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

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/quess-corp-ltd" target="_blank" data-smartkarma-citation="entities:26937:1" rel="noopener">Quess Corp Ltd (QUESS IN)</a>'s restructuring into three entities aims for targeted growth, disciplined capital allocation, and international expansion in emerging sectors.</li>
<li>India and the US are negotiating an interim trade deal by June 25, aiming for tariff exemptions and increased trade.</li>
<li>
<a href="https://www.smartkarma.com/entities/vst-tillers-tractors-ltd" target="_blank" data-smartkarma-citation="entities:20060:1" rel="noopener">VST Tillers Tractors (VSTT IN)</a> to launch fully electric power tiller and weeder, expanding into the electric farm machinery sector.</li>
</ul>



Quess Corp Ltd (QUESS IN)'s restructuring into three entities aims for targeted growth, disciplined capital allocation, and international expansion in emerging sectors.
India and the US are negotiating an interim trade deal by June 25, aiming for tariff exemptions and increased trade.

VST Tillers Tractors (VSTT IN) to launch fully electric power tiller and weeder, expanding into the electric farm machinery sector.


#155 India Insights: Quess Restructures, India-US Eye Trade Deal, VST Enters Electric Farm Tech

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>The Ministry of Road Transport &amp; Highways(MoRTH) has revised bidding norms for central government road projects, <strong>effective April 30, 2025</strong>, removing the APS cap and lowering the trigger.</li>
<li>The EPC sector faced intense competition and aggressive underbidding from less stringent standards, causing project delays and quality issues. </li>
<li>These changes aim to deter unsustainable bids, prevent margin erosion, filter speculative players, ease competition, and improve project execution and quality.</li>
</ul>


The Ministry of Road Transport &amp; Highways(MoRTH) has revised bidding norms for central government road projects, effective April 30, 2025, removing the APS cap and lowering the trigger.
The EPC sector faced intense competition and aggressive underbidding from less stringent standards, causing project delays and quality issues. 
These changes aim to deter unsustainable bids, prevent margin erosion, filter speculative players, ease competition, and improve project execution and quality.


How MoRTH's New Bidding Norm Can Change the Competitive EPC Sector?

<ul>
<li>Indian equities have delivered envious returns and consistently rewarded shareholders, showcasing superior per share earnings growth and a high number of firms with strong Return on Equity.  </li>
<li>While GDP grows robustly (projected 6.3% FY25, 6.4% 2026), earnings growth, robust household consumption (7.1% CAGR over 34 years), and increasing investments are key drivers.  </li>
<li>The FY26 outlook is cautiously optimistic, with potential 12-15% Nifty returns driven by tailwinds, but current valuations and global risks necessitate a careful approach.</li>
</ul>


Indian equities have delivered envious returns and consistently rewarded shareholders, showcasing superior per share earnings growth and a high number of firms with strong Return on Equity.  
While GDP grows robustly (projected 6.3% FY25, 6.4% 2026), earnings growth, robust household consumption (7.1% CAGR over 34 years), and increasing investments are key drivers.  
The FY26 outlook is cautiously optimistic, with potential 12-15% Nifty returns driven by tailwinds, but current valuations and global risks necessitate a careful approach.


Can India’s Equity Outperformance Last?

<ul>
<li>The RBI’s March 2025 surveys highlight a balanced recovery, with easing inflation expectations, strong rural sentiment, and sector-specific growth prospects across banking, manufacturing, and services.</li>
<li>With moderate credit growth and consumer confidence improving, sectors like agri-finance, retail, and infrastructure are poised for growth, while inflationary pressures and currency depreciation may impact import-dependent companies.</li>
<li>India's economic recovery is steady, with sector-specific positioning crucial. As rural confidence rises and inflation expectations moderate, growth opportunities are more identifiable, especially in rural finance and manufacturing.</li>
</ul>


The RBI’s March 2025 surveys highlight a balanced recovery, with easing inflation expectations, strong rural sentiment, and sector-specific growth prospects across banking, manufacturing, and services.
With moderate credit growth and consumer confidence improving, sectors like agri-finance, retail, and infrastructure are poised for growth, while inflationary pressures and currency depreciation may impact import-dependent companies.
India's economic recovery is steady, with sector-specific positioning crucial. As rural confidence rises and inflation expectations moderate, growth opportunities are more identifiable, especially in rural finance and manufacturing.


Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>We analyze FIIs' and DIIs' buying/selling trend across sectors and their sector-wise stances relative to benchmarks to assess which sectors they would buy or sell in the near term.</li>
<li>FIIs and DIIs have bought consumer discretionary and healthcare secularly. They recently started buying financials and IT, after prolonged selling.  They've also secularly bought industrials, barring the last two quarters.</li>
<li>We conclude that both FIIs and DIIs shall continue to buy financials, industrials and consumer discretionary. They would also buy healthcare and sell materials, energy, IT and consumer staples.</li>
</ul>


We analyze FIIs' and DIIs' buying/selling trend across sectors and their sector-wise stances relative to benchmarks to assess which sectors they would buy or sell in the near term.
FIIs and DIIs have bought consumer discretionary and healthcare secularly. They recently started buying financials and IT, after prolonged selling.  They've also secularly bought industrials, barring the last two quarters.
We conclude that both FIIs and DIIs shall continue to buy financials, industrials and consumer discretionary. They would also buy healthcare and sell materials, energy, IT and consumer staples.


Asian Equities: India – What Would FIIs and DIIs Buy and Sell?

India

Larsen & Toubro Ltd manufactures engineering equipment, undertakes large scale engineering projects, and acts as the Indian representative for a number of overseas manufacturers of heavy machinery. The Company's products include bulldozers, road rollers, dairy machinery, chemical and pharmaceutical plants, switchgears, food processing machinery and feed milling plants.

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Larsen & Toubro (LT IN)

#155 India Insights: Quess Restructures, India-US Eye Trade Deal, VST Enters Electric Farm Tech

Quess Corp Ltd restructures for growth, India-US trade deal negotiations ongoing, VST Tillers Tractors to launch electric farm machinery.

Sudarshan Bhandari

How MoRTH's New Bidding Norm Can Change the Competitive EPC Sector?

MoRTH revises bidding norms for road projects, effective April 30, 2025, to prevent underbidding and improve project quality.

Nimish Maheshwari

Can India’s Equity Outperformance Last?

Indian equities have delivered strong returns with high EPS and RoE, driven by robust GDP & consumption. FY26 outlook is cautiously optimistic,...

Nimish Maheshwari

RBI Forward-Looking Survey Analysis

RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...

Nimish Maheshwari

Asian Equities: India – What Would FIIs and DIIs Buy and Sell?

Analyzing FIIs' & DIIs' sector-wise buying trends & tilt rel to benchmark, we conclude they'll likely buy financials, industrials, cons disc,...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

#155 India Insights: Quess Restructures, India-US Eye Trade Deal, VST Enters Electric Farm Tech

​Quess Corp Ltd restructures for growth, India-US trade deal negotiations ongoing, VST Tillers Tractors to launch electric farm machinery.

Sudarshan Bhandari

How MoRTH's New Bidding Norm Can Change the Competitive EPC Sector?

​MoRTH revises bidding norms for road projects, effective April 30, 2025, to prevent underbidding and improve project quality.

Nimish Maheshwari

Can India’s Equity Outperformance Last?

​Indian equities have delivered strong returns with high EPS and RoE, driven by robust GDP & consumption. FY26 outlook is cautiously optimistic,...

Nimish Maheshwari

RBI Forward-Looking Survey Analysis

​RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...

Nimish Maheshwari

Asian Equities: India – What Would FIIs and DIIs Buy and Sell?

​Analyzing FIIs' & DIIs' sector-wise buying trends & tilt rel to benchmark, we conclude they'll likely buy financials, industrials, cons disc,...

Manishi Raychaudhuri

Quess Corp Ltd restructures for growth, India-US trade deal negotiations ongoing, VST Tillers Tractors to launch electric farm machinery.

MoRTH revises bidding norms for road projects, effective April 30, 2025, to prevent underbidding and improve project quality.

Indian equities have delivered strong returns with high EPS and RoE, driven by robust GDP & consumption. FY26 outlook is cautiously optimistic,...

RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...

Analyzing FIIs' & DIIs' sector-wise buying trends & tilt rel to benchmark, we conclude they'll likely buy financials, industrials, cons disc,...