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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/coforge-ltd" target="_blank" data-smartkarma-citation="entities:8639:1" rel="noopener">Coforge (COFORGE IN)</a> ’s stock fell 9.5% in five sessions as investors reacted to the massive equity dilution triggered by the board's approval to acquire Encora. </li>
<li>The $2.35 billion all-stock deal aims to create a scaled AI-led engineering powerhouse, significantly expanding Coforge’s presence in LATAM and the US. </li>
<li>While massive share issuance creates a short-term headwind, the acquisition is structurally accretive, targeting$2.5 billion in revenue without diluting consolidated earnings.</li>
</ul>



Coforge (COFORGE IN) ’s stock fell 9.5% in five sessions as investors reacted to the massive equity dilution triggered by the board's approval to acquire Encora. 
The $2.35 billion all-stock deal aims to create a scaled AI-led engineering powerhouse, significantly expanding Coforge’s presence in LATAM and the US. 
While massive share issuance creates a short-term headwind, the acquisition is structurally accretive, targeting$2.5 billion in revenue without diluting consolidated earnings.


Event Driven: Coforge Acquisition ~ The Fall Analysis

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Thematic (Sector/Industry)

<ul>
<li>The Indian Rupee’s decline to 95 per dollar is driven by a widening trade deficit, surging crude oil prices, and persistent foreign capital outflows</li>
<li>This depreciation triggers imported inflation across the economy, a substantial 3.7% to 5.2% EPS boost for top-tier IT services exporters.</li>
<li>Global exporters like <a href="https://www.smartkarma.com/entities/coforge-ltd" target="_blank" data-smartkarma-citation="entities:8639:1" rel="noopener">Coforge (COFORGE IN)</a> and <a href="https://www.smartkarma.com/entities/sagility-india-limited" target="_blank" data-smartkarma-citation="entities:43717:1" rel="noopener">Sagility India (SAGILITY IN)</a> emerge as primary beneficiaries, whereas import-dependent sectors like Aviation and Paints face severe and immediate margin contraction.</li>
</ul>


The Indian Rupee’s decline to 95 per dollar is driven by a widening trade deficit, surging crude oil prices, and persistent foreign capital outflows
This depreciation triggers imported inflation across the economy, a substantial 3.7% to 5.2% EPS boost for top-tier IT services exporters.
Global exporters like Coforge (COFORGE IN) and Sagility India (SAGILITY IN) emerge as primary beneficiaries, whereas import-dependent sectors like Aviation and Paints face severe and immediate margin contraction.


The Rupee at 95/$: Sectoral Winners and Losers

<ul>
<li>In February 2026, major brokerages including Jefferies and CLSA have aggressively de-rated the Indian IT sector, citing "Agentic AI" as a structural disruptor.</li>
<li>Managed services (22-45% of revenue) face severe deflationary pressure as AI agents automate coding and maintenance. This shifts the revenue mix toward volatile consulting, risking a 30-65% further valuation de-rating.</li>
<li>AI represents a double-edged sword, deflationary and disruptive to legacy high-margin models but catalytic for innovation and outcome-based value creation. Investors should adopt a selective stance while analysing.</li>
</ul>


In February 2026, major brokerages including Jefferies and CLSA have aggressively de-rated the Indian IT sector, citing "Agentic AI" as a structural disruptor.
Managed services (22-45% of revenue) face severe deflationary pressure as AI agents automate coding and maintenance. This shifts the revenue mix toward volatile consulting, risking a 30-65% further valuation de-rating.
AI represents a double-edged sword, deflationary and disruptive to legacy high-margin models but catalytic for innovation and outcome-based value creation. Investors should adopt a selective stance while analysing.


From Headcount to Agents: Structural Change in Indian IT Industry

<ul>
<li>Q2FY26 results show a "stabilizing" sector, but this was a illusion. The 30-90 bps margin beat was gifted almost entirely by a 3.6% INR depreciation.</li>
<li>The aggregate numbers hide a structural bifurcation. Tier-1 players like TCS face GenAI "productivity headwinds", forcing "involuntary attrition". Agile Mid-Tiers like Coforge and Persistent are monetizing AI and winning share.</li>
<li>Investors can no longer buy "the IT sector." The Q2 results prove it's a tale of two industries, a choice between leaders facing a painful transition and high-growth, high-premium challengers.</li>
</ul>


Q2FY26 results show a "stabilizing" sector, but this was a illusion. The 30-90 bps margin beat was gifted almost entirely by a 3.6% INR depreciation.
The aggregate numbers hide a structural bifurcation. Tier-1 players like TCS face GenAI "productivity headwinds", forcing "involuntary attrition". Agile Mid-Tiers like Coforge and Persistent are monetizing AI and winning share.
Investors can no longer buy "the IT sector." The Q2 results prove it's a tale of two industries, a choice between leaders facing a painful transition and high-growth, high-premium challengers.


