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>Adani Group’s 34th AGM outlined INR 2 lakh crore power-sector capex, 10 GW nuclear ambition by 2035, a 1 GW Google data center agreement, and Navi Mumbai Airport commissioning.</li>
<li>Record FY26 EBITDA of INR 94,834 crore and leverage below management’s stated ceiling give the group balance-sheet capacity to pursue multiple large-scale expansion tracks.</li>
<li>The strategic direction is clear. The next test is execution across EPC capacity, nuclear approvals, data center delivery, airport ramp-up and timelines for simultaneous capex-heavy projects.</li>
</ul>


Adani Group’s 34th AGM outlined INR 2 lakh crore power-sector capex, 10 GW nuclear ambition by 2035, a 1 GW Google data center agreement, and Navi Mumbai Airport commissioning.
Record FY26 EBITDA of INR 94,834 crore and leverage below management’s stated ceiling give the group balance-sheet capacity to pursue multiple large-scale expansion tracks.
The strategic direction is clear. The next test is execution across EPC capacity, nuclear approvals, data center delivery, airport ramp-up and timelines for simultaneous capex-heavy projects.


Adani AGM 2026: The Next Capex Wave Across Power, Data Centers and Airports

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/aequs-ltd" target="_blank" data-smartkarma-citation="entities:45903:1" rel="noopener">Aequs Ltd (1009206D IN)</a> raised about US$104m in its India IPO in Dec 2025. The lockup on its promoters and pre-IPO investors is set to expire soon.</li>
<li>Aequs is an Indian aerospace precision component manufacturer providing vertically integrated product solutions for the aerospace and consumer industries, serving global OEMs and Tier-1 suppliers.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Aequs Ltd (1009206D IN) raised about US$104m in its India IPO in Dec 2025. The lockup on its promoters and pre-IPO investors is set to expire soon.
Aequs is an Indian aerospace precision component manufacturer providing vertically integrated product solutions for the aerospace and consumer industries, serving global OEMs and Tier-1 suppliers.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Aequs Ltd IPO Lockup Expiry - US$933m Lockup Release

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Bharti Airtel, Oil &amp; Natural Gas, Grasim Industries, State Bank of India, Hindalco Industries, InterGlobe Aviation.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Bharti Airtel, Oil &amp; Natural Gas, Grasim Industries, State Bank of India, Hindalco Industries, InterGlobe Aviation.


NIFTY Index Earning Revision (May): Bharti Airtel, Oil & Natural Gas, Grasim Industries

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Thematic (Sector/Industry)

In 2009, when Satyam Computers case unraveled it was revealed that a large portion of promoter shares were pledged with lenders and a substantial portion of that was sold by lenders. Responding to the situation then the Market regulator Securities and Exchange Board of India (SEBI) asked all the listed companies in the country to make disclosures on shares pledged by promoters within seven days and also amended the relevant regulations for the same.

In 2009, when Satyam Computers case unraveled it was revealed that a large portion of promoter shares were pledged with lenders and a substantial portion of that was sold by lenders. Responding to the situation then the Market regulator Securities and Exchange Board of India (SEBI) asked all the listed companies in the country to make disclosures on shares pledged by promoters within seven days and also amended the relevant regulations for the same.

Silent Alarm: Promoters Flock To Pledge Shares

<ul>
<li>The US SEC and Adani jointly filed consent judgment on 14 May 2026, Gautam Adani pays $6 million, Sagar Adani pays $12 million. The US DOJ drops all criminal charges</li>
<li>The settlement ends 18 months of legal uncertainty that froze Adani Group's access to US dollar bond markets and stalled its $100 billion infrastructure push. No guilt admitted.</li>
<li>Political shift under Trump, well-timed $10 billion investment offer and the suspension of  FCPA law effectively defused what began as one of the largest bribery cases tied to Indian conglomerate</li>
</ul>


The US SEC and Adani jointly filed consent judgment on 14 May 2026, Gautam Adani pays $6 million, Sagar Adani pays $12 million. The US DOJ drops all criminal charges
The settlement ends 18 months of legal uncertainty that froze Adani Group's access to US dollar bond markets and stalled its $100 billion infrastructure push. No guilt admitted.
Political shift under Trump, well-timed $10 billion investment offer and the suspension of  FCPA law effectively defused what began as one of the largest bribery cases tied to Indian conglomerate


The $18 Million Exit: How Adani Closed Its US Legal Chapter?

India

Adani Ports and Special Economic Zone Limited (APSEZ) is India's largest private port operator and an integrated transport utility. The company develops, operates, and maintains port infrastructure, offering services for various cargo types including dry bulk, liquid, crude, and containers, along with comprehensive logistics solutions. APSEZ is headquartered in Ahmedabad, Gujarat, and was founded in 1998.

Adani Ports & Special Economic Zone (ADSEZ IN)

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Adani Ports & Special Economic Zone (ADSEZ IN)

Adani AGM 2026: The Next Capex Wave Across Power, Data Centers and Airports

Adani Group's AGM highlights ambitious power-sector capex, nuclear goals, data center deal, and airport commissioning, backed by strong financial...

Sudarshan Bhandari

Aequitas: Aequs Ltd IPO Lockup Expiry - US$933m Lockup Release

Aequs Ltd raised about US$104m in its India IPO in Dec 2025. The lockup on its promoters and pre-IPO investors is set to expire soon.

Akshat Shah

NIFTY Index Earning Revision (May): Bharti Airtel, Oil & Natural Gas, Grasim Industries

We analyzed NIFTY's consensus for May 2026 and highlighted changes of EPS in Bharti Airtel, Oil & Natural Gas, Grasim Industries, State Bank of...

Ke Yan, CFA, FRM

Silent Alarm: Promoters Flock To Pledge Shares

In 2009, when Satyam Computers case unraveled it was revealed that a large portion of promoter shares were pledged with lenders and a substantial...

Nitin Mangal

The $18 Million Exit: How Adani Closed Its US Legal Chapter?

Adani Group settles with US SEC, pays $18 million to end legal uncertainty and resume $100 billion infrastructure push. No guilt admitted,...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Adani AGM 2026: The Next Capex Wave Across Power, Data Centers and Airports

​Adani Group's AGM highlights ambitious power-sector capex, nuclear goals, data center deal, and airport commissioning, backed by strong financial...

Sudarshan Bhandari

Aequitas: Aequs Ltd IPO Lockup Expiry - US$933m Lockup Release

Aequs Ltd raised about US$104m in its India IPO in Dec 2025. The lockup on its promoters and pre-IPO investors is set to expire soon.

Akshat Shah

NIFTY Index Earning Revision (May): Bharti Airtel, Oil & Natural Gas, Grasim Industries

We analyzed NIFTY's consensus for May 2026 and highlighted changes of EPS in Bharti Airtel, Oil & Natural Gas, Grasim Industries, State Bank of...

Ke Yan, CFA, FRM

Silent Alarm: Promoters Flock To Pledge Shares

In 2009, when Satyam Computers case unraveled it was revealed that a large portion of promoter shares were pledged with lenders and a substantial...

Nitin Mangal

The $18 Million Exit: How Adani Closed Its US Legal Chapter?

​Adani Group settles with US SEC, pays $18 million to end legal uncertainty and resume $100 billion infrastructure push. No guilt admitted,...

Sudarshan Bhandari

Adani Group's AGM highlights ambitious power-sector capex, nuclear goals, data center deal, and airport commissioning, backed by strong financial...

Adani Group settles with US SEC, pays $18 million to end legal uncertainty and resume $100 billion infrastructure push. No guilt admitted,...