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

Tata Consultancy Services, a division of Tata Sons Limited, is a global IT services organization that provides a comprehensive range of IT services to its clients in diverse industries. The Company, caters to finance and banking, insurance, telecommunication, transportation, retail, manufacturing, pharmaceutical, and utility industries.

<ul>
<li>TCS achieved $1.5 billion in annualised AI revenue with 16.3% QoQ growth, significantly outperforming traditional service segments and signaling a successful transition to AI-led growth.</li>
<li>The company implemented a five-level "Human + AI" service autonomy model, progressing from simple tools to self-learning "Agentic Enterprises" to modernize global service delivery.</li>
<li>TCS launched HyperVault for gigawatt-scale AI data centers and reskilled 580,000+ employees, positioning itself as a full-stack orchestrator in the global AI ecosystem.</li>
</ul>


TCS achieved $1.5 billion in annualised AI revenue with 16.3% QoQ growth, significantly outperforming traditional service segments and signaling a successful transition to AI-led growth.
The company implemented a five-level "Human + AI" service autonomy model, progressing from simple tools to self-learning "Agentic Enterprises" to modernize global service delivery.
TCS launched HyperVault for gigawatt-scale AI data centers and reskilled 580,000+ employees, positioning itself as a full-stack orchestrator in the global AI ecosystem.


TCS Analyst Day Takeaway: The AI Transformation

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

HBL Power Systems Ltd. manufactures power systems consisting of batteries and related power electronic products.  The Company makes nickel cadmium pocket plate batteries and thyristor control power convertors.  HBL's products are used in defense, railways, petrochemical, steel, power generation and telecommunication industries.

<ul>
<li>HBL Power Systems (renamed HBL Engineering) has secured the first RDSO approval for Kavach 4.0, propelling its order book to over INR 4,000 crore as of December 2025. </li>
<li>HBL is entering its most intensive execution phase to date, with a revenue guidance of INR 3,000 crore for FY26 (a ~55% jump YoY).</li>
<li>The Railway Board has cancelled approximately 7,000 undelivered units industry-wide, effectively weeding out underperforming vendors and preparing for a massive 18,429-unit re-tender cycle.</li>
</ul>


HBL Power Systems (renamed HBL Engineering) has secured the first RDSO approval for Kavach 4.0, propelling its order book to over INR 4,000 crore as of December 2025. 
HBL is entering its most intensive execution phase to date, with a revenue guidance of INR 3,000 crore for FY26 (a ~55% jump YoY).
The Railway Board has cancelled approximately 7,000 undelivered units industry-wide, effectively weeding out underperforming vendors and preparing for a massive 18,429-unit re-tender cycle.


The Beat Idea: HBL Engineering- The "Moat" Of Kavach 4.0 and Defense Revolution

Thematic (Sector/Industry)

<ul>
<li>Private Banks captured market share as PSUs lose 300 bps to their private peers on deposits side.</li>
<li>Public Banks lead the high-value loan sprint, growing at 15% yoy versus Private Banks' slower 5%. 
</li>
<li>The fight for funding is critical, highlighted by Public Banks' higher reliance on households at 70%. 
</li>
</ul>


Private Banks captured market share as PSUs lose 300 bps to their private peers on deposits side.
Public Banks lead the high-value loan sprint, growing at 15% yoy versus Private Banks' slower 5%. 

The fight for funding is critical, highlighted by Public Banks' higher reliance on households at 70%. 



PSU Banks Vs Private Banks: Who Is Winning?

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

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>Q2 FY26 showed healthy spend growth but structurally weak profitability, with yield compression, elevated credit costs, and higher OpEx offsetting sharp funding-cost relief</li>
<li>Portfolio mix skewed toward transactors and EMI-led spends drove lower interest-earning assets, capping NIM at 11.2% despite a 69 bps QoQ drop in cost of funds.</li>
<li>Credit costs remain materially above historical levels, with heavy write-offs keeping ROE anchored in the low-teens and limiting near-term earnings recovery.</li>
</ul>


Q2 FY26 showed healthy spend growth but structurally weak profitability, with yield compression, elevated credit costs, and higher OpEx offsetting sharp funding-cost relief
Portfolio mix skewed toward transactors and EMI-led spends drove lower interest-earning assets, capping NIM at 11.2% despite a 69 bps QoQ drop in cost of funds.
Credit costs remain materially above historical levels, with heavy write-offs keeping ROE anchored in the low-teens and limiting near-term earnings recovery.


