Day 27/100

India's manufacturing story has a massive blind spot. Did you know that after four years, less than 8% of the ₹1.91 lakh crore PLI incentives have actually been disbursed?

First, a quick disclaimer: I am not a SEBI registered advisor, so none of this is investment advice. But the data from the ground speaks volumes:

1. The Winners: Electronics and Telecom thrived because the incentive structures perfectly matched their rapid capex cycles and production realities.

2. The Misses: Specialty Steel and Textiles are struggling with deep structural and policy mismatches.

3. The Auto Irony: The Auto PLI requires massive upfront capital, essentially locking out true EV innovators and rewarding legacy incumbents.

We are now entering Phase Two, shifting from large scale assembly to a deep tech component ecosystem. That gap is exactly where the next decade of unpriced value lies.

Check out my full deep dive into the realities of these schemes and what they actually mean for the market!

https://spicapitalresearch.substack.com/p/the-pli-mirage-which-schemes-actually?r=5uwf28

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Day 26/100

What separates a decent investment from a massive wealth compounder? It isn't the quarter where earnings beat estimates or an analyst upgrades the stock.

But the real wealth is made quarters before the market catches on, hidden quietly in a company’s balance sheet through structural operating leverage.

Think of Reliance Jio or TSMC. They spent billions building massive fixed-cost machines, meaning early returns often looked terrible to the average observer. But once they hit an inflection point in asset utilization, every new customer or order drops almost entirely to the bottom line. In these setups, when revenue grows 25%, your profit can jump over 60%.

My latest piece breaks down how to spot these structural compounders before the crowd does, tracking signals like incremental ROCE instead of waiting for headline news. We also look at the specific sectors where this exact math is playing out right now.

https://spicapitalresearch.substack.com/p/the-hidden-gear-how-operating-leverage?r=5uwf28

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https://spicapitalresearch.substack.com/

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Everyone chases the headline stock but the most explosive wealth is often built one step removed.

During India’s renewable push, solar developers took on massive execution and tariff risks. Meanwhile, Apar Industries, a quiet company simply making the transmission conductors they all needed & surged over 1,800%.

In the U.S. AI boom, while everyone watched Nvidia, the deeper proxy was ASML, quietly holding a monopoly on the machines that make the chips possible.

This is proxy investing: finding the "picks and shovels" businesses that capture a sector’s growth without carrying its core cyclical or regulatory risks. But you might ask, what’s the catch? By the time mainstream analysts publish their buy ratings, the easy money is usually gone.

I recently published a framework on how to identify these invisible compounders, understand their true moats and spot the exact moment a proxy trade becomes too crowded. Read the full breakdown below

Please note this is not investment advice.

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