Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank, Adani Enterprises, Shriram Finance.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank, Adani Enterprises, Shriram Finance.


NIFTY Index Earning Revision (Sep): Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank

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

Thematic (Sector/Industry)

<ul>
<li>India’s 30 trillion Capex cycle is underway, with FY25 corporate Capex surpassing 11 lakh crore. FY26 will see Centre, States, and Corporates align for historic infrastructure investment.</li>
<li>This revival isn’t top-heavy. 157 companies launched $100 million+ projects in FY25 across diverse sectors - indicating India’s most widespread and bottom-up Capex momentum since FY12.</li>
<li>New-Age leaders like Adani Ports, Deepak Fertilizers, and Gokaldas Exports are investing for long-term gains boosting capacity, margins, and global competitiveness across energy, chemicals, defence, textiles, and manufacturing.</li>
</ul>


India’s 30 trillion Capex cycle is underway, with FY25 corporate Capex surpassing 11 lakh crore. FY26 will see Centre, States, and Corporates align for historic infrastructure investment.
This revival isn’t top-heavy. 157 companies launched $100 million+ projects in FY25 across diverse sectors - indicating India’s most widespread and bottom-up Capex momentum since FY12.
New-Age leaders like Adani Ports, Deepak Fertilizers, and Gokaldas Exports are investing for long-term gains boosting capacity, margins, and global competitiveness across energy, chemicals, defence, textiles, and manufacturing.


India’s Capex Supercycle: Capex Blasters – List of Companies Doing Capex

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Adani Group has announced a record-breaking $15–20 billion annual capex plan, the country’s largest private renewable energy park, and a full-scale digital infrastructure push via green-powered data centers.</li>
<li>These projects consolidate Adani’s leadership in infrastructure, energy, logistics, and digital transformation, sectors critical to India’s long-term GDP and employment growth.</li>
<li>With execution backed by strong balance sheet discipline and sectoral synergies, Adani’s strategy presents a long-duration value creation model beyond short-term market narratives.</li>
</ul>


Adani Group has announced a record-breaking $15–20 billion annual capex plan, the country’s largest private renewable energy park, and a full-scale digital infrastructure push via green-powered data centers.
These projects consolidate Adani’s leadership in infrastructure, energy, logistics, and digital transformation, sectors critical to India’s long-term GDP and employment growth.
With execution backed by strong balance sheet discipline and sectoral synergies, Adani’s strategy presents a long-duration value creation model beyond short-term market narratives.


Adani Blueprint to 2030: Brick by Brick, Billion by Billion

Equity Derivatives

<ul>
<li>Adani Enterprises Limited (AEL) has incubated six publicly traded businesses across ports, power, transmission, renewable energy, city gas and FMCG.</li>
<li>The combined market capitalisation of businesses incubated by AEL stood at USD 94.3 billion as of March 31, 2026, according to the company.</li>
<li>The next value-unlocking candidates are airports, the new-energy ecosystem, data centres, roads and primary-materials. These businesses are larger and more capital-intensive, making execution and balance-sheet discipline central to the thesis.</li>
</ul>


Adani Enterprises Limited (AEL) has incubated six publicly traded businesses across ports, power, transmission, renewable energy, city gas and FMCG.
The combined market capitalisation of businesses incubated by AEL stood at USD 94.3 billion as of March 31, 2026, according to the company.
The next value-unlocking candidates are airports, the new-energy ecosystem, data centres, roads and primary-materials. These businesses are larger and more capital-intensive, making execution and balance-sheet discipline central to the thesis.


Adani Enterprises: India’s Biggest Business Incubator

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cochin-shipyard-ltd" target="_blank" data-smartkarma-citation="entities:24261:1" rel="noopener">Cochin Shipyard Ltd (COCHIN IN)</a>  has secured a Rs. 450 crore order to build tugboats for <a href="https://www.smartkarma.com/entities/adani-ports-special-economic-zone-ltd" target="_blank" data-smartkarma-citation="entities:246:1" rel="noopener">Adani Ports &amp; Special Economic Zone (ADSEZ IN)</a> , signalling growth in India's shipbuilding industry.</li>
<li>
<a href="https://www.smartkarma.com/entities/dixon-technologies-india-ltd" target="_blank" data-smartkarma-citation="entities:25486:1" rel="noopener">Dixon Technologies India Ltd (DIXON IN)</a>  is expanding beyond electronics manufacturing by entering the refrigerator market through a partnership with Cellecor Gadgets.</li>
<li>
<a href="https://www.smartkarma.com/entities/va-tech-wabag-ltd" target="_blank" data-smartkarma-citation="entities:9096:1" rel="noopener">VA Tech Wabag (VATW IN)</a>  is making waves with a Rs. 700 crore wastewater treatment project in Zambia, highlighting its commitment to sustainable solutions and expansion across the African market.</li>
</ul>



Cochin Shipyard Ltd (COCHIN IN)  has secured a Rs. 450 crore order to build tugboats for Adani Ports &amp; Special Economic Zone (ADSEZ IN) , signalling growth in India's shipbuilding industry.

