The SOIC Podcast
🎧 Welcome to the SOIC Podcast! SOIC (School of Intrinsic Compounding) helps Indian investors learn how to invest wisely through simple lessons, real-life examples, and case studies.In each episode, you’ll get: 📊 Stock analysis made easy 📚 Key takeaways from investing books 🧠 Mental models to think smarter 💡 Real-world case studies from the stock marketFollow and listen to learn how to become a smarter investor for life.
Why an AI Slowdown Could Be Good for Indian Stocks | Ritesh Jain
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"US dollar will be just one currency. US bonds will be just one asset."
Ritesh Jain, founder of Pinetree Macro and former CIO of Tata Mutual Fund and BNP Paribas Mutual Fund, explains why the old rules of global investing are breaking, and why he believes India comes out a winner on the other side.
What you'll hear
• Why he calls the US "a one-trick pony, that of AI", and whether the AI bubble is deflating
• Why gold fell in the middle of a crisis, and what oil...
Fastest-growing companies of Q2FY27, and is the AI boom over?
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Ishmohit Arora breaks down the results from the top down: the market, the sectors doing well, and the companies with blockbuster numbers. Banks and financial services (SG Finserve, Angel One, Fedbank, IIFL Finance, Federal Bank, HDFC Bank, ICICI Bank), blockbusters from Polycab, TARIL, The Leela, Sri Lotus Developers, Jayaswal Neco and more, the IT sector, and finally ASML and TSMC on whether the AI boom is ending or about to accelerate.
This episode is the audio of our YouTube video; watch it on YouTube (@SOICfinance) to see the StockScans screens and...
India’s Next Big Manufacturing Opportunity?
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In this SOIC business analysis, we decode Amber Enterprises India Limited and its transition from room AC manufacturing to electronics manufacturing services (EMS). Explore its three business segments—Consumer Durables, Electronics, and Railways & Defence—with a deep dive into PCB manufacturing, backward integration, smartphone assembly, growth triggers, and government incentives. We also examine revenue and margin potential, SOTP-based valuation, peer comparisons, and key risks, including commodity inflation, debt, and execution challenges.
If you want to understand Amber Enterprises’ transformation and evaluate its long-term growth potential through fundamental analysis, this episode is wor...
Why I’m Looking Beyond the Nifty
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This episode explores the current choppy phase of the Indian stock market, what past bull and bear cycles can teach investors, and how to approach passive vs active investing today. It covers SIPs, Nifty valuations, asset allocation, mutual fund selection, sector rotation, and how to identify high-growth businesses across themes like manufacturing, CDMO, EMS, data centres, power and healthcare. The episode also explains the TVGP framework — Theme, Growth, Promoter and Valuation — and how active investors can find opportunities beyond the index.
If you want to understand how to navigate a sta...
Motherson Isn’t Just an Auto Stock
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In this SOIC business analysis, we deep dive into Samvardhana Motherson International (Motherson) and its transition from a global auto-ancillary business into high-growth non-automotive sectors. We cover its business model, wiring harness and auto segments, M&A strategy, consumer electronics, aerospace, semiconductor opportunities, growth catalysts, valuation and key risks. The episode also explores how businesses can use their core capabilities to enter new verticals and improve growth, margins and cyclicality. 👉 If you want to understand Motherson’s transformation and identify the key drivers behind its next phase of growth, this...
Who really benefits from ‘Made in India’?
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India’s investment cycle is changing. After years of consumption-led growth, capital is increasingly moving towards manufacturing, technology and strategic industries.
In this episode, Ishmohit breaks down five major capex opportunities — semiconductors, space, EVs, EMS and aerospace & defence — while also exploring the data center boom and the value chains behind these industries.
The focus is not on stock picking, but on understanding where capital is flowing, how new ecosystems are being built, and which businesses could benefit as these sectors scale.
If you want to understand India’...
TVS & Murugappa: The Aerospace, Defence & Semiconductor Connection
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In this episode, we look at two established industrial businesses from the TVS and Murugappa groups. We start with how we found them through conference-call summaries and StockScans, then work through their products, competitive advantages, growth plans and valuations.
Sundram Fasteners is expanding in aerospace, wind and other non-auto applications. CUMI is investing in advanced ceramics for semiconductor equipment, fuel cells and defence.
The bigger question is simple: can these established businesses use their existing capabilities to build their next growth engine?
