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.

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Thematic (Sector/Industry)

<ul>
<li>Q4 FY26 results show that outcome-based and hybrid pricing models are now moving beyond pilots. Tech Mahindra’s “service token” model is already part of live client contracts.</li>
<li>AI is reducing effort needed per rupee of revenue by 25–30%, creating pressure on growth even as IT firms protect margins by avoiding weak deals.</li>
<li>The sector has moved past wait-and-watch. In FY27, the revenue mix, pricing models, and AI-led capex decisions will determine performance differentiation.</li>
</ul>


Q4 FY26 results show that outcome-based and hybrid pricing models are now moving beyond pilots. Tech Mahindra’s “service token” model is already part of live client contracts.
AI is reducing effort needed per rupee of revenue by 25–30%, creating pressure on growth even as IT firms protect margins by avoiding weak deals.
The sector has moved past wait-and-watch. In FY27, the revenue mix, pricing models, and AI-led capex decisions will determine performance differentiation.


Thematic Report- Indian IT: AI Is Rewriting the Business Model

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>FIIs sold ~USD 46 billion in Indian equities (Jan 2024-Mar 2026). March 2026 alone saw record INR 97,000 crore (USD 11.7 billion) outflows, the highest ever in a single month.</li>
<li>
FPI ownership fell to 16.9%, a 15-year low. DIIs now hold more than FPIs, indicating a structural shift in India’s equity ownership.</li>
<li>
Capital has rotated to China, Taiwan, South Korea, and US Treasuries. Tracking these flows helps assess whether FII returns to India are near-term or delayed.</li>
</ul>


FIIs sold ~USD 46 billion in Indian equities (Jan 2024-Mar 2026). March 2026 alone saw record INR 97,000 crore (USD 11.7 billion) outflows, the highest ever in a single month.

FPI ownership fell to 16.9%, a 15-year low. DIIs now hold more than FPIs, indicating a structural shift in India’s equity ownership.

Capital has rotated to China, Taiwan, South Korea, and US Treasuries. Tracking these flows helps assess whether FII returns to India are near-term or delayed.


The $46 Billion Exodus: Where FIIs Are Parking Their Money?

<ul>
<li>Budget 2026 grants foreign cloud companies a tax holiday until 2047, while four Indian conglomerates are on track to control 35-40% of national data center capacity by 2030.</li>
<li>The partnership model between global hyperscalers and Indian operators, structurally unlike the USA/Europe build-own approach, concentrates economic value domestically and compresses timelines.</li>
<li>AI demand is so capital-magnetic that the sector will grow regardless, but a chronic grid delivery gap raises the probability of the 10 GW target slipping to 2032.</li>
</ul>


Budget 2026 grants foreign cloud companies a tax holiday until 2047, while four Indian conglomerates are on track to control 35-40% of national data center capacity by 2030.
The partnership model between global hyperscalers and Indian operators, structurally unlike the USA/Europe build-own approach, concentrates economic value domestically and compresses timelines.
AI demand is so capital-magnetic that the sector will grow regardless, but a chronic grid delivery gap raises the probability of the 10 GW target slipping to 2032.


Thematic Report: India's Data Center Oligopoly!

<ul>
<li>The Nifty IT index plummeted over 20% recently on fears that generative AI will fundamentally destroy the traditional headcount driven IT services model</li>
<li>While some warn of 14-16% deflation, integrating complex artificial intelligence into enterprise systems actually unlocks a massive $300 to $400 billion incremental addressable market
</li>
<li>Top management confirms structurally sound demand with zero or avoidable accelerated pricing deflation, viewing the AI transition as a massive volume tailwind instead of a threat.</li>
</ul>


The Nifty IT index plummeted over 20% recently on fears that generative AI will fundamentally destroy the traditional headcount driven IT services model
While some warn of 14-16% deflation, integrating complex artificial intelligence into enterprise systems actually unlocks a massive $300 to $400 billion incremental addressable market

Top management confirms structurally sound demand with zero or avoidable accelerated pricing deflation, viewing the AI transition as a massive volume tailwind instead of a threat.


