Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Bharat Heavy Electricals / Equity Bottom-Up

<ul>
 <li>BHEL is experiencing a significant operational and financial turnaround, driven by a record order book that provides strong revenue visibility for the next 3-4 years. Recent large wins in the thermal power sector underscore its dominant market position.</li>
 <li>The company is strategically diversifying its revenue streams beyond the traditional coal-based power sector. Key growth areas include railways (Vande Bharat trains), defense, renewable energy, and emerging technologies like coal gasification and green hydrogen.</li>
 <li>While growth momentum is strong and profitability is improving, the company faces challenges related to execution discipline on its large order book, high valuation multiples, and corporate governance concerns stemming from a lack of requisite independent directors on its board.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  BHEL is experiencing a significant operational and financial turnaround, driven by a record order book that provides strong revenue visibility for the next 3-4 years. Recent large wins in the thermal power sector underscore its dominant market position.
  The company is strategically diversifying its revenue streams beyond the traditional coal-based power sector. Key growth areas include railways (Vande Bharat trains), defense, renewable energy, and emerging technologies like coal gasification and green hydrogen.
  While growth momentum is strong and profitability is improving, the company faces challenges related to execution discipline on its large order book, high valuation multiples, and corporate governance concerns stemming from a lack of requisite independent directors on its board.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Bharat Heavy Electricals (BHEL IN) - Aug 2026

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>India's recent outperformance coincided with AI capex anxiety. Simultaneously, macro-economic data points like bank loan growth and GFCF growth are improving. Valuations are higher than averages but not egregiously so.</li>
<li>On growth-adjusted PE, basic materials, financials, consumer durables, transportation, industrial services, telecommunication stand out as cheaper than the market. Consensus EPS estimates of several sectors are beginning to get upgraded.</li>
<li>On strong growth forecasts, reasonable valuations, healthy balance sheets and EPS upgrades over last 6 months, we screen 20 stocks - from financials, industrials, basic materials, utilities, healthcare and hardware.</li>
</ul>


India's recent outperformance coincided with AI capex anxiety. Simultaneously, macro-economic data points like bank loan growth and GFCF growth are improving. Valuations are higher than averages but not egregiously so.
On growth-adjusted PE, basic materials, financials, consumer durables, transportation, industrial services, telecommunication stand out as cheaper than the market. Consensus EPS estimates of several sectors are beginning to get upgraded.
On strong growth forecasts, reasonable valuations, healthy balance sheets and EPS upgrades over last 6 months, we screen 20 stocks - from financials, industrials, basic materials, utilities, healthcare and hardware.


Asian Equities: A Close Look at India - Identifying Opportunities in a Well-Diversified Market

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

<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

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>China’s coal-based urea and chemicals chain absorbed the 2026 Middle East shock far better than gas- and oil-dependent competitors.</li>
<li>India imports critical industrial feedstocks and remains exposed to LNG, fertiliser and petrochemical supply disruptions through maritime chokepoints.</li>
<li>Coal gasification should be treated as strategic industrial infrastructure not merely another coal project provided economics, ash technology and carbon capture are solved</li>
</ul>


China’s coal-based urea and chemicals chain absorbed the 2026 Middle East shock far better than gas- and oil-dependent competitors.
India imports critical industrial feedstocks and remains exposed to LNG, fertiliser and petrochemical supply disruptions through maritime chokepoints.
Coal gasification should be treated as strategic industrial infrastructure not merely another coal project provided economics, ash technology and carbon capture are solved


What India Needs to Learn from China on Coal Gasification?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass).</li>
<li>We also upgraded our near-term outlook to bullish on MSCI ACWI in our April 23, 2026 Int’l Compass.</li>
<li>Remain overweight Technology, our primary focus every single week since April 16. It's getting hard to find names near buy points. Elsewhere, we highlight opportunities within Discretionary, Industrials, and Transportation</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass).
We also upgraded our near-term outlook to bullish on MSCI ACWI in our April 23, 2026 Int’l Compass.
Remain overweight Technology, our primary focus every single week since April 16. It's getting hard to find names near buy points. Elsewhere, we highlight opportunities within Discretionary, Industrials, and Transportation


Lockout Rally Continues; Yet Another Bullish Gap on ACWI-US; Crude Oil Top in Place

India

Bharat Heavy Electricals Limited manufactures power plant equipment. The Company's products include gas turbines, generators, thermal sets, diesel shunters, turbo sets, hydro sets, power transformers, switch gears, circuit breakers and boilers. The Company also manufactures compressors, valves, rectifiers, pumps, capacitors, oil rigs, as well as castings and forgings.

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Bharat Heavy Electricals (BHEL IN)

Primer: Bharat Heavy Electricals (BHEL IN) - Aug 2026

BHEL is experiencing a significant operational and financial turnaround, driven by a record order book that provides strong revenue visibility...

αSK Primers

Asian Equities: A Close Look at India - Identifying Opportunities in a Well-Diversified Market

India is outperforming due to AI capex anxiety &, improving macro data. Some sectors cheaper than market on growth-adjusted PE. 20 stocks screened...

Manishi Raychaudhuri

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

What India Needs to Learn from China on Coal Gasification?

China's coal-based industry outperformed gas and oil competitors during Middle East shock; India remains vulnerable to supply disruptions; coal...

Nimish Maheshwari

Lockout Rally Continues; Yet Another Bullish Gap on ACWI-US; Crude Oil Top in Place

Lockout Rally Continues; Yet Another Bullish Gap on $ACWI; Crude Oil $USO Top in Place; Actionable Themes: Technology, Discretionary, Industrials,...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Bharat Heavy Electricals (BHEL IN) - Aug 2026

BHEL is experiencing a significant operational and financial turnaround, driven by a record order book that provides strong revenue visibility...

αSK Primers

Asian Equities: A Close Look at India - Identifying Opportunities in a Well-Diversified Market

​India is outperforming due to AI capex anxiety &, improving macro data. Some sectors cheaper than market on growth-adjusted PE. 20 stocks screened...

Manishi Raychaudhuri

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

What India Needs to Learn from China on Coal Gasification?

​China's coal-based industry outperformed gas and oil competitors during Middle East shock; India remains vulnerable to supply disruptions; coal...

Nimish Maheshwari

Lockout Rally Continues; Yet Another Bullish Gap on ACWI-US; Crude Oil Top in Place

Lockout Rally Continues; Yet Another Bullish Gap on $ACWI; Crude Oil $USO Top in Place; Actionable Themes: Technology, Discretionary, Industrials,...

Vermilion Research

India is outperforming due to AI capex anxiety &, improving macro data. Some sectors cheaper than market on growth-adjusted PE. 20 stocks screened...

China's coal-based industry outperformed gas and oil competitors during Middle East shock; India remains vulnerable to supply disruptions; coal...