Let’s get into it.
<...10 CDMO Businesses Decoded
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CDMO businesses can look similar from the outside, but the real question is: what actually separates a great CDMO from the rest? In this podcast, Ishmohit and Sid will discuss their years of research through the SCALE UP framework, covering stickiness, chemistry, anchor clients, late-stage pipelines, Capex economics, utilisation and price. They will also break down the 6-tier CDMO mental model, industry growth drivers, AI, peptides, China-to-India shifts, regulatory barriers and the lumpiness of CDMO earnings. If you want to understand how to evaluate CDMO businesses before...
4 Unique Scans I Use to Find Epic Stocks
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Explore 4 unique stock-scanning techniques from SOIC and StockScans for smarter Indian equity research. The episode covers the Congrats Index, management sentiment, scan matches, sector-wise growth screening, and Research AI to identify business inflection points and emerging opportunities. Learn how to filter companies, analyse growth triggers, and move from screening to deeper business analysis across sectors like auto, bearings, defence, and CDMO pharma. If you want to build a sharper stock-research process and identify meaningful growth signals faster, this episode is worth your time.
Tempsens IPO: What This Udaipur Manufacturer Actually Makes
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A thermometer sounds simple. But when it has to measure extreme temperatures inside steel, power, chemical and other industrial plants, the business becomes far more specialised.
In this episode of SOIC’s 20 Unique Businesses series, Ishmohit breaks down Tempsens Instruments, a niche industrial instrumentation company operating across temperature sensing, electrical heating solutions and specialised cables.
We look at its business model, competitive advantages, growth triggers, key risks, IPO structure and valuation — and understand what makes this business unique.
The bigger lesson: a uniq...
100 Fastest Growing Companies After Q1 FY27 Results
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In this episode, Ishmohit screens Q1 FY27 results using a simple framework: more than 15% revenue growth, more than 20% earnings growth, and expanding margins. From the entire results universe, the process narrows the field to roughly 50–60 companies and then goes deeper into their results, concalls, guidance, capacity additions, order books and end-customer commentary. The bigger takeaway is not a list of stocks. It is a way to read earnings season. Some of the strongest signals are coming from CDMO and pharma, power and HVDC, data-centre proxies, aerospace and defence, hospitals, diagnostics, specialised manufacturing and ot...
Ultimate Tool for Finding Winning Stocks
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StockScans is a powerful investing and stock-screening tool designed to help investors find winning stocks, track market and sector rotation, and build actionable watchlists. This episode covers stock scanning, growth and valuation filters, quarterly results, conference calls, shareholding changes, technical and fundamental screens, watchlist tracking, and alerts. Learn how to use a structured TVGP (Theme, Valuation, Growth, Promoter) approach to identify new earnings, growth catalysts, improving fundamentals, and emerging market leaders. If you want to build a smarter stock-research process and find high-potential businesses faster, this episode is worth your time.<...
I Scanned Hundreds of Concalls
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In this episode, we use StockScans' Concall Scans to analyse Q1 FY27 conference calls across industries including forging, chemicals, pharmaceuticals, healthcare, electronics, IT services, and financial services. We break down management commentary, growth guidance, new products, capacity expansion, AI, exports, and emerging sector trends to understand where India's next growth opportunities may be developing. Instead of focusing only on quarterly numbers, this episode shows how conference calls can help investors identify long-term business trends before they appear in the financial statements.
👉 If you want to decode man...
Trust vs Helios vs Abakkus: The Small-Cap Fund Deep Dive
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What makes small cap mutual funds one of the most rewarding—and most misunderstood—investment categories? In this episode, Ishmohit and Sarthak explain how small caps are defined, why they offer access to India's emerging growth themes, and how to manage the risks that come with them. They compare Trust Small Cap Fund, Helios Small Cap Fund, and Abakkus Small Cap Fund, covering each fund manager's investment philosophy, portfolio construction, liquidity, drawdowns, and the best approach to long-term small cap investing.
👉 If you want to understand small cap mutual...
I've Never Seen A Business Like This
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In this episode, Ishmohit and Yash break down Indo-MIM, one of the world's largest Metal Injection Moulding (MIM) companies. Discover how tiny metal parts create a huge competitive advantage, why precision engineering is one of India's fastest-growing industries, and what makes this business so unique.
