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>On December 22, <a href="https://www.smartkarma.com/entities/ambuja-cements-ltd" target="_blank" data-smartkarma-citation="entities:14745:1" rel="noopener">Ambuja Cements (ACEM IN)</a> board approved merging <a href="https://www.smartkarma.com/entities/acc-ltd" target="_blank" data-smartkarma-citation="entities:183:1" rel="noopener">ACC Ltd (ACC IN)</a> and <a href="https://www.smartkarma.com/entities/orient-cement-ltd" target="_blank" data-smartkarma-citation="entities:3356:1" rel="noopener">Orient Cement (ORCMNT IN)</a> via a share swap to create a unified Indian cement giant.</li>
<li>The deal simplifies structures and offers operational synergies, providing Orient shareholders a premium while remaining value-neutral for ACC but accretive for Ambuja.</li>
<li>The consolidation targets capacity expansion to 155 MTPA by FY28 and operational savings of INR 100 per tonne, bolstering long-term profitability.</li>
</ul>


On December 22, Ambuja Cements (ACEM IN) board approved merging ACC Ltd (ACC IN) and Orient Cement (ORCMNT IN) via a share swap to create a unified Indian cement giant.
The deal simplifies structures and offers operational synergies, providing Orient shareholders a premium while remaining value-neutral for ACC but accretive for Ambuja.
The consolidation targets capacity expansion to 155 MTPA by FY28 and operational savings of INR 100 per tonne, bolstering long-term profitability.


Event Driven: The Adani Cement Empire’s Merger Analysis

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>
 Ambuja Cement has crossed the 100 MTPA capacity mark and is executing a roadmap for 140 MTPA by FY28 while targeting a INR1,500 per tonne EBITDA by the same year.</li>
<li>The integration of multiple recent acquisitions, including Orient, Sanghi, and Penna, is crucial; Q2FY26 results will offer the first look into how the new consolidated entity handles initial integration costs.</li>
<li>While Q1 FY26 set a high baseline, investors should  anticipate sequential dip in Q2 margins, viewing it as a short-term integration blip against a decade-defining capacity and cost rationalisation strategy.</li>
</ul>



 Ambuja Cement has crossed the 100 MTPA capacity mark and is executing a roadmap for 140 MTPA by FY28 while targeting a INR1,500 per tonne EBITDA by the same year.
The integration of multiple recent acquisitions, including Orient, Sanghi, and Penna, is crucial; Q2FY26 results will offer the first look into how the new consolidated entity handles initial integration costs.
While Q1 FY26 set a high baseline, investors should  anticipate sequential dip in Q2 margins, viewing it as a short-term integration blip against a decade-defining capacity and cost rationalisation strategy.


Ambuja Cement Q2 Preview: Seasonal Weakness or a Strategic Pause in the 140 MTPA Road?

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

JSW Cement Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-cement-limited" target="_blank" data-smartkarma-citation="entities:43870:1" rel="noopener">JSW Cement Limited (9858514Z IN)</a> raised about US$410m in its India IPO.</li>
<li>JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



JSW Cement Limited (9858514Z IN) raised about US$410m in its India IPO.
JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


JSW Cement IPO Trading - Overall Demand Lags Recent Listings

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-cement-limited" target="_blank" data-smartkarma-citation="entities:43870:1" rel="noopener">JSW Cement Limited (9858514Z IN)</a> is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.</li>
<li>JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.</li>
</ul>



JSW Cement Limited (9858514Z IN) is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.
JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.


JSW Cement IPO - RHP Updates, Peer Comp and Thoughts on Valuations

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>Strong volume growth: In Q1FY26, the company recorded a 12% YoY increase in volume, reaching 11.5 mtpa, supported by higher trade volumes and a 7% YoY growth in premium product volumes, reinforcing its market leadership.</li><li>It continued to hold a dominant position across its key markets.</li><li>The ongoing capacity expansion plans are progressing as scheduled and are expected to support consistent volume growth ahead. </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.

Strong volume growth: In Q1FY26, the company recorded a 12% YoY increase in volume, reaching 11.5 mtpa, supported by higher trade volumes and a 7% YoY growth in premium product volumes, reinforcing its market leadership.It continued to hold a dominant position across its key markets.The ongoing capacity expansion plans are progressing as scheduled and are expected to support consistent volume growth ahead. 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.

ACC Ltd - Mix Bag Of Numbers; Maintain BUY

India

ACC Limited  manufactures a range of cements and blended cements. The Company also manufactures gypsum and refractory products such as Brown Tabular Alumina. The Company provides turnkey and application consulting services for setting up and operating cement plants and refractories. The Company owns cement plants throughout India.

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ACC Ltd (ACC IN)

Event Driven: The Adani Cement Empire’s Merger Analysis

Ambuja Cements board approves merger with ACC Ltd and Orient Cement to create unified Indian cement giant, targeting capacity expansion and...

Nimish Maheshwari

Ambuja Cement Q2 Preview: Seasonal Weakness or a Strategic Pause in the 140 MTPA Road?

Ambuja Cement aims for 140 MTPA capacity by FY28 with INR1,500 per tonne EBITDA target, focusing on integrating recent acquisitions and managing...

Sudarshan Bhandari

JSW Cement IPO Trading - Overall Demand Lags Recent Listings

JSW Cement raised about US$410m in its India IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

JSW Cement IPO - RHP Updates, Peer Comp and Thoughts on Valuations

JSW Cement is looking to raise about US$410m in its India IPO. In this note, we talk about the RHP updates, peer comp and implied valuations in the...

Akshat Shah

ACC Ltd - Mix Bag Of Numbers; Maintain BUY

In Q1FY26, the company recorded a 12% YoY increase in volume, reaching 11.5 mtpa, supported by higher trade volumes and a 7% YoY growth in premium...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Event Driven: The Adani Cement Empire’s Merger Analysis

​Ambuja Cements board approves merger with ACC Ltd and Orient Cement to create unified Indian cement giant, targeting capacity expansion and...

Nimish Maheshwari

Ambuja Cement Q2 Preview: Seasonal Weakness or a Strategic Pause in the 140 MTPA Road?

​Ambuja Cement aims for 140 MTPA capacity by FY28 with INR1,500 per tonne EBITDA target, focusing on integrating recent acquisitions and managing...

Sudarshan Bhandari

JSW Cement IPO Trading - Overall Demand Lags Recent Listings

JSW Cement raised about US$410m in its India IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

JSW Cement IPO - RHP Updates, Peer Comp and Thoughts on Valuations

JSW Cement is looking to raise about US$410m in its India IPO. In this note, we talk about the RHP updates, peer comp and implied valuations in the...

Akshat Shah

ACC Ltd - Mix Bag Of Numbers; Maintain BUY

In Q1FY26, the company recorded a 12% YoY increase in volume, reaching 11.5 mtpa, supported by higher trade volumes and a 7% YoY growth in premium...

Axis Direct

Ambuja Cements board approves merger with ACC Ltd and Orient Cement to create unified Indian cement giant, targeting capacity expansion and...

Ambuja Cement aims for 140 MTPA capacity by FY28 with INR1,500 per tonne EBITDA target, focusing on integrating recent acquisitions and managing...