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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/epam-systems-inc" target="_blank" data-smartkarma-citation="entities:18576:1" rel="noopener">Epam Systems (EPAM US)</a> stock plunged 17–21% on February 19, 2026, after issuing a conservative 2026 revenue guidance of 4.5% to 7.5%, signaling structural slowdown in high-end digital engineering demand.</li>
<li>
<a href="https://www.smartkarma.com/entities/persistent-systems-ltd" target="_blank" data-smartkarma-citation="entities:9468:1" rel="noopener">Persistent Systems (PSYS IN)</a> shares a near-identical "Product Engineering" DNA with EPAM. With PSYS trading at a 45x–50x TTM P/E versus EPAM’s 21x–25x, valuation gap has reached a historical extreme.</li>
<li>While Persistent’s Q3 FY26 execution was strong, the "EPAM spillover" suggests a significant risk of valuation compression for PSYS if discretionary digital spending continues to pivot from "innovation" to "cost-optimization."</li>
</ul>



Epam Systems (EPAM US) stock plunged 17–21% on February 19, 2026, after issuing a conservative 2026 revenue guidance of 4.5% to 7.5%, signaling structural slowdown in high-end digital engineering demand.

Persistent Systems (PSYS IN) shares a near-identical "Product Engineering" DNA with EPAM. With PSYS trading at a 45x–50x TTM P/E versus EPAM’s 21x–25x, valuation gap has reached a historical extreme.
While Persistent’s Q3 FY26 execution was strong, the "EPAM spillover" suggests a significant risk of valuation compression for PSYS if discretionary digital spending continues to pivot from "innovation" to "cost-optimization."


The EPAM Shadow: Is Persistent Systems' Premium Justifiable?

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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.

Thematic (Sector/Industry)

<ul><li>HCL Technologies: HCL Tech Q4 results were lower vs expectation with soft growth across services (-0.1% QoQ CC), ER&amp;D (-1.3% QoQ CC) and Software (-28.1% QoQ CC)</li><li>Services and ER&amp;D underperformed due to a reduction in discretionary spending within the telecom vertical, specifically from two large US clients, and the discontinuation of two SAP programs, while the Software segment was impacted by seasonal weakness and delayed procurement decisions in March</li><li>The FY27E guidance was also lower vs expectations; the 1.5-4.5% YoY CC services growth guidance factors in continued stress at the lower end and the higher end factors in a moderate pickup in discretionary spend and large deals materializing in H1</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.

HCL Technologies: HCL Tech Q4 results were lower vs expectation with soft growth across services (-0.1% QoQ CC), ER&amp;D (-1.3% QoQ CC) and Software (-28.1% QoQ CC)Services and ER&amp;D underperformed due to a reduction in discretionary spending within the telecom vertical, specifically from two large US clients, and the discontinuation of two SAP programs, while the Software segment was impacted by seasonal weakness and delayed procurement decisions in MarchThe FY27E guidance was also lower vs expectations; the 1.5-4.5% YoY CC services growth guidance factors in continued stress at the lower end and the higher end factors in a moderate pickup in discretionary spend and large deals materializing in H1Content 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.

HSIE Results Daily: HCL Technologies, Persistent Systems, Tata Elxsi, PNB Housing Finance

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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>Growth Outlook: The broader economic environment continues to remain challenging, with clients keeping tight control over discretionary budgets.</li><li>The management remains optimistic about the continuation of the company's growth momentum and niche business verticals.</li><li>Deal Wins/Pipeline: The Total Contract Value (TCV) stood at $609 Mn and $448 Mn in Annual Contract Value (ACV) as of Sep’25. </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.

Growth Outlook: The broader economic environment continues to remain challenging, with clients keeping tight control over discretionary budgets.The management remains optimistic about the continuation of the company's growth momentum and niche business verticals.Deal Wins/Pipeline: The Total Contract Value (TCV) stood at $609 Mn and $448 Mn in Annual Contract Value (ACV) as of Sep’25. 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.

Persistent Systems Ltd. - Mix-Bag Performance; Superior Execution

<ul><li>The Indian IT services sector braces for another muted quarter in Q4FY26E, with tier-1 players growth projected at -1.1 to +0.9% QoQ CC and mid-tier companies ranging growth from -1.8% to +3.4%, as macro uncertainty, ongoing geopolitical tensions, and cautious client decision-making on large deals amid war escalation risks temper near-term revenue traction</li><li>The rupee depreciation brings some respite to margins, but AI-led deflation concerns triggered the recent multiple de-rating</li><li>Launch of new models from Gen-AI platforms like Claude and Palantir fuelled a ~24% correction over the past three months on fears of disrupting traditional SaaS/IT models</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.