You'll also learn about the founder's journey, the company's business model, competitive moat, financials, growth opportunities, IPO valuation, risks, and whether it has the potential to become a long-term wealth creator.
This video is part of SOIC's 20 Unique Businesses...
How to ride this bull run!
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In this episode of SOIC, Prabhakar Kudva, CIO of Samvitti Capital, shares a practical framework for understanding market cycles, identifying leading investment themes, and building a strong portfolio. We discuss how to gauge market temperature, spot powerful themes early, find the right entry and exit points, and identify when a theme is peaking. The episode also covers portfolio construction, diversification, and key investing principles for making better decisions across market cycles.
👉 If you want to understand how to ride market themes, manage risk, and build a better investment framework, this episode is w...
The AI Boom Is Bigger Than Chips
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In this episode, Akshay Jogani from Xponent Tribe joins SOIC to decode the AI Data Center industry from first principles. We explore how AI, LLMs, GPUs, and data centers work, why global tech giants are investing hundreds of billions of dollars in AI infrastructure, and how the entire AI value chain is evolving. The discussion covers data center capacity, power generation, power distribution, chips, cooling, networking, key global and Indian companies, capital cycle opportunities, bottlenecks, risks, and the long-term investment thesis behind one of the biggest infrastructure build-outs of...
How to find unique businesses?
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In this podcast, Ishmohit and Naman discuss the UNIQUE Framework—a practical approach to identifying businesses with long-term compounding potential. Through 20+ real-world company case studies, they discuss how to identify underappreciated businesses, niche market leaders, industry inflection points, quality management, institutional ownership trends, and earnings scalability across sectors like industrials, specialty chemicals, auto ancillaries, consumer businesses, and platform companies. If you want to build your own investing framework and discover unique market leaders before they become obvious, this episode is worth your time.
The next big power capex boom!
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In this episode, we break down India's Thermal Power industry and explain why it is entering a new capex cycle despite the rapid growth of renewable energy. We cover the industry's evolution, key growth drivers, the complete value chain, and analyze major companies including NTPC, Adani Power, JSW Energy, Coal India, NLC India, BHEL, Thermax, Power Mech, and Triveni Turbine. Learn where the biggest opportunities, competitive advantages, and long-term investment themes are emerging in the power sector.
If you want to understand the thermal power value chain...
Will PPFAS make a comeback?
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In this episode, Ishmohit Arora and Sarthak Garg, Co-founders of SOIC, discuss the investment strategy of PPFAS Mutual Fund and why it has become one of the most talked-about funds in India. They explain value investing, the impact of a large AUM, portfolio allocation, AI and IT exposure, realistic return expectations, and how to build a diversified mutual fund portfolio. If you want to understand how long-term value investors think and make better investment decisions, this episode is worth your time.
This Company Owns 0 Cars
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In this episode, we deep dive into CarTrade Tech, one of India’s leading internet-based automotive marketplace businesses. We explore the listings business model, CarTrade’s competitive advantages, OLX acquisition, operating leverage, growth triggers, AI-related risks, and the company’s long-term earnings potential. We also discuss why management believes profits could scale significantly over the next 4–5 years and what investors should track going forward.
👉 If you want to understand platform businesses, network effects, and the future of India's digital classifieds industry, this episode is worth your time.
One EV beneficiary?
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In this episode, we break down Minda Corporation and the broader Auto Ancillary industry using six key mental models that help identify winning businesses. We analyze the company’s business model, product portfolio, JV-led growth strategy, EV opportunities, premiumization trends, FY30 growth ambitions, competitive positioning, risks, and valuation. We also compare Minda Corporation with peers like Uno Minda, Lumax Auto Technologies, Pricol, SJS Enterprises, and Samvardhana Motherson to understand the industry's evolving landscape.
👉 If you want to understand how to identify high-quality auto ancillary businesses and evaluate long-term growth opportunities in India...
AI proof IT Business
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In this episode, we analyze Indegene, a Life Sciences and Pharma-focused IT services company, and explore how AI is reshaping the IT industry. We discuss the right mental model for evaluating IT companies, the difference between horizontal and vertical IT businesses, outcome-based pricing, revenue per employee, business segments, growth drivers, financial performance, risks, and valuation. The episode also highlights why Indegene may benefit from AI through domain expertise, regulatory capabilities, and productivity gains.
👉 If you want to understand the future of IT services and identify businesses that can benefit from AI rat...
