US Tech Sector – Outlook
An assessment of the US technology sector amid rising interest rates, highlighting valuation pressures on innovation stocks and relative strength in semiconductors and biotechnology.
AI is a Decadal Opportunity – Identifying opportunities across the value chain
A comprehensive framework for identifying long-term investment opportunities across the AI value chain—from semiconductors to applications and security. The article outlines how AI represents a multi-year technological super-cycle reshaping global industries.
SIEMENS ENERGY
India’s grid modernisation leader in HVDC, GIS & advanced switchgear. Oligopolistic positioning, ~24–26% revenue CAGR, and rising global export demand support premium valuations.
KAYNES TECHNOLOGIES
Differentiated EMS platform in automotive & industrial electronics, expanding into OSAT & PCB. Temporarily derated by governance noise — a high-quality accumulation opportunity.
DIXON TECHNOLOGIES
India’s leading neutral EMS platform scaling from mobile assembly to laptops & sub-assemblies. 24–25% CAGR growth backed by multi-OEM diversity, PLI tailwinds & backward integration.
INTERGLOBE AVIATION
IndiGo — 64% domestic share with India’s lowest cost structure. A sentiment-led ~20% correction offers attractive entry at ~25× into a structurally advantaged aviation compounder.
Tata Motors PV
India PV share surged from 5% to 13%+. GST cuts, premiumisation & EV scaling drive margin expansion toward 4–5%. SOTP valuation implies ~53% upside. JLR re-rating adds optionality.
TRENT LIMITED
Rare 20–25% long-term retail compounder. Zudio doubling stores by FY28, Westside expanding profitably, Star optionality underappreciated. Private-label dominance drives superior margins.
PERSISTENT SYSTEMS
Cleanest mid-cap IT play on Agentic AI. Deep cloud & data strengths, strong IP (SASVA, iAURA, GenAI Hub), and structural 25–30% growth visibility across BFSI, Healthcare & Hi-Tech.
Semiconductors: High Conviction Buy at Current Levels
A pullback in semiconductor valuations presents a long-term buying opportunity as global compute demand enters a multi-year supercycle.