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

Sequent Scientific Ltd. manufactures active pharmaceutical ingredients, animal health products and specialty chemicals; and offers analytical services and custom research and manufacturing services.

<ul>
<li>The NCLT has approved the Sequent-Viyash merger. The 56:100 swap ratio consolidates two Carlyle-backed entities into an INR 8,000 Cr+ Life Sciences platform.</li>
<li>The injection of Viyash’s 9 USFDA facilities and 28% EBITDA margin profile structurally repairs Sequent’s historical profitability issues, creating a diversified CDMO + Animal Health entity.</li>
<li>With pro-forma EBITDA running at INR 760 Cr (Annualized) and a management upgrade via Dr. Hari Babu (Ex-Mylan COO), the stock is primed for a re-rating if execution holds.</li>
</ul>


The NCLT has approved the Sequent-Viyash merger. The 56:100 swap ratio consolidates two Carlyle-backed entities into an INR 8,000 Cr+ Life Sciences platform.
The injection of Viyash’s 9 USFDA facilities and 28% EBITDA margin profile structurally repairs Sequent’s historical profitability issues, creating a diversified CDMO + Animal Health entity.
With pro-forma EBITDA running at INR 760 Cr (Annualized) and a management upgrade via Dr. Hari Babu (Ex-Mylan COO), the stock is primed for a re-rating if execution holds.


The Beat Ideas: Sequent Scientific Merger - CDMO Optionality with Margin Upside

Thematic (Sector/Industry)

<ul>
<li>
 India's consumption is the core economic engine, driven by a surge in Per Capita Income and a structural shift toward premium spending.</li>
<li>
 Strong demographic tailwinds and policy catalysts are accelerating penetration across key, high-value consumer sectors like auto and e-commerce</li>
<li>The Nifty India Consumption TRI consistently delivers superior alpha and is projected to maintain a higher Return on Equity than the broader market.</li>
</ul>



 India's consumption is the core economic engine, driven by a surge in Per Capita Income and a structural shift toward premium spending.

 Strong demographic tailwinds and policy catalysts are accelerating penetration across key, high-value consumer sectors like auto and e-commerce
The Nifty India Consumption TRI consistently delivers superior alpha and is projected to maintain a higher Return on Equity than the broader market.


Chartered Insights: Indian Consumption~ A Decadal Story

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

Meesho Limited operates as an online retailer. The Company retails apparels, jewelries, personal care, home and kitchen, footwear, bags, kids essentials, and electronics items at lower prices for resellers and consumers. Meesho serves customers in India.

<ul>
<li>Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers</li>
<li>We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers</li>
<li>IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).</li>
</ul>


Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers
We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers
IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).


Meesho - Potential Play on Value E-Commerce

Aequs Limited is a precision-engineering and manufacturing company that produces complex, high-tolerance components for global OEMs across the aerospace and consumer sectors. 

The company operates three integrated manufacturing ecosystems in India (the Belagavi, Hubballi, and Koppal clusters) each designed to deliver end-to-end production capabilities from design to assembly.

<ul>
<li>The company operates a rare, vertically integrated aerospace ecosystem within an Indian SEZ, serving global OEMs like Airbus and Boeing across three continents.</li>
<li>The dominant Aerospace segment shows strong growth and margins, while the Consumer segment is in a heavy investment phase with temporary negative profitability.</li>
<li>While reporting persistent net losses due to high finance and depreciation costs, the company shows recovering revenue momentum and significant EBITDA expansion.
</li>
</ul>


The company operates a rare, vertically integrated aerospace ecosystem within an Indian SEZ, serving global OEMs like Airbus and Boeing across three continents.
The dominant Aerospace segment shows strong growth and margins, while the Consumer segment is in a heavy investment phase with temporary negative profitability.
While reporting persistent net losses due to high finance and depreciation costs, the company shows recovering revenue momentum and significant EBITDA expansion.



