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/welspun-india-ltd" target="_blank" data-smartkarma-citation="entities:9284:1" rel="noopener">Welspun India (WLSI IN)</a> plans to expand Sintex’s market presence, targeting 5% share in pipes within 7 years, with substantial investment.</li>
<li>US-China tariff cuts could reduce India’s export advantage, but sectors like pharma and IT can benefit from shifts.</li>
<li>India's retail inflation drops to 3.16% in April from 3.34% in March, driven by falling food prices.</li>
</ul>



Welspun India (WLSI IN) plans to expand Sintex’s market presence, targeting 5% share in pipes within 7 years, with substantial investment.
US-China tariff cuts could reduce India’s export advantage, but sectors like pharma and IT can benefit from shifts.
India's retail inflation drops to 3.16% in April from 3.34% in March, driven by falling food prices.


#146 India Insight: Welspun Eyes 5% in Pipes; Inflation Dips; Tariff Cuts May Aid IT, Pharma.

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

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
In this note, we talk about the company’s historical performance.


Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

<ul>
<li>Starlink receives DoT approval for satellite internet in India, partnering with Jio and Airtel, targeting rural and remote areas.</li>
<li>NSE receives Sebi’s in-principle approval to launch electricity derivatives. Discussions on contract structure and tenure are ongoing.</li>
<li>Grant Thornton identifies 25 <a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> staff involved in accounting lapses. Some may be retained, others face termination.</li>
</ul>


Starlink receives DoT approval for satellite internet in India, partnering with Jio and Airtel, targeting rural and remote areas.
NSE receives Sebi’s in-principle approval to launch electricity derivatives. Discussions on contract structure and tenure are ongoing.
Grant Thornton identifies 25 Indusind Bank (IIB IN) staff involved in accounting lapses. Some may be retained, others face termination.


#143 India Insight: DoT Clears Starlink, NSE Eyes Power Trade, IndusInd Staff Under Probe

Dorf-Ketal Chemicals Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dorf-ketal-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:44325:1" rel="noopener">Dorf-Ketal Chemicals Ltd (998552Z IN)</a> (DKCI) is looking to raise about US$579m in its upcoming India IPO.</li>
<li>DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the positive aspects of the deal.


Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Equity Bottom-Up

<ul>
<li>GoI converts ₹36,950 crore of spectrum dues into equity, increasing its stake to ~49%. Promoters’ stake diluted to ~25.5%, with public shareholders now owning just ~23.8%. </li>
<li>While the move eases cash outflows till H1FY28, Vodafone Idea’s AGR dues, weak subscriber base, and funding needs remain material headwinds.</li>
<li>Structural concerns remain unresolved, and further dilution risks persist along with loosing market share.</li>
</ul>


GoI converts ₹36,950 crore of spectrum dues into equity, increasing its stake to ~49%. Promoters’ stake diluted to ~25.5%, with public shareholders now owning just ~23.8%. 
While the move eases cash outflows till H1FY28, Vodafone Idea’s AGR dues, weak subscriber base, and funding needs remain material headwinds.
Structural concerns remain unresolved, and further dilution risks persist along with loosing market share.


Vodafone Idea: Another Lifeline, But Structural Challenges Persist

India

Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications services throughout India. The Company provides GSM Mobile Services, broadband, fixed line telephone services, long distance services (international & national) and enterprise services.

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Bharti Airtel (BHARTI IN)

#146 India Insight: Welspun Eyes 5% in Pipes; Inflation Dips; Tariff Cuts May Aid IT, Pharma.

Welspun India aims to grow Sintex's market share in pipes, while India's retail inflation drops in April and US-China tariff cuts may impact exports.

Sudarshan Bhandari

#143 India Insight: DoT Clears Starlink, NSE Eyes Power Trade, IndusInd Staff Under Probe

Starlink partners with Jio and Airtel for satellite internet in rural India, NSE gets approval for electricity derivatives, Grant Thornton...

Sudarshan Bhandari

Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

Vodafone Idea: Another Lifeline, But Structural Challenges Persist

Government of India converts spectrum dues into equity, increasing stake in Vodafone Idea. Promoters' stake diluted, structural concerns and...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

#146 India Insight: Welspun Eyes 5% in Pipes; Inflation Dips; Tariff Cuts May Aid IT, Pharma.

​Welspun India aims to grow Sintex's market share in pipes, while India's retail inflation drops in April and US-China tariff cuts may impact exports.

Sudarshan Bhandari

Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Belrise Industries Limited is looking to raise about US$255m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

#143 India Insight: DoT Clears Starlink, NSE Eyes Power Trade, IndusInd Staff Under Probe

​Starlink partners with Jio and Airtel for satellite internet in rural India, NSE gets approval for electricity derivatives, Grant Thornton...

Sudarshan Bhandari

Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

Vodafone Idea: Another Lifeline, But Structural Challenges Persist

​Government of India converts spectrum dues into equity, increasing stake in Vodafone Idea. Promoters' stake diluted, structural concerns and...

Nimish Maheshwari

Welspun India aims to grow Sintex's market share in pipes, while India's retail inflation drops in April and US-China tariff cuts may impact exports.

Starlink partners with Jio and Airtel for satellite internet in rural India, NSE gets approval for electricity derivatives, Grant Thornton...

Government of India converts spectrum dues into equity, increasing stake in Vodafone Idea. Promoters' stake diluted, structural concerns and...