Information Technology Consultant

Ishita Jain

Thematic (Sector/Industry)

India's 29th state Telangana, was formed out of the previously existing state of Andhra Pradesh on June 2nd, 2014. It came into being after decades of battle by Telangana activists arguing that state resources in Andhra Pradesh are disproportionately allocated to more developed regions to the south. Risen among skepticism, India's newest baby is proving its mettle. It is trying to create a hub that is unlike others - eliminating bureaucracy, roadblocks and lethargy in business- a symbol of modern India. Attracting the attention of the world's largest enterprises and budding startups, Telangana is being called "California of the east". This insight attempts to understand why this state could open exciting avenues for investment.

India's 29th state Telangana, was formed out of the previously existing state of Andhra Pradesh on June 2nd, 2014. It came into being after decades of battle by Telangana activists arguing that state resources in Andhra Pradesh are disproportionately allocated to more developed regions to the south. Risen among skepticism, India's newest baby is proving its mettle. It is trying to create a hub that is unlike others - eliminating bureaucracy, roadblocks and lethargy in business- a symbol of modern India. Attracting the attention of the world's largest enterprises and budding startups, Telangana is being called "California of the east". This insight attempts to understand why this state could open exciting avenues for investment.

On Feb 13th, 2016, "Make in India" week was flagged off in Mumbai. 5000 delegates from 190 companies based in 60 countries participated in the event and it was nothing short of a carnival celebrating the prospects of a brighter future for India’s manufacturing industry. This was the first of many events planned for Narendra Modi's flagship Make in India campaign launched in 2014. The initiative hopes to attract capital and technological investment to India and make it the top destination globally for foreign direct investment. Make in India is an exciting venture. In the following insight, I have given an overview of the initiative and stated some of the good things and some of the gaps around it. I am going to present more analysis as I discover more in the coming few days. Look out for the forks!

On Feb 13th, 2016, "Make in India" week was flagged off in Mumbai. 5000 delegates from 190 companies based in 60 countries participated in the event and it was nothing short of a carnival celebrating the prospects of a brighter future for India’s manufacturing industry. This was the first of many events planned for Narendra Modi's flagship Make in India campaign launched in 2014. The initiative hopes to attract capital and technological investment to India and make it the top destination globally for foreign direct investment. Make in India is an exciting venture. In the following insight, I have given an overview of the initiative and stated some of the good things and some of the gaps around it. I am going to present more analysis as I discover more in the coming few days. Look out for the forks!

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

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

Equity Bottom-Up

<ul>
<li>INR 13 lakh crore (~$150 bn) of equity value has been erased as investors reassess the terminal durability of Indian IT’s effort-based revenue model in an AI-accelerated cost structure.</li>
<li>Management execution matters, but ownership discipline matters equally; absent capital pressure during visible disruption amplified the scale and speed of the valuation reset.</li>
<li>In a genuine market economy, capital must be vocal during disruption; without visible investor scrutiny and measurable demands, strategic urgency weakens and terminal value risk compounds.</li>
</ul>


INR 13 lakh crore (~$150 bn) of equity value has been erased as investors reassess the terminal durability of Indian IT’s effort-based revenue model in an AI-accelerated cost structure.
Management execution matters, but ownership discipline matters equally; absent capital pressure during visible disruption amplified the scale and speed of the valuation reset.
In a genuine market economy, capital must be vocal during disruption; without visible investor scrutiny and measurable demands, strategic urgency weakens and terminal value risk compounds.


