Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>
India reversed its entire relative gain against EM. The near 50% relative drawdown is the deepest and longest since 2012, so we're positioning for improvement.</li>
<li>
Bottom-Decile losses in India have historically preceded strong rebounds. Although relative washouts offer no comparable evidence. We can scale up on an absoute basis.</li>
<li>
Opportunity in the middle of the index. We built a tiered watch list from the middle cohort, scaling toward equal weight as confirmation arrives.</li>
</ul>



India reversed its entire relative gain against EM. The near 50% relative drawdown is the deepest and longest since 2012, so we're positioning for improvement.

Bottom-Decile losses in India have historically preceded strong rebounds. Although relative washouts offer no comparable evidence. We can scale up on an absoute basis.

Opportunity in the middle of the index. We built a tiered watch list from the middle cohort, scaling toward equal weight as confirmation arrives.


India Equities: Stocks to Watch After Deep Underperformance

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

Solar Industries India / Equity Bottom-Up

<ul>
<li>Solar Industries delivered its highest-ever revenue and profit in FY26, with defense revenue nearly doubling to INR 2,634 crore, management guiding to INR 4,500 crore in defense revenue for FY27.</li>
<li>Defense and international exports now collectively command 60-70% of the revenue basket, making Solar less of a coal-cyclical play and more of a defense-tech compounder.</li>
<li>With INR 18,000 crore of a total INR 21,300 crore order book sitting in defense, the earnings quality and visibility have materially improved. </li>
</ul>


Solar Industries delivered its highest-ever revenue and profit in FY26, with defense revenue nearly doubling to INR 2,634 crore, management guiding to INR 4,500 crore in defense revenue for FY27.
Defense and international exports now collectively command 60-70% of the revenue basket, making Solar less of a coal-cyclical play and more of a defense-tech compounder.
With INR 18,000 crore of a total INR 21,300 crore order book sitting in defense, the earnings quality and visibility have materially improved. 


Solar Industries: Defense Crowns a Record Year, Guidance Upgrade for FY27

Macro, FX and Rates Strategist

Ishaan Dev Kapoor

Thematic (Sector/Industry)

<ul>
<li>Long Solar Industries from 13 March at Rs14,251 has returned +57% in rupees, +52% in dollars, at the 8 September close. We take profit on half and hold the balance.</li>
<li>The policy thesis delivered and accelerated, with tactical missile production opened to private firms and transfer of DRDO's conventional missile technologies to industry approved. The France-Pinaka order did not arrive. </li>
<li>Key risks: the defence book is flat at Rs18,000 crore while coverage compressed from 13x to 5.7x, free cash flow turned negative and the stock trades at 102x trailing earnings.</li>
</ul>


Long Solar Industries from 13 March at Rs14,251 has returned +57% in rupees, +52% in dollars, at the 8 September close. We take profit on half and hold the balance.
The policy thesis delivered and accelerated, with tactical missile production opened to private firms and transfer of DRDO's conventional missile technologies to industry approved. The France-Pinaka order did not arrive. 
Key risks: the defence book is flat at Rs18,000 crore while coverage compressed from 13x to 5.7x, free cash flow turned negative and the stock trades at 102x trailing earnings.


The Re-Rating Delivered. The Order Book Hasn’t - Solar Industries, Six Months On

<ul>
<li>FY26 defence production reached Rs. 1.78 lakh crore and exports Rs. 38,424 crore, while capability gaps remain in electronics, seekers, counter-drone systems, secure networks and materials.</li>
<li>Platform assembly creates volume; design authority, embedded software and subsystem IP can create recurring upgrades, higher switching costs and export freedom.</li>
<li>BEL is the broadest proxy, while Data Patterns, Astra Microwave, Paras Defence and Zen offer narrower technology exposure. HAL, BDL and Solar remain execution-led plays.</li>
</ul>


FY26 defence production reached Rs. 1.78 lakh crore and exports Rs. 38,424 crore, while capability gaps remain in electronics, seekers, counter-drone systems, secure networks and materials.
Platform assembly creates volume; design authority, embedded software and subsystem IP can create recurring upgrades, higher switching costs and export freedom.
BEL is the broadest proxy, while Data Patterns, Astra Microwave, Paras Defence and Zen offer narrower technology exposure. HAL, BDL and Solar remain execution-led plays.


