SOIC Research
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SOIC Intelligent Research LLP | SEBI Registered Research Analyst (Reg. No: INH000012582) | BSE Enlistment No. - 5808 | Not Investment Advice |
Videos
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: Disclaimer - Nothing is a buy or sell recommendation and this is only for educational purposes
SOIC Research46,260 Aufrufe • vor 3 Monaten
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.
SOIC Research21,888 Aufrufe • vor 2 Monaten
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
SOIC Research25,672 Aufrufe • vor 11 Monaten
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