AI Advisor v2.9.0 — Template 10

Sector & Theme Analysis

An 8-part institutional macro-thematic research brief: industry structure, dominant theme, TAM with citations, policy & government support, tailwinds/headwinds, historical cycle analysis, global analogues, and company positioning within the theme.

Template 10 • KEI Industries (Wires & Cables) Case Study • Gemini Deep Research • 25 Flashcards

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Published: March 15, 2026  •  Finmagine Research Team  •  25 Flashcards  •  Best with: Gemini Deep Research  •  India stocks only
THE ORIGIN

A ValuePickr Request That Shipped Same Session

The Sector & Theme Analysis template did not begin with an internal roadmap item. It began with a message on ValuePickr — India's most active community for fundamental investors — from a user who had been using Finmagine AI Advisor and wanted one more thing.

"@Firstly, working excellently… Secondly, A Feature Request: Can we add a section that studies the selected stock's industry, its sector, and maybe some theme that is currently playing out — for eg the Wires & Cables sector is on boom right now. If we can get these insights… it would be great!"

The request was specific. Not more financial ratios. Not a different visualization. The community member wanted the macro context that experienced investors always layer on top of company analysis: What is driving the sector? How large is the opportunity? How far into the cycle are we? The request also came with a perfect test case already baked in: KEI Industries and the Wires & Cables sector.

Template 10 was built, tested on KEI Industries with Gemini Deep Research, and shipped in the same session on March 15, 2026. The output ran to several thousand words of cited sector intelligence — TAM projections backed by industry data, a policy matrix with specific budget allocations, a China analogue with peak valuations, and a final verdict on whether KEI is a company-specific buy or a theme-ride. All of it from a single prompt on a Screener.in page.

What it solves: Every experienced investor knows company analysis is only half the work. Understanding whether the sector tailwind is real, how long it can last, and what would break the thesis — that is the other half. Template 10 does both halves in one prompt.
THE GAP

What Standard Templates Cannot Answer

The existing templates in Finmagine AI Advisor — Comprehensive, Risk-Reward, Deep Research — are built around company-specific data. They analyze the P&L, the balance sheet, the cash flow history, management track record, governance flags, and competitive positioning within the peer group. This produces exceptional company analysis.

But experienced investors always ask a second set of questions that no company-centric template can answer well:

These questions cannot be answered from a P&L spreadsheet. They require live web research, policy document reading, historical pattern matching, and international precedent analysis. That is exactly what Gemini Deep Research does best — and exactly what Template 10 is designed to extract.

Company Templates Answer

Is this a well-run company? Are financials healthy? What is the valuation? Is management credible? What are the governance risks?

Sector & Theme Answers

Is the tailwind real and large? How far into the cycle? What breaks the thesis? What did this look like in China in 2005? What is government spending on this sector in FY27?

Used Together

Company excellence + sector tailwind = high-conviction position. Sector Analysis resolves the most common uncertainty: "Even if the company is good, am I buying at the wrong part of the cycle?"

THE FRAMEWORK

The 8-Part Institutional Research Brief

Template 10 instructs the AI to produce a structured eight-part sector brief. Each part has a defined scope and expected output format. The structure mirrors how institutional equity research teams build sector initiation reports — but it runs in 5–10 minutes instead of three weeks.

Part 1

Industry Structure

  • Market size in ₹ Cr and $B with the specific source cited
  • Fragmented vs. consolidated: top 5 players' combined market share (%)
  • Barriers to entry — capital intensity, regulatory hurdles, technology moats, distribution requirements
  • Pricing power dynamics: who sets prices, what compresses margins, how sticky are contracts
Part 2

Current Theme & Opportunity Size (TAM)

  • The single dominant structural theme (e.g., energy transition, import substitution, financial inclusion)
  • TAM: current market size → 5-year projection with CAGR and underlying assumptions
  • Penetration benchmark: where India stands vs. a mature market (US, Europe, or a comparable emerging market)
  • Growth decomposition: volume-led vs. price-led vs. wallet-share growth
  • Company's percentage of revenue directly exposed to the stated theme (core beneficiary vs. peripheral)
Part 3

