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>JSW Steel Reports 5% YoY Production Growth Amid Financial Pressure.</li>
<li>Vodafone Idea to Raise INR 1,980 Crore via Preferential Shares.</li>
<li>Metropolis Healthcare to Acquire Core Diagnostics for INR 247 Crore</li>
</ul>


JSW Steel Reports 5% YoY Production Growth Amid Financial Pressure.
Vodafone Idea to Raise INR 1,980 Crore via Preferential Shares.
Metropolis Healthcare to Acquire Core Diagnostics for INR 247 Crore


# 72 India Insight: VI Preferential Issue, JSW Production Growth, Metropolis Acquisition of Core

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>SEBI has overhauled F&amp;O eligibility criteria, introducing stricter norms for stock inclusion and exclusion for more active stocks. </li>
<li>As per calculation, New criteria will include 80 stocks and exclude 18 to 23, impacting market liquidity and stability.</li>
<li>This will lead to the creation of a more robust, transparent, and liquid for the F&amp;O Market.</li>
</ul>


SEBI has overhauled F&amp;O eligibility criteria, introducing stricter norms for stock inclusion and exclusion for more active stocks. 
As per calculation, New criteria will include 80 stocks and exclude 18 to 23, impacting market liquidity and stability.
This will lead to the creation of a more robust, transparent, and liquid for the F&amp;O Market.


SEBI's F&O Criteria Revision & Its Impact

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

Molbio Diagnostics Limited / Equity Capital Markets

<ul>
<li>Molbio offers one of the only two WHO approved novel portable point-of-care (“POC”) molecular diagnostics platform 'Trunat' which covers In Vitro testing for 30 diseases today with 43 assays</li>
<li>After post-COVID dip, revenue trajectory improved in FY26 despite lower demand due from Global AID mandates. FY26 rev grew 45% with 22% opmargins. Molbio's acquisitions are now expected to ramp-up</li>
<li>IPO has been priced aggressively at 56x FY26 earnings at par with Indian diagnostics players. Valuations appear full and demand strong near term delivery</li>
</ul>


Molbio offers one of the only two WHO approved novel portable point-of-care (“POC”) molecular diagnostics platform 'Trunat' which covers In Vitro testing for 30 diseases today with 43 assays
After post-COVID dip, revenue trajectory improved in FY26 despite lower demand due from Global AID mandates. FY26 rev grew 45% with 22% opmargins. Molbio's acquisitions are now expected to ramp-up
IPO has been priced aggressively at 56x FY26 earnings at par with Indian diagnostics players. Valuations appear full and demand strong near term delivery


Molbio IPO Review: Point Of Care Medtech - Recovering from Post-COVID Blues

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Molbio Diagnostics will launch its India IPO on August 10. The IPO consists of fresh issue of INR2B (~$21M) and OFS of up to 9M equity shares aggregating to INR7B.</li>
<li>The IPO price band is set at INR768 to INR807 per share. The IPO subscription will close on August 12, with expected listing on August 17.</li>
<li>Molbio proposes to utilize the net proceeds for funding the capex of infrastructure for R&amp;D facility and for purchase of equipment for Goa and Visakhapatnam units.</li>
</ul>


Molbio Diagnostics will launch its India IPO on August 10. The IPO consists of fresh issue of INR2B (~$21M) and OFS of up to 9M equity shares aggregating to INR7B.
The IPO price band is set at INR768 to INR807 per share. The IPO subscription will close on August 12, with expected listing on August 17.
Molbio proposes to utilize the net proceeds for funding the capex of infrastructure for R&amp;D facility and for purchase of equipment for Goa and Visakhapatnam units.


Molbio Diagnostics IPO: Attractive Business Model; Profitable Operations; Reasonable Valuation

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.

