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>India Semiconductor Mission 2.0 expands policy support to INR 1,27,500 crore across six pillars, building on 12 approved units and over INR 1.64 lakh crore of Phase-I investment.</li>
<li>India is moving beyond subsidy-led fabs toward design IP, equipment, materials, advanced packaging, R&amp;D and talent- critical for reducing imports and creating a durable semiconductor cluster.</li>
<li>Semicon 2.0 is structurally positive, but commercial production, customer qualification, localisation, talent, subsidy disbursement and utilisation will decide which companies convert policy support into durable earnings.</li>
</ul>


India Semiconductor Mission 2.0 expands policy support to INR 1,27,500 crore across six pillars, building on 12 approved units and over INR 1.64 lakh crore of Phase-I investment.
India is moving beyond subsidy-led fabs toward design IP, equipment, materials, advanced packaging, R&amp;D and talent- critical for reducing imports and creating a durable semiconductor cluster.
Semicon 2.0 is structurally positive, but commercial production, customer qualification, localisation, talent, subsidy disbursement and utilisation will decide which companies convert policy support into durable earnings.


India Semiconductor Mission 2.0: Strengthening India’s Position in the Global Chip Value Chain

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>All five listed Indian EMS companies reported double-digit or higher YoY revenue growth in Q4FY26, with operating profit expansion accelerating across the board.</li>
<li>Memory chip inflation, Middle East logistics disruptions, and tariff uncertainty are creating quarterly earnings volatility even as multi-year visibility strengthens.</li>
<li>Bull and bear can both be right simultaneously: order books are at record highs AND near-term margins face headwinds. Separating the two is key to navigating EMS valuations in FY27.</li>
</ul>


All five listed Indian EMS companies reported double-digit or higher YoY revenue growth in Q4FY26, with operating profit expansion accelerating across the board.
Memory chip inflation, Middle East logistics disruptions, and tariff uncertainty are creating quarterly earnings volatility even as multi-year visibility strengthens.
Bull and bear can both be right simultaneously: order books are at record highs AND near-term margins face headwinds. Separating the two is key to navigating EMS valuations in FY27.


Thematic Report- India EMS: Record Order Books, Fractured Quarters

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>India’s EMS industry remains at an early stage of global penetration with ~4-5% market share and is rapidly emerging as a key pillar of the electronics ecosystem, supported by strong growth momentum and multiple long‑term tailwinds</li><li>The sector delivered a robust 24% revenue CAGR over FY19–24, with growth expected to accelerate further to 27% CAGR over FY24–29E</li><li>Key drivers include PLI incentives, China+1-led supply‑chain diversification, rising domestic electronics demand, increasing labor costs in competing regions, and a growing preference among global OEMs for outsourced manufacturing</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.

India’s EMS industry remains at an early stage of global penetration with ~4-5% market share and is rapidly emerging as a key pillar of the electronics ecosystem, supported by strong growth momentum and multiple long‑term tailwindsThe sector delivered a robust 24% revenue CAGR over FY19–24, with growth expected to accelerate further to 27% CAGR over FY24–29EKey drivers include PLI incentives, China+1-led supply‑chain diversification, rising domestic electronics demand, increasing labor costs in competing regions, and a growing preference among global OEMs for outsourced manufacturingContent 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.

Electronics Manufacturing Services: India EMS: scaling into a multi‑year upcycle

<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?

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>The CG Landscape for India Inc in 2025 saw several episodes of high-profile disclosures on accounting irregularity, employee frauds, senior level exits, misstated line items etc. </li>
<li>This raises questions on role, effectiveness and independence of audit reports which have given ‘clean opinions’ in several of these cases. </li>
<li>This insight also explores the trend in audit fee, as it is one of the key proxies for audit independence.</li>
</ul>


The CG Landscape for India Inc in 2025 saw several episodes of high-profile disclosures on accounting irregularity, employee frauds, senior level exits, misstated line items etc. 
This raises questions on role, effectiveness and independence of audit reports which have given ‘clean opinions’ in several of these cases. 
This insight also explores the trend in audit fee, as it is one of the key proxies for audit independence.


Governance Recap 2025: Clean Opinions, Dirty Outcomes

India

Kaynes Technology is an integrated electronics manufacturing company that provides end-to-end and IoT solutions, including conceptual design, process engineering, integrated manufacturing, and life-cycle support. They serve diverse sectors such as automotive, industrial, aerospace, defense, medical, and railways. The company was founded in 1988 and is headquartered in Mysore, Karnataka, India.

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Kaynes Technology (KAYNES IN)

India Semiconductor Mission 2.0: Strengthening India’s Position in the Global Chip Value Chain

India Semiconductor Mission 2.0 aims to reduce imports and create a sustainable semiconductor cluster with INR 1,27,500 crore in policy support...

Sudarshan Bhandari

Thematic Report- India EMS: Record Order Books, Fractured Quarters

Indian EMS companies are experiencing strong revenue growth and operating profit expansion in Q4FY26, but face earnings volatility due to memory...

Nimish Maheshwari

Electronics Manufacturing Services: India EMS: scaling into a multi‑year upcycle

The sector delivered a robust 24% revenue CAGR over FY19–24, with growth expected to accelerate further to 27% CAGR over FY24–29E

HDFC Securities

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

Governance Recap 2025: Clean Opinions, Dirty Outcomes

High-profile corp. governance cases in India Inc in 2025 raise questions about audit report effectiveness and independence. Audit Fee becomes a...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India Semiconductor Mission 2.0: Strengthening India’s Position in the Global Chip Value Chain

​India Semiconductor Mission 2.0 aims to reduce imports and create a sustainable semiconductor cluster with INR 1,27,500 crore in policy support...

Sudarshan Bhandari

Thematic Report- India EMS: Record Order Books, Fractured Quarters

​Indian EMS companies are experiencing strong revenue growth and operating profit expansion in Q4FY26, but face earnings volatility due to memory...

Nimish Maheshwari

Electronics Manufacturing Services: India EMS: scaling into a multi‑year upcycle

The sector delivered a robust 24% revenue CAGR over FY19–24, with growth expected to accelerate further to 27% CAGR over FY24–29E

HDFC Securities

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

Governance Recap 2025: Clean Opinions, Dirty Outcomes

​High-profile corp. governance cases in India Inc in 2025 raise questions about audit report effectiveness and independence. Audit Fee becomes a...

Nitin Mangal

India Semiconductor Mission 2.0 aims to reduce imports and create a sustainable semiconductor cluster with INR 1,27,500 crore in policy support...

Indian EMS companies are experiencing strong revenue growth and operating profit expansion in Q4FY26, but face earnings volatility due to memory...

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

High-profile corp. governance cases in India Inc in 2025 raise questions about audit report effectiveness and independence. Audit Fee becomes a...