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>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>India's power equipment manufacturers are collectively committing roughly INR 32,000 crore to new factories and capacity upgrades, the largest manufacturing investment wave the sector has seen in decades.</li>
<li>Peak electricity demand hit a record 250 GW in FY25 and is heading toward 458 GW by 2032, creating an order environment that manufacturers cannot fulfill with existing infrastructure alone.</li>
<li>This is not a single big-ticket NTPC-style investment, but dozens of simultaneous factory expansions across the power value chain funded majorly by internal accrual shocasing their confidence.</li>
</ul>


India's power equipment manufacturers are collectively committing roughly INR 32,000 crore to new factories and capacity upgrades, the largest manufacturing investment wave the sector has seen in decades.
Peak electricity demand hit a record 250 GW in FY25 and is heading toward 458 GW by 2032, creating an order environment that manufacturers cannot fulfill with existing infrastructure alone.
This is not a single big-ticket NTPC-style investment, but dozens of simultaneous factory expansions across the power value chain funded majorly by internal accrual shocasing their confidence.


India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain

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.

<ul><li>NHAI awarding key for road players, all focus on budget: In 9MFY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subpar</li><li>Award pipeline remains on paper with BOT at 20%, EPC 10%, and HAM 70%</li><li>The only silver lining is bids are not getting postponed and are getting finalized</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.

NHAI awarding key for road players, all focus on budget: In 9MFY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subparAward pipeline remains on paper with BOT at 20%, EPC 10%, and HAM 70%The only silver lining is bids are not getting postponed and are getting finalizedContent 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.

Industrials (Q3FY26 Results Preview): Domestic ordering early cycle recovery

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There could be 1 constituent change for the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> and 5 changes for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> in September.</li>
<li>The review period for the September rebalance ended 31 July, the announcement of the changes will take place later today and implemented at the close of trading on 29 September.</li>
<li>The adds outperformed the deletes in April and May but there has been a narrowing of the spread since then. The spread could widen following the announcement of the changes.</li>
</ul>


There could be 1 constituent change for the NIFTY Index (NIFTY INDEX) and 5 changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in September.
The review period for the September rebalance ended 31 July, the announcement of the changes will take place later today and implemented at the close of trading on 29 September.
The adds outperformed the deletes in April and May but there has been a narrowing of the spread since then. The spread could widen following the announcement of the changes.


NIFTY50/ NEXT50 Index Rebalance Preview: Announcement Today After Market Close

<ul><li>In Q2/H1FY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subpar</li><li>Whilst the award pipeline is pegged at INR 3.5trn, movement on order book conversion has been slow</li><li>Of this, BOT is 20%, EPC 10%, and HAM 70%</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.

In Q2/H1FY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subparWhilst the award pipeline is pegged at INR 3.5trn, movement on order book conversion has been slowOf this, BOT is 20%, EPC 10%, and HAM 70%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.

Industrials (Q2FY26 Results Preview): Domestic ordering tepid, export order saviour

India

Hitachi Energy India specializes in advanced power systems and grid solutions, serving utility, industry, and infrastructure customers with products, projects, and services across the energy value chain. The company manufactures and supplies systems, equipment, devices, and accessories such as transformers, high-voltage products, and grid automation solutions, playing a significant role in integrating renewable energy into the national grid and modernizing power transmission. It is headquartered in Bengaluru, India, and was incorporated on February 19, 2019, carrying a legacy of operations in India since 1949 through its predecessor entities.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hitachi Energy India (POWERIND IN)

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

India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain

India's power equipment manufacturers are investing INR 32,000 crore in new factories and upgrades to meet rising electricity demand, signaling a...

Sudarshan Bhandari

Industrials (Q3FY26 Results Preview): Domestic ordering early cycle recovery

NHAI awarding key for road players, all focus on budget: In 9MFY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subpar

HDFC Securities

NIFTY50/ NEXT50 Index Rebalance Preview: Announcement Today After Market Close

The Nifty family of indices rebalances at the close today. BSE is down 30% from its high in May and down 14% since the announcement of the NIFTY50...

Brian Freitas

Industrials (Q2FY26 Results Preview): Domestic ordering tepid, export order saviour

In Q2/H1FY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subpar. Whilst the award pipeline is pegged at INR 3.5trn,...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain

​India's power equipment manufacturers are investing INR 32,000 crore in new factories and upgrades to meet rising electricity demand, signaling a...

Sudarshan Bhandari

Industrials (Q3FY26 Results Preview): Domestic ordering early cycle recovery

NHAI awarding key for road players, all focus on budget: In 9MFY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subpar

HDFC Securities

NIFTY50/ NEXT50 Index Rebalance Preview: Announcement Today After Market Close

The Nifty family of indices rebalances at the close today. BSE is down 30% from its high in May and down 14% since the announcement of the NIFTY50...

Brian Freitas

Industrials (Q2FY26 Results Preview): Domestic ordering tepid, export order saviour

In Q2/H1FY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subpar. Whilst the award pipeline is pegged at INR 3.5trn,...

HDFC Securities

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

India's power equipment manufacturers are investing INR 32,000 crore in new factories and upgrades to meet rising electricity demand, signaling a...