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

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>’s Q3/9M-FY25 performance shows strong revenue growth (up 16.6% in Q3, 15.2% over nine months), improved EBITDA margins, and robust unit sales in key equipment segments.</li>
<li>Improved product mix and a focus on high-value equipment drive operational efficiency, boosting profitability amid increasing infrastructure and capital expenditure trends.</li>
<li>In the next 2 years, company will increase the proportion of exports that will drive the revenue growth.</li>
</ul>



Action Construction Equipment (ACCE IN)’s Q3/9M-FY25 performance shows strong revenue growth (up 16.6% in Q3, 15.2% over nine months), improved EBITDA margins, and robust unit sales in key equipment segments.
Improved product mix and a focus on high-value equipment drive operational efficiency, boosting profitability amid increasing infrastructure and capital expenditure trends.
In the next 2 years, company will increase the proportion of exports that will drive the revenue growth.


Action Construction Equipment Limited: Q3 FY25 Update

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> is looking to raise about US$145m in its upcoming 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>In this note, we take a quick look at the company’s past performance and the IPO valuations.</li>
</ul>



Ajax Engineering Limited (0896529D IN) is looking to raise about US$145m in its upcoming 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.
In this note, we take a quick look at the company’s past performance and the IPO valuations.


Ajax Engineering IPO - Robust Growth Driven by a Comprehensive Dealer Network

Carraro India Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/carraro-india-limited" target="_blank" data-smartkarma-citation="entities:43890:1" rel="noopener">Carraro India Limited (810618Z IN)</a> is looking to raise about US$216m in its India IPO.</li>
<li>Carraro India Limited (CIL), is an independent tier 1 solution provider of axles, transmission systems and gears for the agricultural tractor and construction vehicle industries in India.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Carraro India Limited (810618Z IN) is looking to raise about US$216m in its India IPO.
Carraro India Limited (CIL), is an independent tier 1 solution provider of axles, transmission systems and gears for the agricultural tractor and construction vehicle industries in India.
In this note, we talk about the company’s historical performance.


Carraro India Pre-IPO - Strategic Partnerships and Related Party Risks

<ul>
<li>Action Construction - a leader in construction and heavy equipment theme is going for transformation with a defence foray and new product launches</li>
<li>With strong guidance and the historical success of good execution makes a good bet on the current infrastructure and manufacturing theme</li>
<li>The risk includes a slowdown in the election period and stiff competition from larger players</li>
</ul>


Action Construction - a leader in construction and heavy equipment theme is going for transformation with a defence foray and new product launches
With strong guidance and the historical success of good execution makes a good bet on the current infrastructure and manufacturing theme
The risk includes a slowdown in the election period and stiff competition from larger players


The Beat Ideas: Action Construction - A Bet on Manufacturing & Infrastructure Theme

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

Action Construction Equipment / Forensic Accounting

<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> is a specialist in cranes. It is also in the business of material-handling, construction equipment and agri products such as tractors and harvesters. </li>
<li>What has attracted eyes towards ACE is the incredible growth. F16-F19 especially was the high growth period where the company registered a growth of 28% CAGR.</li>
<li>However a deep analysis reveals that the 'aggressive growth' is rather fictional in nature. We combine this with other facets to give us an idea why ACE remains uncertain.</li>
</ul>



Action Construction Equipment (ACCE IN) is a specialist in cranes. It is also in the business of material-handling, construction equipment and agri products such as tractors and harvesters. 
What has attracted eyes towards ACE is the incredible growth. F16-F19 especially was the high growth period where the company registered a growth of 28% CAGR.
However a deep analysis reveals that the 'aggressive growth' is rather fictional in nature. We combine this with other facets to give us an idea why ACE remains uncertain.


Forensic Analysis: Action Construction Equipment Ltd

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)

Action Construction Equipment Limited: Q3 FY25 Update

Action Construction Equipment shows strong revenue growth, improved margins, and robust unit sales in key segments, driven by operational...

Sudarshan Bhandari

Ajax Engineering IPO - Robust Growth Driven by a Comprehensive Dealer Network

Ajax Engineering Limited is looking to raise about US$145m in its upcoming India IPO. In this note, we take a quick look at the company’s past...

Akshat Shah

The Beat Ideas: Action Construction - A Bet on Manufacturing & Infrastructure Theme

Action Construction, a construction and heavy equipment leader, is undergoing transformation with a defence expansion and new product launches,...

Sudarshan Bhandari

Forensic Analysis: Action Construction Equipment Ltd

ACE has reported exceptional growth in recent years, however the due diligence of financials reveal that the growth is rather too good to be true.

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Action Construction Equipment Limited: Q3 FY25 Update

​Action Construction Equipment shows strong revenue growth, improved margins, and robust unit sales in key segments, driven by operational...

Sudarshan Bhandari

Ajax Engineering IPO - Robust Growth Driven by a Comprehensive Dealer Network

Ajax Engineering Limited is looking to raise about US$145m in its upcoming India IPO. In this note, we take a quick look at the company’s past...

Akshat Shah

Carraro India Pre-IPO - Strategic Partnerships and Related Party Risks

Carraro India Limited is looking to raise about US$216m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

The Beat Ideas: Action Construction - A Bet on Manufacturing & Infrastructure Theme

​Action Construction, a construction and heavy equipment leader, is undergoing transformation with a defence expansion and new product launches,...

Sudarshan Bhandari

Forensic Analysis: Action Construction Equipment Ltd

ACE has reported exceptional growth in recent years, however the due diligence of financials reveal that the growth is rather too good to be true.

Nitin Mangal

Action Construction Equipment shows strong revenue growth, improved margins, and robust unit sales in key segments, driven by operational...

Action Construction, a construction and heavy equipment leader, is undergoing transformation with a defence expansion and new product launches,...