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>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!

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<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>Middle East tensions have increased the risk of Brent crude moving toward USD 85-90 per barrel in the near term.</li>
<li>For India, every USD 10 rise in crude can add around 30 bps to inflation and widen the current account deficit.</li>
<li>The impact will vary by sector. Upstream oil companies benefit, while oil-intensive sectors face margin pressure if prices stay elevated.</li>
</ul>


Middle East tensions have increased the risk of Brent crude moving toward USD 85-90 per barrel in the near term.
For India, every USD 10 rise in crude can add around 30 bps to inflation and widen the current account deficit.
The impact will vary by sector. Upstream oil companies benefit, while oil-intensive sectors face margin pressure if prices stay elevated.


Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

<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

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)

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

Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

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

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

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

Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

​Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

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

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.

Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

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,...