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

Thematic (Sector/Industry)

<ul>
<li>FY26 Construction Equipment exports rose 31.5% to 17,394 units even as domestic volumes fell 6.7% to 113,229 units.</li>
<li>CEV Stage V compliance and lower trade barriers widen India’s addressable market beyond price-sensitive emerging economies.</li>
<li>
<a href="https://www.smartkarma.com/entities/action-construction-equipment-limited" target="_blank" data-smartkarma-citation="entities:17379:1" rel="noopener">Action Construction Equipment (ACCE IN)</a> and <a href="https://www.smartkarma.com/entities/carraro-india-ltd" target="_blank" data-smartkarma-citation="entities:56508:1" rel="noopener">Carraro India (CARRARO IN)</a> offer the clearest export-leverage; <a href="https://www.smartkarma.com/entities/escorts-kubota-ltd" target="_blank" data-smartkarma-citation="entities:6773:1" rel="noopener">Escorts Kubota Limited (ESCORTS IN)</a> and <a href="https://www.smartkarma.com/entities/beml-ltd" target="_blank" data-smartkarma-citation="entities:3249:1" rel="noopener">Beml Ltd (BEML IN)</a> retain stronger domestic or segment-mix dependence.</li>
</ul>


FY26 Construction Equipment exports rose 31.5% to 17,394 units even as domestic volumes fell 6.7% to 113,229 units.
CEV Stage V compliance and lower trade barriers widen India’s addressable market beyond price-sensitive emerging economies.

Action Construction Equipment (ACCE IN) and Carraro India (CARRARO IN) offer the clearest export-leverage; Escorts Kubota Limited (ESCORTS IN) and Beml Ltd (BEML IN) retain stronger domestic or segment-mix dependence.


Companies Benefiting in India’s Construction Equipment: Export Growth Vs Domestic Slump

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>India's construction equipment sector surged by 26% in FY23, hitting a milestone of over 100,000 units sold, driven by infrastructure and railway demand.</li>
<li>Obust growth in infrastructure projects, valued at USD 7.9 Bn in 2023, with an estimated growth to USD 12.4 Bn by 2029, highlights a thriving market.</li>
<li>2 Companies in India is riding on the wave of this fast growing construction equipment industry.</li>
</ul>


India's construction equipment sector surged by 26% in FY23, hitting a milestone of over 100,000 units sold, driven by infrastructure and railway demand.
Obust growth in infrastructure projects, valued at USD 7.9 Bn in 2023, with an estimated growth to USD 12.4 Bn by 2029, highlights a thriving market.
2 Companies in India is riding on the wave of this fast growing construction equipment industry.


Themes of India: Construction Equipment Industry

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>In this insight, we detail about insider buying activity in Indian Equities for the month of August 2025.</li>
<li>Driven by pressure of increased tariffs, Indian equity market have been underperforming. But as seen in past during such times promoter buying activity increases.</li>
<li>This insight details about companies with notable insider buying (large and small caps), sectors which witnessed buying and stocks which trade above and below the insider purchase price.</li>
</ul>


In this insight, we detail about insider buying activity in Indian Equities for the month of August 2025.
Driven by pressure of increased tariffs, Indian equity market have been underperforming. But as seen in past during such times promoter buying activity increases.
This insight details about companies with notable insider buying (large and small caps), sectors which witnessed buying and stocks which trade above and below the insider purchase price.


Increased Tariffs -> Decline in Indian Equity Market -> Increased Promoter Activity in August 2025

Action Construction Equipment / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/action-construction-equipment" target="_blank" data-smartkarma-citation="entities:17379:1" rel="noopener">Action Construction Equipment (ACCE IN)</a> achieved record revenue and profits in FY25 and Q4, demonstrating strong execution and margin expansion.  </li>
<li>Secured single largest order from Ministry of Defence, boosting future defense contribution and supporting Make in India.</li>
<li>Management is cautiously optimistic for FY26 due to temporary factors like BS5 price impact, but confident in medium to long-term growth prospects.</li>
</ul>



Action Construction Equipment (ACCE IN) achieved record revenue and profits in FY25 and Q4, demonstrating strong execution and margin expansion.  
Secured single largest order from Ministry of Defence, boosting future defense contribution and supporting Make in India.
Management is cautiously optimistic for FY26 due to temporary factors like BS5 price impact, but confident in medium to long-term growth prospects.


