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

Thematic (Sector/Industry)

<ul>
<li>India’s top five auto OEMs- Maruti Suzuki, Hyundai, Tata Motors, M&amp;M, and Hero MotoCorp, plan to invest nearly INR 40,000 crore in FY27, marking a record capex push.</li>
<li>This capex cycle is not just about adding capacity. It also focuses on EVs, software-led vehicles, premium models, and changing customer preferences.</li>
<li>The Capex wave looks structural, not cyclical. However, investors should track commodity risks, demand trends, valuations, and the larger opportunity in auto ancillary companies.</li>
</ul>


India’s top five auto OEMs- Maruti Suzuki, Hyundai, Tata Motors, M&amp;M, and Hero MotoCorp, plan to invest nearly INR 40,000 crore in FY27, marking a record capex push.
This capex cycle is not just about adding capacity. It also focuses on EVs, software-led vehicles, premium models, and changing customer preferences.
The Capex wave looks structural, not cyclical. However, investors should track commodity risks, demand trends, valuations, and the larger opportunity in auto ancillary companies.


Thematic Report- India Auto: The Great Capex Reset

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

Avaada Electro Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avaada-electro-limited" target="_blank" data-smartkarma-citation="entities:58612:1" rel="noopener">Avaada Electro Limited (2596819D IN)</a> is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.</li>
<li>Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Avaada Electro Limited (2596819D IN) is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.
Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.
In this note, we look at the firm’s past performance.


Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

Chow Tai Fook Jewellery / Equity Bottom-Up

<ul>
<li>We compile our selection of companies across Japan, China &amp; India based on bottom-up triggers in each company.</li>
<li>This is a mid-quarter update on companies as most companies will be announcing their September quarter results in next 45 days.</li>
<li>Based on these new results and guidance, we will update the list of top ideas accordingly.</li>
</ul>


We compile our selection of companies across Japan, China &amp; India based on bottom-up triggers in each company.
This is a mid-quarter update on companies as most companies will be announcing their September quarter results in next 45 days.
Based on these new results and guidance, we will update the list of top ideas accordingly.


Shortlist of High-Conviction Ideas Across Japan, China & India – September 2026

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Delhi has drafted EV Policy 2026–2030, replacing the 2020 framework, pivoting to scrappage-linked incentives, capping subsidies to mass-market vehicles below Rs 25 lakh, and targeting 36,000 charging points by 2030.</li>
<li>With 90 lakh registered vehicles and India's most polluted urban air, Delhi's demand signal carries outsized influence on OEM product roadmaps, capex cycles, and localization timelines through 2030.</li>
<li>Legacy OEMs with established service networks (TVS, Bajaj, Hero, Tata Motors, Ashok Leyland) stand to capture disproportionate benefits; pure-play EV startups without scale face a harder road ahead.</li>
</ul>


Delhi has drafted EV Policy 2026–2030, replacing the 2020 framework, pivoting to scrappage-linked incentives, capping subsidies to mass-market vehicles below Rs 25 lakh, and targeting 36,000 charging points by 2030.
With 90 lakh registered vehicles and India's most polluted urban air, Delhi's demand signal carries outsized influence on OEM product roadmaps, capex cycles, and localization timelines through 2030.
Legacy OEMs with established service networks (TVS, Bajaj, Hero, Tata Motors, Ashok Leyland) stand to capture disproportionate benefits; pure-play EV startups without scale face a harder road ahead.


Delhi's EV Draft Policy: Who Wins the Policy Windfall of 2026–2030?

<ul>
<li>India's FY26 retail auto sales hit an all-time high of 2.967 crore units, up 13% YoY, posting record volumes driven by a GST 2.0 inflection and rural demand.</li>
<li>Domestic OEMs Tata Motors and Mahindra collectively expanded passenger vehicle market share by nearly 900 basis points between FY22 and FY26.</li>
<li>The market share swing is structural, not cyclical: India's origin share has risen from 51.6% to 48.6% (note: China's share halved, Japan declined 3 points), yet Indian-brand  have surged.</li>
</ul>


India's FY26 retail auto sales hit an all-time high of 2.967 crore units, up 13% YoY, posting record volumes driven by a GST 2.0 inflection and rural demand.
Domestic OEMs Tata Motors and Mahindra collectively expanded passenger vehicle market share by nearly 900 basis points between FY22 and FY26.
The market share swing is structural, not cyclical: India's origin share has risen from 51.6% to 48.6% (note: China's share halved, Japan declined 3 points), yet Indian-brand  have surged.


India Auto FY26: Record Retail Masks a Seismic Shift in the Competitive Order

India

Mahindra & Mahindra is a prominent Indian multinational manufacturing corporation. It is a leading global manufacturer of tractors and a major producer of SUVs, commercial vehicles, and two-wheelers. Headquartered in Mumbai, India, the company was founded on October 2, 1945.

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Mahindra & Mahindra (MM IN)

Thematic Report- India Auto: The Great Capex Reset

India's top auto OEMs set to invest INR 40,000 crore in FY27, focusing on EVs, software-led vehicles, and premium models. Investors should monitor...

Nimish Maheshwari

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

Shortlist of High-Conviction Ideas Across Japan, China & India – September 2026

Strong Sales Volume for Maruti Suzuki in the month of September'26 - 236,013 units vs 189,665 units (24% YoY); Similarly for Ashok Leyland its 28%...

Sreemant Dudhoria

Delhi's EV Draft Policy: Who Wins the Policy Windfall of 2026–2030?

Delhi's new EV Policy 2026-2030 focuses on scrappage incentives, subsidies for mass-market vehicles under Rs 25 lakh, and aims for 36,000 charging...

Sudarshan Bhandari

India Auto FY26: Record Retail Masks a Seismic Shift in the Competitive Order

India's auto sales reach record high in FY26, driven by GST 2.0 and rural demand, with Tata Motors and Mahindra gaining market share.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thematic Report- India Auto: The Great Capex Reset

​India's top auto OEMs set to invest INR 40,000 crore in FY27, focusing on EVs, software-led vehicles, and premium models. Investors should monitor...

Nimish Maheshwari

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

Shortlist of High-Conviction Ideas Across Japan, China & India – September 2026

Strong Sales Volume for Maruti Suzuki in the month of September'26 - 236,013 units vs 189,665 units (24% YoY); Similarly for Ashok Leyland its 28%...

Sreemant Dudhoria

Delhi's EV Draft Policy: Who Wins the Policy Windfall of 2026–2030?

​Delhi's new EV Policy 2026-2030 focuses on scrappage incentives, subsidies for mass-market vehicles under Rs 25 lakh, and aims for 36,000 charging...

Sudarshan Bhandari

India Auto FY26: Record Retail Masks a Seismic Shift in the Competitive Order

​India's auto sales reach record high in FY26, driven by GST 2.0 and rural demand, with Tata Motors and Mahindra gaining market share.

Sudarshan Bhandari

India's top auto OEMs set to invest INR 40,000 crore in FY27, focusing on EVs, software-led vehicles, and premium models. Investors should monitor...

Delhi's new EV Policy 2026-2030 focuses on scrappage incentives, subsidies for mass-market vehicles under Rs 25 lakh, and aims for 36,000 charging...

India's auto sales reach record high in FY26, driven by GST 2.0 and rural demand, with Tata Motors and Mahindra gaining market share.