When will the Bull Market Start? Q4FY26 Earnings Check
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In this SOIC earnings special, we analyze the latest quarterly results across 1,400+ Indian companies and identify where growth is emerging beyond the major indices. We discuss key themes shaping the market, including sector rotation, manufacturing, healthcare, pharma, CDMO, defense, and precision engineering, along with standout performers such as Shilpa Medicare, Gland Pharma, Thangamayil, Astra Microwave, and others. The episode also explores why the next generation of wealth creators may emerge outside the Nifty 50 and what investors should watch in the coming quarters.
👉 If you want to understand where earnings growth is acc...
A Hidden Indian Company Inside Every Protein Shake, Bakery & Tablet You Consume!!
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In this episode, we deep dive into Sudeep Pharma and understand why it stands out as a high-margin business in the pharma and specialty ingredients industry. We discuss the company’s business model, excipient and nutrition segments, battery chemicals opportunity, CAPEX plans, moat, and key risk factors. The episode also compares Sudeep Pharma with companies like Vinati Organics and Clean Science and Technology to understand margin sustainability and competitive advantages.
If you want to understand high-margin B2B pharma businesses and identify companies with strong moats and long-term growth potential, this epi...
The Biggest AI Winner
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In this 7th episode of SOIC’s “20 Unique Businesses” series, we deep dive into Alphabet — one of the world’s most integrated and difficult-to-replicate AI businesses. This episode covers the 5 layers of the AI value chain, Google Search, YouTube, Google Cloud, Gemini AI, TPUs, AI monetization, business model, growth drivers, management quality, valuation, and key risks. We also explore why Alphabet continues to grow at scale despite rising AI competition from ChatGPT, Anthropic, and other AI models.
If you want to understand how global technology leaders compound for decades and identify the biggest...
One Invisible Business With a Hidden Moat
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This episode covers the 6th unique business in our 20 Unique Businesses series. We discuss a high-quality value-added manufacturing business that transformed from a commodity player into a speciality products leader with strong margins, pricing power, export strength, and consistent cash flow generation. The episode also covers business model, growth triggers, capex plans, competitive advantages, valuation, and key risk factors, along with how the company handled US tariff challenges while maintaining strong profitability.
If you want to understand how unique businesses create long-term wealth through value addition and strong execution, this episode i...
The ETF King of India
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In this episode, we break down Nippon India Asset Management Company and the rapidly growing asset management industry in India. We explore its strong financials, market share gains, and ETF leadership, along with the mental model behind successful AMCs. The discussion covers business model, growth drivers like SIP and passive investing, product mix, and competitive positioning. We also evaluate key risks and valuation to understand whether this is a long-term compounder in the making.
If you want to understand how AMC businesses grow and how to identify high-quality compounders early, this...
This sector will explode in India | Deep Tech: Semiconductor, Drones & Defence
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In this podcast, we sit down with Rajeev Mantri from Navam Capital to break down one of the most important themes for India’s future — deep tech investing.
We discuss what deep tech really means, how it is different from traditional businesses, and why it can drive India’s journey from a 4 trillion to a 10 trillion dollar economy. You will learn how venture capital works step by step, how investors evaluate startups, and how idea pipelines are built through networks, founders, and institutions.
We also cover real case studies like A...
India’s Next Big CDMO Winner?
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In this episode, we break down Sai Life Sciences, the fourth company in our 20 Unique Businesses series, where we explore high-quality companies with strong competitive advantages.
Sai Life Sciences is a unique CRDMO player in the pharma sector that earns 100% of its revenue from global innovator companies like Pfizer and AbbVie.
We explain how the CDMO and CRO industry works, why integration from research to manufacturing is a powerful business model, and how this company stands out from others in the space.
We also cover industry growth...
One Super Unique Semiconductor Stock
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In this episode, we break down one of the most unique businesses in the world — ASML Holding, a company that sits at the heart of the global semiconductor industry.
We explore how a single machine worth $400 million powers modern technologies like AI, data centers, smartphones, and advanced chips. From understanding the semiconductor value chain to ASML’s monopoly position, we dive deep into what makes this business so powerful.
We also cover the company’s history, growth drivers driven by AI capex, strong financials, valuation framework, and the key risks...
I Studied India's Lead Recycling Industry and Found this Company!
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In this episode, we break down Gravita India — a fast-growing recycling company benefiting from strong industry tailwinds.