Action Construction Equipment: Record Performance, Defence Opportunity, Agri Turnaround

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

Ajax Engineering Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ajax-engineering-limited" target="_blank" data-smartkarma-citation="entities:44026:1" rel="noopener">Ajax Engineering Limited (0896529D IN)</a> raised around US$145m in its India IPO.</li>
<li>Ajax Engineering Limited (AEL) is one of the leading concrete equipment manufacturers with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain.</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>



Ajax Engineering Limited (0896529D IN) raised around US$145m in its India IPO.
Ajax Engineering Limited (AEL) is one of the leading concrete equipment manufacturers with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain.
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.


Ajax Engineering IPO Trading - Decent Insti Coverage but Subdued Retail Demand

India

Action Construction Equipment Limited (ACE) is India's leading manufacturer of material handling and construction equipment, holding a significant market share in mobile cranes and tower cranes. The company's product portfolio also includes crawler cranes, truck-mounted cranes, backhoe loaders, vibratory rollers, forklifts, and agricultural equipment like tractors and harvesters. ACE was established in 1995 and is headquartered in Faridabad, Haryana, India.

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Action Construction Equipment (ACCE IN)

Companies Benefiting in India’s Construction Equipment: Export Growth Vs Domestic Slump

Domestic construction-equipment sales fell 6.7%, but exports rose 31.5% to 17,394 units. Stage V compliance raised the near-term cost of machines;...

Nimish Maheshwari

Themes of India: Construction Equipment Industry

India's construction equipment sector is booming, with a 26% surge in sales driven by infrastructure and railway demand, reaching over 1L units...

Sudarshan Bhandari

Increased Tariffs -> Decline in Indian Equity Market -> Increased Promoter Activity in August 2025

Update : Promoter of Tourism Finance Corporation of India (Aditya Kumar Halwasiya) further bought 3.25 lakh shares from open market on the last...

Sreemant Dudhoria

Action Construction Equipment: Record Performance, Defence Opportunity, Agri Turnaround

Action Construction Equipment achieves record revenue and profits, secures major defense order, and remains cautiously optimistic for FY26.

Sudarshan Bhandari

Ajax Engineering IPO Trading - Decent Insti Coverage but Subdued Retail Demand

Ajax Engineering Limited raised around US$145m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Companies Benefiting in India’s Construction Equipment: Export Growth Vs Domestic Slump

Domestic construction-equipment sales fell 6.7%, but exports rose 31.5% to 17,394 units. Stage V compliance raised the near-term cost of machines;...

Nimish Maheshwari

Themes of India: Construction Equipment Industry

​India's construction equipment sector is booming, with a 26% surge in sales driven by infrastructure and railway demand, reaching over 1L units...

Sudarshan Bhandari

Increased Tariffs -> Decline in Indian Equity Market -> Increased Promoter Activity in August 2025

Update : Promoter of Tourism Finance Corporation of India (Aditya Kumar Halwasiya) further bought 3.25 lakh shares from open market on the last...

Sreemant Dudhoria

Action Construction Equipment: Record Performance, Defence Opportunity, Agri Turnaround

​Action Construction Equipment achieves record revenue and profits, secures major defense order, and remains cautiously optimistic for FY26.

Sudarshan Bhandari

Ajax Engineering IPO Trading - Decent Insti Coverage but Subdued Retail Demand

Ajax Engineering Limited raised around US$145m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

India's construction equipment sector is booming, with a 26% surge in sales driven by infrastructure and railway demand, reaching over 1L units...

Action Construction Equipment achieves record revenue and profits, secures major defense order, and remains cautiously optimistic for FY26.