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

SBI Cards & Payment Services / Equity Bottom-Up

SBI Cards and Payment Services Private Limited provides credit card services. The Company offers payment products and services in the form of corporate and credit cards with incentive and rewards programs. SBI Cards and Payment Services serves customers in India.

SBI Cards & Payment Services (SBICARD IN)

<ul>
<li>Q2FY26 witnessed sequential NIM stability at 11.2%, but the adverse product mix shift toward transactors, coupled with higher operating costs, led to a lower pre-provision operating profit and PAT.</li>
<li>The company is actively sacrificing immediate yield for better asset quality and volume growth through RuPay/UPI integration, addressing key regulatory and positioning itself to capture theTier II-III consumption base.</li>
<li>If the stabilization of funding costs and the anticipated moderation of credit costs materialise, the premium valuation may be justified by renewed focus on higher-yielding revolving assets.
</li>
</ul>


Q2FY26 witnessed sequential NIM stability at 11.2%, but the adverse product mix shift toward transactors, coupled with higher operating costs, led to a lower pre-provision operating profit and PAT.
The company is actively sacrificing immediate yield for better asset quality and volume growth through RuPay/UPI integration, addressing key regulatory and positioning itself to capture theTier II-III consumption base.
If the stabilization of funding costs and the anticipated moderation of credit costs materialise, the premium valuation may be justified by renewed focus on higher-yielding revolving assets.



The Beat Ideas: SBI Cards - Is the Worst Now Behind Us?

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Mitsubishi UFJ Financial (MUFG) / Equity Bottom-Up

Mitsubishi UFJ Financial Group, Inc. (MUFG) is a holding company established through the merger of Mitsubishi Tokyo Financial Group and UFJ Holdings. As a financial group, the Company provides a variety of financial and investment services including commercial banking, trust banking, international finance, and assets management services.

Mitsubishi UFJ Financial (MUFG) (8306 JP)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a> acquires 20% of Shriram Finance, gaining capital-light exposure to India’s retail and MSME credit via a secured, high-RoA franchise with deep rural distribution.</li>
<li>Primary capital infusion strengthens <a href="https://www.smartkarma.com/entities/shriram-finance-ltd" target="_blank" data-smartkarma-citation="entities:253:1" rel="noopener">Shriram Finance (SHFL IN)</a>’s balance sheet, supports mid-teens AUM growth, margin expansion and a medium-term structural RoE of ~17–18%.</li>
<li>Earnings impact is modest initially under equity accounting, but compounds over time through growth, co-lending optionality and potential funding-cost compression.</li>
</ul>



Mitsubishi UFJ Financial (MUFG) (8306 JP) acquires 20% of Shriram Finance, gaining capital-light exposure to India’s retail and MSME credit via a secured, high-RoA franchise with deep rural distribution.
Primary capital infusion strengthens Shriram Finance (SHFL IN)’s balance sheet, supports mid-teens AUM growth, margin expansion and a medium-term structural RoE of ~17–18%.
Earnings impact is modest initially under equity accounting, but compounds over time through growth, co-lending optionality and potential funding-cost compression.


Mitsubishi UFJ Financial (MUFG) (8306 JP) | Loading up on India

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

ORIX Corporation provides comprehensive financial services throughout the world. The Company's business lines include leasing, real estate loans, life insurance, banking, and consumer finance.  The Company also operates Environment related business and Private equity investment business. ORIX has a professional baseball team, the ORIX Buffalos.

<ul>
 <li>ORIX's highly diversified business portfolio, spanning ten segments from finance to service-related industries, provides a significant buffer against volatility in any single sector and allows for synergistic collaboration.</li>
 <li>The company is pursuing a strategic shift towards an asset-light model, focusing on capital recycling and fee-generating activities to improve return on equity (ROE), with a target of 11% by FY28 and 15% by 2035.</li>
 <li>While demonstrating resilient revenue growth, <a href="https://smartkarma.com/entities/orix-corp-c10c0f76-b8ab-4583-9f3c-8fe16a1e5c70">ORIX </a>faces challenges related to its capital structure, including a high debt-to-equity ratio and potential financial distress risks in a rising interest rate environment.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  ORIX's highly diversified business portfolio, spanning ten segments from finance to service-related industries, provides a significant buffer against volatility in any single sector and allows for synergistic collaboration.
  The company is pursuing a strategic shift towards an asset-light model, focusing on capital recycling and fee-generating activities to improve return on equity (ROE), with a target of 11% by FY28 and 15% by 2035.
  While demonstrating resilient revenue growth, ORIX faces challenges related to its capital structure, including a high debt-to-equity ratio and potential financial distress risks in a rising interest rate environment.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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

SBI Shinsei Bank / Equity Capital Markets

SBI Shinsei Bank, Ltd. provides banking services including deposits, loans, and foreign exchange transaction, as well as investment trust service and issuance of long-term bonds.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, HK IPOs continue to be launched into the year end.</li>
<li>On the placements front, there are a number of lockup expiries coming up over the next few weeks.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, HK IPOs continue to be launched into the year end.
On the placements front, there are a number of lockup expiries coming up over the next few weeks.


ECM Weekly (22 December 2025) - SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao

<ul>
 <li>
<a href="https://smartkarma.com/entities/india-shelter-finance">India Shelter Finance</a> is a rapidly growing housing finance company focused on the underserved affordable housing segment in India's Tier II and Tier III cities.</li>
 <li>The company targets self-employed individuals, a niche with significant growth potential but also higher inherent credit risk. Its in-house, technology-driven model for loan origination and servicing is a key operational strength.</li>
 <li>Strong financial performance, characterized by robust AUM growth and healthy profitability, is a key attraction. However, the company's high valuation and exposure to interest rate volatility are notable risks.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
India Shelter Finance is a rapidly growing housing finance company focused on the underserved affordable housing segment in India's Tier II and Tier III cities.
  The company targets self-employed individuals, a niche with significant growth potential but also higher inherent credit risk. Its in-house, technology-driven model for loan origination and servicing is a key operational strength.
  Strong financial performance, characterized by robust AUM growth and healthy profitability, is a key attraction. However, the company's high valuation and exposure to interest rate volatility are notable risks.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: India Shelter Finance (0570670D IN) - Dec 2025