The SOIC Podcast

Send us Fan Mail 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 d...

Send us Fan Mail 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 a...

Send us Fan Mail 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 Turb...

Send us Fan Mail 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...

Send us Fan Mail 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 signi...

Send us Fan Mail 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 Corporatio...

Send us Fan Mail 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 v...

Send us Fan Mail 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, T...

Send us Fan Mail 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 an...

Send us Fan Mail 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 ex...

Send us Fan Mail 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, competi...

Send us Fan Mail 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. W...

Send us Fan Mail 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 s...

Send us Fan Mail 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...

Send us Fan Mail 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 div...

Send us Fan Mail 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, a...

Send us Fan Mail 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 thi...

Send us Fan Mail 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...

Send us Fan Mail 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, und...

Send us Fan Mail 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 segm...

Send us Fan Mail 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,...

Send us Fan Mail 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...

Send us Fan Mail 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...

Send us Fan Mail 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 a...

Send us Fan Mail 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 smal...