Maharashtra Scooters Holdco Discount Thesis

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Andrei Stetsenko, partner and portfolio manager at Gymkhana Partners, discusses the explosive growth of India's economy, its strategic shift toward global defense and aerospace leadership, and under appreciated small-cap companies.

Follow Andrei on X: https://x.com/astetsen

Follow Jack on X: https://x.com/JackFarley96

Follow Gymkhana Partners on X: https://x.com/GymkhanaFund

Timestamps:

00:00 Introduction to Indian Aerospace

01:26 Gymkhana Partners: Investment Philosophy

04:09 Valuation and Sectoral Differences

05:36 India's Economic Growth

14:34 Government Policies and Reforms

18:20 Indian Consumer Market

26:03 US-India Trade Relations and Tariffs

28:06 Aerospace & Defense Sector in India

31:49 Investment Opportunities in Indian Aerospace

37:43 Complexities of Indian MRO & Sika's Growth

42:41 Defense Sector Opportunities

46:53 Indigenization of Indian Defense Procurement

56:06 HoldCo Dynamics & Maharashtra Scooters

01:05:56 Gymkhana’s Investment Strategy & Performance

01:13:34 AI Investments & Alphabet's Strategy

01:18:19 Conclusion

Disclosure: Andrei’s business partner is Jack's father and Gymkhana Partners is a consulting client of Monetary Matters parent company.

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The research for this presentation is based on current public information that Farly Capital considers reliable. However, Farley Capital does not represent that the research or the presentation is accurate or complete, and it should not be relied on as such. The views and opinions expressed herein are current as of the date of this report and are subject to change. Past performance is no guarantee of future results. Certain statements contained herein are forward looking. There is no guarantee such forward looking statements will materialize, and results may differ entirely from what is described.

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