India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Under Mohit Joshi's leadership, <a href="https://www.smartkarma.com/entities/tech-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:8064:1" rel="noopener">Tech Mahindra (TECHM IN)</a> targets a 15%+ EBIT margin and revenue growth surpassing industry averages by FY2027, with a focus on operational reform and portfolio integration.</li>
<li>Project Fortius aims to achieve $250 million annual cost savings over 3 years, emphasizing high-margin services and organic growth, signaling a departure from  reliance on traditional acquisitions.</li>
<li>This strategic shift towards operational efficiency and organic growth alters the company's outlook, positioning Tech Mahindra for sustainable growth and shareholder returns, underlining a commitment to long-term value creation.</li>
</ul>


Under Mohit Joshi's leadership, Tech Mahindra (TECHM IN) targets a 15%+ EBIT margin and revenue growth surpassing industry averages by FY2027, with a focus on operational reform and portfolio integration.
Project Fortius aims to achieve $250 million annual cost savings over 3 years, emphasizing high-margin services and organic growth, signaling a departure from  reliance on traditional acquisitions.
This strategic shift towards operational efficiency and organic growth alters the company's outlook, positioning Tech Mahindra for sustainable growth and shareholder returns, underlining a commitment to long-term value creation.


Mohit Joshi: The Man Behind Tech Mahindra's Strategic Shift

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/infosys-ltd" target="_blank" data-smartkarma-citation="entities:267:1" rel="noopener">Infosys Ltd (INFO IN)</a> (<a href="https://www.smartkarma.com/entities/infosys-ltd-sp-adr" target="_blank" data-smartkarma-citation="entities:268:1" rel="noopener">Infosys Ltd Sp Adr (INFY US)</a>) on 5-6 December <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/757B8EEA-EB83-41B2-BC39-5380D9BE2EFB-175849.pdf" target="_blank" rel="noopener">announced</a> an on-market buyback of more than US$1.1bn. </li>
<li>The company has done buybacks before, and it is worthwhile looking at the details.</li>
<li>The buy-back looks small, and may be impactful near-term in near-space. </li>
</ul>



Infosys Ltd (INFO IN) (Infosys Ltd Sp Adr (INFY US)) on 5-6 December announced an on-market buyback of more than US$1.1bn. 
The company has done buybacks before, and it is worthwhile looking at the details.
The buy-back looks small, and may be impactful near-term in near-space. 


Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>Trump’s reciprocal tariff plan imposes a 27% duty on Indian goods, sparing pharma and IT but impacting autos, textiles, chemicals, and solar exports.</li>
<li>Despite steep headline tariffs, India’s top export sectors, IT services and pharma, remain unaffected, preserving key revenue streams and softening near-term macroeconomic impact.</li>
<li>Investors will likely rotate into resilient sectors like pharma and IT while avoiding margin-sensitive names in textiles, chemicals, and auto ancillaries vulnerable to export-led earnings volatility.</li>
</ul>


Trump’s reciprocal tariff plan imposes a 27% duty on Indian goods, sparing pharma and IT but impacting autos, textiles, chemicals, and solar exports.
Despite steep headline tariffs, India’s top export sectors, IT services and pharma, remain unaffected, preserving key revenue streams and softening near-term macroeconomic impact.
Investors will likely rotate into resilient sectors like pharma and IT while avoiding margin-sensitive names in textiles, chemicals, and auto ancillaries vulnerable to export-led earnings volatility.


Decoding Trump’s Reciprocal Tariffs: Limited Shock for India, Sector Rotation Ahead

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a> achieved a strong TCV of $10.2 billion, driven by significant large deal wins across diverse markets and industries, instills confidence for future financial years.</li>
<li>
<a href="https://www.smartkarma.com/entities/hcl-technologies-ltd" target="_blank" data-smartkarma-citation="entities:20025:1" rel="noopener">HCL Technologies (HCLT IN)</a> is Witnessing strong growth in Technology and Financial Services due to increased spending patterns, along with a sizable number of deals influenced by AI and GenAI.</li>
<li>
<a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a> expects significant growth in AI spending and is committed to driving innovation for clients by leveraging the transformative power of AI, with discretionary spending slowly returning.</li>
</ul>



Tata Consultancy Svcs (TCS IN) achieved a strong TCV of $10.2 billion, driven by significant large deal wins across diverse markets and industries, instills confidence for future financial years.