<ul>
<li>As of 28-Feb-26, <a href="https://www.smartkarma.com/entities/micron-technology-inc" target="_blank" data-smartkarma-citation="entities:13382:1" rel="noopener">Micron Technology (MU US)</a> has inaugurated India's first large-scale commercial semiconductor ATMP facility in Sanand, Gujarat. </li>
<li>The India's Semi-conductor Mission has now 10 approved projects with aggregate investments of Rs 1.60 lakh crore ($18.6 billion) across six states.</li>
<li>Kaynes Semicon shipping India's first commercially paid chip prototype, CG Semi weeks away from volume production, Tata's Dholera fab in equipment installation, India's semiconductor value chain is no longer aspirational.</li>
</ul>


As of 28-Feb-26, Micron Technology (MU US) has inaugurated India's first large-scale commercial semiconductor ATMP facility in Sanand, Gujarat. 
The India's Semi-conductor Mission has now 10 approved projects with aggregate investments of Rs 1.60 lakh crore ($18.6 billion) across six states.
Kaynes Semicon shipping India's first commercially paid chip prototype, CG Semi weeks away from volume production, Tata's Dholera fab in equipment installation, India's semiconductor value chain is no longer aspirational.


INDIA SEMICONDUCTOR- Who Is Doing What and How Far Along Are They?

India

HCLTech is a global technology services and consulting company that provides a comprehensive range of software and infrastructure solutions. The company offers IT and business services, engineering and R&D services, and HCLSoftware products, focusing on digital, cloud, AI, and engineering solutions to help enterprises transform their businesses. HCLTech is headquartered in Noida, Uttar Pradesh, India, and was spun out in 1991.

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HCLTech (HCLT IN)

Thematic Report- Indian IT: AI Is Rewriting the Business Model

Tech Mahindra's innovative "service token" model and AI-driven efficiencies are reshaping revenue mix and pricing models in the IT sector, setting...

Sudarshan Bhandari

The $46 Billion Exodus: Where FIIs Are Parking Their Money?

Record outflows of USD 46 billion from Indian equities signal a shift in ownership from FIIs to DIIs, with capital moving to China, Taiwan, South...

Nimish Maheshwari

Thematic Report: India's Data Center Oligopoly!

Budget 2026 grants tax holiday to foreign cloud companies, Indian conglomerates set to control data center capacity, AI sector growth inevitable...

Sudarshan Bhandari

Indian IT Sector: The Bottom Made?

Nifty IT index drops 20% on generative AI fears, but integrating AI could unlock $300-400 billion market and provide volume tailwind for IT services.

Nimish Maheshwari

INDIA SEMICONDUCTOR- Who Is Doing What and How Far Along Are They?

Micron Technology opens India's first large-scale semiconductor facility in Gujarat, part of India's Semiconductor Mission with 10 approved...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thematic Report- Indian IT: AI Is Rewriting the Business Model

​Tech Mahindra's innovative "service token" model and AI-driven efficiencies are reshaping revenue mix and pricing models in the IT sector, setting...

Sudarshan Bhandari

The $46 Billion Exodus: Where FIIs Are Parking Their Money?

​Record outflows of USD 46 billion from Indian equities signal a shift in ownership from FIIs to DIIs, with capital moving to China, Taiwan, South...

Nimish Maheshwari

Thematic Report: India's Data Center Oligopoly!

​Budget 2026 grants tax holiday to foreign cloud companies, Indian conglomerates set to control data center capacity, AI sector growth inevitable...

Sudarshan Bhandari

Indian IT Sector: The Bottom Made?

​Nifty IT index drops 20% on generative AI fears, but integrating AI could unlock $300-400 billion market and provide volume tailwind for IT services.

Nimish Maheshwari

INDIA SEMICONDUCTOR- Who Is Doing What and How Far Along Are They?

​Micron Technology opens India's first large-scale semiconductor facility in Gujarat, part of India's Semiconductor Mission with 10 approved...

Sudarshan Bhandari

Tech Mahindra's innovative "service token" model and AI-driven efficiencies are reshaping revenue mix and pricing models in the IT sector, setting...

Record outflows of USD 46 billion from Indian equities signal a shift in ownership from FIIs to DIIs, with capital moving to China, Taiwan, South...

Budget 2026 grants tax holiday to foreign cloud companies, Indian conglomerates set to control data center capacity, AI sector growth inevitable...

Nifty IT index drops 20% on generative AI fears, but integrating AI could unlock $300-400 billion market and provide volume tailwind for IT services.

Micron Technology opens India's first large-scale semiconductor facility in Gujarat, part of India's Semiconductor Mission with 10 approved...