Fractal Analytics Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fractal-analytics-ltd" target="_blank" data-smartkarma-citation="entities:45676:1" rel="noopener">Fractal Analytics (2453623D IN)</a> raised about US$315m in its India IPO in Feb 2026. The lockup on its pre-IPO investors and part of promoters’ stake is set to expire soon.</li>
<li>Fractal Analytics is an enterprise artificial intelligence (AI) company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Fractal Analytics (2453623D IN) raised about US$315m in its India IPO in Feb 2026. The lockup on its pre-IPO investors and part of promoters’ stake is set to expire soon.
Fractal Analytics is an enterprise artificial intelligence (AI) company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Fractal Analytics IPO Lockup Expiry - US$875m Release but Shares Trading Below IPO Price

India

Metropolis Healthcare Ltd. is an Indian multinational chain of diagnostic laboratories, offering a comprehensive range of clinical laboratory tests and profiles for prediction, early detection, diagnostic screening, confirmation, and monitoring of diseases. The company provides a broad spectrum of services including pathology testing, preventive healthcare, and analytical support for clinical research organizations. Metropolis Healthcare Ltd. is headquartered in Mumbai, Maharashtra, India, and was founded in 1980.

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Metropolis Healthcare (METROHL IN)

# 72 India Insight: VI Preferential Issue, JSW Production Growth, Metropolis Acquisition of Core

JSW Steel sees production growth, Vodafone Idea to raise funds through Preferential issue, Metropolis Healthcare acquires Core Diagnostics.

Sudarshan Bhandari

SEBI's F&O Criteria Revision & Its Impact

SEBI introduces stricter F&O eligibility criteria, impacting market liquidity and stability by including 80 stocks and excluding 18 to 23. #SEBI...

Nimish Maheshwari

Molbio IPO Review: Point Of Care Medtech - Recovering from Post-COVID Blues

Molbio's Trunat platform offers WHO-approved portable molecular diagnostics for 30 diseases, with revenue growth despite post-COVID dip and...

Himanshu Dugar

Molbio Diagnostics IPO: Attractive Business Model; Profitable Operations; Reasonable Valuation

Molbio Diagnostics will launch its India IPO on August 10 to fund capex. IPO price band is set at INR768–807. Subscription will close on August...

Tina Banerjee

Aequitas: Fractal Analytics IPO Lockup Expiry - US$875m Release but Shares Trading Below IPO Price

Fractal Analytics raised about US$315m in its India IPO in Feb 2026. The lockup on its pre-IPO investors and part of promoters’ stake is set to...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

# 72 India Insight: VI Preferential Issue, JSW Production Growth, Metropolis Acquisition of Core

​JSW Steel sees production growth, Vodafone Idea to raise funds through Preferential issue, Metropolis Healthcare acquires Core Diagnostics.

Sudarshan Bhandari

SEBI's F&O Criteria Revision & Its Impact

​SEBI introduces stricter F&O eligibility criteria, impacting market liquidity and stability by including 80 stocks and excluding 18 to 23. #SEBI...

Nimish Maheshwari

Molbio IPO Review: Point Of Care Medtech - Recovering from Post-COVID Blues

​Molbio's Trunat platform offers WHO-approved portable molecular diagnostics for 30 diseases, with revenue growth despite post-COVID dip and...

Himanshu Dugar

Molbio Diagnostics IPO: Attractive Business Model; Profitable Operations; Reasonable Valuation

Molbio Diagnostics will launch its India IPO on August 10 to fund capex. IPO price band is set at INR768–807. Subscription will close on August...

Tina Banerjee

Aequitas: Fractal Analytics IPO Lockup Expiry - US$875m Release but Shares Trading Below IPO Price

Fractal Analytics raised about US$315m in its India IPO in Feb 2026. The lockup on its pre-IPO investors and part of promoters’ stake is set to...

Akshat Shah

JSW Steel sees production growth, Vodafone Idea to raise funds through Preferential issue, Metropolis Healthcare acquires Core Diagnostics.

SEBI introduces stricter F&O eligibility criteria, impacting market liquidity and stability by including 80 stocks and excluding 18 to 23. #SEBI...

Molbio's Trunat platform offers WHO-approved portable molecular diagnostics for 30 diseases, with revenue growth despite post-COVID dip and...