The SOIC Podcast

Nasdaq is down 12-13% from its peak, and FIIs have bought ₹49,487 crore of Indian shares in just eight sessions. The money is moving, but not into the same stocks as last time.

Ishmohit Arora of SOIC takes the market's temperature this Diwali: the US midterms and the AI trade, the "regime change" that hit India's solar and EPC stocks after the 2024 election, why foreign money is leaving South Korea and coming back to India, and the sectors where Mr. Market is already showing his hand. Plus, a Diwali wish from Anshu at the end.

Recorded in November 2026, after the US midterm elections.

Watch it with the charts on YouTube: https://www.youtube.com/@SOICfinance

SOIC membership (StockScans included): https://learn.soic.in

StockScans: https://stockscans.in

Coupon code: SOICSCANS

Diwali offer, 72 hours: coupon DIWALI17 on SOIC membership and StockScans

Chapters

00:00 Intro: market temperature this Diwali

00:37 What's happening with Nasdaq

01:55 Indian elections, themes changed

05:39 What's happening around the world

07:34 Foreign money is back

09:03 What to do: watch the rotation

11:31 SOIC membership

12:58 Where Mr. Market is showing his hand

14:52 In a nutshell

16:11 Happy Diwali from Anshu

For education only; not investment advice or a recommendation to buy or sell any security. Do your own research or consult a registered adviser before investing.

Ishmohit Arora of SOIC walks Naman Chandak through the investment themes for the next market cycle, Diwali special: where this results season stands, the hot themes, the contra themes, and the ones he would stay away from.
What you'll hear
• Why stocks swing so hard around results, and what this results season is telling us
• Batteries and electrification: where the profit really sits in the value chain
• Healthcare and pharma: who the real CDMO and peptide players are
• Contra themes: from a 70 P/E to 15-20, and what the lead supply hit means for metal recyclers
• Capital goods, capital markets and niche exporters
• The themes he is not bullish on, and why "AI can be the challenge" for marketplaces
• AI in five layers: energy, chips, infrastructure, models and applications
Recorded on 30 October 2026: views can change after the US midterm elections (3 Nov).
With Ishmohit Arora and Naman Chandak, SOIC
This episode is the audio of our YouTube video; watch it on YouTube (@SOICfinance) to see the charts and data on screen.
SOIC membership (StockScans membership included): https://learn.soic.in
Coupon code SOICSCANS: a discount on SOIC membership.
StockScans: https://stockscans.in
Timestamps
0:00 Ishmohit and Naman: the podcast begins
0:29 How is this results season going?
3:46 Why do stocks swing so hard around results?
11:21 Theme: batteries and electrification
12:21 Where is the profit in the battery value chain?
22:08 Theme: healthcare and pharma
25:30 CDMO and peptides: the real players
35:22 Theme: contra themes
39:12 Lead supply hit: what now for metal recyclers?
42:26 Theme: capital goods
52:39 Theme: capital markets
53:30 Theme: niche exporters
54:16 Themes Ishmohit is not bullish on
55:11 Theme: AI in five layers
1:00:12 To sum it up
1:01:54 Happy Diwali
Disclaimer: For education only; not investment advice or a recommendation to buy or sell any security. Do your own research or consult a registered adviser before investing.

"US dollar will be just one currency. US bonds will be just one asset."

Ritesh Jain, founder of Pinetree Macro and former CIO of Tata Mutual Fund and BNP Paribas Mutual Fund, explains why the old rules of global investing are breaking, and why he believes India comes out a winner on the other side.

What you'll hear

• Why he calls the US "a one-trick pony, that of AI", and whether the AI bubble is deflating

• Why gold fell in the middle of a crisis, and what oil has to do with it

• What a long war and higher oil prices do to every other asset class

• Why India is "the best strategically placed country in the world"

• Why "your benchmarks do not have tomorrow's winners", and where the money may go next

• The themes for the next 5-10 years: electrification, healthcare and AI

• How to build your own macro thinking, and why AI won't do it for you

Host: Ishmohit Arora, SOIC

Recorded on 21 October 2026: some views may change after the US midterm elections.

This episode is the audio of our YouTube video; watch it on YouTube (@SOICfinance) to see the charts and news on screen.

Follow Ritesh Jain on X: @riteshmjn

SOIC membership (StockScans membership included): https://learn.soic.in

Coupon code SOICSCANS: a discount on SOIC membership.

StockScans: https://stockscans.in

Timestamps

0:00 Intro: the SOIC Podcast with Ritesh Jain

2:32 A protectionist US, yet US assets keep winning

7:21 Why old correlations are breaking

13:17 Is the AI bubble deflating?

