Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>As the April-June quarter earnings season winds down, positive surprises outnumber disappointments. Consensus earnings estimates keep getting upgraded in Asia and the US. Asian EPS upgrade has lately outpaced US's.</li>
<li>Over the last month, consensus 2026 EPS estimate of Asia-ex-Japan has been upgraded 4.4%, driven by Korea (12.8%), Taiwan (5.8%), Thailand (5.5%). 105 of 162 market-sectors have seen EPS upgrades.</li>
<li>The encouraging signs are: breadth across a wide range of sectors and not driven by AI capex only. Sectors not directly linked to AI exuberance are among top earnings gainers.</li>
</ul>


As the April-June quarter earnings season winds down, positive surprises outnumber disappointments. Consensus earnings estimates keep getting upgraded in Asia and the US. Asian EPS upgrade has lately outpaced US's.
Over the last month, consensus 2026 EPS estimate of Asia-ex-Japan has been upgraded 4.4%, driven by Korea (12.8%), Taiwan (5.8%), Thailand (5.5%). 105 of 162 market-sectors have seen EPS upgrades.
The encouraging signs are: breadth across a wide range of sectors and not driven by AI capex only. Sectors not directly linked to AI exuberance are among top earnings gainers.


Asian Equities: A Stupendous Earnings Quarter; Asia Matching US in Upgrades

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

Equity Bottom-Up

<ul>
<li>Tech Mahindra delivered sequential revenue growth and a 100-bps margin expansion in Q2FY26, supported by Project Fortius, stronger deal wins, and early traction in AI initiatives.</li>
<li>Execution discipline, selective client focus, and rising AI investments indicate structural improvement in profitability and positioning, even as telecom softness and European weakness persist.</li>
<li>The turnaround is taking hold gradually. With a stronger operating base, Tech Mahindra is better placed for steady growth and sustainable margin expansion heading into FY27.</li>
</ul>


Tech Mahindra delivered sequential revenue growth and a 100-bps margin expansion in Q2FY26, supported by Project Fortius, stronger deal wins, and early traction in AI initiatives.
Execution discipline, selective client focus, and rising AI investments indicate structural improvement in profitability and positioning, even as telecom softness and European weakness persist.
The turnaround is taking hold gradually. With a stronger operating base, Tech Mahindra is better placed for steady growth and sustainable margin expansion heading into FY27.


Tech Mahindra Q2 Result: Stabilizing Core, Positioning for AI-Led Growth

<ul>
<li>In July foreigners sold US$34.8bn in Asia, the third worst in recent times, after March (US$69.9bn selling) and June (US$55.8bn). Taiwan (US$25.2bn) was the most sold, followed by Korea (US$11.3bn).</li>
<li>India was bought (US$1.62bn), reversing last four month's trend. Indonesia and Thailand's July data is awaited. Till June, Thailand (+889m) is the only market bought this year. Indonesia sold (US$4.27bn).</li>
<li>Our proprietary indicator of 6-monthly cumulative trade as proportion of market cap indicates Korea, India, Indonesia are oversold. Taiwan nearly there. FIIs beginning to buy India, correcting the oversold stance.</li>
</ul>


In July foreigners sold US$34.8bn in Asia, the third worst in recent times, after March (US$69.9bn selling) and June (US$55.8bn). Taiwan (US$25.2bn) was the most sold, followed by Korea (US$11.3bn).
India was bought (US$1.62bn), reversing last four month's trend. Indonesia and Thailand's July data is awaited. Till June, Thailand (+889m) is the only market bought this year. Indonesia sold (US$4.27bn).
Our proprietary indicator of 6-monthly cumulative trade as proportion of market cap indicates Korea, India, Indonesia are oversold. Taiwan nearly there. FIIs beginning to buy India, correcting the oversold stance.


Asian Equities: Relentless Foreign Selling in Asia; Most of the Leading Markets Are Now Oversold

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>After a difficult Q1 FY27, Hyundai delivered 219,072 wholesale units in July–September 2026, up 23.0% sequentially, including a company-record 77,916 units in September.</li>
<li>The rebound reflects normalized production and healthier domestic momentum after supplier fire caused a loss of approximately 13,900 units of June production. Nevertheless, Q2 sales disclosures establish volumes, not profitability.</li>
<li>Short-Term execution risk has diminished, but investment conviction depends on margins recovering toward FY27 guidance and on tangible delivery against the company's FY2030 SUV, alternative-powertrain, localisation and revenue targets.</li>
</ul>


After a difficult Q1 FY27, Hyundai delivered 219,072 wholesale units in July–September 2026, up 23.0% sequentially, including a company-record 77,916 units in September.
The rebound reflects normalized production and healthier domestic momentum after supplier fire caused a loss of approximately 13,900 units of June production. Nevertheless, Q2 sales disclosures establish volumes, not profitability.
Short-Term execution risk has diminished, but investment conviction depends on margins recovering toward FY27 guidance and on tangible delivery against the company's FY2030 SUV, alternative-powertrain, localisation and revenue targets.


