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>Alphabet raised USD 80 billion in fresh equity and plans USD 185 billion capex in 2026, as AI demand outpaces available chips and power.</li>
<li>Hyperscaler capex could cross USD 1 trillion in 2027, creating supply-chain opportunities in power, packaging, and data centre infrastructure for India-listed firms.</li>
<li>India’s gap is structural. Realistic opportunities are in power, EPC, and advanced packaging not in competing with Google at the AI frontier.</li>
</ul>


Alphabet raised USD 80 billion in fresh equity and plans USD 185 billion capex in 2026, as AI demand outpaces available chips and power.
Hyperscaler capex could cross USD 1 trillion in 2027, creating supply-chain opportunities in power, packaging, and data centre infrastructure for India-listed firms.
India’s gap is structural. Realistic opportunities are in power, EPC, and advanced packaging not in competing with Google at the AI frontier.


The $1 Trillion Signal: Why Alphabet’s $80B Raise Is India’s Wake-Up Call, Not Its Blueprint?

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Avaada Electro Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avaada-electro-limited" target="_blank" data-smartkarma-citation="entities:58612:1" rel="noopener">Avaada Electro Limited (2596819D IN)</a> is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.</li>
<li>Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Avaada Electro Limited (2596819D IN) is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.
Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.
In this note, we look at the firm’s past performance.


Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

<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>Oracle eliminated up to 30,000 jobs globally on March 31, 2026, its largest-ever layoff, affecting roughly 18% of its workforce.</li>
<li>Oracle frees $8–10B in cash flow for AI infrastructure; broader IT sector faces a structural shift from headcount to compute capital.</li>
<li>AI is permanently reshaping IT employment economics, companies converting wages into GPU clusters will likely dominate the next technology cycle.</li>
</ul>


Oracle eliminated up to 30,000 jobs globally on March 31, 2026, its largest-ever layoff, affecting roughly 18% of its workforce.
Oracle frees $8–10B in cash flow for AI infrastructure; broader IT sector faces a structural shift from headcount to compute capital.
AI is permanently reshaping IT employment economics, companies converting wages into GPU clusters will likely dominate the next technology cycle.


Oracle's 30,000-Person Layoff: AI's Is Reshaping the IT Sector?

India

Infosys Limited provides IT consulting and software services, including e-business, program management and supply chain solutions. The Group's services include application development, product co-development, and system implementation and system engineering. Infosys targets businesses specializing in the insurance, banking, telecommunication and manufacturing sectors.

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Infosys Ltd Sp Adr (INFY US)

The $1 Trillion Signal: Why Alphabet’s $80B Raise Is India’s Wake-Up Call, Not Its Blueprint?

Alphabet's massive equity raise and capex plans signal growing demand for AI chips, creating supply-chain opportunities for Indian firms in power,...

Sudarshan Bhandari

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

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

Oracle's 30,000-Person Layoff: AI's Is Reshaping the IT Sector?

Oracle's massive layoff of up to 30,000 employees on March 31, 2026, signals a shift in the IT sector towards AI infrastructure and compute...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The $1 Trillion Signal: Why Alphabet’s $80B Raise Is India’s Wake-Up Call, Not Its Blueprint?

​Alphabet's massive equity raise and capex plans signal growing demand for AI chips, creating supply-chain opportunities for Indian firms in power,...

Sudarshan Bhandari

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

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

Oracle's 30,000-Person Layoff: AI's Is Reshaping the IT Sector?

​Oracle's massive layoff of up to 30,000 employees on March 31, 2026, signals a shift in the IT sector towards AI infrastructure and compute...

Nimish Maheshwari

Alphabet's massive equity raise and capex plans signal growing demand for AI chips, creating supply-chain opportunities for Indian firms in power,...

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...

Oracle's massive layoff of up to 30,000 employees on March 31, 2026, signals a shift in the IT sector towards AI infrastructure and compute...