We explore how the recycling sector is evolving due to decarbonization, resource scarcity, and government regulations, and why this is creating a J-curve growth opportunity.
We also analyze Gravita’s business model, sourcing advantage, financial performance, and future growth triggers like capacity expansion and value-added products.
If you want to understand a unique manufacturing business with strong fundamentals and long-term potential, this episode gives you a complete, simple breakdown.
A Unique Market Leader with Tailwinds? | Semiconductors, Green Energy, Data Centres
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In this episode, we break down INOX India, a unique business with strong entry barriers and market leadership.
We explore how the company operates in the cryogenic equipment space, enabling the entire industrial gas ecosystem — from storage to transportation.
We also discuss its strong financials, high return ratios, and why this business is difficult to replicate.
Along with this, we cover key growth drivers like LNG, semiconductors, and space applications, and understand the risks and opportunities ahead.
One AI Tool to catch Market Bottom
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In this episode, we break down a powerful stock market strategy using real data and backtesting.
We explore how key factors like PE ratio, Price-to-Book, and earnings growth impact Nifty returns, and why lower valuations often lead to better future returns.
We also look at the current market situation — where valuations are getting cheaper but earnings growth is slowing — and what that means for investors.
If you want to understand when to invest, how to think about market cycles, and how to build a strong long-term investing appr...
I Studied India's ENTIRE Recession-Proof Healthcare Sector
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In this episode, we break down the entire healthcare and pharmaceutical industry — one of the most recession-proof sectors in the market.
We explore how the healthcare value chain works, from hospitals and domestic pharma to CDMO, diagnostics, API companies, and emerging segments like GLP-1 drugs and medical devices.
Along the way, we decode the unit economics of each segment, understand where the real money is made, and analyze 40+ companies across the healthcare space to identify the fastest-growing businesses.
If you want to understand healthcare as an...
Reality of Microcap Investing no one talks about
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In this podcast, we explore the real world of microcap investing — beyond the hype.
Microcap stocks can fall 50–60% in bad markets, but they can also deliver massive returns when cycles turn. The key is understanding these cycles and surviving the drawdowns.
Gaurav Agrawal, with over 15 years of experience, shares how liquidity, investor behavior, and market phases shape this segment — and why the best opportunities often come when no one is interested.
If you want to learn how to think clearly in volatile markets and build conviction during tough...
I Found These Interesting Mutual Funds & ETFs — Global & Indian Both
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In this episode, we explore how to invest smartly during a bear market using ETFs and mutual funds.
We break down a simple 3-framework approach to ETF investing — focusing on long-term sector trends, undervalued opportunities, and momentum plays.
We also discuss powerful global themes like defense and electrification, along with key opportunities in Indian sectors such as banking, pharma, and momentum investing.
Finally, we analyze a couple of high-potential mutual funds using a practical, bottom-up approach.
If you want to navigate market volatility with clarity an...
My Strategy for this Market Botton
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In this episode, we analyze the current state of the Indian stock market and understand whether the market is nearing a bottom.
We discuss how narratives influence investor behaviour, why market sentiment becomes extremely negative near bottoms, and what historical data tells us about Nifty valuations when the PE ratio falls near 20.
We also explore market breadth indicators, SIP strategies based on valuations, global market comparisons, and sectors where opportunities may be emerging including recycling, regional banks, gold lenders, hospitals, data centers, chemicals, and CDMO businesses.
If...
4 AI powered IT Businesses
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The IT sector is facing valuation derating, and many investors believe that Artificial Intelligence could disrupt traditional IT services. But is AI really a threat, or could it actually increase the demand for software and engineering talent?
In this episode, we break down what is happening in the IT sector, why this fear has emerged, and what the data actually suggests. We also discuss four unique companies whose business models may benefit from the AI wave rather than be disrupted by it.
The goal of this episode is to...
How to manage market crashes ?
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In this episode, we discuss how global macro events like the Iran–US–Israel conflict create fear in financial markets and how investors should respond during uncertain times.
Using historical data from events like the Kargil War, 9/11 attacks, and the Russia–Ukraine war, we explore how markets often see short-term drawdowns but eventually recover over the long term.
We also talk about behavioral investing, the “behavior gap” that causes investors to underperform markets, and why emotional decisions can hurt long-term wealth creation.
Finally, we look at current Nifty 50 v...
