The SOIC Podcast

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 k...

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 investor...

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...

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...

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...

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 g...

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 i...

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...

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...

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 mome...

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...

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 uniq...

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 i...

In this episode, we are joined by Siddhant Bhandari, CIO at Persistence Capital. we do a complete market temperature check on the Indian stock market, especially small caps. We analyze earnings trends across sectors, identify industries showing strong growth, and discuss emerging themes like manufacturing, CDMO, internet businesses, and data center proxies. We also decode why small caps corrected,...

In this episode, we break down the future of the IT sector and how AI is changing the entire industry. We discuss why IT stocks have been falling, whether the traditional IT services model is breaking, and how Global Capability Centers are taking share from outsourcing companies. We also analyse different IT segments like ER&D, mid and small-cap IT, vertical specialists, and SaaS companies to...

In this episode, we break down how to identify truly unique market leaders — businesses with strong moats, scalable growth, and structural competitive advantages. We cover six differentiated business models across sectors: an auto ancillary proxy to the ICE cycle, a specialty chemicals company with sustainable margins, a pure-play CDMO pharma model, a waste-to-wealth specialty fats business with d...

In this episode, we break down the  Q3 results season  and explain what the numbers are  actually  telling us. We discuss why  indices are misleading , why this is a  stock picker’s market , and how  earnings, expectations, and market cycles  really drive returns. We cover: How to read  broader market earnings Why good results still lead to stock price falls Reversal vs momentum investing Portfoli...

In this episode, we speak with Sagar Arya, Co-Founder of Xponent Tribe , to understand the global commercial aerospace industry and why India is becoming a key part of the global supply chain . We discuss massive order backlogs at Airbus and Boeing , supply chain failures in the West, and how this is creating a big opportunity for Indian aerospace companies . The conversation breaks down the entir...

In this episode, we explain why gold is going up and what it tells us about the world economy. We talk about how the old US-led global system worked, why it is breaking now, and how rising debt, money printing, and geopolitical tensions are changing where money flows. You’ll learn why central banks are buying gold , why this rally is not driven by retail investors, and how wars, tariffs, and froze...

Most stocks are down  28–30% , but the index doesn’t show it. So…  are we really in a bear market? And is the bottom close? In this episode, you’ll learn: Why the  real pain is hidden  in mid and small caps How to spot  early signs of market bottoming A  4-indicator framework  used to judge market cycles How to plan  SIPs and lump-sum investments  during bear markets Why this is about  preparing,...

In this episode, SOIC speaks with Himanshu Sharma (The Chartist) about how successful investors actually think about the stock market. Instead of choosing between fundamentals or technicals, this conversation explains how both work together to build a practical investing framework. You’ll learn why fundamentals help filter good businesses, why technicals help with timing and risk management, and h...

In this episode, we explain why past returns don’t guarantee future returns, even for high-quality businesses. Through real case studies like HDFC Bank, DMart, Page Industries, and Asian Paints, we show how high valuations, slowing growth, and strong market narratives can lead to years of poor or zero returns. You’ll learn why big companies grow slower over time, how competition impacts performanc...

In this episode, we share 7 big investing ideas for 2026 to help you invest with clarity after a volatile 2025. You’ll learn how to spot tailwinds, avoid headwinds, build a clear investing setup, and think long term. Each idea is explained using practical company and sector examples, so you can apply it in real investing decisions. You’ll also understand when to stay invested, when to exit, and ho...

In this episode, we deep-dive into the Indian Jewellery Industry with Abhishek Jain — a jeweller with over 30 years of industry experience and an active investor. This podcast covers the complete jewellery business from an investor’s point of view , including: Jewellery industry basics & value chain National and regional players and how they scale Key investor metrics like margins, ROCE, studd...

In this episode of SOIC, we discuss a powerful investing mental model called product mix change . We analyze two precision engineering companies — SANSERA Engineering and Shriram Pistons & Rings — to understand how legacy auto businesses are using their cash flows to build future-ready segments. Sansera is moving beyond ICE auto components into aerospace, defence, semiconductors, and EV-agnost...