18:06 Electrification after the data-centre boom

21:55 Self-reliance, while China cuts support

26:58 Think about the incentives of countries

29:00 SOIC membership: the medical devices webinar

30:52 Why did gold fall in a crisis?

39:49 What if the war drags on?

45:45 A modern-day cold war?

47:27 Where will the money go next?

51:12 Will AI make healthcare the big winner?

54:13 Themes for the next 5-10 years

56:43 How to build your macro thinking

Disclaimer: For education only; not investment advice or a recommendation to buy or sell any security. Do your own research or consult a registered adviser before investing.

Ishmohit Arora breaks down the results from the top down: the market, the sectors doing well, and the companies with blockbuster numbers. Banks and financial services (SG Finserve, Angel One, Fedbank, IIFL Finance, Federal Bank, HDFC Bank, ICICI Bank), blockbusters from Polycab, TARIL, The Leela, Sri Lotus Developers, Jayaswal Neco and more, the IT sector, and finally ASML and TSMC on whether the AI boom is ending or about to accelerate.
This episode is the audio of our YouTube video; watch it on YouTube (@SOICfinance) to see the StockScans screens and charts.
Disclaimer: For education only; not investment advice or a recommendation to buy or sell any security. Do your own research or consult a registered adviser before investing.

In this SOIC business analysis, we decode Amber Enterprises India Limited and its transition from room AC manufacturing to electronics manufacturing services (EMS). Explore its three business segments—Consumer Durables, Electronics, and Railways & Defence—with a deep dive into PCB manufacturing, backward integration, smartphone assembly, growth triggers, and government incentives. We also examine revenue and margin potential, SOTP-based valuation, peer comparisons, and key risks, including commodity inflation, debt, and execution challenges.

If you want to understand Amber Enterprises’ transformation and evaluate its long-term growth potential through fundamental analysis, this episode is worth your time.

This episode explores the current choppy phase of the Indian stock market, what past bull and bear cycles can teach investors, and how to approach passive vs active investing today. It covers SIPs, Nifty valuations, asset allocation, mutual fund selection, sector rotation, and how to identify high-growth businesses across themes like manufacturing, CDMO, EMS, data centres, power and healthcare. The episode also explains the TVGP framework — Theme, Growth, Promoter and Valuation — and how active investors can find opportunities beyond the index.

If you want to understand how to navigate a stagnant market and identify the next pockets of growth, this episode is worth your time. podcast SOIC market breadth Mai…

In this SOIC business analysis, we deep-dive into Samvardhana Motherson International (Motherson) and its transition from a global auto-ancillary business into high-growth non-automotive sectors. We cover its business model, wiring harness and auto segments, M&A strategy, consumer electronics, aerospace, semiconductor opportunities, growth catalysts, valuation and key risks. The episode also explores how businesses can use their core capabilities to enter new verticals and improve growth, margins and cyclicality.

If you want to understand Motherson’s transformation and identify the key drivers behind its next phase of growth, this episode is worth your time.

India’s investment cycle is changing. After years of consumption-led growth, capital is increasingly moving towards manufacturing, technology and strategic industries.

In this episode, Ishmohit breaks down five major capex opportunities — semiconductors, space, EVs, EMS and aerospace & defence — while also exploring the data center boom and the value chains behind these industries.

The focus is not on stock picking, but on understanding where capital is flowing, how new ecosystems are being built, and which businesses could benefit as these sectors scale.

If you want to understand India’s next capex cycle and how to identify potential winners, this episode is worth your time.

In this episode, we look at two established industrial businesses from the TVS and Murugappa groups. We start with how we found them through conference-call summaries and StockScans, then work through their products, competitive advantages, growth plans and valuations.

Sundram Fasteners is expanding in aerospace, wind and other non-auto applications. CUMI is investing in advanced ceramics for semiconductor equipment, fuel cells and defence.

The bigger question is simple: can these established businesses use their existing capabilities to build their next growth engine?

Let’s get into it.

CDMO businesses can look similar from the outside, but the real question is: what actually separates a great CDMO from the rest? In this podcast, Ishmohit and Sid will discuss their years of research through the SCALE UP framework, covering stickiness, chemistry, anchor clients, late-stage pipelines, Capex economics, utilisation and price. They will also break down the 6-tier CDMO mental model, industry growth drivers, AI, peptides, China-to-India shifts, regulatory barriers and the lumpiness of CDMO earnings. If you want to understand how to evaluate CDMO businesses before forming a view on individual stocks, this episode is worth your time.