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

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aarti-industries-limited" target="_blank" data-smartkarma-citation="entities:6583:1" rel="noopener">Aarti Industries (ARTO IN)</a> posted a solid 9% QoQ revenue growth, driven by higher volumes in the energy sector.</li>
<li>The company is navigating external volatility, including US tariffs and geopolitical uncertainty, while maintaining growth through volume recovery and diversification.</li>
<li>The solid volume uptick in key sectors positions Aarti for continued growth in FY26, despite margin pressures.</li>
</ul>



Aarti Industries (ARTO IN) posted a solid 9% QoQ revenue growth, driven by higher volumes in the energy sector.
The company is navigating external volatility, including US tariffs and geopolitical uncertainty, while maintaining growth through volume recovery and diversification.
The solid volume uptick in key sectors positions Aarti for continued growth in FY26, despite margin pressures.


Aarti Industries Q4 FY25 Update: Volume Recovery Drives Sequential Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aarti-industries-limited" target="_blank" data-smartkarma-citation="entities:6583:1" rel="noopener">Aarti Industries (ARTO IN)</a> reported Q3 FY25 revenue of Rs. 2,305 crores with 14% QoQ growth, robust volume gains, capacity expansions in MMA and nitro-toluene, and ongoing cost optimizations.</li>
<li>Strong Q3 performance and capacity boosts bolster AIL’s long-term growth prospects, mitigating pricing pressures and forex challenges while fueling diversification into renewables and chemical recycling.</li>
<li>AIL’s strategic investments and diverse product mix signal resilient growth and margin improvements, suggesting a promising long-term outlook despite current short-term forex volatility.</li>
</ul>



Aarti Industries (ARTO IN) reported Q3 FY25 revenue of Rs. 2,305 crores with 14% QoQ growth, robust volume gains, capacity expansions in MMA and nitro-toluene, and ongoing cost optimizations.
Strong Q3 performance and capacity boosts bolster AIL’s long-term growth prospects, mitigating pricing pressures and forex challenges while fueling diversification into renewables and chemical recycling.
AIL’s strategic investments and diverse product mix signal resilient growth and margin improvements, suggesting a promising long-term outlook despite current short-term forex volatility.


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

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

Aarti Industries Q4 FY25 Update: Volume Recovery Drives Sequential Growth

Aarti Industries (ARTO IN) sees 9% QoQ revenue growth fueled by energy sector volumes, navigating external challenges for continued growth in FY26.

Sudarshan Bhandari

Aarti Industries Limited: Q3 FY25 Update

Aarti Industries (ARTO IN) reports strong Q3 performance with revenue growth, capacity expansions & cost optimizations, fueling long-term growth...

Sudarshan Bhandari

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

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

Aarti Industries Q4 FY25 Update: Volume Recovery Drives Sequential Growth

​Aarti Industries (ARTO IN) sees 9% QoQ revenue growth fueled by energy sector volumes, navigating external challenges for continued growth in FY26.

Sudarshan Bhandari

Aarti Industries Limited: Q3 FY25 Update

​Aarti Industries (ARTO IN) reports strong Q3 performance with revenue growth, capacity expansions & cost optimizations, fueling long-term growth...

Sudarshan Bhandari

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

Aarti Industries (ARTO IN) sees 9% QoQ revenue growth fueled by energy sector volumes, navigating external challenges for continued growth in FY26.

Aarti Industries (ARTO IN) reports strong Q3 performance with revenue growth, capacity expansions & cost optimizations, fueling long-term growth...