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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL (NSDL IN)</a>'s IPO is an OFS priced at INR 760-800 per share, targeting an issue size of INR 3,810-4,011 crore</li>
<li>As India's pioneering SEBI-registered MII, company is the largest depository, serving 79,773 issuers as of March 2025, driven by market growth and innovation.</li>
<li>Valuation indicators suggest a fair assessment relative to industry peers, underscored by a robust issuer base and inherent financial stability.</li>
</ul>



NSDL (NSDL IN)'s IPO is an OFS priced at INR 760-800 per share, targeting an issue size of INR 3,810-4,011 crore
As India's pioneering SEBI-registered MII, company is the largest depository, serving 79,773 issuers as of March 2025, driven by market growth and innovation.
Valuation indicators suggest a fair assessment relative to industry peers, underscored by a robust issuer base and inherent financial stability.


NSDL IPO Analysis: India's First & Largest Depository

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

Aditya Infotech Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aditya-infotech-ltd" target="_blank" data-smartkarma-citation="entities:43994:1" rel="noopener">Aditya Infotech Ltd (6596564Z IN)</a> is looking to raise about US$155m in its upcoming India IPO.</li>
<li>Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Aditya Infotech Ltd (6596564Z IN) is looking to raise about US$155m in its upcoming India IPO.
Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
In this note, we talk about the company’s historical performance.


Aditya Infotech Pre-IPO - Expanding Channel Network and Increased Production Capacity to Drive Sales

Prestige Hospitality Ventures Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/prestige-hospitality-ventures-ltd" target="_blank" data-smartkarma-citation="entities:45138:1" rel="noopener">Prestige Hospitality Ventures Ltd (1831338D IN)</a> is looking to raise about US$317m in its upcoming India IPO.</li>
<li>Prestige Hospitality Ventures Ltd (PHVL) is part of the Prestige Group. It is a hospitality asset owner and developer focused on luxury, upper upscale, and upper midscale properties in India.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Prestige Hospitality Ventures Ltd (1831338D IN) is looking to raise about US$317m in its upcoming India IPO.
Prestige Hospitality Ventures Ltd (PHVL) is part of the Prestige Group. It is a hospitality asset owner and developer focused on luxury, upper upscale, and upper midscale properties in India.
In this note, we talk about the company’s historical performance.


Prestige Hospitality Ventures Pre-IPO-Marriott-Heavy Portfolio with Other Operating Revenue Concerns

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>The 100bp rate cut cycle is transmitting unevenly, with Private Banks raising loan spreads to 415bp while PSBs cut more sharply, compressing margins. </li>
<li>This divergence is reshaping profitability, with NIMs under pressure through Q2–Q3 FY26 and relief delayed by slow deposit rate repricing.</li>
<li>Margin recovery now hinges on H2FY26 onwards, aided by CRR liquidity, easing funding costs, and credit cost normalization.</li>
</ul>


The 100bp rate cut cycle is transmitting unevenly, with Private Banks raising loan spreads to 415bp while PSBs cut more sharply, compressing margins. 
This divergence is reshaping profitability, with NIMs under pressure through Q2–Q3 FY26 and relief delayed by slow deposit rate repricing.
Margin recovery now hinges on H2FY26 onwards, aided by CRR liquidity, easing funding costs, and credit cost normalization.


Bank Margins Under Pressure: Navigating the Rate Cut Ripple

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<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, filings and listings have cooled off going into the general summer lull.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN)</a> pulled the trigger on its long touted QIP.</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, filings and listings have cooled off going into the general summer lull.
On the placements front, State Bank Of India (SBIN IN) pulled the trigger on its long touted QIP.


ECM Weekly (21 July 2025) - Muyuan, Unisplendour, NTT, Kasumigaseki, Anthem, Leads, SBI, Ascentage

India

State Bank of India provides a wide range of banking and financial services to corporate, institutional, commercial, agricultural, industrial and individual customers throughout India.  The Bank also provides international banking to its Indian customers and has operations in other countries.

Price Gauge
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SBI (State Bank of India) (SBIN IN)

NSDL IPO Analysis: India's First & Largest Depository

NSDL's IPO targets INR 3,810-4,011 crore, reflecting its leading position as India's largest depository with strong financial stability and market...

Sudarshan Bhandari

Aditya Infotech Pre-IPO - Expanding Channel Network and Increased Production Capacity to Drive Sales

Aditya Infotech has launched an INR 13bn (US$151m) IPO. We had looked at the company's past performance in our prior note.

Akshat Shah

Prestige Hospitality Ventures Pre-IPO-Marriott-Heavy Portfolio with Other Operating Revenue Concerns

Prestige Hospitality Ventures is looking to raise about US$317m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Bank Margins Under Pressure: Navigating the Rate Cut Ripple

Private Banks raise loan spreads while PSBs cut more, reshaping profitability and compressing margins, with margin recovery expected in H2FY26.

Nimish Maheshwari

ECM Weekly (21 July 2025) - Muyuan, Unisplendour, NTT, Kasumigaseki, Anthem, Leads, SBI, Ascentage

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.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NSDL IPO Analysis: India's First & Largest Depository

​NSDL's IPO targets INR 3,810-4,011 crore, reflecting its leading position as India's largest depository with strong financial stability and market...

Sudarshan Bhandari

Aditya Infotech Pre-IPO - Expanding Channel Network and Increased Production Capacity to Drive Sales

Aditya Infotech has launched an INR 13bn (US$151m) IPO. We had looked at the company's past performance in our prior note.

Akshat Shah

Prestige Hospitality Ventures Pre-IPO-Marriott-Heavy Portfolio with Other Operating Revenue Concerns

Prestige Hospitality Ventures is looking to raise about US$317m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Bank Margins Under Pressure: Navigating the Rate Cut Ripple

​Private Banks raise loan spreads while PSBs cut more, reshaping profitability and compressing margins, with margin recovery expected in H2FY26.

Nimish Maheshwari

ECM Weekly (21 July 2025) - Muyuan, Unisplendour, NTT, Kasumigaseki, Anthem, Leads, SBI, Ascentage

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.

Sumeet Singh

NSDL's IPO targets INR 3,810-4,011 crore, reflecting its leading position as India's largest depository with strong financial stability and market...

Private Banks raise loan spreads while PSBs cut more, reshaping profitability and compressing margins, with margin recovery expected in H2FY26.