Sanjay Kumar Elangovan

Co-Fund Manager @ithoughtpms

[Sanjay Kumar Elangovan @sanjaylangval]

US Biotechs with Indian CDMO partners:

Esperion (Bluejet/Neuland)
New Amsterdam (Piramal/Aarti Pharma)
Unicycive (Shilpa/Granules)
Biocryst (Sai Life)
Vanda (Sai Life)
Mineralys (Sai Life)
Lantern (Shilpa)

Note - US market is brutal. Everything can be discounted in few ticks.

[ishmohit @ishmohit1]

Biotechs in US.

Sector to focus on

Both technicals and fundamentals pointing here

[Sanjay Kumar Elangovan @sanjaylangval]

@anagenxyz The minoxidil incumbents - Sun, Reddys, Cipla? Go to Sun. They can take your product globally too. Sun already has inlicensed Winlevi, a topical acne cream.

[Sanjay Kumar Elangovan @sanjaylangval]

@anagenxyz When will the product be available in India?

[Sanjay Kumar Elangovan @sanjaylangval]

@cremieuxrecueil Pls have a look at this phase 2 study for topical dutasteride:

https://t.co/98JMo5zjHt

Significantly better than finasteride!

Better efficacy and TAHC. Less systemic DHT suppression.

Phase 3 is just starting in India and EU.

[Sanjay Kumar Elangovan @sanjaylangval]

https://t.co/wBiNAgisKo

[Sanjay Kumar Elangovan @sanjaylangval]

US FDA has approved Wockhardt's Zaynich (WCK 5222)!

This honestly feels like a very personal moment for me.

First US FDA approval for an Indian NCE is historic. Wockhardt is a national pride and deserves to be celebrated. Hopefully, this marks the beginning of a pharma innovation cycle in India.

Congratulations to everyone who was part of this journey!

Over and out.

- a rookie analyst from Chennai!

[Sanjay Kumar Elangovan @sanjaylangval]

Wockhardt consumed a bit of me and is an example of "Capabilities > Balance Sheet > Income Statement". In fact, the capabilities screwed up the BS and P&L. 😅
I can call myself a (wannabe) "Deep Tech" investor although I am not sure if I will even make money in this.

[Sanjay Kumar Elangovan @sanjaylangval]

Label details:

https://t.co/Tp6OMn0RPL

[Sanjay Kumar Elangovan @sanjaylangval]

A company's opening remarks in Q4 FY26 concall:

“There are certain years in a company's journey where performance improves, and certain years where the foundation for the next decade is built. For us, FY26 has been one such year where we have built our foundation."

[Investment Wisdom @InvestingCanons]

Stanley Druckenmiller: “A lot of my style is you [first] build a thesis, hopefully that no one else has built. You sort of put some positions on…

Then when the thesis starts to evolve and people get on and you see the momentum start to change in your favor, then you really go for it. You pile into the trade.”

[Akshay Jogani @kshayjogani]

News is focused on which camera brand replaces Hikvision. The more interesting story is who makes the chip inside the camera.

Until 2019, that answer was overwhelmingly HiSilicon, Huawei's semiconductor arm that dominated surveillance SoCs globally. US sanctions killed that supply chain overnight and the entire industry moved to Ambarella, Novatek, and Sigmastar.

India's CCTV ban accelerates the same logic one layer deeper. Not just who assembles the camera, but who designs the silicon.

And that story is already further along than most people realize. L&T Semiconductor Technologies has signed a deal with CP Plus to supply indigenously designed Vision SoCs for 9 million IP cameras over three years. These aren't concept chips. They support 8MP imaging and this is the first time surveillance cameras will be made using chips from an Indian company.
CP Plus is the largest domestic brand by market share, so this isn't a token pilot.

Beyond L&T Semi, there are at least four more startups building surveillance SoCs under the government's Design Linked Incentive scheme. Mindgrove Technologies has the V2600, a surveillance-grade edge AI chip targeting late 2026 commercial launch. BigEndian Semiconductors raised $3M from Vertex Ventures and partnered with Cadence on Project VASU, a secure-boot SoC with encryption baked into the silicon. 3rdiTech and Netrasemi round out the group. Collectively these four have raised over ₹300 crore and taped out test chips in 2025.