Policy & Government Support

  • Active PLI schemes, subsidies, duty structures relevant to the sector
  • Budgetary allocations (Union Budget line items, state schemes) with specific ₹ figures and YoY change
  • Regulatory body stance: is regulation tightening (headwind) or enabling (tailwind)?
  • Pending policy changes and election cycle risks
  • Policy dependency score rated 1–5 (1 = entirely policy-driven, cannot survive without subsidies; 5 = policy is an accelerant only, structural demand exists independently)
Part 4

Tailwinds × 3  +  Headwinds × 3

  • Each tailwind: description + specific data point or evidence (not generic statements)
  • Each headwind: description + mechanism by which it dampens earnings + severity rating (High / Medium / Low)
  • Balance check: the prompt requires both sides — not a promotional bull case list
Part 5

Historical Cycle Analysis

  • Sector classification: Secular growth | Cyclical | Defensive | Turnaround
  • If cyclical: prior upcycle trigger, duration, peak PE/PB multiple, and cause of the subsequent downcycle
  • Current cycle position: early / mid / late, mapped against the prior cycle timeline
  • Cycle repeat probability: conditions that must hold for the cycle to continue + what would break it
Part 6

Global Analogues

  • 2–3 countries where the same structural story played out, with time periods
  • For each: Country | Time period | Narrative summary | Peak sector valuations | Key lesson for India investors
  • India Delta: what is unique about India's version of this theme that makes it different (or more durable) than the international precedents
Part 7

Risk Scenarios If Theme Fails

  • 3 bear case scenarios, each with: Scenario name | Specific trigger event | Quantified impact on sector earnings (%, not vague qualitative)
  • Early warning indicators: 3–4 monthly or quarterly data points an investor can monitor to detect theme deterioration before it shows up in stock prices
Part 8

[Company] Within the Theme

  • Competitive moat in the sector context: first-mover, fast-follower, or late entrant — and what that means for the risk-reward
  • Theme sensitivity: bull case revenue/earnings upside over 3–5 years if the theme plays out as projected
  • Bear case: downside scenario if the theme disappoints or cycle turns
  • Final verdict: "Buy the company" or "Buy the theme" — and why the distinction matters for sizing and hold period
Live Research Directive — The Key Difference: The prompt explicitly instructs the AI: "Do NOT rely solely on the financial data provided; that is context only. Cite your sources." This is a deliberate reversal of every other template where the extracted P&L, Balance Sheet, and Cash Flow data ARE the primary input. In Template 10, the financial data is company sizing context only. The AI must do live web research for TAM, policy allocations, and global analogues.
PLATFORM GUIDANCE

Why Gemini Deep Research is #1 for This Template

Template 10 is unique among all Finmagine AI Advisor templates in one critical dimension: the financial data extracted from Screener.in is NOT the primary input. It provides company context — what the company's revenue is, what segment it operates in, basic financials — but the core output (TAM, policy budget numbers, global analogues) must come from live web research.

PlatformRecommendationWhy
Gemini Deep Research ⭐ Strongly Recommended Browses live sources, reads PDF reports, cites everything. TAM data, policy documents, and global analogues are always current. Produces structured multi-part reports by design.
Perplexity Good Live web research with inline citations. Suitable alternative when Gemini Deep Research is not accessible or when faster turnaround is needed.
Claude Usable Relies on training data cutoff. Strong instruction-following, so the 8-part structure will be respected. Works best for well-established industries where recency matters less.
ChatGPT Usable Similar to Claude without live browsing. Works but TAM figures and policy allocations may be outdated. Use with Browse mode enabled if available.

Why This Template Is Different from All Others

Every other Finmagine AI Advisor template is built around a central insight: Screener.in has already extracted the hard-to-find data (concall transcripts, annual report links, 10 years of financial tables, peer comparisons). The AI's job is to analyze that data with precision and structure.

