Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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>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

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<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 <strong>India's first large-scale commercial semiconductor</strong> 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

Event-Driven

<ul>
<li>SEMICON India 2026 launched the rollout of Semicon 2.0, a Rs 1,27,500 crore program, alongside roughly Rs 1 lakh crore of stated commitments and more than 40 agreements.</li>
<li>Incentives have shifted from fabs toward equipment, materials, gases and chemicals, precisely the layers where India still imports almost everything it consumes.</li>
<li>Three plants ship chips today and the first fab lands in 2028. Listed-market capture is far narrower than the headline numbers imply.</li>
</ul>


SEMICON India 2026 launched the rollout of Semicon 2.0, a Rs 1,27,500 crore program, alongside roughly Rs 1 lakh crore of stated commitments and more than 40 agreements.
Incentives have shifted from fabs toward equipment, materials, gases and chemicals, precisely the layers where India still imports almost everything it consumes.
Three plants ship chips today and the first fab lands in 2028. Listed-market capture is far narrower than the headline numbers imply.


SEMICON India 2026 Review: Key Announcements

<ul>
<li>Tim Cook said in a recent call, starting June 25, all iPhones entering US will be sourced from India, creating a billion-dollar opportunity for India.</li>
<li>Apple’s growing investment in India represents a strategic shift away from China due to rising geopolitical tensions and high production costs in China.</li>
<li>As India continues to scale up, the country has the potential to close the gap with China and become a critical player in high-tech manufacturing.</li>
</ul>


Tim Cook said in a recent call, starting June 25, all iPhones entering US will be sourced from India, creating a billion-dollar opportunity for India.
Apple’s growing investment in India represents a strategic shift away from China due to rising geopolitical tensions and high production costs in China.
As India continues to scale up, the country has the potential to close the gap with China and become a critical player in high-tech manufacturing.


Charted Insight: India’s Growing Cost Advantage in Global IPhone Manufacturing

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)

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

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

SEMICON India 2026 Review: Key Announcements

Semicon 2.0 represents a shift from creating individual semiconductor manufacturing facilities towards building an integrated ecosystem.

Nimish Maheshwari

Charted Insight: India’s Growing Cost Advantage in Global IPhone Manufacturing

Tim Cook announces all iPhones entering US will be sourced from India, marking a strategic shift away from China and creating a billion-dollar...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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

SEMICON India 2026 Review: Key Announcements

Semicon 2.0 represents a shift from creating individual semiconductor manufacturing facilities towards building an integrated ecosystem.

Nimish Maheshwari

Charted Insight: India’s Growing Cost Advantage in Global IPhone Manufacturing

​Tim Cook announces all iPhones entering US will be sourced from India, marking a strategic shift away from China and creating a billion-dollar...

Nimish Maheshwari

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...

Tim Cook announces all iPhones entering US will be sourced from India, marking a strategic shift away from China and creating a billion-dollar...