Shubham Ajmera

In Q1FY27, the median earnings growth for companies in the India watchlist on our product "SOIC Research (India + Global)" has been really strong. We track this number closely every quarter because at the end of the day, price momentum is just a by-product of earnings momentum.

We initiated Sansera for our subscribers around 16th December 2025. But the more important thing is how we filtered on this idea. > First key factor we observed was the product mix change, where the company's intent was to gradually move from its ICE component business to Aero/Defence/Semicon (ADS) business. > This product mix shift was visible from the fact that margins had been improving over the last 2 quarters, and growth was starting to pick up. That's how it came under our filters. > Going a little deeper, we understood that the kind of things it was doing in the ADS business were quite moated. It had a single-source monopoly on Airbus A350/A320 thrust-reversal gimbals with zero defects over 12 years; hogging (machining from solid billet vs. forging) is a much harder-to-replicate capability for aerospace tolerances. > Also, in its semiconductor business, it was working with Lam Research, where this year their business is expected to go from $10M to $30M . > Also, as per our channel checks, they had orders/interest from Rolls-Royce for aero-engine feelers, the MMRFIC JV (navy fuses, radars), and a Tesla ESS order. > All these things were a confirmation of our thesis that management has the capabilities, and that the product mix is changing for good. > They have also given strong guidance of ₹8,000 Cr in revenue, with ADS at 20–25% of overall business and blended EBITDA margins moving above the 20% mark. On top of this, we also visited their facility, where we got to understand the manufacturing complexity involved in the components they make for their ADS business, and their capabilities in precision engineering. The framework was simple: through scanning, found a business where earnings were breaking out and margins were improving > went through their earnings calls and found the story of the product mix change > mapped out the value chain and tried to understand Sansera's moat in the new business they were focusing on > visited their facility to verify our thesis on the company. Disclaimer: This is not a recommendation to buy or sell. We continue to hold it in our recommendation portfolio and may change our view at any point in time.

Here's a detailed deep dive on Shilpa Medicare, which we covered for our subscribers under SOIC Research a while back. Every Sunday, we discuss one business like this from our watchlist both Indian and global. Here is the link: drive.google.com/file/d/1xMX… Disclaimer - Nothing is a buy or sell recommendation and this is only for educational purposes

Here is the 5th business of the 20 unique businesses. This one is from the world of pharma. It is a company which truly stands by the complete Integrated facility across the entirety of the CRDMO cycle , along with unique CDMO molecule pipeline which does not have a single molecule dependency unlike most others. One of the only CRDMO companies in the country that is able to execute well and grow at a faster pace at the same time... Most Indian companies do ONE of these. Sai Life Sciences does ALL THREE. This is the story of India's most integrated CRDMO and why it could be a structural story. Let's understand the why behind it!

The Toll Booth on the Digital Economy → The One Company Without Which AI Does Not Exist One of the most unique companies in the entire global semiconductor value chain that checks our filter of unique businesses :- → High barriers to entry (might need at least 15 yrs to crack which is both R&D and cost heavy to build it) → Cannot be replicated even with a blank cheque (China has tried for a decade) → Exceptional return ratios → Zero direct competitors at the leading edge → Doing something that sits at the absolute frontier of human engineering Let's discuss more on ASML Holding in 3 simple steps :- → Why this business is Unique → Financial Health → Growth Triggers

The third "unique" business we are discussing today rides on one of India's strongest structural trends. As our GDP expands, the nation gets wealthier, and the "Financialisation of Savings" gathers pace. We believe this company is perfectly positioned to capitalize on these massive tailwinds. Let's dive into Nuvama - understanding on first that why this business we think is unique, Understanding Financial Health and Future growth triggers for the company

This is the second part of our "Finding Moated Business" series, following our previous discussion on INOX INDIA. The focus this time is on another highly intriguing Indian chemical company. It's one of only four such companies globally, which strongly suggests the presence of a significant competitive advantage, or MOAT, in its business model. In this thread, we will analyze this business in three key steps: 1) Understanding what makes this business MOAT-ed and how. 2) Assessing if this MOAT translates into robust financial performance for the company. 3) Determining if this MOAT's primary function is to simply accumulate cash on the balance sheet at a normalized growth rate, or if it provides the capacity for growth significantly faster than its industry peers.

One of the unique capital good companies that checks our filter of unique businesses - → High barriers to entry → Cannot be replicated just via blank cheque → Good return ratios → Limited competitors → Doing something cutting edge Let’s discuss more on Inox India’s Business in 3 simple steps → Why this business is Unique → Financial Health → Growth Triggers

Q2 FY26 was a big quarter for Indian hospitals. Strong revenue growth almost across the board… but with very different stories on margins, payor mix and scalability. Let’s walk through the peer set and then answer the core question: who actually delivered the standout Q2?

Here a while back we discussed Zomato (Eternal) A webinar one can refer to understand how to analyse and value platform business The valuation in this might not make sense now as a lot of facts changed for the company but a template one can use to understand on how to value platform businesses Disclaimer - We had an active recommendation in the company in past and have exited a while back. This is not a recommendation to buy/sell and is only for education purpose

Indian Pharma players September and Q2Fy26 export performance - MoM winners (Sep’25) - Ami Organics +468%, JB Chem +226%, Blue Jet +134%, Natco +119%, Solara +103%, Neuland +94%, Cipla +59%, Divi’s +24% YoY (Sep’25 vs Sep’24) leaders: Sequent Scientific +287%, JB Chem +62%, Laurus Labs +58%, Ami Organics +50%, Natco +49%, Sai Life +47%, Aarti drugs +43.64%, Blue Jet Health +39.68% Q2FY26 YoY leaders: Sequent scientific +219.46%, Laurus Labs +67.52%, Natco Pharma +52.57%, Ngl Finechem +28.21%, Cipla +27.49%, Aarti drugs +22.70% Disclaimer - Not a recommendation to buy/sell

Is AI the next IT bubble? Short answer “No”. AI is tracing the arc of Shales. Like the US oil boom, the narrative is shifting from scarcity to abundance. The early parallels—surging capital, stretched valuations—echo the dot-com era. But unlike 1999–00 (where productivity gains evaporated) or the 1980s AI Winter (rule-based systems failed), this is a profound, capital-intensive structural buildout. Here in this thread I would not bore you with all the story of how AI was built and history of it rather would jump on straight to the discussion on how we view this as the multi year boom and where does the real value lies in the AI value chain out there So let’s dive deep and understand what AI has brought in for us investors as an opportunity…