Two years ago none of this existed. Now you have five separate Indian chip efforts targeting the same market, with the largest one already locked into a volume manufacturing agreement.

India did the same thing in telecom: kicked out Huawei, filled the gap with allied vendors, then started building its own stack with Tejas Networks. Surveillance silicon is following the same script, and hopefully moving faster.

[Sanjay Kumar Elangovan @sanjaylangval]

Content and storytelling >>> fundamentals / valuations is peak Substack!

If your investment thesis needs a Breaking Bad analogy, you’re not analysing the business, you’re writing fiction.

The "TSMC of Niche Pharma" is down 60% from the post and 33% since quoting Walter White.

[Sanjay Kumar Elangovan @sanjaylangval]

Timeless lessons lasted 2 days! 😂

"Nothing new. Same old market lessons - served again."

[Sanjay Kumar Elangovan @sanjaylangval]

It was a pleasure to speak at the TIA 20-20 Ideas Summit 2026 at IIT Madras Research Park.

Presented my stock pitch on Genesys - a niche business & potential proxy to India's digital infrastructure build-out!

Feedback welcome.

Thank you @TIA_Investors for the opportunity.

[Sanjay Kumar Elangovan @sanjaylangval]

My investing journey started in 2018 at @TIA_Investors' Bullet Proof Investing event. Almost 8 years later, I’m honoured and excited to be presenting at their 20-20 Ideas Summit!

[Sanjay Kumar Elangovan @sanjaylangval]

Many are writing off Indian IT by assuming Palantir or AI agents will own these risks:

• Governance
• Compliance & audit
• SLAs, performance, delivery

And Enterprises still need someone for orchestration and integration.

Indian IT must evolve but it’s far from obsolete.

[arvind swami @thearvindswami]

I recently spoke at Umagine2026 where I said that we are in a Shackleton moment. We have to let go of our ego and accept the fact that software services as we know it is no longer relevant. AI commoditises code. The head count and arbitrage model will be broken. Software engineering, architecture, domain ownership and AI-governed delivery stays relevant. This is a great time where coding is democratised. Build on your ideas, productise them. The Anthropic announcement on building the C compiler with agents in 2 weeks should tell us something.

[Xponent Tribe @XponentTribe]

Our cofounder Sagar Arya dives into the tremendous shift underway in the aerospace industry in this riveting conversation with @ishmohit1 @soicfinance

[Sekhar @LearningEleven]

When you find a company with
elite management, structural tailwinds, strong products, fast growth, and ruthless ambition, and you have the ability to track it closely:

you don’t nibble. You size up.

A 5–10% allocation feels safe today,
but becomes a regret in hindsight.

These setups don’t come every year.
They show up once in a few years.

And no, valuations won’t look cheap.
When quality is obvious, the edge lies in growth, not multiples.

[Sanjay Kumar Elangovan @sanjaylangval]

@venkateshna Thank you for the kind words sir! 🙏

[Sanjay Kumar Elangovan @sanjaylangval]

@suru27 Thanks a lot bro! Learnt a lot from your tweets! 🙏

[Sanjay Kumar Elangovan @sanjaylangval]

@balajispice @TIA_Investors Thank you so much sir for the kind words, really means a lot 🙏

[Sanjay Kumar Elangovan @sanjaylangval]

My investing journey started in 2018 at @TIA_Investors' Bullet Proof Investing event. Almost 8 years later, I’m honoured and excited to be presenting at their 20-20 Ideas Summit!

[TN Investors' Assn @TIA_Investors]

Sanjay Kumar Elangovan, Co-Fund Manager, ithought PMS, will be speaking at TIA 20-20 Ideas Summit 2026 !
@sanjaylangval @ithoughtpms

Link to Register :
https://t.co/j9IJN26XPn