Indian IT | AI Reckoning Is a Governance Story

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

Fractal Analytics Ltd / Equity Capital Markets

<ul>
<li>Fractal is an AI-first, analytics-driven CRM SaaS company. It provides end-to-end AI solutions by combining analytics, machine learning, and strong industry knowledge serving 170+ Fortune 500 companies.</li>
<li>It offers a customisable product suite under Fractal.ai with Cogentiq, its inhouse agent. It has developed agentic products such as Kalaido.ai (text-image), Vaidya.ai (medical multi-modal) and 'Pioneer' (autonomous problem solving)</li>
<li>Management has guided 25-30% revenue growth with margins expanding to 25% in the medium-term. IPO is to offer liquidity to existing investors and build war chest for future investments.</li>
</ul>


Fractal is an AI-first, analytics-driven CRM SaaS company. It provides end-to-end AI solutions by combining analytics, machine learning, and strong industry knowledge serving 170+ Fortune 500 companies.
It offers a customisable product suite under Fractal.ai with Cogentiq, its inhouse agent. It has developed agentic products such as Kalaido.ai (text-image), Vaidya.ai (medical multi-modal) and 'Pioneer' (autonomous problem solving)
Management has guided 25-30% revenue growth with margins expanding to 25% in the medium-term. IPO is to offer liquidity to existing investors and build war chest for future investments.


Fractal Analytics - An AI First Enterprise SAAS Offering from India

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Companies in India have disclosed their shareholding pattern as of end-December in January. There are companies with significant float changes from end-September and/or end-June.</li>
<li>The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.</li>
<li>Depending on the date that the shareholding was published, there could be 19 stocks with passive inflows from global trackers while 8 could have passive outflows in February.</li>
</ul>


Companies in India have disclosed their shareholding pattern as of end-December in January. There are companies with significant float changes from end-September and/or end-June.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.
Depending on the date that the shareholding was published, there could be 19 stocks with passive inflows from global trackers while 8 could have passive outflows in February.


India: Potential Free Float Changes & Passive Flows in February 2026

India

Persistent Systems is a global digital engineering and enterprise modernization company. It provides information technology and software engineering services, including software product engineering, cloud services, and data-driven solutions to clients across industries like banking, healthcare, and technology. The company was founded in 1990 and is headquartered in Pune, India.

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Persistent Systems (PSYS IN)

India's Rising Business Hub: Telangana

India's 29th state Telangana, was formed out of the previously existing state of Andhra Pradesh on June 2nd, 2014. It came into being after decades...

Ishita Jain

Make in India – A Leap of Faith

On Feb 13th, 2016, "Make in India" week was flagged off in Mumbai. 5000 delegates from 190 companies based in 60 countries participated in the...

Ishita Jain

Indian IT | AI Reckoning Is a Governance Story

Investors are reevaluating the sustainability of Indian IT's revenue model but equality Important is Ownership discipline and investor scrutiny to...

Pranav Bhavsar

Fractal Analytics - An AI First Enterprise SAAS Offering from India

Fractal, an AI-driven CRM SaaS company, offers end-to-end AI solutions to Fortune 500 companies with customisable product suite and agentic...

Himanshu Dugar

India: Potential Free Float Changes & Passive Flows in February 2026

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices in February. Passive trackers will need to...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India's Rising Business Hub: Telangana

India's 29th state Telangana, was formed out of the previously existing state of Andhra Pradesh on June 2nd, 2014. It came into being after decades...

Ishita Jain

Make in India – A Leap of Faith

On Feb 13th, 2016, "Make in India" week was flagged off in Mumbai. 5000 delegates from 190 companies based in 60 countries participated in the...

Ishita Jain

Indian IT | AI Reckoning Is a Governance Story

​Investors are reevaluating the sustainability of Indian IT's revenue model but equality Important is Ownership discipline and investor scrutiny to...

Pranav Bhavsar

Fractal Analytics - An AI First Enterprise SAAS Offering from India

​Fractal, an AI-driven CRM SaaS company, offers end-to-end AI solutions to Fortune 500 companies with customisable product suite and agentic...

Himanshu Dugar

India: Potential Free Float Changes & Passive Flows in February 2026

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices in February. Passive trackers will need to...

Brian Freitas

Investors are reevaluating the sustainability of Indian IT's revenue model but equality Important is Ownership discipline and investor scrutiny to...

Fractal, an AI-driven CRM SaaS company, offers end-to-end AI solutions to Fortune 500 companies with customisable product suite and agentic...