Template 10 inverts this logic. The financial data is context only. The AI's primary job is to go out, find current sector data, read policy documents, identify historical patterns, and synthesize global precedents — all within a structured 8-part framework. This is exactly what Gemini Deep Research was built for. It will browse industry reports, Ministry of Power budget documents, sector profiles, and international equity research archives, then synthesize and cite them.

Using a training-data-only AI for Template 10 will produce answers that are structurally correct but factually dated. A TAM figure from a training snapshot for a fast-moving sector like wires & cables or data centers is misleading, not helpful. The live research directive is non-negotiable for maximum output quality.

Template Card: In the extension UI, the Sector & Theme Analysis card shows: ⭐ Best with: Gemini Deep Research — the only template besides Comprehensive and Management Quality to carry this designation. The distinction matters: use Gemini Deep Research for macro context, Claude for company-specific document Q&A.
CASE STUDY

KEI Industries — Wires & Cables Sector Brief

To demonstrate Template 10 in action, we ran it on KEI Industries Ltd (NSE: KEI) using Gemini Deep Research on March 15, 2026. The output took approximately 7 minutes to generate. What follows are the key findings from each part of the 8-part framework.

Part 1: Industry Structure

MARKET SIZE
India Wires & Cables market: ₹1.08 lakh crore total (organized sector: ₹92,000 Cr). The organized segment has been gaining share from the unorganized sector driven by GST compliance, quality certifications, and infrastructure contractor preferences. Top 5 players (Polycab, KEI, Finolex, Havells, RR Cables) hold approximately 55% of the organized market combined — a reasonably consolidated structure for an Indian B2B sector.
BARRIERS TO ENTRY
Capital intensity is high at the premium end: Extra High Voltage (EHV) cable manufacturing requires specialized extrusion equipment, controlled manufacturing environments, and type-testing certification from CPRI (Central Power Research Institute). EHV approvals take 18–24 months and cost ₹15–25 Cr per product category. Distribution is also a moat: KEI has 2,500+ dealers and 400+ retail outlets built over decades, which new entrants cannot replicate quickly at the institutional end.

Part 2: Current Theme & TAM

DOMINANT THEME
Global Energy Transition — mid-cycle phase. The theme began with India's 500 GW renewable energy target announced post-2021. Wires & cables are the physical circulatory system of any energy transition: solar parks need DC cables, transmission grids need HVDC and EHV cables, data centers need specialized power cables, and real estate electrification continues to grow. KEI is a mid-cycle beneficiary, not a late-cycle one.
TAM PROJECTION
India W&C market projected at ₹4.19 lakh crore by 2034 at a 14.5% CAGR from the current ₹1.08 lakh crore base. Growth decomposition: approximately 60% volume-led (more infrastructure requiring more cable), 25% product-mix upgrade (higher-grade cables replacing lower-grade), and 15% price-led (copper price appreciation). KEI has 41% of revenue in institutional cables (power utilities, EPC contractors) — the segment most directly benefiting from the energy transition theme, not a peripheral exposure.

Part 3: Policy & Government Support

FY27 BUDGET
Ministry of Power FY27 budgetary allocation: ₹29,997 Cr (+39% YoY). Key schemes: RDSS (Revamped Distribution Sector Scheme) — ₹18,000 Cr for distribution network upgrades; PM Surya Ghar (rooftop solar) — ₹22,000 Cr; nuclear power plant expansion includes a duty exemption on specified equipment to 2035. All three create direct cable demand: RDSS for LT/HT distribution cables, PM Surya Ghar for solar DC cables, nuclear for EHV submarine cables.
POLICY DEPENDENCY
Policy dependency score: 2/5. Urbanization, real estate construction, industrial capex, and the China+1 manufacturing shift all drive cable demand entirely independent of government subsidies. Policy allocations are accelerants — they grow the pie faster — but structural private sector demand would sustain the sector even if government capex were to slow. This is a critical distinction from PLI-dependent sectors (score 4–5) where the thesis collapses if policy changes.

