Windmill Capital Investor Letter – December 2025 Edition
Senior Director, Windmill Capital | The content in this article is purely the author’s personal opinion and is for informational and educational purposes only. It should not be construed as professional financial advice and nor to be construed as an offer to buy /sell or the solicitation of an offer to buy / sell any security or financial products.
The views and opinions stated in the content belong to the author. Windmill Capital Private Limited does not uphold nor promote any of the views / opinions. | Windmill Capital Private Limited is a SEBI registered research analyst (Regn. No. INH200007645)
Windmill Capital Investor Letter – December 2025 Edition
Windmill Capital covers 5 major stories from 2025 along with other updates like rebalance, defence modernization & gold flipping 18Y narrative
The Ideas That Shaped Our Thinking in 2025
A year in review of the ideas, questions, and frameworks that shaped our thinking on markets, behaviour, and investing in 2025.
India’s Defense Revolution: The Untold Story of Military Modernization
India's defense power isn't about tanks and jets anymore; it's about mastering the materials and code that power them.
How 2025 Fooled Investors Into Thinking Gold Beat Stocks for 18 Years
One exceptional year made gold look superior to stocks. But 18 years of data tells a very different story about wealth.
Analysis of the Indian Insurance Sector: Performance Trends and Strategic Imperatives
India’s insurance sector is shifting from volume-led growth to margin, discipline, and profitability, reshaped by regulation and digital scale.
India Specialty Chemicals Sector: Q2FY26 Review
Speciality chemicals see weak exports but firm margins, as domestic demand and new capex set the stage for a stronger FY27–28.