Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>
India reversed its entire relative gain against EM. The near 50% relative drawdown is the deepest and longest since 2012, so we're positioning for improvement.</li>
<li>
Bottom-Decile losses in India have historically preceded strong rebounds. Although relative washouts offer no comparable evidence. We can scale up on an absoute basis.</li>
<li>
Opportunity in the middle of the index. We built a tiered watch list from the middle cohort, scaling toward equal weight as confirmation arrives.</li>
</ul>



India reversed its entire relative gain against EM. The near 50% relative drawdown is the deepest and longest since 2012, so we're positioning for improvement.

Bottom-Decile losses in India have historically preceded strong rebounds. Although relative washouts offer no comparable evidence. We can scale up on an absoute basis.

Opportunity in the middle of the index. We built a tiered watch list from the middle cohort, scaling toward equal weight as confirmation arrives.


India Equities: Stocks to Watch After Deep Underperformance

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>NMIAL commissioning in Dec-25 shifts AEL from trading volatility to regulated airport earnings, supporting a structural rerating through FY27.</li>
<li>EBITDA mix moves toward airports and renewables (&gt;70%); IRM shrinks to a residual contributor.</li>
<li>Fair value ₹2,750–3,000 (execution ₹3,300+), driven by utilisation, non-aero monetisation, and capital-structure transparency.</li>
</ul>


NMIAL commissioning in Dec-25 shifts AEL from trading volatility to regulated airport earnings, supporting a structural rerating through FY27.
EBITDA mix moves toward airports and renewables (&gt;70%); IRM shrinks to a residual contributor.
Fair value ₹2,750–3,000 (execution ₹3,300+), driven by utilisation, non-aero monetisation, and capital-structure transparency.


Adani Enterprises: NMIAL Commissioning Triggers Structural Rerating; Airports Drive Duration

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Thematic (Sector/Industry)

<ul>
<li>India has identified 11 AAI airports for PPP operation, management and development, with five select airports clubbed with six smaller airports.</li>
<li>The proposed bundling and winner cap can reduce concentration risk and force profitable airports to cross-subsidise smaller regional assets.</li>
<li>The next round may not be an Adani-only story. GMR, with airport scale and passenger traffic depth, could be a credible contender for one or more bundles.</li>
</ul>


India has identified 11 AAI airports for PPP operation, management and development, with five select airports clubbed with six smaller airports.
The proposed bundling and winner cap can reduce concentration risk and force profitable airports to cross-subsidise smaller regional assets.
The next round may not be an Adani-only story. GMR, with airport scale and passenger traffic depth, could be a credible contender for one or more bundles.


Indian Airport Privatisation: Next Big Infra Play!

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>India’s data centre theme has entered a new phase, with Reliance-Meta’s 168 MW Jamnagar deal, Adani’s 5 GW ambition, and Airtel Nxtra’s USD 1 billion fundraise.</li>
<li>India’s operational data centre capacity is now estimated around 1.5-1.7 GW, with AI, cloud, data localisation and hyperscaler demand driving large investment commitments.</li>
<li>A complete value-chain view covering land, power, cooling, backup systems, fibre, AI compute, EPC and colocation- and where listed Indian companies fit.</li>
</ul>


India’s data centre theme has entered a new phase, with Reliance-Meta’s 168 MW Jamnagar deal, Adani’s 5 GW ambition, and Airtel Nxtra’s USD 1 billion fundraise.
India’s operational data centre capacity is now estimated around 1.5-1.7 GW, with AI, cloud, data localisation and hyperscaler demand driving large investment commitments.
A complete value-chain view covering land, power, cooling, backup systems, fibre, AI compute, EPC and colocation- and where listed Indian companies fit.


India’s Data Center Build-Out: AI, Power and the Road from 350 MW to 7 GW

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Avaada Electro Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avaada-electro-limited" target="_blank" data-smartkarma-citation="entities:58612:1" rel="noopener">Avaada Electro Limited (2596819D IN)</a> is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.</li>
<li>Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Avaada Electro Limited (2596819D IN) is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.
Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.
In this note, we look at the firm’s past performance.


Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

India

Adani Enterprises is an Indian multinational publicly listed holding company and the flagship entity of the Adani Group. It acts as an incubator for new businesses in core sectors such as energy, logistics, and mining, which are often transitioned into independent listed entities. The company's current portfolio includes interests in airports, roads, solar manufacturing, green hydrogen, and data centers. Adani Enterprises is headquartered in Ahmedabad, India, and was founded on March 2, 1993.

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Adani Enterprises (ADE IN)

India Equities: Stocks to Watch After Deep Underperformance

India looks attractive after a historic washout. We prefer to position among leaders in the middle of the index, scaling up as breadth improves....

Damanick Dantes, CMT

Adani Enterprises: NMIAL Commissioning Triggers Structural Rerating; Airports Drive Duration

NMIAL commissioning in Dec-25 boosts AEL's shift to airport earnings, leading to a rerating through FY27 with fair value of ₹2,750–3,000.

Rahul Jain

Indian Airport Privatisation: Next Big Infra Play!

India plans to involve private sector in managing and developing 11 AAI airports, potentially reducing concentration risk and allowing profitable...

Nimish Maheshwari

India’s Data Center Build-Out: AI, Power and the Road from 350 MW to 7 GW

India's data centre industry is booming with major deals and investments, driven by demand for AI, cloud, data localisation, and hyperscalers.

Sudarshan Bhandari

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India Equities: Stocks to Watch After Deep Underperformance

India looks attractive after a historic washout. We prefer to position among leaders in the middle of the index, scaling up as breadth improves....

Damanick Dantes, CMT

Adani Enterprises: NMIAL Commissioning Triggers Structural Rerating; Airports Drive Duration

​NMIAL commissioning in Dec-25 boosts AEL's shift to airport earnings, leading to a rerating through FY27 with fair value of ₹2,750–3,000.

Rahul Jain

Indian Airport Privatisation: Next Big Infra Play!

​India plans to involve private sector in managing and developing 11 AAI airports, potentially reducing concentration risk and allowing profitable...

Nimish Maheshwari

India’s Data Center Build-Out: AI, Power and the Road from 350 MW to 7 GW

​India's data centre industry is booming with major deals and investments, driven by demand for AI, cloud, data localisation, and hyperscalers.

Sudarshan Bhandari

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

NMIAL commissioning in Dec-25 boosts AEL's shift to airport earnings, leading to a rerating through FY27 with fair value of ₹2,750–3,000.

India plans to involve private sector in managing and developing 11 AAI airports, potentially reducing concentration risk and allowing profitable...

India's data centre industry is booming with major deals and investments, driven by demand for AI, cloud, data localisation, and hyperscalers.