SOIC Research

India has 7.8 crore microfinance borrowers. Mostly women. Mostly rural. No collateral. No credit history. No bank willing to serve them. Without MFIs, they borrow from moneylenders at 40–120% annualised interest. Microfinance breaks that trap by lending small, unsecured, through the social architecture of Joint Liability Groups (JLGs). 5-10 women from the same community who collectively guarantee each other's loans. In normal times, repayment rates rival the best secured lenders in the world 98–99%. This is a long read. But if you want to understand how to think about cyclical financial businesses and what a disciplined operator looks like this is worth your time. Full piece here 👇 soic.substack.com/p/microfinance…

Grateful that team @ResearchSOIC identified Optics theme at the right time.. Sharing our work on both Lumentum and Coherent :) Examples of how tailwinds can be spotted globally!! drive.google.com/file/d/1AzBWVd… drive.google.com/file/d/10GmaIw…

The nature of warfare is fundamentally changing before our eyes, shifting towards a new era of war from home. This transition is reshaping the entire value chain and creating a new set of beneficiaries that are just starting to emerge. We have covered these trends in detail in the report below. I insist that you bookmark this and take a printout to go through over the weekend. Link - drive.google.com/file/d/1jjhzqs…

We initiated on Intel at @ResearchSOIC and simply followed what the government was doing :) Supply chain reshoring presents a lot of interesting opportunities

Nov'25 Export Data - Pharma Top gainers (on yoy basis) - > Laurus Labs (+92.90%) > Suven Pharma (+73.93%) > Sequent Scientific (+67.19%) > JB Chemicals (+60.21%) > Marksans Pharma (+44.05%) Top Losers - > Lupin (-65.00%) > Syngene (-51.87%) > Neuland (-42.13%) > SGRL (-32.19%) > Blue Jet (-28.01%) Disclaimer - not a recommendation to buy/sell

Our detailed work on a regional jeweller which we did at @ResearchSOIC sometime back! Disc: no reco to buy or sell drive.google.com/file/d/1tf9jQs…

True market dominance requires controlling the critical dependencies... the inputs, the processes, the distribution, and ideally the customer relationship. Carnegie controlled raw materials and transportation. Standard Oil controlled refining and distribution. AT&T controlled the entire network. IBM locked in both hardware and software. Microsoft owned the OS. Amazon built the logistics infrastructure. Apple controls chips, OS, apps, and retail. Tesla manufactures batteries, software, and handles direct sales. The losers in each era? They rented someone else's infrastructure. They trusted partners. They optimized for margins instead of control. They played nice with existing systems instead of building new ones. The pattern is unmistakable. Across 150 years and myriad of industries, the winners aren’t those with incrementally better products. The winners are those who understand that true market power comes from controlling what others need to reach customers. It’s not just about vertical integration for efficiency’s sake, it’s about vertical integration as a strategic weapon. When you own the stack, you set the rules. You control the costs. You dictate the pace of innovation. You capture disproportionate value. This is the timeless physics of market power. The names change. The industries evolve. But the fundamental insight remains: if you want to build an enduring franchise, don’t just compete on product. Compete on structure. Own the stack. Control the chokepoints. Make your business essential to the functioning of others. That’s how monopolies are born. That’s how fortunes are made. And that’s the pattern that will define the next wave of industrial dominance, whether it’s in semiconductors, space infrastructure, or the picks-and-shovels of the AI revolution.

@O_bhaina x.com/i/status/19697… You can refer to this

@ResearchSOIC Any note on its valuations?

To deep dive beyond the surface we recently visited the plant of one of the leading aesthetic solution player in India - SJS Enterprise Ltd. And here is all that we got to know after visiting their Bengaluru facility

Disclaimer - This in anyway not a recommendation to buy/sell and is purely for sharing insights that we were able to get after visiting their plant in Bengaluru. Also here are the curated plant visit notes that you can refer to get a even deeper understanding about their operations drive.google.com/file/d/13IynUl…

SJS is evolving from a screen printer to a tech-enabled aesthetics integrator. The thesis rests on three pillars: 1. Premiumization in 2W (Digital clusters) + The EV penetration 2. Value explosion in 4W (Optical Cover Glass) 3. Strong barriers to entry (Validation sticky + Safety critical) The optical lens capacity coming online in FY27/28 will be the key monitorable to watch.