day's market news, a number worth flagging, or a working note from whatever prospectus is open.
04 — Experience
Where I've worked
-
Aug 2026 — Present
Stock Market Analyst Freelance
Independent · Dubai, UAE
- Full-length equity research on Indian mainboard and SME IPOs, built from primary documents — RHPs, DRHPs and audited financials.
- Developed the OWNERS framework: a repeatable six-part method for reading a prospectus, with a 21-question checklist and a public valuation calculator.
- Post-listing coverage — quarterly tracking of results against prospectus projections, use of proceeds, shareholding changes and cash conversion.
- Sector and macro research: real-estate seasonality across five years, liquidity and rate cycles, and their transmission into Indian equities.
- Publish the analysis at mPulse India, a free newsletter on Indian IPOs and markets, launched in September 2026.
-
Oct 2022 — Aug 2026
Lecturer / Instructor Equivalent to Assistant Professor
Government Polytechnic, Ahmedabad
- Delivered undergraduate mathematics courses to engineering diploma students.
- Designed tutorial frameworks to strengthen analytical and problem-solving skill.
- Mentored student mathematics projects for statewide competitions.
- Introduced technology-supported teaching methods for a diverse cohort.
-
Jul 2015 — Oct 2022
Lecturer / Instructor
Government Polytechnic, Himmatnagar
- Seven years of core mathematics teaching across engineering diploma programmes.
- Supported curriculum delivery and departmental academic initiatives.
-
May 2015 — Jul 2015
Lecturer / Instructor
Government Polytechnic, Bharuch
-
Jan 2014 — Apr 2015
Assistant Professor
Shankersinh Vaghela Bapu Institute of Technology
- Taught core mathematics courses to engineering students.
- Served as Cultural Coordinator and GATE Club Coordinator.
-
2013 — 2014
Ad-Hoc Lecturer
Indus University
-
2011 — 2013
Lecturer
M.G. Science College, Ahmedabad
Courses delivered: Linear Algebra · Graph Theory · Operations Research (Transportation, Assignment, Simplex, Big M & Two-Phase methods) · Matrices
05 — Achievements
Awards, patents & recognition
2024 · Design Patent
Yoga Practice Monitoring Device
Design No. 406737-001
2024 · Design Patent
Detachable Menstrual Cup
Design No. 417331-001
2024 · Ph.D.
Doctorate in Mathematics
Gujarat University — thesis on some aspects of parabolic partial differential equations.
2026 · Launch
mPulse India
Independent research newsletter on Indian IPOs and markets, launched September 2026.
Service
Executive Committee, GUDMAA
Gujarat University Department of Mathematics Alumni Association. Life Member, Gujarat Ganit Mandal.
Academic service & leadership
- Organising Committee Member — Udyamyatra: Industry & Manufacturing 4.0 technical conference (2025)
- Organising Committee Member — Ganitam, international conference, Department of Mathematics, School of Sciences, Gujarat University
- Executive Committee Member — Gujarat University Department of Mathematics Alumni Association
- Life Member — Gujarat Ganit Mandal
- Guided students for the Prof. A. R. Rao Mathematical Project Competition
Invited talks & webinars
- Techno-Math Facts — applications of mathematics in engineering and technology
- Math-Magic of Ramanujan — National Mathematics Day lecture
- Application of Mathematics in Google Maps
- Math and Maps
06 — Research & education
Publications & qualifications
Google ScholarMy peer-reviewed research is in mathematics — parabolic partial differential equations, numerical methods and mathematical modelling — published during my academic career. It is separate from the market analysis I write today, though the numerical work behind both is the same.
Peer-reviewed publications in mathematics
- Mathematical Modelling to Study the Effect of Vaccination in the Transmission of Coronavirus — Journal of Ultra Scientist of Physical Sciences-A (2021)
- A Finite Difference Formula of Explicit Type for the Pure Initial Value Problem of the Heat Equation
- Finite Difference Formula of Implicit Type for the IBVP of the Heat Equation
- Stability of the Finite Difference Formula of Implicit Type for the IBVP of the Heat Equation
- Numerical Solution of the Black–Scholes–Merton Equation Using Some Payoff Functions
- Reduction of Certain Types of Parabolic Partial Differential Equations to the Heat Equation
Further research articles in progress.
Conference presentations
- 22nd National & 6th International Conference on Advances in Pure and Applied Mathematics
- International Conference on Emerging Trends in Applied Sciences — India–Russia collaboration (2021)
Education
-
Executive Diploma in Data Science & Artificial Intelligence In progress · ends Jun 2026
upGrad, in collaboration with IIIT Bangalore
-
Ph.D. in Mathematics
Gujarat University — Some Aspects of Parabolic Partial Differential Equations
-
M.Phil. in Mathematics
Gujarat University — specialisation in Financial Mathematics
-
M.Sc. in Mathematics
Gujarat University
-
B.Sc. in Mathematics
Gujarat University
Certifications
- Certificate in Computer Concepts — BAOU
- CCC+ — SPIPA
- State Trade Certificate in Library & Information Science
Skills & interests
Analysis
- IPO & RHP/DRHP analysis
- Equity research
- Valuation
- Financial statement analysis
- Cash-flow forensics
- Peer comparison
Tools
- Python
- SQL
- Power BI
- LaTeX
- Mathematica
- Excel modelling
Mathematics
- Mathematical modelling
- Partial differential equations
- Numerical analysis
- Linear algebra
- Graph theory
- Operations research
- Computational mathematics
07 — Contact
Get in touch
Open to research collaborations, writing commissions and analyst work. The fastest way to reach me is email, or a message on LinkedIn.