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

Equity Bottom-Up

<ul>
<li>Investors should keep a close eye on Adani's execution timeline, the impact on valuations in the sector, and the fundamentals of existing players in the C&amp;W industry. </li>
<li>While Adani's entry may bring some disruption, the sector's strong growth prospects and the resilience of leading players suggest that there is still value to be found. </li>
<li>In the end, long-term success in this industry will depend on a combination of strategic vision, operational excellence, and the ability to adapt to changing market dynamics.</li>
</ul>


Investors should keep a close eye on Adani's execution timeline, the impact on valuations in the sector, and the fundamentals of existing players in the C&amp;W industry. 
While Adani's entry may bring some disruption, the sector's strong growth prospects and the resilience of leading players suggest that there is still value to be found. 
In the end, long-term success in this industry will depend on a combination of strategic vision, operational excellence, and the ability to adapt to changing market dynamics.


What Does Adani’s Foray into Wires & Cables Mean for Investors and the Industry?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>
<a href="https://www.smartkarma.com/entities/salzer-electronics-ltd" target="_blank" data-smartkarma-citation="entities:8103:1" rel="noopener">Salzer Electronics (SZE IN)</a> is aggressively scaling its smart meter business with INR 600–700 crore revenue targeted in FY26, aiming to sell up to 8 lakh units annually.</li>
<li>This diversification into B2B smart metering could double revenues, boost margins, and improve ROCE, transforming Salzer from a niche switchgear player to a full-stack energy solutions provider.</li>
<li>Salzer is no longer a slow-growing industrial supplier: it’s evolving into a high-growth, government-aligned, tech-driven player with strong export and R&amp;D-led optionality.</li>
</ul>



Salzer Electronics (SZE IN) is aggressively scaling its smart meter business with INR 600–700 crore revenue targeted in FY26, aiming to sell up to 8 lakh units annually.
This diversification into B2B smart metering could double revenues, boost margins, and improve ROCE, transforming Salzer from a niche switchgear player to a full-stack energy solutions provider.
Salzer is no longer a slow-growing industrial supplier: it’s evolving into a high-growth, government-aligned, tech-driven player with strong export and R&amp;D-led optionality.


The Beat Ideas: Salzer Electronics: Smart Meter Play, A Proxy to India’s Electrification Story

Thematic (Sector/Industry)

<ul>
<li>UltraTech Cement is entering the Wires &amp; Cables industry with a INR 1,800 crore investment and a plant in Gujarat, aiming for INR 9,000 crore in revenue by 2030. </li>
<li>With strong backward integration and an extensive distribution network, the move could disrupt a fragmented market. </li>
<li>However, incumbents believe scaling and regulatory approvals will be key hurdles, much like Grasim’s entry into paints.</li>
</ul>


UltraTech Cement is entering the Wires &amp; Cables industry with a INR 1,800 crore investment and a plant in Gujarat, aiming for INR 9,000 crore in revenue by 2030. 
With strong backward integration and an extensive distribution network, the move could disrupt a fragmented market. 
However, incumbents believe scaling and regulatory approvals will be key hurdles, much like Grasim’s entry into paints.


What Ultratech’s Foray into Wires & Cables Means for Industry Dynamics, Competition, and Growth

Event-Driven

<ul>
<li>UltraTech Cement, part of the Aditya Birla Group, is entering the 80,000+ crore wires &amp; cables market with INR 1,800 crore investment, targeting a December 2026 plant launch in Gujarat. 
</li>
<li>The sector is highly fragmented, with no dominant player exceeding 20% market share, creating an opportunity for UltraTech to disrupt with its financial strength, backward integration, and superior product quality.</li>
<li>This move positions UltraTech as a diversified building materials leader, leveraging synergies with Hindalco to offer cost-efficient, high-quality electrical solutions, reshaping competition in the industry.</li>
</ul>


UltraTech Cement, part of the Aditya Birla Group, is entering the 80,000+ crore wires &amp; cables market with INR 1,800 crore investment, targeting a December 2026 plant launch in Gujarat. 

The sector is highly fragmented, with no dominant player exceeding 20% market share, creating an opportunity for UltraTech to disrupt with its financial strength, backward integration, and superior product quality.
This move positions UltraTech as a diversified building materials leader, leveraging synergies with Hindalco to offer cost-efficient, high-quality electrical solutions, reshaping competition in the industry.


Event Driven: UltraTech’s Bold Foray into Wires & Cables 80,000+ Cr Market

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

LG Electronics India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> is looking to raise US$1.5bn+ via part-selling its stake in <a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India</a>.</li>
<li>LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India.
LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.
In this note, we talk about the not-so-positive aspects of the deal.


LG Electronics India Pre-IPO - The Negatives - Not All Categories Have Been Growing

India

Havells India Limited manufactures electrical products. The Company's products include building circuit protection equipment, industrial switchgears, energy meters, cables & wires, modular switches, fans and lighting products.

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Havells India (HAVL IN)

What Does Adani’s Foray into Wires & Cables Mean for Investors and the Industry?

Investors should monitor Adani's impact on valuations and existing players in the C&W industry, as success will hinge on strategic vision and...

Nimish Maheshwari

The Beat Ideas: Salzer Electronics: Smart Meter Play, A Proxy to India’s Electrification Story

Salzer Electronics is aggressively expanding its smart meter business, targeting significant revenue growth by FY26 and transforming into a full...

Sudarshan Bhandari

What Ultratech’s Foray into Wires & Cables Means for Industry Dynamics, Competition, and Growth

UltraTech Cement is making a bold move into the Wires & Cables industry with a significant investment, aiming to disrupt the market and achieve...

Sudarshan Bhandari

Event Driven: UltraTech’s Bold Foray into Wires & Cables 80,000+ Cr Market

UltraTech Cement is set to enter the wires & cables market with a significant investment, aiming for a plant launch in Gujarat by December 2026.

Nimish Maheshwari

LG Electronics India Pre-IPO - The Negatives - Not All Categories Have Been Growing

LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India. In this note, we talk about the not-so...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

What Does Adani’s Foray into Wires & Cables Mean for Investors and the Industry?

​Investors should monitor Adani's impact on valuations and existing players in the C&W industry, as success will hinge on strategic vision and...

Nimish Maheshwari

The Beat Ideas: Salzer Electronics: Smart Meter Play, A Proxy to India’s Electrification Story

​Salzer Electronics is aggressively expanding its smart meter business, targeting significant revenue growth by FY26 and transforming into a full...

Sudarshan Bhandari

What Ultratech’s Foray into Wires & Cables Means for Industry Dynamics, Competition, and Growth

​UltraTech Cement is making a bold move into the Wires & Cables industry with a significant investment, aiming to disrupt the market and achieve...

Sudarshan Bhandari

Event Driven: UltraTech’s Bold Foray into Wires & Cables 80,000+ Cr Market

​UltraTech Cement is set to enter the wires & cables market with a significant investment, aiming for a plant launch in Gujarat by December 2026.

Nimish Maheshwari

LG Electronics India Pre-IPO - The Negatives - Not All Categories Have Been Growing

LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India. In this note, we talk about the not-so...

Sumeet Singh

Investors should monitor Adani's impact on valuations and existing players in the C&W industry, as success will hinge on strategic vision and...

Salzer Electronics is aggressively expanding its smart meter business, targeting significant revenue growth by FY26 and transforming into a full...

UltraTech Cement is making a bold move into the Wires & Cables industry with a significant investment, aiming to disrupt the market and achieve...

UltraTech Cement is set to enter the wires & cables market with a significant investment, aiming for a plant launch in Gujarat by December 2026.