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>Forward PE and forward P/BV multiples for Asia ex Japan, especially the latter, are significantly above their long-term averages. Though earnings estimates continue to rise, some caution is warranted.</li>
<li>Historically, Asia and each of the constituent markets have been driven predominantly by earnings. Currently, upgrades to forward EPS are robust, but the AxJ index has overshot the underlying EPS.</li>
<li>EPS estimates for India and China are rolling over. On growth-adjusted PE and ROE-adjusted P/BV, India, Taiwan, Onshore China appear overvalued. Korea, HK, Indonesia, Philippines appear undervalued on both parameters.</li>
</ul>


Forward PE and forward P/BV multiples for Asia ex Japan, especially the latter, are significantly above their long-term averages. Though earnings estimates continue to rise, some caution is warranted.
Historically, Asia and each of the constituent markets have been driven predominantly by earnings. Currently, upgrades to forward EPS are robust, but the AxJ index has overshot the underlying EPS.
EPS estimates for India and China are rolling over. On growth-adjusted PE and ROE-adjusted P/BV, India, Taiwan, Onshore China appear overvalued. Korea, HK, Indonesia, Philippines appear undervalued on both parameters.


Asian Equities: Above-Average Valuations Tell Us Asia Is Fully Valued; Few RV Trades Look Appealing

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

Thematic (Sector/Industry)

<ul>
<li>By mid-2026, major Indian groups shifted from local cell manufacturing to assembling Chinese cells- Reliance, Tata Agratas, Amara Raja and Exide still depend on Chinese-linked IP.</li>
<li>India’s storage, EV and renewable targets depend on batteries. Assembly-led models increase China dependence and limit Indian value capture to around 40% or less.</li>
<li>Without strong R&amp;D, licensing will keep India dependent. The correction window is narrowing as BESS margins compress and China tightens export controls.</li>
</ul>


By mid-2026, major Indian groups shifted from local cell manufacturing to assembling Chinese cells- Reliance, Tata Agratas, Amara Raja and Exide still depend on Chinese-linked IP.
India’s storage, EV and renewable targets depend on batteries. Assembly-led models increase China dependence and limit Indian value capture to around 40% or less.
Without strong R&amp;D, licensing will keep India dependent. The correction window is narrowing as BESS margins compress and China tightens export controls.


India’s Battery Reality Check: Just Assembler Not Maker!

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>India's Q1FY27 crude import bill is INR 1,625bn on a USD 40/bbl spike from the West Asia conflict. OMCs hiked fuel prices, the first revision in 49 months.</li>
<li>OMCs face INR 845bn in under-recoveries and INR 540bn in cash losses this quarter alone. The INR 3/ltr hike covers less than 20% of the needed correction.</li>
<li>OMCs can absorb losses for two to three quarters at current leverage. But further hikes of INR 6–9/ltr are needed to avoid EBITDA losses and INR 14–17/ltr for normalized returns.</li>
</ul>


India's Q1FY27 crude import bill is INR 1,625bn on a USD 40/bbl spike from the West Asia conflict. OMCs hiked fuel prices, the first revision in 49 months.
OMCs face INR 845bn in under-recoveries and INR 540bn in cash losses this quarter alone. The INR 3/ltr hike covers less than 20% of the needed correction.
OMCs can absorb losses for two to three quarters at current leverage. But further hikes of INR 6–9/ltr are needed to avoid EBITDA losses and INR 14–17/ltr for normalized returns.


India’s $17bn Oil Shocker: Who Pays the Bill and Can OMCs Survive the Heat?

<ul>
<li>The government has issued a fresh schedule under the Oilfields Act revising royalty rates across all upstream regimes, with the sharpest cuts reserved for deep-water and ultra-deep-water blocks.</li>
<li>Lower royalties structurally improve margins for ONGC and Oil India on nomination blocks and send a credible signal to private and foreign capital eyeing India's underexplored frontier basins.</li>
<li>The reform is directionally right, but the near-term earnings uplift for the two PSUs is moderate. The more transformational bet is, whether the deep-water concessions finally unlock India's offshore potential.</li>
</ul>


The government has issued a fresh schedule under the Oilfields Act revising royalty rates across all upstream regimes, with the sharpest cuts reserved for deep-water and ultra-deep-water blocks.
Lower royalties structurally improve margins for ONGC and Oil India on nomination blocks and send a credible signal to private and foreign capital eyeing India's underexplored frontier basins.
The reform is directionally right, but the near-term earnings uplift for the two PSUs is moderate. The more transformational bet is, whether the deep-water concessions finally unlock India's offshore potential.


