Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

Thematic (Sector/Industry)

<p>Primary issuances are expected to remain strong in 2017 following a five-year high in funds raised in 2016 (Rs 220bn) even as Fed rate expectations weigh on the broader secondary market outlook for India. Data shows that primary issuances in previous years have bucked the trend of weak capital inflows and in our view companies evaluate sector appetite &amp; valuations levels before deciding on a public issue. For e.g. in the recent past, CY2015 hardly recorded any significant FII inflows however the…</p>

Primary issuances are expected to remain strong in 2017 following a five-year high in funds raised in 2016 (Rs 220bn) even as Fed rate expectations weigh on the broader secondary market outlook for India. Data shows that primary issuances in previous years have bucked the trend of weak capital inflows and in our view companies evaluate sector appetite &amp; valuations levels before deciding on a public issue. For e.g. in the recent past, CY2015 hardly recorded any significant FII inflows however the…

IPO Pipeline to Remain Strong as PE Funds, Quasi-Govt Promoters Aim for Portfolio Exits

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>L&amp;T guided for 3.0–3.5x nuclear revenue growth over five years. Hi-Tech Manufacturing delivered an 18.3% EBITDA margin in Q3 FY26, three times the Infrastructure segment's 6.1%. </li>
<li>Every incremental rupee of nuclear revenue earns outsize returns; the quality-of-earnings upgrade is structural and policy-backstopped.</li>
<li>The West Asia conflict is a material near-term risk: Estimates 10% FY26 order inflow impact and 11–12% FY27–28 earnings drag if disruption extends three months.</li>
</ul>


L&amp;T guided for 3.0–3.5x nuclear revenue growth over five years. Hi-Tech Manufacturing delivered an 18.3% EBITDA margin in Q3 FY26, three times the Infrastructure segment's 6.1%. 
Every incremental rupee of nuclear revenue earns outsize returns; the quality-of-earnings upgrade is structural and policy-backstopped.
The West Asia conflict is a material near-term risk: Estimates 10% FY26 order inflow impact and 11–12% FY27–28 earnings drag if disruption extends three months.


L&T's Nuclear Bet: The Margin-Rich Vertical That Could Redefine Its Multiple

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>
<a href="https://www.smartkarma.com/entities/adani-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:26712:1" rel="noopener">Adani Energy Solutions</a> was added to a global index in May 2021 and deleted in May 2023. The next rebalance in May could see the stock added back.</li>
<li>
<a href="https://www.smartkarma.com/entities/adani-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:26712:1" rel="noopener">Adani Energy Solutions</a> has outperformed peers over the last 6-7 months and trades at higher valuations compared to its peer group.</li>
<li>Positioning for the inclusion event is ongoing, but passives will need to buy over 25 days of delivery volume. There could be further upside as positioning picks up near-term.</li>
</ul>



Adani Energy Solutions was added to a global index in May 2021 and deleted in May 2023. The next rebalance in May could see the stock added back.

Adani Energy Solutions has outperformed peers over the last 6-7 months and trades at higher valuations compared to its peer group.
Positioning for the inclusion event is ongoing, but passives will need to buy over 25 days of delivery volume. There could be further upside as positioning picks up near-term.


Adani Energy (ADANIENS IN): Energized for Global Index Inclusion in May

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-capital-limited" target="_blank" data-smartkarma-citation="entities:45653:1" rel="noopener">Tata Capital Limited (TATACAP IN)</a> raised around US$1.7bn in its IPO in October 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.</li>
<li>Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Tata Capital Limited (TATACAP IN) raised around US$1.7bn in its IPO in October 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.
Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Tata Capital IPO Lockup Expiry - Will Have to Sell US$1.4bn of Stock but Has More Time Now

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Mahindra &amp; Mahindra, Indian Oil, LTIMindtree, Jindal Steel &amp; Power, State Bank of India, HDFC Bank, Adani Enterprises.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Mahindra &amp; Mahindra, Indian Oil, LTIMindtree, Jindal Steel &amp; Power, State Bank of India, HDFC Bank, Adani Enterprises.


MS-India Index Earning Revision (Feb): Mahindra & Mahindra, Indian Oil, LTIMindtree

India

Tata Power is an Indian electric utility company that generates, transmits, and distributes electricity. It offers a range of energy solutions including solar, wind, hydro, and thermal power, along with EV charging infrastructure and home automation. The company is headquartered in Mumbai, India, and was founded in 1919.

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Tata Power (TPWR IN)

IPO Pipeline to Remain Strong as PE Funds, Quasi-Govt Promoters Aim for Portfolio Exits

Primary issuances are expected to remain strong in 2017 following a five-year high in funds raised in 2016 (Rs 220bn) even as Fed rate expectations...

Asia Advisors

L&T's Nuclear Bet: The Margin-Rich Vertical That Could Redefine Its Multiple

L&T expects significant growth in nuclear revenue, with Hi-Tech Manufacturing outperforming Infrastructure segment. West Asia conflict poses near...

Sudarshan Bhandari

Adani Energy (ADANIENS IN): Energized for Global Index Inclusion in May

Adani Energy Solutions recent run-up could see the stock added back to a global index. Passives need to buy over 25x delivery volume. Positioning...

Brian Freitas

Aequitas: Tata Capital IPO Lockup Expiry - Will Have to Sell US$1.4bn of Stock but Has More Time Now

Tata Capital Limited (TATACAP IN) raised around US$1.7bn in its IPO in October 2025. The lockup on its promoter and pre-IPO investors is set to...

Sumeet Singh

MS-India Index Earning Revision (Feb): Mahindra & Mahindra, Indian Oil, LTIMindtree

We analyzed MS-India's consensus for Feb 2026 and highlighted changes of EPS in Mahindra & Mahindra, Indian Oil, LTIMindtree, Jindal Steel & Power,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IPO Pipeline to Remain Strong as PE Funds, Quasi-Govt Promoters Aim for Portfolio Exits

Primary issuances are expected to remain strong in 2017 following a five-year high in funds raised in 2016 (Rs 220bn) even as Fed rate expectations...

Asia Advisors

L&T's Nuclear Bet: The Margin-Rich Vertical That Could Redefine Its Multiple

​L&T expects significant growth in nuclear revenue, with Hi-Tech Manufacturing outperforming Infrastructure segment. West Asia conflict poses near...

Sudarshan Bhandari

Adani Energy (ADANIENS IN): Energized for Global Index Inclusion in May

Adani Energy Solutions recent run-up could see the stock added back to a global index. Passives need to buy over 25x delivery volume. Positioning...

Brian Freitas

Aequitas: Tata Capital IPO Lockup Expiry - Will Have to Sell US$1.4bn of Stock but Has More Time Now

Tata Capital Limited (TATACAP IN) raised around US$1.7bn in its IPO in October 2025. The lockup on its promoter and pre-IPO investors is set to...

Sumeet Singh

MS-India Index Earning Revision (Feb): Mahindra & Mahindra, Indian Oil, LTIMindtree

We analyzed MS-India's consensus for Feb 2026 and highlighted changes of EPS in Mahindra & Mahindra, Indian Oil, LTIMindtree, Jindal Steel & Power,...

Ke Yan, CFA, FRM

L&T expects significant growth in nuclear revenue, with Hi-Tech Manufacturing outperforming Infrastructure segment. West Asia conflict poses near...