HCL Technologies (HCLT IN) is Witnessing strong growth in Technology and Financial Services due to increased spending patterns, along with a sizable number of deals influenced by AI and GenAI.

Wipro Ltd (WPRO IN) expects significant growth in AI spending and is committed to driving innovation for clients by leveraging the transformative power of AI, with discretionary spending slowly returning.


IT Companies Q3 Update: Deal Flow, AI, Guidance Etc.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 19 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 30 December. All names are exactly in line with our forecast.</li>
<li>Estimated one-way turnover is 64.9% resulting in a one-way trade of INR 72.7bn (US$857m). There are 18 stocks with over 1x ADV to trade.</li>
<li>The adds have continued to outperform the deletes even after the end of the review period. There could be further upside heading into year-end and implementation of the changes.</li>
</ul>


There are 19 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 30 December. All names are exactly in line with our forecast.
Estimated one-way turnover is 64.9% resulting in a one-way trade of INR 72.7bn (US$857m). There are 18 stocks with over 1x ADV to trade.
The adds have continued to outperform the deletes even after the end of the review period. There could be further upside heading into year-end and implementation of the changes.


NIFTY200 Momentum30 Index Rebalance: 38 Changes; 65% Turnover; US$1.7bn Trade

India

Tech Mahindra Ltd. develops and markets computer software.  The Company markets software for telecommunications equipment manufacturers, telecom service providers, software vendors, and systems integrators.

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Tech Mahindra (TECHM IN)

Mohit Joshi: The Man Behind Tech Mahindra's Strategic Shift

Tech Mahindra's strategic overhaul aims for robust growth and profitability by FY2027 through operational improvements and market strategies under...

Sudarshan Bhandari

Infosys (INFY)'s US$1.1bn Buyback

Infosys has started a US$1bn buyback. This is small at 1.2-1.4% of shares out but it is a larger portion of Real World Float and so far is a VERY...

Travis Lundy

Decoding Trump’s Reciprocal Tariffs: Limited Shock for India, Sector Rotation Ahead

Trump's reciprocal tariff plan on Indian goods spares pharma and IT, impacting autos, textiles, chemicals, and solar exports. Investors may shift...

Nimish Maheshwari

IT Companies Q3 Update: Deal Flow, AI, Guidance Etc.

TCS achieves strong TCV of $10.2 billion with large deal wins, HCLT sees growth in Tech and Financial Services, WPRO expects growth in AI spending...

Nimish Maheshwari

NIFTY200 Momentum30 Index Rebalance: 38 Changes; 65% Turnover; US$1.7bn Trade

There are 19 changes a side and all names are in line with our forecast. Estimated one-way turnover is 64.9% resulting in a one-way trade of INR...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mohit Joshi: The Man Behind Tech Mahindra's Strategic Shift

Tech Mahindra's strategic overhaul aims for robust growth and profitability by FY2027 through operational improvements and market strategies under...

Sudarshan Bhandari

Infosys (INFY)'s US$1.1bn Buyback

Infosys has started a US$1bn buyback. This is small at 1.2-1.4% of shares out but it is a larger portion of Real World Float and so far is a VERY...

Travis Lundy

Decoding Trump’s Reciprocal Tariffs: Limited Shock for India, Sector Rotation Ahead

​Trump's reciprocal tariff plan on Indian goods spares pharma and IT, impacting autos, textiles, chemicals, and solar exports. Investors may shift...

Nimish Maheshwari

IT Companies Q3 Update: Deal Flow, AI, Guidance Etc.

​TCS achieves strong TCV of $10.2 billion with large deal wins, HCLT sees growth in Tech and Financial Services, WPRO expects growth in AI spending...

Nimish Maheshwari

NIFTY200 Momentum30 Index Rebalance: 38 Changes; 65% Turnover; US$1.7bn Trade

There are 19 changes a side and all names are in line with our forecast. Estimated one-way turnover is 64.9% resulting in a one-way trade of INR...

Brian Freitas

Trump's reciprocal tariff plan on Indian goods spares pharma and IT, impacting autos, textiles, chemicals, and solar exports. Investors may shift...

TCS achieves strong TCV of $10.2 billion with large deal wins, HCLT sees growth in Tech and Financial Services, WPRO expects growth in AI spending...