Part 4: Tailwinds × 3 & Headwinds × 3

Tailwind 1: 500 GW Renewable Build-out

India needs to add >300 GW of solar + wind capacity by 2030. Each GW of solar requires ∼14,000–18,000 km of DC cable. The transmission backbone to evacuate this power requires EHV cables where KEI has a proven track record. Power Grid Corporation order book at a 5-year high as of Q3 FY26.

Tailwind 2: Real Estate Upcycle

India housing starts at a 12-year high in FY25. Premium residential and commercial construction uses significantly more cable per square foot than affordable housing. KEI's retail/housing segment contributes ∼30% of revenue and benefits disproportionately from the premium real estate mix shift. Wiring cable volumes grew 18% YoY in H1 FY26.

Tailwind 3: Data Center Explosion

India data center capacity additions of ∼1,500 MW planned over 2025–2027. Each MW requires ∼₹2–3 Cr of specialized power cables. KEI's Sanand facility (Gujarat) is specifically positioned to serve data center and industrial park cable demand — an entirely new end-market that was not material to the sector 5 years ago.

Headwind 1: Copper Price Volatility

Copper is 60–65% of cable raw material cost. A sharp copper price drop creates inventory de-valuation losses and revenue decline even with stable volumes. Severity: Medium — working capital impact is cyclical, not structural, but near-term earnings can be materially affected.

Headwind 2: New Capacity Competition

Multiple players are simultaneously expanding capacity. If demand growth decelerates while supply additions come online simultaneously (2026–2028 window), pricing pressure could compress EBITDA margins by 150–200 bps. Severity: Medium — timeline-dependent.

Headwind 3: Government Capex Slowdown

Post-election fiscal consolidation could delay RDSS and transmission scheme disbursements. A 20% delay in government cable orders would reduce institutional segment revenue by 8–10%. Severity: Low-Medium — private sector demand remains intact, but order book momentum could slow.

Part 5: Historical Cycle Analysis

SECTOR CLASSIFICATION
Wires & Cables: Cyclical with secular underpinning. The base demand (housing construction, industrial capex) is cyclical. The structural layer (energy transition, data infrastructure) is secular and new in this cycle. This hybrid classification is important — it means the sector has a cyclical floor but a secular ceiling that prior cycles did not have.
PRIOR CYCLE: 2004–2011
Trigger: Power sector reforms (APDRP scheme), India Shining industrial capex wave, and the first real estate upcycle. Duration: 7 years. Peak PE: 35–40x for quality cable names. Downcycle cause: Global financial crisis (2008–09) + subsequent government infrastructure project delays + policy paralysis on power sector. Current cycle is structurally different: companies are debt-free (KEI net cash positive), margins are manufacturing-grade (not EPC), and the China+1 tailwind provides an export dimension that 2004–2011 lacked entirely. This is an "upcycle of quality."

Part 6: Global Analogues

CountryPeriodNarrativePeak ValuationsLesson for India
China 2000–2015 7× electricity demand growth over 15 years driven by manufacturing boom, urbanization (400M people), and grid modernization. Local champions (Hengtong, TBEA) and global players benefited enormously. PE 40–50× at peak (2007). 28.7% CAGR for top cable manufacturers at sector peak. India's urbanization curve is earlier-stage than China 2000. The China upcycle had a hard stop when real estate collapsed (2015–16). India's demand is more diversified across end-markets, making a single-trigger collapse less likely.
European Union 2020–present Offshore wind and HVDC interconnect build-out. Prysmian's offshore cable order book hit a record €6.7B in 2024. Cable manufacturing lead times extended to 3–4 years for specialty undersea cables. Acute supply shortage for HVDC cables. Prysmian PE expanded from 12× to 28× (2020–2024). India's green hydrogen and offshore wind ambitions (30 GW by 2030) will create similar HVDC cable demand. KEI is one of two Indian manufacturers with EHV type-testing for 220 kV+.
India Delta 2021–present India's version of this theme is unique in three ways: (1) It combines energy transition AND real estate upcycle AND manufacturing China+1 simultaneously — not a single catalyst but a multi-vector tailwind; (2) India companies are entering this cycle with clean balance sheets unlike the debt-heavy 2004–2011 expansion; (3) The organized sector market share gain from GST compliance is an India-specific booster with no international parallel.