India Cuts Royalty Rates to Boost Domestic Oil and Gas Output: ONGC & OIL India in Focus

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Jio Platforms Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms Ltd (1797135D IN)</a>, India’s largest digital connectivity player, is set to launch its IPO to raise about US$3.4 billion.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/jio-platforms-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:243953" rel="noopener">Jio Platforms IPO: The Investment Case</a>. </li>
<li>My DCF valuation, which leans towards bullish assumptions, is 4.8% below the rumoured US$114 billion valuation. Therefore, Jio is fairly valued at the rumoured IPO valuation.</li>
</ul>



Jio Platforms Ltd (1797135D IN), India’s largest digital connectivity player, is set to launch its IPO to raise about US$3.4 billion.
I previously discussed the IPO in Jio Platforms IPO: The Investment Case. 
My DCF valuation, which leans towards bullish assumptions, is 4.8% below the rumoured US$114 billion valuation. Therefore, Jio is fairly valued at the rumoured IPO valuation.


India

Reliance Industries is an Indian multinational conglomerate with diverse businesses including energy, petrochemicals, oil and gas exploration, telecommunications (Jio), and retail (Reliance Retail). The company is a major producer of petroleum products and a significant player in digital services and consumer goods. Reliance Industries is headquartered in Mumbai, India, and was founded in 1958.

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Reliance Industries (RELIANCE IN)

Asian Equities: Above-Average Valuations Tell Us Asia Is Fully Valued; Few RV Trades Look Appealing

Fwd multiples in Asia ex JP are above long-term means. Caution is advised despite rising EPS est. IN & CN EPS est. are declining. IN, CN, TW...

Manishi Raychaudhuri

India’s Battery Reality Check: Just Assembler Not Maker!

Indian groups are shifting to assembling Chinese cells, limiting value capture and increasing dependence on China for batteries. R&D is crucial to...

Sudarshan Bhandari

India’s $17bn Oil Shocker: Who Pays the Bill and Can OMCs Survive the Heat?

India's oil import bill spikes due to West Asia conflict, leading to fuel price hikes by OMCs to cover losses and avoid EBITDA losses in the future.

Nimish Maheshwari

India Cuts Royalty Rates to Boost Domestic Oil and Gas Output: ONGC & OIL India in Focus

Government cuts royalty rates for deep-water blocks under Oilfields Act, benefiting ONGC and Oil India, while signaling potential for private and...

Nimish Maheshwari

Jio Platforms IPO: Valuation First-Look

Jio Platforms, India’s largest digital connectivity player, is set to launch its IPO to raise about US$3.4 billion. In this note, I take a first...

Arun George

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52-week Range

Market Cap (USDm)

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Asian Equities: Above-Average Valuations Tell Us Asia Is Fully Valued; Few RV Trades Look Appealing

​Fwd multiples in Asia ex JP are above long-term means. Caution is advised despite rising EPS est. IN & CN EPS est. are declining. IN, CN, TW...

Manishi Raychaudhuri

India’s Battery Reality Check: Just Assembler Not Maker!

​Indian groups are shifting to assembling Chinese cells, limiting value capture and increasing dependence on China for batteries. R&D is crucial to...

Sudarshan Bhandari

India’s $17bn Oil Shocker: Who Pays the Bill and Can OMCs Survive the Heat?

​India's oil import bill spikes due to West Asia conflict, leading to fuel price hikes by OMCs to cover losses and avoid EBITDA losses in the future.

Nimish Maheshwari

India Cuts Royalty Rates to Boost Domestic Oil and Gas Output: ONGC & OIL India in Focus

​Government cuts royalty rates for deep-water blocks under Oilfields Act, benefiting ONGC and Oil India, while signaling potential for private and...

Nimish Maheshwari

Jio Platforms IPO: Valuation First-Look

Jio Platforms, India’s largest digital connectivity player, is set to launch its IPO to raise about US$3.4 billion. In this note, I take a first...

Arun George

Fwd multiples in Asia ex JP are above long-term means. Caution is advised despite rising EPS est. IN & CN EPS est. are declining. IN, CN, TW...

Indian groups are shifting to assembling Chinese cells, limiting value capture and increasing dependence on China for batteries. R&D is crucial to...

India's oil import bill spikes due to West Asia conflict, leading to fuel price hikes by OMCs to cover losses and avoid EBITDA losses in the future.

Government cuts royalty rates for deep-water blocks under Oilfields Act, benefiting ONGC and Oil India, while signaling potential for private and...