Growth Themes

Capex surge by hyperscalers; inference compute demand accelerating. NVDA data-centre revenue +122% YoY.

India defence orders at record levels; government push for indigenisation. Global rearming post-Ukraine.

Grid infrastructure buildout; EV transition driving power demand. Renewable capacity additions accelerating.

ARK flagship theme. Industrial automation + humanoid robots. 5-7yr adoption curve.

India PLI + infra push driving private capex. Order books at multi-year highs.

Deal momentum slowing. US client budget cuts. AI may cannibalise low-end services long term.