Dixon Technologies India Ltd (DIXON IN)  is expanding beyond electronics manufacturing by entering the refrigerator market through a partnership with Cellecor Gadgets.

VA Tech Wabag (VATW IN)  is making waves with a Rs. 700 crore wastewater treatment project in Zambia, highlighting its commitment to sustainable solutions and expansion across the African market.


#76 India Insight: Cochin’s ₹450 Cr Tug Order, Dixon's Refrigerator Play, Wabag's African Expansion

India

Adani Ports and Special Economic Zone Limited (APSEZ) is India's largest private port operator and an integrated transport utility. The company develops, operates, and maintains port infrastructure, offering services for various cargo types including dry bulk, liquid, crude, and containers, along with comprehensive logistics solutions. APSEZ is headquartered in Ahmedabad, Gujarat, and was founded in 1998.

Adani Ports & Special Economic Zone (ADSEZ IN)

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Adani Ports & Special Economic Zone (ADSEZ IN)

NIFTY Index Earning Revision (Sep): Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank

We analyzed NIFTY's consensus for Sep 2026 and highlighted changes of EPS in Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank, Adani...

Ke Yan, CFA, FRM

India’s Capex Supercycle: Capex Blasters – List of Companies Doing Capex

India's historic Capex cycle underway with diverse sectors and bottom-up momentum, led by companies like Adani Ports and Deepak Fertilizers for...

Sudarshan Bhandari

Adani Blueprint to 2030: Brick by Brick, Billion by Billion

Adani Group's $15-20 billion capex plan focuses on renewable energy, digital infrastructure, and sectors crucial for India's GDP growth,...

Nimish Maheshwari

Adani Enterprises: India’s Biggest Business Incubator

Adani Enterprises: How one listed company repeatedly built new businesses, scaled them into category leaders and unlocked value for shareholders?

Sudarshan Bhandari

#76 India Insight: Cochin’s ₹450 Cr Tug Order, Dixon's Refrigerator Play, Wabag's African Expansion

Cochin secures Rs. 450 cr order to build tugboats for Adani Ports. Dixon Technologies expands into refrigerator market. VA Tech Wabag undertakes...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NIFTY Index Earning Revision (Sep): Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank

We analyzed NIFTY's consensus for Sep 2026 and highlighted changes of EPS in Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank, Adani...

Ke Yan, CFA, FRM

India’s Capex Supercycle: Capex Blasters – List of Companies Doing Capex

​India's historic Capex cycle underway with diverse sectors and bottom-up momentum, led by companies like Adani Ports and Deepak Fertilizers for...

Sudarshan Bhandari

Adani Blueprint to 2030: Brick by Brick, Billion by Billion

​Adani Group's $15-20 billion capex plan focuses on renewable energy, digital infrastructure, and sectors crucial for India's GDP growth,...

Nimish Maheshwari

Adani Enterprises: India’s Biggest Business Incubator

Adani Enterprises: How one listed company repeatedly built new businesses, scaled them into category leaders and unlocked value for shareholders?

Sudarshan Bhandari

#76 India Insight: Cochin’s ₹450 Cr Tug Order, Dixon's Refrigerator Play, Wabag's African Expansion

​Cochin secures Rs. 450 cr order to build tugboats for Adani Ports. Dixon Technologies expands into refrigerator market. VA Tech Wabag undertakes...

Sudarshan Bhandari

India's historic Capex cycle underway with diverse sectors and bottom-up momentum, led by companies like Adani Ports and Deepak Fertilizers for...

Adani Group's $15-20 billion capex plan focuses on renewable energy, digital infrastructure, and sectors crucial for India's GDP growth,...

Cochin secures Rs. 450 cr order to build tugboats for Adani Ports. Dixon Technologies expands into refrigerator market. VA Tech Wabag undertakes...