Intrinsic Compounding

The watch industry is one of the most fascinating businesses in the world! Few Interesting Facts: » Apple Watch now outsells the entire Swiss watch industry on volume — yet the Swiss have never been richer. » Rolex doesn't have a single shareholder. It's owned by a foundation and can never be bought or taken public. » Pre-owned watches are ~33% of the global luxury market, but barely 0.2% in India — a gap someone will fill. » Closer home: an early ₹10 crore bet on Titan in the 1980s is worth close to ₹1 lakh crore today. Find this industry fascinating? Then join us live as we decode the global & Indian watch industry. Topic: Decode the Indian & Global Watch Industry Date & Time: 21 June, 1 p.m. (IST) onwards Registration Link: learn.soic.in/learn/fast-che… Use a browser to enrol, mobile apps apply additional (30%) charges Venue: Zoom Online ☞ Enrolment for 365 days. ☞ Recording available 48-72 hours after the live session. We will cover: ▪️Key players in Indian & global watch industry ▪️Complete watch industry value chain ▪️Hidden proxy plays ▪️Luxury market vs mass-market economics ▪️Growth opportunities, risks, and valuation If "Made in India: A Titan Story" documentary got you curious about how this industry was built, this session will go deeper- into the businesses, the moats, and the money behind the dial. See you on Sunday! ⌚ 📌 NOTE: Our webinars and micro-course are included in our SOIC Membership. Explore: learn.soic.in/learn/SOIC-Cou… Use a browser, mobile apps charge additional 30% Valid till 22 June, 2026 (only for new learners) 1 year: THANKYOU6 3 years: THANKYOU06 Support email: info@soic.in

Interesting data from Spotify Subscriber base from Rest of the world in CY20 constituted 13% of the overall subscriber base which is now over 18% in CY24 which indicates to be a real underlying beneficiary of Premiumisation , Rising per capita Income & Disposable Income .

Electrical equipment lead time remains long. Buyers are booking capacities upfront by giving advances and few bottlenecks like Bushings have a lead time of 3-5 years. Worth reading newsletter.semianalysis.com/p/stop-saying-…

Is India an AI loser? In one form or another, it’s the question we get asked the most. And if you look at India’s performance relative to other major stock markets, it’s a fair one. India is down in dollar terms since we launched in September 2024. Meanwhile, KOSPI has more than tripled on the back of two memory stocks. The natural conclusion is that India missed AI. We think that’s wrong. India has plenty of AI winners. It’s just that their weight in the index is either too low or they are absent from the index altogether. You have to go find them. So, we went looking. We sorted the market by what AI does to a company – you build it, you deploy it, or you defend against it – and calculated total return for each name since we launched Persistence Capital. The builders are up about 64% at the median. The defenders, mostly IT services, are down about 32%. This issue of our quarterly addresses the key question: which companies are AI winners, how has AI impacted their business and how is IT services getting impacted by AI (so far). It also raises a fair question for any India manager you evaluate (us included): in September 2024, how much of the book was in these names? Link: docsend.com/view/9dfuscbqq… Disclosure: This is not a buy / sell recommendation. Please conduct your own due diligence before investing in any financial instruments.

Travel sector value chain From suppliers to end customers. Credits: MOSL

KDDL- about their TAM in Precision engineering business vertical i.e. Eigen. Source: Q4FY26 concall Disclaimer: no recommendation to buy or sell.

12 Themes that stand out, and will increasingly become a part of the index vs Traditional Banking sector or IT 1. Healthcare 2. Electrification 3. Ship Building 4. Electronics manufacturing 5. Niche Pharma and CDMOs 6. Auto component cos in premiumisation 7. Financialisation: AMCS, EXCHANGES etc 8. Defence & Aerospace 9. Precision engineering 10. Capital goods in new age sectors 11. New age consumption 12. Deep tech businesses across new age sectors

Orders flowing in for the industry Disclaimer: no recommendation to buy or sell.

Learning for the day from a new industry 155 mm Artillery Shells and the shortage The world has standardized on 155mm artillery, but recent wars exposed a deep structural gap. Global demand is now 7.5–8M shells a year, driven by Ukraine consumption, NATO restocking, and Asia/Middle East rearmament. Even after heavy capex, capacity is only 3–3.5M due to bottlenecks in explosives, certified forging, and fragmented supply chains. Cold War stockpiles are largely depleted, so new output is going into live wars + rebuilding reserves. Result is ammunition has become a strategic asset, pricing power has shifted to producers, and this demand–supply mismatch is likely to persist for most of this decade. There are producers from India and globally who have set up plants to manufacture 155mm shells.

Join us on 21st June at 1 pm for a detailed session on the Indian & Global Watch Industry learn.soic.in/learn/fast-che…

Indian Watch Industry: Key players and value chain explained ⌚

Continued outperformance of Nifty small cap 250 vs Nifty 50. Check the RS line below vs Nifty 50. Growth lies in broader markets beyond Nifty 50 Data using @stockscansin

It's like a library. They will own the music rights in perpetuity. Anytime one listens to songs on Spotify or Youtube. They will make a tiny bit of money. Imagine having 1lakhh+ Books in a library where one has to pay small sums of money to read them. This is a simplified understanding :)

@soicfinance I don't clearly understand this music rights buying So if saregama buying this rights - What is the use?

Interesting insight on why Saregama didn't purchase Dhurandhar 2 music rights after being the owner of licensing rights for P1. Dynamics of the music licensing industry below Disc: no reco to buy or sell.

The watch industry is one of the most fascinating businesses in the world! Few Interesting Facts: » Apple Watch now outsells the entire Swiss watch industry on volume — yet the Swiss have never been richer. » Rolex doesn't have a single shareholder. It's owned by a foundation and can never be bought or taken public. » Pre-owned watches are ~33% of the global luxury market, but barely 0.2% in India — a gap someone will fill. » Closer home: an early ₹10 crore bet on Titan in the 1980s is worth close to ₹1 lakh crore today. Find this industry fascinating? Then join us live as we decode the global & Indian watch industry. Topic: Decode the Indian & Global Watch Industry Date & Time: 21 June, 1 p.m. (IST) onwards Registration Link: learn.soic.in/learn/fast-che… Use a browser to enrol, mobile apps apply additional (30%) charges Venue: Zoom Online ☞ Enrolment for 365 days. ☞ Recording available 48-72 hours after the live session. We will cover: ▪️Key players in Indian & global watch industry ▪️Complete watch industry value chain ▪️Hidden proxy plays ▪️Luxury market vs mass-market economics ▪️Growth opportunities, risks, and valuation If "Made in India: A Titan Story" documentary got you curious about how this industry was built, this session will go deeper- into the businesses, the moats, and the money behind the dial. See you on Sunday! ⌚ 📌 NOTE: Our webinars and micro-course are included in our SOIC Membership. Explore: learn.soic.in/learn/SOIC-Cou… Use a browser, mobile apps charge additional 30% Valid till 22 June, 2026 (only for new learners) 1 year: THANKYOU6 3 years: THANKYOU06 Support email: info@soic.in

Portfolios being disconnected with the index. Stock pickers market

Players present in power & thermal management of the DC value chain