India's Defence Opportunity Is Shifting From Platforms To Technology

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>India’s Defense Acquisition Council approved INR 2.38 lakh crore proposals on March 27, 2026, taking total FY26 approvals to ~INR 9.3 lakh crore across Army, Air Force, and Coast Guard.</li>
<li>The pace and scale of approvals reinforce a multi-year procurement cycle, with indigenization becoming structural, expanding opportunities for domestic defence PSUs and private sector players.</li>
<li>
Stronger order visibility led by BEL, improving execution clarity for HAL, BDL’s indigenization progress, and Astra Microwave’s restructuring position the sector for sustained growth momentum.</li>
</ul>


India’s Defense Acquisition Council approved INR 2.38 lakh crore proposals on March 27, 2026, taking total FY26 approvals to ~INR 9.3 lakh crore across Army, Air Force, and Coast Guard.
The pace and scale of approvals reinforce a multi-year procurement cycle, with indigenization becoming structural, expanding opportunities for domestic defence PSUs and private sector players.

Stronger order visibility led by BEL, improving execution clarity for HAL, BDL’s indigenization progress, and Astra Microwave’s restructuring position the sector for sustained growth momentum.


Thematic Report: India Defense Sector - Moving Into Growth Phase

India

Solar Industries India Limited manufactures and supplies explosives and explosives accessories. The company's products include bulk, cartridge, detonators, detonating cords Pentaerythritol Tetranitrate ("PETN"), and cast boosters.

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Solar Industries India (SOIL IN)

India Equities: Stocks to Watch After Deep Underperformance

India looks attractive after a historic washout. We prefer to position among leaders in the middle of the index, scaling up as breadth improves....

Damanick Dantes, CMT

Solar Industries: Defense Crowns a Record Year, Guidance Upgrade for FY27

Solar Industries sees record revenue and profit in FY26, defense revenue doubles to INR 2,634 crore, aiming for INR 4,500 crore in defense revenue...

Nimish Maheshwari

The Re-Rating Delivered. The Order Book Hasn’t - Solar Industries, Six Months On

A +57% policy trade marked honestly. The re-rating came, the order book didn't, free cash flow turned negative and the stock sits at 102x. We cut...

Ishaan Dev Kapoor

India's Defence Opportunity Is Shifting From Platforms To Technology

India’s defence opportunity is shifting from platform manufacturing to IP, electronics and design authority, favouring firms with technology depth...

Nimish Maheshwari

Thematic Report: India Defense Sector - Moving Into Growth Phase

India's Defense Acquisition Council approved INR 2.38 lakh crore proposals, reinforcing a multi-year procurement cycle and boosting opportunities...

Sudarshan Bhandari

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52-week Range

Market Cap (USDm)

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India Equities: Stocks to Watch After Deep Underperformance

India looks attractive after a historic washout. We prefer to position among leaders in the middle of the index, scaling up as breadth improves....

Damanick Dantes, CMT

Solar Industries: Defense Crowns a Record Year, Guidance Upgrade for FY27

​Solar Industries sees record revenue and profit in FY26, defense revenue doubles to INR 2,634 crore, aiming for INR 4,500 crore in defense revenue...

Nimish Maheshwari

The Re-Rating Delivered. The Order Book Hasn’t - Solar Industries, Six Months On

A +57% policy trade marked honestly. The re-rating came, the order book didn't, free cash flow turned negative and the stock sits at 102x. We cut...

Ishaan Dev Kapoor

India's Defence Opportunity Is Shifting From Platforms To Technology

India’s defence opportunity is shifting from platform manufacturing to IP, electronics and design authority, favouring firms with technology depth...

Nimish Maheshwari

Thematic Report: India Defense Sector - Moving Into Growth Phase

​India's Defense Acquisition Council approved INR 2.38 lakh crore proposals, reinforcing a multi-year procurement cycle and boosting opportunities...

Sudarshan Bhandari

Solar Industries sees record revenue and profit in FY26, defense revenue doubles to INR 2,634 crore, aiming for INR 4,500 crore in defense revenue...

India's Defense Acquisition Council approved INR 2.38 lakh crore proposals, reinforcing a multi-year procurement cycle and boosting opportunities...