Thematic Report on The Great IT Bifurcation: Why TCS Is Downsizing While Coforge Soars

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-consultancy-services-limited" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Services (TCS IN)</a> is set to report Q2 FY 2027 results on Thursday, 8 October 2026. Consensus forecasts point to revenue growth of about 10% year on year.</li>
<li>Post-Earnings share-price moves have averaged 2.5% in absolute terms across the past 27 quarterly reports, with occasional moves exceeding 6%.</li>
<li>October options imply a move of approximately 4.5%. Buyers must contend with an expected drop in implied volatility after the announcement.</li>
</ul>



Tata Consultancy Services (TCS IN) is set to report Q2 FY 2027 results on Thursday, 8 October 2026. Consensus forecasts point to revenue growth of about 10% year on year.
Post-Earnings share-price moves have averaged 2.5% in absolute terms across the past 27 quarterly reports, with occasional moves exceeding 6%.
October options imply a move of approximately 4.5%. Buyers must contend with an expected drop in implied volatility after the announcement.


Tata Consultancy Services (TCS IN): October Options Price a 4.5% Earnings Move

India

Coforge Limited is an Indian multinational information technology company specializing in digital transformation, consulting, and IT services. It provides solutions in areas such as artificial intelligence, cloud, data, and automation to industries including banking, financial services, insurance, travel, and healthcare. The company is headquartered in Noida, Uttar Pradesh, India, and was founded in 1992.

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Coforge (COFORGE IN)

Event Driven: Coforge Acquisition ~ The Fall Analysis

Investors react to Coforge's stock falling 9.5% in 5 sessions due to equity dilution from approving Encora acquisition, aiming to create AI-led...

Nimish Maheshwari

The Rupee at 95/$: Sectoral Winners and Losers

Indian Rupee's decline to 95 per dollar due to trade deficit, oil prices, and capital outflows leads to imported inflation but boosts EPS for IT...

Sudarshan Bhandari

From Headcount to Agents: Structural Change in Indian IT Industry

Major brokerages de-rate Indian IT sector due to "Agentic AI" disruption, shifting revenue mix towards consulting and risking further valuation de...

Nimish Maheshwari

Thematic Report on The Great IT Bifurcation: Why TCS Is Downsizing While Coforge Soars

Q2FY26 results reveal a deceptive stability in the IT sector, with Tier-1 players facing challenges while agile Mid-Tiers capitalize on AI,...

Nimish Maheshwari

Tata Consultancy Services (TCS IN): October Options Price a 4.5% Earnings Move

TCS’s 8 October results put its October options in focus: the term structure implies a 4.5% move, roughly twice the average reaction to its past 27...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Event Driven: Coforge Acquisition ~ The Fall Analysis

​Investors react to Coforge's stock falling 9.5% in 5 sessions due to equity dilution from approving Encora acquisition, aiming to create AI-led...

Nimish Maheshwari

The Rupee at 95/$: Sectoral Winners and Losers

​Indian Rupee's decline to 95 per dollar due to trade deficit, oil prices, and capital outflows leads to imported inflation but boosts EPS for IT...

Sudarshan Bhandari

From Headcount to Agents: Structural Change in Indian IT Industry

​Major brokerages de-rate Indian IT sector due to "Agentic AI" disruption, shifting revenue mix towards consulting and risking further valuation de...

Nimish Maheshwari

Thematic Report on The Great IT Bifurcation: Why TCS Is Downsizing While Coforge Soars

​Q2FY26 results reveal a deceptive stability in the IT sector, with Tier-1 players facing challenges while agile Mid-Tiers capitalize on AI,...

Nimish Maheshwari

Tata Consultancy Services (TCS IN): October Options Price a 4.5% Earnings Move

TCS’s 8 October results put its October options in focus: the term structure implies a 4.5% move, roughly twice the average reaction to its past 27...

Gaudenz Schneider

Investors react to Coforge's stock falling 9.5% in 5 sessions due to equity dilution from approving Encora acquisition, aiming to create AI-led...

Indian Rupee's decline to 95 per dollar due to trade deficit, oil prices, and capital outflows leads to imported inflation but boosts EPS for IT...

Major brokerages de-rate Indian IT sector due to "Agentic AI" disruption, shifting revenue mix towards consulting and risking further valuation de...

Q2FY26 results reveal a deceptive stability in the IT sector, with Tier-1 players facing challenges while agile Mid-Tiers capitalize on AI,...