Part 7: Bear Case Scenarios

Bear Case A
Government Capex Slowdown
Trigger: Post-election fiscal consolidation leads to 25% cut in RDSS + Power Grid capex in FY28 Union Budget. Impact: 15–20% volume reduction in institutional cables (KEI's 41% segment). Earnings impact: EBITDA declines 12–15% in FY28. Partial offset from private sector real estate and data center demand, but the institutional segment decline would pressure stock to 12–14x PE from current 22–24x.
Bear Case B
Simultaneous Mega-Plant Commissioning
Trigger: Polycab (Halol Phase 3), RR Kabel (new plant), and KEI's own Sanand facility all achieve full production simultaneously in 2026–27 while demand growth moderates to 10–12% (from the current 18–22%). Impact: 200–300 bps EBITDA margin contraction due to pricing pressure. At 200 bps margin compression, EBITDA declines 18–20%. Stock multiple compression to 16–18x would follow, implying 35–40% downside from peak valuations.
Bear Case C
Copper Price Crash >30%
Trigger: Global recession or Chinese real estate second collapse drives LME copper below $7,500/MT (from $9,800 in March 2026). Impact: Inventory de-valuation loss of ₹200–350 Cr on KEI's 90-day copper inventory. Revenue declines 8–12% even with stable volumes. This is a one-to-two quarter issue, not structural, but the stock typically falls 25–35% in copper crash scenarios before recovering when pass-through occurs.

Early Warning Indicators to Monitor

Part 8: KEI Within the Theme — Final Verdict

COMPETITIVE MOAT IN SECTOR
KEI is a first-mover in EHV (Extra High Voltage) cables among mid-cap players. It holds CPRI type-test certification for cables up to 220 kV, a barrier that takes 18–24 months to replicate. The Sanand facility adds a geographic moat (Gujarat industrial corridor, close to data center and manufacturing hub demand). Distribution network of 2,500+ dealers creates a retail moat that protects the 30% housing/retail segment from pure price competition.
FINAL VERDICT
"Buy the company, not just the theme." KEI's EHV moat and Sanand optionality provide alpha above the sector average. A "buy the theme" approach (buying a basket of cable companies equally) would include less defensible players with higher copper exposure and no EHV positioning. The distinction matters for hold period: theme investors sell when the cycle appears to peak; company investors hold through cycles because the moat compounds regardless of the macro cycle.
8.50
Five-Parameter Score
/10 Composite
Financial Health
9
Growth
9
Competitive
8
Management
9
Valuation
6
HOW TO USE IT

Using Template 10 in 6 Steps

1

Go to any Screener.in company page

Template 10 is available for all Indian stocks on Screener.in. Navigate to the company you want to study — the sector brief will be built around that company's sector and the structural theme most relevant to it.

2

The Finmagine AI Advisor panel appears inline

The panel loads automatically after the chart section on any Screener.in page. No popup, no separate tab — it is embedded in your research workflow.

3

Select "Sector & Theme Analysis" (🌎 icon, NEW badge)

Find Template 10 in the template grid. It carries a 🌎 globe icon and a NEW badge. The card shows the "⭐ Best with: Gemini Deep Research" label to guide your platform choice.

4

Click "Open Gemini" (strongly recommended — auto-copies)

Clicking "Open Gemini" copies the prompt to your clipboard AND opens Gemini in a new tab in a single action. You can also click "Copy Prompt" to paste into any platform manually. For this template, use Gemini Deep Research — not the standard Gemini chat mode.

