Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

Hitachi Construction Machinery / Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently nine pair trade opportunities persist across three markets and four sectors.
</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently nine pair trade opportunities persist across three markets and four sectors.


Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (5 Oct 2026)

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 MS-India 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 SWIGGY, HDFC Bank, Axis Bank, Reliance Industries, Bharti Airtel, Hindustan Petroleum, Adani Enterprises, GMR Airports.</li>
</ul>


We analysed the earning revision of component stocks of MS-India 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 SWIGGY, HDFC Bank, Axis Bank, Reliance Industries, Bharti Airtel, Hindustan Petroleum, Adani Enterprises, GMR Airports.


MS-India Index Earning Revision (Sep): SWIGGY, HDFC Bank, Axis Bank, Reliance Industries

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Demand holding on steady, this quarter saw launches pushing out to Q4FY26: The Indian real estate market sustained its mature growth trajectory into Q3FY26, building on the steady demand dynamics established earlier in the fiscal year</li><li>Tier-2 and tier-3 cities continued to drive mid-premium residential sales, while core metros maintained their leadership in the mid-premium to luxury segment</li><li>Demand remained steady with new launches witnessing 40-50% absorption, whilst sustenance sales helped</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Demand holding on steady, this quarter saw launches pushing out to Q4FY26: The Indian real estate market sustained its mature growth trajectory into Q3FY26, building on the steady demand dynamics established earlier in the fiscal yearTier-2 and tier-3 cities continued to drive mid-premium residential sales, while core metros maintained their leadership in the mid-premium to luxury segmentDemand remained steady with new launches witnessing 40-50% absorption, whilst sustenance sales helpedContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Real Estate (Q3FY26 Results Preview): Demand stable, launches awaited

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
 Highlights: In India, currently three pair trade opportunities persist across two sectors.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

 Highlights: In India, currently three pair trade opportunities persist across two sectors.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


India: Relative Value Opportunities and Pair Trades (29 Sep 2026)

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

<ul>
<li>Listed Indian real estate developers reported a blockbuster H1FY26, with aggregate pre-sales soaring 47% YoY to INR 73,100 crore, led by giants like DLF and Prestige Estates.</li>
<li>This isn't a simple cyclical rally. It's a structural consolidation, as deleveraged balance sheets (five of 11 top players are net cash) allow organized players to seize market share.</li>
<li>The battleground has shifted from sales to execution. While pre-sales are strong, flat OCF highlights a critical lag, making 2H launch delivery and cash conversion the key metrics to watch.</li>
</ul>


Listed Indian real estate developers reported a blockbuster H1FY26, with aggregate pre-sales soaring 47% YoY to INR 73,100 crore, led by giants like DLF and Prestige Estates.
This isn't a simple cyclical rally. It's a structural consolidation, as deleveraged balance sheets (five of 11 top players are net cash) allow organized players to seize market share.
The battleground has shifted from sales to execution. While pre-sales are strong, flat OCF highlights a critical lag, making 2H launch delivery and cash conversion the key metrics to watch.


Thematic Report on Indian Realty: Why H1's Record Sales Mask a Deeper Cash Flow & Execution Test

India

Godrej Properties, Ltd. is a real estate development company.

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Godrej Properties (GPL IN)

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (5 Oct 2026)

Discover nine pair trade opportunities across three markets and four sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

MS-India Index Earning Revision (Sep): SWIGGY, HDFC Bank, Axis Bank, Reliance Industries

We analyzed MS-India's consensus for Sep 2026 and highlighted changes of EPS in SWIGGY, HDFC Bank, Axis Bank, Reliance Industries, Bharti Airtel,...

Ke Yan, CFA, FRM

Real Estate (Q3FY26 Results Preview): Demand stable, launches awaited

The Indian real estate market sustained its mature growth trajectory into Q3FY26, building on the steady demand dynamics established earlier in the...

HDFC Securities

India: Relative Value Opportunities and Pair Trades (29 Sep 2026)

Discover three pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Thematic Report on Indian Realty: Why H1's Record Sales Mask a Deeper Cash Flow & Execution Test

Indian real estate developers see H1FY26 with pre-sales up 47% to INR 73,100 crore. Structural consolidation, not just cyclical rally, as players...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (5 Oct 2026)

​Discover nine pair trade opportunities across three markets and four sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

MS-India Index Earning Revision (Sep): SWIGGY, HDFC Bank, Axis Bank, Reliance Industries

We analyzed MS-India's consensus for Sep 2026 and highlighted changes of EPS in SWIGGY, HDFC Bank, Axis Bank, Reliance Industries, Bharti Airtel,...

Ke Yan, CFA, FRM

Real Estate (Q3FY26 Results Preview): Demand stable, launches awaited

The Indian real estate market sustained its mature growth trajectory into Q3FY26, building on the steady demand dynamics established earlier in the...

HDFC Securities

India: Relative Value Opportunities and Pair Trades (29 Sep 2026)

​Discover three pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Thematic Report on Indian Realty: Why H1's Record Sales Mask a Deeper Cash Flow & Execution Test

​Indian real estate developers see H1FY26 with pre-sales up 47% to INR 73,100 crore. Structural consolidation, not just cyclical rally, as players...

Nimish Maheshwari

Discover nine pair trade opportunities across three markets and four sectors using statistical mean-reversion methodology for actionable insights.

Discover three pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Indian real estate developers see H1FY26 with pre-sales up 47% to INR 73,100 crore. Structural consolidation, not just cyclical rally, as players...