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

Thematic (Sector/Industry)

<ul>
<li>China’s April 2025 rare earth curbs and API supply gaps have strengthened India’s role in specialty chemicals, pharma ingredients, solar modules, and EV components.</li>
<li>Indian players are winning multi-year contracts as global buyers diversify from China. PLI schemes, rare earth incentives, and DCR rules are adding policy support.</li>
<li>
Waaree Energies, Divi’s Laboratories, and PI Industries offer differentiated exposure, with earnings visibility likely extending toFY28. This note maps the opportunity and its limits.</li>
</ul>


China’s April 2025 rare earth curbs and API supply gaps have strengthened India’s role in specialty chemicals, pharma ingredients, solar modules, and EV components.
Indian players are winning multi-year contracts as global buyers diversify from China. PLI schemes, rare earth incentives, and DCR rules are adding policy support.

Waaree Energies, Divi’s Laboratories, and PI Industries offer differentiated exposure, with earnings visibility likely extending toFY28. This note maps the opportunity and its limits.


China’s Supply Chain Squeeze: Mapping India’s Opportunity Across Four Critical Sectors

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adani-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:26712:1" rel="noopener">Adani Energy Solutions</a> was added to a global index in May 2021 and deleted in May 2023. The next rebalance in May could see the stock added back.</li>
<li>
<a href="https://www.smartkarma.com/entities/adani-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:26712:1" rel="noopener">Adani Energy Solutions</a> has outperformed peers over the last 6-7 months and trades at higher valuations compared to its peer group.</li>
<li>Positioning for the inclusion event is ongoing, but passives will need to buy over 25 days of delivery volume. There could be further upside as positioning picks up near-term.</li>
</ul>



Adani Energy Solutions was added to a global index in May 2021 and deleted in May 2023. The next rebalance in May could see the stock added back.

Adani Energy Solutions has outperformed peers over the last 6-7 months and trades at higher valuations compared to its peer group.
Positioning for the inclusion event is ongoing, but passives will need to buy over 25 days of delivery volume. There could be further upside as positioning picks up near-term.


Adani Energy (ADANIENS IN): Energized for Global Index Inclusion in May

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>UST yields jumped 6-9 bps across the curve yesterday, as the market pared rate-cut expectations on inflation concerns (despite the inline February CPI data), and following soft demand for a 10Y note auction.</li>
<li>Fed-dated OIS are now pricing in 30 bps of rate cuts for the rest of 2026 (vs. 44 bps as of last Friday).</li>
<li>The UST curve bear steepened, with the yield on the 2Y UST rising 6 bps to 3.65%, while that on the 10Y UST was up 7 bps at 4.23%. </li>
</ul>


UST yields jumped 6-9 bps across the curve yesterday, as the market pared rate-cut expectations on inflation concerns (despite the inline February CPI data), and following soft demand for a 10Y note auction.
Fed-dated OIS are now pricing in 30 bps of rate cuts for the rest of 2026 (vs. 44 bps as of last Friday).
The UST curve bear steepened, with the yield on the 2Y UST rising 6 bps to 3.65%, while that on the 10Y UST was up 7 bps at 4.23%. 


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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-limited" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (MEESHO IN)</a> raised about US$600m in its Dec 2025 India IPO. The lockup on a part of stake of its promoters and pre-IPO investors is set to expire soon.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Meesho (MEESHO IN) raised about US$600m in its Dec 2025 India IPO. The lockup on a part of stake of its promoters and pre-IPO investors is set to expire soon.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Meesho Ltd IPO Lockup Expiry - US$5.7bn Lockup Release with PE Investors Well in The Money

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Shui On Land, Reliance Industries</li>
<li>UST yields rose 2-5 bps on Friday, as the market slightly reduced the expectation of Fed rate cuts, after US President Donald Trump's comments appeared to cool the chances of front-runner Kevin Hassett succeeding Jerome Powell as Fed Chairman.</li>
<li>The UST curve bear-steepened, with the yield on the 2Y UST rising 2 bps to 3.59%, while the yield on the 10Y UST jumped 5 bps to 4.22%. Equities edged down, with the S&amp;P 500 and Nasdaq both dipping 0.1% to 6,940 and 23,515, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Shui On Land, Reliance Industries
UST yields rose 2-5 bps on Friday, as the market slightly reduced the expectation of Fed rate cuts, after US President Donald Trump's comments appeared to cool the chances of front-runner Kevin Hassett succeeding Jerome Powell as Fed Chairman.
The UST curve bear-steepened, with the yield on the 2Y UST rising 2 bps to 3.59%, while the yield on the 10Y UST jumped 5 bps to 4.22%. Equities edged down, with the S&amp;P 500 and Nasdaq both dipping 0.1% to 6,940 and 23,515, respectively.


India

Adani Energy Solutions Limited provides electrical utilities services. The Company offers electricity generation, transmission, and distribution services, including operation and maintenance support. Adani Energy Solutions serves customers in India.

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Adani Energy Solutions (ADANIENS IN)

China’s Supply Chain Squeeze: Mapping India’s Opportunity Across Four Critical Sectors

China's rare earth curbs boost India's role in specialty chemicals, pharma, solar, and EV components. Indian firms secure contracts with policy...

Sudarshan Bhandari

Adani Energy (ADANIENS IN): Energized for Global Index Inclusion in May

Adani Energy Solutions recent run-up could see the stock added back to a global index. Passives need to buy over 25x delivery volume. Positioning...

Brian Freitas

Lucror Analytics - Morning Views Asia

UST yields jumped 6-9 bps across the curve yesterday, as the market pared rate-cut expectations on inflation concerns (despite the inline February...

Lucror Analytics

Aequitas: Meesho Ltd IPO Lockup Expiry - US$5.7bn Lockup Release with PE Investors Well in The Money

Meesho Ltd raised about US$600m in its India IPO in Dec 2025. The lockup on a part of stake of its promoters and pre-IPO investors is set to expire...

Akshat Shah

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Shui On Land, Reliance...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China’s Supply Chain Squeeze: Mapping India’s Opportunity Across Four Critical Sectors

​China's rare earth curbs boost India's role in specialty chemicals, pharma, solar, and EV components. Indian firms secure contracts with policy...

Sudarshan Bhandari

Adani Energy (ADANIENS IN): Energized for Global Index Inclusion in May

Adani Energy Solutions recent run-up could see the stock added back to a global index. Passives need to buy over 25x delivery volume. Positioning...

Brian Freitas

Lucror Analytics - Morning Views Asia

UST yields jumped 6-9 bps across the curve yesterday, as the market pared rate-cut expectations on inflation concerns (despite the inline February...

Lucror Analytics

Aequitas: Meesho Ltd IPO Lockup Expiry - US$5.7bn Lockup Release with PE Investors Well in The Money

Meesho Ltd raised about US$600m in its India IPO in Dec 2025. The lockup on a part of stake of its promoters and pre-IPO investors is set to expire...

Akshat Shah

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Shui On Land, Reliance...

Lucror Analytics

China's rare earth curbs boost India's role in specialty chemicals, pharma, solar, and EV components. Indian firms secure contracts with policy...