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>Despite a 100-bps rate cut by RBI, banks face margin pressure as lending rates fall faster than deposit repricing. </li>
<li>Credit growth has slowed sharply, while deposit growth is improving unevenly - tightening liquidity conditions, especially for private banks and SFBs.</li>
<li>Valuations remain attractive despite near-term earnings stress, supported by stable asset quality, treasury gains, and long-term confidence in sector fundamentals.</li>
</ul>


Despite a 100-bps rate cut by RBI, banks face margin pressure as lending rates fall faster than deposit repricing. 
Credit growth has slowed sharply, while deposit growth is improving unevenly - tightening liquidity conditions, especially for private banks and SFBs.
Valuations remain attractive despite near-term earnings stress, supported by stable asset quality, treasury gains, and long-term confidence in sector fundamentals.


Q1FY26 Banking Sector Report: How Repo Rate Cuts Are Reshaping the Sector?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>To reduce index concentration and the risk of market volatility and market manipulation, SEBI has recommended changes to the eligibility criteria for derivatives on non-benchmark indices.</li>
<li>The recommended changes will result in two inclusions to the <a href="https://www.smartkarma.com/entities/nse-nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">NSE Nifty Bank Index (NSEBANK INDEX)</a> along with large capping changes.</li>
<li>The inclusions and capping changes will result in an estimated one-way turnover of 17.05% and in a round-trip trade of INR 76.2bn (US$893m) in September.</li>
</ul>


To reduce index concentration and the risk of market volatility and market manipulation, SEBI has recommended changes to the eligibility criteria for derivatives on non-benchmark indices.
The recommended changes will result in two inclusions to the NSE Nifty Bank Index (NSEBANK INDEX) along with large capping changes.
The inclusions and capping changes will result in an estimated one-way turnover of 17.05% and in a round-trip trade of INR 76.2bn (US$893m) in September.


NIFTY Bank Index: Impact of the Forecast Methodology Change

Investment Strategist, Transparently.AI

Mark Jolley

Investment Strategist

AI detection of accounting fraud and manipulation

Transparently.AI

Fraud and manipulation of their numbers see companies lose USD1 trillion+ per year for their stakeholders. Transparently.AI has developed an AI system that determines:

1. The likelihood that a company is committing fraud/serious manipulation of their books;
2. Whether it is serious enough to result in total corporate failure;
3. Estimated $ losses to stakeholders;
4. How that manipulation/fraud evolves through time; and
5. Detailed analytics on the forms of manipulation/fraud (e.g. which parts of the accounts, what tricks of the trade, questions for analysts to ask management, where/how to investigate further, etc.).

This is effectively automating the analysis of forensic accountants, activist short sellers, credit analysts, etc to do work that would typically take weeks per company, and instead run it in seconds and for thousands of companies simultaneously.

Critically, this solution frequently alerts users to the presence of serious manipulation risk up to 2-3 years in advance of the wider market and short sellers becoming aware of problems.

Forensic Accounting

Satyam Computer Services / Forensic Accounting

<ul>
<li>Satyam's chairman and founder confessed in January 2009 to misappropriating about $1.5 billion of company funds</li>
<li>Scandal shook confidence in Indian corporate governance and the country's IT services industry</li>
<li>Transparently.ai's AI tools detected accounting red flags in Satyam as early as 1998</li>
</ul>


Satyam's chairman and founder confessed in January 2009 to misappropriating about $1.5 billion of company funds
Scandal shook confidence in Indian corporate governance and the country's IT services industry
Transparently.ai's AI tools detected accounting red flags in Satyam as early as 1998


The Satyam Scandal: Inside India’s Enron

Specialist in Indian Banking and Economic Research

Hemindra Hazari

<ul>
<li>
<a href="https://www.smartkarma.com/entities/crisil-ltd" target="_blank" data-smartkarma-citation="entities:15699:1" rel="noopener">Crisil Ltd (CRISIL IN)</a> and India Rating Downgrade <a href="https://www.smartkarma.com/entities/ags-transact-technologies" target="_blank" data-smartkarma-citation="entities:23692:1" rel="noopener">AGS Transact Technologies (AGSTRA IN) </a>to 'D' from "A/Stable' post a default</li>
<li>Rating agencies exist to anticipate events such as defaults and not react after being informed of a default</li>
<li>Rating agencies ignored poor fundamentals of <a href="https://www.smartkarma.com/entities/ags-transact-technologies" target="_blank" data-smartkarma-citation="entities:23692:1" rel="noopener">AGS Transact Technologies (AGSTRA IN)</a> in 2QFY2025 results which clearly and publicly revealed deteriorating cash flows and a high-risk financial strategy</li>
</ul>