2026 | High Conviction | SBI Cards & Payment Services (SBICARD IN) | Swimming Troubled Waters

<ul>
<li>The market witnessed a relief rally after SEBI’s December 17 verdict, ending months of uncertainty regarding mutual fund fee structures,. </li>
<li>Unlike the harsh cuts expected, SEBI excluded taxes from expense limits and retained research bundling, protecting the industry's core margins. 
</li>
<li>With regulatory risks now priced in, the market focus returns to fundamentals, although persistent foreign investor outflows remain a challenge.</li>
</ul>


The market witnessed a relief rally after SEBI’s December 17 verdict, ending months of uncertainty regarding mutual fund fee structures,. 
Unlike the harsh cuts expected, SEBI excluded taxes from expense limits and retained research bundling, protecting the industry's core margins. 

With regulatory risks now priced in, the market focus returns to fundamentals, although persistent foreign investor outflows remain a challenge.


SEBI MF Regulations 2026: Expectations Vs. Reality

India
Insights on India

TCS Analyst Day Takeaway: The AI Transformation

TCS achieves $1.5 billion in AI revenue, implements "Human + AI" model, launches HyperVault for AI data centers, and reskills 580,000+ employees,...

Nimish Maheshwari

The Beat Idea: HBL Engineering- The "Moat" Of Kavach 4.0 and Defense Revolution

HBL Engineering secures first RDSO approval for Kavach 4.0, boosting order book to INR 4,000 crore by December 2025, with revenue guidance of INR...

Sudarshan Bhandari

PSU Banks Vs Private Banks: Who Is Winning?

Private banks are gaining market share from public banks, with public banks leading in high-value loans but relying more on households for funding.

Nimish Maheshwari

2026 | High Conviction | SBI Cards & Payment Services (SBICARD IN) | Swimming Troubled Waters

Q2 FY26 saw healthy spend growth but weak profitability due to yield compression, elevated credit costs, and high OpEx, limiting NIM and ROE...

Pranav Bhavsar

SEBI MF Regulations 2026: Expectations Vs. Reality

SEBI's recent verdict on mutual fund fee structures brings relief rally to market, excluding taxes from expense limits and retaining research...

Nimish Maheshwari

TCS Analyst Day Takeaway: The AI Transformation

​TCS achieves $1.5 billion in AI revenue, implements "Human + AI" model, launches HyperVault for AI data centers, and reskills 580,000+ employees,...

Nimish Maheshwari

The Beat Idea: HBL Engineering- The "Moat" Of Kavach 4.0 and Defense Revolution

​HBL Engineering secures first RDSO approval for Kavach 4.0, boosting order book to INR 4,000 crore by December 2025, with revenue guidance of INR...

Sudarshan Bhandari

PSU Banks Vs Private Banks: Who Is Winning?

​Private banks are gaining market share from public banks, with public banks leading in high-value loans but relying more on households for funding.

Nimish Maheshwari

2026 | High Conviction | SBI Cards & Payment Services (SBICARD IN) | Swimming Troubled Waters

​Q2 FY26 saw healthy spend growth but weak profitability due to yield compression, elevated credit costs, and high OpEx, limiting NIM and ROE...

Pranav Bhavsar

SEBI MF Regulations 2026: Expectations Vs. Reality

​SEBI's recent verdict on mutual fund fee structures brings relief rally to market, excluding taxes from expense limits and retaining research...

Nimish Maheshwari

TCS achieves $1.5 billion in AI revenue, implements "Human + AI" model, launches HyperVault for AI data centers, and reskills 580,000+ employees,...

HBL Engineering secures first RDSO approval for Kavach 4.0, boosting order book to INR 4,000 crore by December 2025, with revenue guidance of INR...

Private banks are gaining market share from public banks, with public banks leading in high-value loans but relying more on households for funding.

Q2 FY26 saw healthy spend growth but weak profitability due to yield compression, elevated credit costs, and high OpEx, limiting NIM and ROE...

SEBI's recent verdict on mutual fund fee structures brings relief rally to market, excluding taxes from expense limits and retaining research...