The Indian IT services sector braces for another muted quarter in Q4FY26E, with tier-1 players growth projected at -1.1 to +0.9% QoQ CC and mid-tier companies ranging growth from -1.8% to +3.4%, as macro uncertainty, ongoing geopolitical tensions, and cautious client decision-making on large deals amid war escalation risks temper near-term revenue tractionThe rupee depreciation brings some respite to margins, but AI-led deflation concerns triggered the recent multiple de-ratingLaunch of new models from Gen-AI platforms like Claude and Palantir fuelled a ~24% correction over the past three months on fears of disrupting traditional SaaS/IT modelsContent 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.

IT Sector (Q4FY26E Results Preview): Navigating Uncertainty, Valuations Turn Attractive

<ul><li>Growth Outlook: Despite the ongoing macro challenges leading to weak discretionary spending and delayed decision-making, the management remains optimistic on the continuation of the company's growth momentum.</li><li>Deal wins/pipeline: The Total Contract Value (TCV) stood at $521 Mn $385 Mn in Annual Contract Value (ACV) as on Jun’25.</li><li>The company is confident in its pipeline of larger deals with a healthy executable order book.</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.

Growth Outlook: Despite the ongoing macro challenges leading to weak discretionary spending and delayed decision-making, the management remains optimistic on the continuation of the company's growth momentum.Deal wins/pipeline: The Total Contract Value (TCV) stood at $521 Mn $385 Mn in Annual Contract Value (ACV) as on Jun’25.The company is confident in its pipeline of larger deals with a healthy executable order book.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.

Persistent Systems Ltd. - In-Line Performance; Superior Execution

India

Persistent Systems Limited offers outsourced software product development. The Company offer services that include testing, support, and professional services.

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Persistent Systems (PSYS IN)

The EPAM Shadow: Is Persistent Systems' Premium Justifiable?

EPAM Systems stock drops after conservative revenue guidance, signaling slowdown in digital engineering demand. Persistent Systems faces valuation...

Nimish Maheshwari

HSIE Results Daily: HCL Technologies, Persistent Systems, Tata Elxsi, PNB Housing Finance

HCL Technologies: HCL Tech Q4 results were lower vs expectation with soft growth across services (-0.1% QoQ CC), ER&D (-1.3% QoQ CC) and Software (...

HDFC Securities

Persistent Systems Ltd. - Mix-Bag Performance; Superior Execution

The broader economic environment continues to remain challenging, with clients keeping tight control over discretionary budgets.

Axis Direct

IT Sector (Q4FY26E Results Preview): Navigating Uncertainty, Valuations Turn Attractive

Launch of new models from Gen-AI platforms like Claude and Palantir fuelled a ~24% correction over the past three months on fears of disrupting...

HDFC Securities

Persistent Systems Ltd. - In-Line Performance; Superior Execution

Deal wins/pipeline: The Total Contract Value (TCV) stood at $521 Mn $385 Mn in Annual Contract Value (ACV) as on Jun’25.

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The EPAM Shadow: Is Persistent Systems' Premium Justifiable?

​EPAM Systems stock drops after conservative revenue guidance, signaling slowdown in digital engineering demand. Persistent Systems faces valuation...

Nimish Maheshwari

HSIE Results Daily: HCL Technologies, Persistent Systems, Tata Elxsi, PNB Housing Finance

HCL Technologies: HCL Tech Q4 results were lower vs expectation with soft growth across services (-0.1% QoQ CC), ER&D (-1.3% QoQ CC) and Software (...

HDFC Securities

Persistent Systems Ltd. - Mix-Bag Performance; Superior Execution

The broader economic environment continues to remain challenging, with clients keeping tight control over discretionary budgets.

Axis Direct

IT Sector (Q4FY26E Results Preview): Navigating Uncertainty, Valuations Turn Attractive

Launch of new models from Gen-AI platforms like Claude and Palantir fuelled a ~24% correction over the past three months on fears of disrupting...

HDFC Securities

Persistent Systems Ltd. - In-Line Performance; Superior Execution

Deal wins/pipeline: The Total Contract Value (TCV) stood at $521 Mn $385 Mn in Annual Contract Value (ACV) as on Jun’25.

Axis Direct

EPAM Systems stock drops after conservative revenue guidance, signaling slowdown in digital engineering demand. Persistent Systems faces valuation...