Crisil Ltd (CRISIL IN) and India Rating Downgrade AGS Transact Technologies (AGSTRA IN) to 'D' from "A/Stable' post a default
Rating agencies exist to anticipate events such as defaults and not react after being informed of a default
Rating agencies ignored poor fundamentals of AGS Transact Technologies (AGSTRA IN) in 2QFY2025 results which clearly and publicly revealed deteriorating cash flows and a high-risk financial strategy


Ever-Vigilant CRISIL, India Rating Downgrade Firm – After Default

Event-Driven

<ul>
<li>The Index Maintenance Sub-Committee of NSE Indices will meet on 21 February to conduct a semi-annual and quarterly review of stocks in various Nifty equity indices.</li>
<li>The changes will be announced after market close tomorrow and will be implemented at the close of trading on 28 March.</li>
<li>Based on the forecast index changes and capping changes for a few indices, the round-trip trade will be over US$2.5bn and many stocks will have over 0.5x ADV to trade.</li>
</ul>


The Index Maintenance Sub-Committee of NSE Indices will meet on 21 February to conduct a semi-annual and quarterly review of stocks in various Nifty equity indices.
The changes will be announced after market close tomorrow and will be implemented at the close of trading on 28 March.
Based on the forecast index changes and capping changes for a few indices, the round-trip trade will be over US$2.5bn and many stocks will have over 0.5x ADV to trade.


India: March Rebalance Announcement Tomorrow; Round-Trip Trade Over US$2.5bn

India

YES BANK Limited provides banking services. The Bank offers deposits, personal loans, e-banking, trade finance, corporate, and business banking services. YES BANK serves the food and agribusiness, life sciences, healthcare, biotechnology, telecommunications, media, information technology, and infrastructure development industries in India.

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Yes Bank (YES IN)

Q1FY26 Banking Sector Report: How Repo Rate Cuts Are Reshaping the Sector?

RBI's rate cut leads to margin pressure for banks as lending rates drop faster than deposit rates, impacting credit growth and liquidity...

Sudarshan Bhandari

NIFTY Bank Index: Impact of the Forecast Methodology Change

SEBI's proposal will result in 2 adds for the NSEBANK Index plus big downward capping for HDFC Bank and ICICI Bank. Estimated one-way turnover of...

Brian Freitas

The Satyam Scandal: Inside India’s Enron

Satyam scandal shook confidence in Indian corporate governance. Find out how Transparently.ai's AI tools detected red flags in Satyam's accounts...

Mark Jolley

Ever-Vigilant CRISIL, India Rating Downgrade Firm – After Default

Crisil Ltd downgrades AGS Transact Technologies to 'D' from 'A/Stable' post default, highlighting rating agencies' failure to anticipate poor...

Hemindra Hazari

India: March Rebalance Announcement Tomorrow; Round-Trip Trade Over US$2.5bn

The March changes for the Nifty indices will be announced tomorrow. There are changes forecast for most indices with large AUM. Round-trip trade...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Q1FY26 Banking Sector Report: How Repo Rate Cuts Are Reshaping the Sector?

​RBI's rate cut leads to margin pressure for banks as lending rates drop faster than deposit rates, impacting credit growth and liquidity...

Sudarshan Bhandari

NIFTY Bank Index: Impact of the Forecast Methodology Change

SEBI's proposal will result in 2 adds for the NSEBANK Index plus big downward capping for HDFC Bank and ICICI Bank. Estimated one-way turnover of...

Brian Freitas

The Satyam Scandal: Inside India’s Enron

Satyam scandal shook confidence in Indian corporate governance. Find out how Transparently.ai's AI tools detected red flags in Satyam's accounts...

Mark Jolley

Ever-Vigilant CRISIL, India Rating Downgrade Firm – After Default

​Crisil Ltd downgrades AGS Transact Technologies to 'D' from 'A/Stable' post default, highlighting rating agencies' failure to anticipate poor...

Hemindra Hazari

India: March Rebalance Announcement Tomorrow; Round-Trip Trade Over US$2.5bn

The March changes for the Nifty indices will be announced tomorrow. There are changes forecast for most indices with large AUM. Round-trip trade...

Brian Freitas

RBI's rate cut leads to margin pressure for banks as lending rates drop faster than deposit rates, impacting credit growth and liquidity...

Crisil Ltd downgrades AGS Transact Technologies to 'D' from 'A/Stable' post default, highlighting rating agencies' failure to anticipate poor...