Aequs Limited: From Aerospace Component Leader to Diversified Precision Platform

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Axis Bank Limited provides a full range of banking services throughout India. The Group's activities include retail banking, investment management, merchant banking, treasury and NRI services, cash and credit management services, and ATM facilities.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/axis-bank-ltd" target="_blank" data-smartkarma-citation="entities:768:1" rel="noopener">Axis Bank Ltd (AXSB IN)</a>stock corrected over 5% recently after citi's research analyst note highlighted that the expected recovery in Net Interest Margins would be significantly delayed. </li>
<li>A repo rate cut triggered faster asset repricing, while the bank's ability to cushion margins through lower deposit costs is effectively exhausted.</li>
<li>Investors must expect flat margins for longer, as the recovery timeline has now shifted to the fourth quarter of FY26.</li>
</ul>



Axis Bank Ltd (AXSB IN)stock corrected over 5% recently after citi's research analyst note highlighted that the expected recovery in Net Interest Margins would be significantly delayed. 
A repo rate cut triggered faster asset repricing, while the bank's ability to cushion margins through lower deposit costs is effectively exhausted.
Investors must expect flat margins for longer, as the recovery timeline has now shifted to the fourth quarter of FY26.


Axis Bank: A Temporary Shock or A Structural Shift?

India
Insights on India

The Beat Ideas: Sequent Scientific Merger - CDMO Optionality with Margin Upside

NCLT approves Sequent-Viyash merger, creating INR 8,000 Cr+ Life Sciences platform with 56:100 swap ratio and management upgrade.

Sudarshan Bhandari

Chartered Insights: Indian Consumption~ A Decadal Story

India's consumption boom driven by rising income and premium spending, supported by demographic trends and policy changes, offers strong...

Sudarshan Bhandari

Meesho - Potential Play on Value E-Commerce

Meesho has had a stellar listing and is witnessing follow-on buying, up 100% from IPO price. It now trades at 8x FY26 sales with street estimating...

Himanshu Dugar

Aequs Limited: From Aerospace Component Leader to Diversified Precision Platform

Aerospace company in Indian SEZ serves global OEMs with strong growth in Aerospace segment and recovering revenue momentum despite net losses.

Sudarshan Bhandari

Axis Bank: A Temporary Shock or A Structural Shift?

Axis Bank stock corrected over 4% as Citi's note delays expected NIM recovery, with flat margins expected until Q4 FY26.

Nimish Maheshwari

The Beat Ideas: Sequent Scientific Merger - CDMO Optionality with Margin Upside

​NCLT approves Sequent-Viyash merger, creating INR 8,000 Cr+ Life Sciences platform with 56:100 swap ratio and management upgrade.

Sudarshan Bhandari

Chartered Insights: Indian Consumption~ A Decadal Story

​India's consumption boom driven by rising income and premium spending, supported by demographic trends and policy changes, offers strong...

Sudarshan Bhandari

Meesho - Potential Play on Value E-Commerce

Meesho has had a stellar listing and is witnessing follow-on buying, up 100% from IPO price. It now trades at 8x FY26 sales with street estimating...

Himanshu Dugar

Aequs Limited: From Aerospace Component Leader to Diversified Precision Platform

​Aerospace company in Indian SEZ serves global OEMs with strong growth in Aerospace segment and recovering revenue momentum despite net losses.

Sudarshan Bhandari

Axis Bank: A Temporary Shock or A Structural Shift?

​Axis Bank stock corrected over 4% as Citi's note delays expected NIM recovery, with flat margins expected until Q4 FY26.

Nimish Maheshwari

NCLT approves Sequent-Viyash merger, creating INR 8,000 Cr+ Life Sciences platform with 56:100 swap ratio and management upgrade.

India's consumption boom driven by rising income and premium spending, supported by demographic trends and policy changes, offers strong...

Aerospace company in Indian SEZ serves global OEMs with strong growth in Aerospace segment and recovering revenue momentum despite net losses.

Axis Bank stock corrected over 4% as Citi's note delays expected NIM recovery, with flat margins expected until Q4 FY26.