5

Paste into Gemini Deep Research — let it run for 5–10 minutes

Gemini Deep Research will begin browsing sources: industry reports, Ministry of Power budget documents, sector profiles, and international equity research. It shows a "Researching…" status while it works. Do not interrupt it — the quality of the output depends on allowing the full research cycle to complete.

6

Get your 8-part institutional-grade sector brief

The output follows the 8-part framework: industry structure, TAM projection, policy matrix, tailwinds/headwinds, historical cycle mapping, global analogues, bear case scenarios, and company positioning verdict. All major claims will carry source citations.

India Only — This Template Is Not Available for US Stocks: Part 3 (Policy & Government Support) references Indian ministry allocations, PLI schemes, Union Budget line items, and RDSS-type schemes that have no US equivalent. Part 5 (Historical Cycles) references India-specific market cycles. The template is intentionally scoped to Indian stocks on Screener.in.
THE ECOSYSTEM

How Template 10 Fits the Full Research Workflow

With v2.9.0, Finmagine AI Advisor has 10 India templates and 4 US/Global templates — 14 in total. Template 10 fills the one gap that remained after all the company-centric templates were built: the macro layer.

The recommended research workflow for a high-conviction position is sequential:

StepTemplateQuestion AnsweredBest Platform
1 Comprehensive Analysis Is this a good company? Financial health, growth quality, valuation. Gemini Deep Research
2 Sector & Theme Analysis NEW Is the sector tailwind real and durable? How large? How far into the cycle? Gemini Deep Research
3 Peer Comparison Is this the best-positioned company in the sector relative to peers? Claude / ChatGPT
4 Forensic Governance Are there any red flags in RPTs, pledging, earnings call language, or audit observations? Gemini / Claude
5 Ask Anything Verify a specific claim from management with exact citations from concalls and annual reports. Claude
6 Investor Panel How would 6 legendary investors evaluate this? Get a second-opinion stress-test. Claude / ChatGPT

You do not need to run all six templates for every stock. The minimum viable research stack for a new position is: Comprehensive (know the company) + Sector & Theme (know the macro) + Peer Comparison (know the relative positioning). For higher-conviction and larger position sizes, adding Forensic Governance and Investor Panel substantially reduces the risk of position-size errors driven by governance blind spots or thesis overconfidence.

Sector Analysis Before or After Company Analysis? Either order works, but starting with Sector & Theme before Comprehensive Analysis has a cognitive benefit: it prevents anchoring bias. If you run Comprehensive first and get a strong positive score, you will approach Sector Analysis looking for confirmation. Running the macro view first forces you to evaluate the opportunity size independently before you have already formed a view on the company.

Full India Template List (v2.9.0)

#TemplateFocusBest AI
1Comprehensive Analysis360° Five-Parameter assessment + unit economicsGemini Deep Research
2Risk-Reward AnalysisBull / base / bear scenarios, downside protectionClaude / ChatGPT
3Management QualityCapital allocation, governance, concall intelligenceGemini Deep Research
4Quarterly Deep-DiveLatest quarter trends, near-term outlookClaude / ChatGPT
5Deep Research9-part forensic with PDF document readingGemini Deep Research
6Forensic GovernanceRPTs, pledging, earnings call language, CAROGemini / Claude
7Peer ComparisonAuto-fetched sector peer data, 4-analyst scorecard + Manual Peer SelectionClaude / ChatGPT
8Investor Panel6 legendary investors debate the stock independentlyClaude / ChatGPT
9Ask Anything (AMA)Type any question, AI answers with FINDING citations from concalls and annual reportsClaude
10Sector & Theme Analysis NEW8-part macro-thematic brief: TAM, policy, historical cycles, global analogues, bear casesGemini Deep Research

Test Your Knowledge — 25 Flashcards

Click any card to reveal the answer. Use the search box to find specific topics. Covers the 8-part framework, KEI Industries case study, Gemini Deep Research recommendation, and key sector data points.

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