Hyundai Motor India: From a Disrupted Q1 to Record Q2 Volumes — Can the 2030 Roadmap Rebuild Growth?

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>RBI kept the policy rate unchanged and retained a neutral policy stance. But (in concert with MoF), a more conducive climate was created for foreign inflows into India's debt markets.  </li>
<li>Real GDP grew 7.8%YoY in Q4/FY26 with a current account surplus (0.7% of GDP). Our forecast for core CPI inflation is 4.2%, headline 4.8%, and no rate hikes in FY27.</li>
<li>With services (52% of the economy) growing 9%+, we expect real GDP to grow 7.3% in FY27, and strong net FDI and FPI inflows to bolster INR. Bullish. </li>
</ul>


RBI kept the policy rate unchanged and retained a neutral policy stance. But (in concert with MoF), a more conducive climate was created for foreign inflows into India's debt markets.  
Real GDP grew 7.8%YoY in Q4/FY26 with a current account surplus (0.7% of GDP). Our forecast for core CPI inflation is 4.2%, headline 4.8%, and no rate hikes in FY27.
With services (52% of the economy) growing 9%+, we expect real GDP to grow 7.3% in FY27, and strong net FDI and FPI inflows to bolster INR. Bullish. 


India: No Rate Hike in FY27, as Growth Slows a Tad and CAD Widens to 1% of GDP

India

Mahindra & Mahindra is a prominent Indian multinational manufacturing corporation. It is a leading global manufacturer of tractors and a major producer of SUVs, commercial vehicles, and two-wheelers. Headquartered in Mumbai, India, the company was founded on October 2, 1945.

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Mahindra & Mahindra (MM IN)

Asian Equities: A Stupendous Earnings Quarter; Asia Matching US in Upgrades

Positive earnings surprises continue as consensus EPS est are upgraded in Asia & the US, with Asian EPS upgrades surpassing those in US. Various...

Manishi Raychaudhuri

Tech Mahindra Q2 Result: Stabilizing Core, Positioning for AI-Led Growth

Tech Mahindra sees revenue growth and margin expansion in Q2FY26, driven by Project Fortius, deal wins, and AI initiatives, positioning for steady...

Sudarshan Bhandari

Asian Equities: Relentless Foreign Selling in Asia; Most of the Leading Markets Are Now Oversold

FIIs sold $34.8bn in Asia in July. TW & KR were the most sold, while India was bought, reversing a four-month trend. Korea, India & Indonesia are...

Manishi Raychaudhuri

Hyundai Motor India: From a Disrupted Q1 to Record Q2 Volumes — Can the 2030 Roadmap Rebuild Growth?

Hyundai: Whether SUV-led product renewal, multi-fuel diversification and technology integration can turn that recovery into durable earnings growth?

Nimish Maheshwari

India: No Rate Hike in FY27, as Growth Slows a Tad and CAD Widens to 1% of GDP

RBI maintains policy rate, focuses on attracting foreign inflows to debt markets. With Services growing 9%, RGDP to grow 7.3% in FY27, as...

Prasenjit K. Basu

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52-week Range

Market Cap (USDm)

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Asian Equities: A Stupendous Earnings Quarter; Asia Matching US in Upgrades

​Positive earnings surprises continue as consensus EPS est are upgraded in Asia & the US, with Asian EPS upgrades surpassing those in US. Various...

Manishi Raychaudhuri

Tech Mahindra Q2 Result: Stabilizing Core, Positioning for AI-Led Growth

​Tech Mahindra sees revenue growth and margin expansion in Q2FY26, driven by Project Fortius, deal wins, and AI initiatives, positioning for steady...

Sudarshan Bhandari

Asian Equities: Relentless Foreign Selling in Asia; Most of the Leading Markets Are Now Oversold

​FIIs sold $34.8bn in Asia in July. TW & KR were the most sold, while India was bought, reversing a four-month trend. Korea, India & Indonesia are...

Manishi Raychaudhuri

Hyundai Motor India: From a Disrupted Q1 to Record Q2 Volumes — Can the 2030 Roadmap Rebuild Growth?

Hyundai: Whether SUV-led product renewal, multi-fuel diversification and technology integration can turn that recovery into durable earnings growth?

Nimish Maheshwari

India: No Rate Hike in FY27, as Growth Slows a Tad and CAD Widens to 1% of GDP

​RBI maintains policy rate, focuses on attracting foreign inflows to debt markets. With Services growing 9%, RGDP to grow 7.3% in FY27, as...

Prasenjit K. Basu

Positive earnings surprises continue as consensus EPS est are upgraded in Asia & the US, with Asian EPS upgrades surpassing those in US. Various...

Tech Mahindra sees revenue growth and margin expansion in Q2FY26, driven by Project Fortius, deal wins, and AI initiatives, positioning for steady...

FIIs sold $34.8bn in Asia in July. TW & KR were the most sold, while India was bought, reversing a four-month trend. Korea, India & Indonesia are...

RBI maintains policy rate, focuses on attracting foreign inflows to debt markets. With Services growing 9%, RGDP to grow 7.3% in FY27, as...