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

Equity Bottom-Up

<ul>
<li>Following a INR 2,000 crore capex cycle, the company is operationalizing critical high-margin assets, specifically in the CDMO and Specialty segments.</li>
<li>H2 FY26 (Oct 2025 – Mar 2026) is the launchpad for a structural shift in EBITDA quality, as low-margin Acetyls volume is replaced by high-complexity innovator contracts.</li>
<li>
Transitioning from a cyclical chemical play to a structural CDMO story: The upcoming two quarters are critical for "proving the ramp-up." With the $300M agro-innovator project commissioning in Q4.</li>
</ul>


Following a INR 2,000 crore capex cycle, the company is operationalizing critical high-margin assets, specifically in the CDMO and Specialty segments.
H2 FY26 (Oct 2025 – Mar 2026) is the launchpad for a structural shift in EBITDA quality, as low-margin Acetyls volume is replaced by high-complexity innovator contracts.

Transitioning from a cyclical chemical play to a structural CDMO story: The upcoming two quarters are critical for "proving the ramp-up." With the $300M agro-innovator project commissioning in Q4.


Jubilant Ingrevia: Transitioning from Capex Intensity to Earnings Supercycle

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Stable Volumes Amidst Challenging Environment: Aarti Industries reported a 10% YoY decline in revenue, primarily attributable to the correction in key RM prices and deferment in export volumes.</li><li>The quarter was marked by a highly volatile macro environment, characterised by sharp price corrections in major raw materials, ongoing geopolitical tensions, and persistent global trade disruptions.</li><li>Despite these challenges, the company ensured operational continuity and maintained stable volumes.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stable Volumes Amidst Challenging Environment: Aarti Industries reported a 10% YoY decline in revenue, primarily attributable to the correction in key RM prices and deferment in export volumes.The quarter was marked by a highly volatile macro environment, characterised by sharp price corrections in major raw materials, ongoing geopolitical tensions, and persistent global trade disruptions.Despite these challenges, the company ensured operational continuity and maintained stable volumes.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aarti Industries Ltd - A Weak Quarter Dampened by External Factors; Maintain BUY

<ul><li>Volume-led Revenue Growth Ahead: AIL reported strong revenue growth during Q4FY25, despite ongoing pricing pressures.</li><li>This performance was primarily driven by higher volumes, reflecting the company’s consistent execution of its expansion strategy.</li><li>A notable recovery in demand was observed across key product segments such as Nitro Toluene, NCB, and Ethylation-based derivatives, supported by recent capacity additions. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Volume-led Revenue Growth Ahead: AIL reported strong revenue growth during Q4FY25, despite ongoing pricing pressures.This performance was primarily driven by higher volumes, reflecting the company’s consistent execution of its expansion strategy.A notable recovery in demand was observed across key product segments such as Nitro Toluene, NCB, and Ethylation-based derivatives, supported by recent capacity additions. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Punch: Aarti Industries Ltd - 4 Th June 2025

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

Niva Bupa Health Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/niva-bupa-health-insurance" target="_blank" data-smartkarma-citation="entities:43716:1" rel="noopener">Niva Bupa Health Insurance (1226871D IN)</a> (Niva Bupa) raised around US$260m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Niva Bupa is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Niva Bupa Health Insurance (1226871D IN) (Niva Bupa) raised around US$260m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Niva Bupa is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN)</a> is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.


Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

India

Aarti Industries Limited develops and manufactures basic bulk chemicals, dyes and pigment intermediates, pharmaceuticals and agrochemicals, rubber chemicals, surfactant intermediates, and specialty chemicals. The company sells its products in India and elsewhere throughout the world.

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Aarti Industries (ARTO IN)

Jubilant Ingrevia: Transitioning from Capex Intensity to Earnings Supercycle

Company operationalizing high-margin assets post INR 2,000 crore capex cycle, shifting to structural CDMO story with focus on high-complexity...

Sudarshan Bhandari

Aarti Industries Ltd - A Weak Quarter Dampened by External Factors; Maintain BUY

Stable Volumes Amidst Challenging Environment: Aarti Industries reported a 10% YoY decline in revenue, primarily attributable to the correction in...

Axis Direct

Axis Punch: Aarti Industries Ltd - 4 Th June 2025

A notable recovery in demand was observed across key product segments such as Nitro Toluene, NCB, and Ethylation-based derivatives, supported by...

Axis Direct

Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

PE fund True North (via Fettle Tone) and Niva Bupa's MD and CEO, Krishnan Ramachandran have launched a INR10.8bn (US$126m) block of 132m shares or...

Akshat Shah

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jubilant Ingrevia: Transitioning from Capex Intensity to Earnings Supercycle

​Company operationalizing high-margin assets post INR 2,000 crore capex cycle, shifting to structural CDMO story with focus on high-complexity...

Sudarshan Bhandari

Aarti Industries Ltd - A Weak Quarter Dampened by External Factors; Maintain BUY

Stable Volumes Amidst Challenging Environment: Aarti Industries reported a 10% YoY decline in revenue, primarily attributable to the correction in...

Axis Direct

Axis Punch: Aarti Industries Ltd - 4 Th June 2025

A notable recovery in demand was observed across key product segments such as Nitro Toluene, NCB, and Ethylation-based derivatives, supported by...

Axis Direct

Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

PE fund True North (via Fettle Tone) and Niva Bupa's MD and CEO, Krishnan Ramachandran have launched a INR10.8bn (US$126m) block of 132m shares or...

Akshat Shah

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

Company operationalizing high-margin assets post INR 2,000 crore capex cycle, shifting to structural CDMO story with focus on high-complexity...