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>ADF Foods is shifting from an agency-based distribution model to a brand-led, in-house manufacturing approach, focusing on the U.S. frozen food segment to improve margins and supply control.</li>
<li>This strategic pivot enhances margin stability, mitigates raw material and geopolitical risks, and deepens market penetration in mainstream international retail, positioning ADF for sustainable long-term growth and profitability.</li>
<li>Market focus should move from export volatility to ADF’s brand premiumization and successful US greenfield execution, the key drivers of sustainable growth and long-term re-rating. 
</li>
</ul>


ADF Foods is shifting from an agency-based distribution model to a brand-led, in-house manufacturing approach, focusing on the U.S. frozen food segment to improve margins and supply control.
This strategic pivot enhances margin stability, mitigates raw material and geopolitical risks, and deepens market penetration in mainstream international retail, positioning ADF for sustainable long-term growth and profitability.
Market focus should move from export volatility to ADF’s brand premiumization and successful US greenfield execution, the key drivers of sustainable growth and long-term re-rating. 



The Beat Ideas: ADF Foods - Can an Export-Heavy Model Withstand Tariff Pressures?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adf-foods-ltd" target="_blank" data-smartkarma-citation="entities:4099:1" rel="noopener">ADF Foods (ADFL IN)</a> reported robust Q4 &amp; FY25 results, driven by strong growth in key brands and strategic adjustments in North American distribution.</li>
<li>The company’s focus on improving distribution and expanding manufacturing capacity signals a stronger platform for future growth, particularly for its flagship Ashoka brand.</li>
<li>The strategic initiatives and consistent performance reinforce a positive outlook, suggesting continued market share gains and profitability for ADF Foods.</li>
</ul>



ADF Foods (ADFL IN) reported robust Q4 &amp; FY25 results, driven by strong growth in key brands and strategic adjustments in North American distribution.
The company’s focus on improving distribution and expanding manufacturing capacity signals a stronger platform for future growth, particularly for its flagship Ashoka brand.
The strategic initiatives and consistent performance reinforce a positive outlook, suggesting continued market share gains and profitability for ADF Foods.


ADF Foods Q4 Update: Strategic Shifts Driving Growth, Margin Expansion, Capex

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

Orkla India Ltd. / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orkla-india-ltd" target="_blank" data-smartkarma-citation="entities:45300:1" rel="noopener">Orkla India Ltd. (0752506D IN)</a> is looking to raise about US$300m in its upcoming India IPO.</li>
<li>Orkla India is a multi-category food company offering a diverse range of spices and convenience food products, catering to every meal occasion across breakfast, lunch, dinner, snacks, beverages and desserts.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Orkla India Ltd. (0752506D IN) is looking to raise about US$300m in its upcoming India IPO.
Orkla India is a multi-category food company offering a diverse range of spices and convenience food products, catering to every meal occasion across breakfast, lunch, dinner, snacks, beverages and desserts.
In this note, we talk about the company’s historical performance.


Orkla India Pre-IPO - Strong Market Presence, Growth Yet to Catch Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adf-foods-ltd" target="_blank" data-smartkarma-citation="entities:4099:1" rel="noopener">ADF Foods (ADFL IN)</a> is undergoing significant expansions, including brownfield projects in Nadiad and Nasik, and a greenfield project in Surat.</li>
<li>These projects are expected to boost revenue significantly, enhance operational efficiency, and support the company's growth plans.</li>
<li>Company will almost double its revenue in 3 years and similarly PAT will also grow, which makes it attractive on valuation side as well. </li>
</ul>



ADF Foods (ADFL IN) is undergoing significant expansions, including brownfield projects in Nadiad and Nasik, and a greenfield project in Surat.
These projects are expected to boost revenue significantly, enhance operational efficiency, and support the company's growth plans.
Company will almost double its revenue in 3 years and similarly PAT will also grow, which makes it attractive on valuation side as well. 


The Beat Ideas: ADF Foods- A Spicy Investment Opportunity with Growth Potential

Thematic (Sector/Industry)

<ul>
<li>Promoter buying reflects insider confidence in the company's future, often driven by access to undisclosed positive developments and growth opportunities.</li>
<li>Increased promoter stake may indicate that the market has undervalued the company, potentially presenting an opportunity for investors to buy at a discount.</li>
<li>Consider the broader market environment, company fundamentals, and industry trends alongside promoter buying activity to form a comprehensive investment thesis.</li>
</ul>


Promoter buying reflects insider confidence in the company's future, often driven by access to undisclosed positive developments and growth opportunities.
Increased promoter stake may indicate that the market has undervalued the company, potentially presenting an opportunity for investors to buy at a discount.
Consider the broader market environment, company fundamentals, and industry trends alongside promoter buying activity to form a comprehensive investment thesis.


Contrarian Moves: Promoter Buying During Indian Equity Downturns

India

ADF Foods Ltd. manufactures and distributes Indian cuisine. The Company supplies its products to food retailers located in India and elsewhere throughout the world.

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ADF Foods (ADFL IN)

The Beat Ideas: ADF Foods - Can an Export-Heavy Model Withstand Tariff Pressures?

ADF Foods is transitioning to a brand-led manufacturing model in the US frozen food segment for improved margins and long-term growth.

Nimish Maheshwari

ADF Foods Q4 Update: Strategic Shifts Driving Growth, Margin Expansion, Capex

ADF Foods (ADFL IN) posts strong Q4 & FY25 results, driven by brand growth & distribution adjustments in North America, signaling future growth...

Sudarshan Bhandari

Orkla India Pre-IPO - Strong Market Presence, Growth Yet to Catch Up

Orkla India has launched a smaller IPO of up to INR 16.6bn (US$190m) in a INR695–730 range. Anchor books open on 28th October, with the rest of the...

Akshat Shah

The Beat Ideas: ADF Foods- A Spicy Investment Opportunity with Growth Potential

ADF Foods is expanding with new projects in Nadiad, Nasik, and Surat to boost revenue, enhance efficiency, and support growth plans, aiming to...

Sudarshan Bhandari

Contrarian Moves: Promoter Buying During Indian Equity Downturns

There are 100 reasons to sell in the market, but only one reason to buy!! Taking a deep understanding of Promoter Buying in the Indian Landscape in...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: ADF Foods - Can an Export-Heavy Model Withstand Tariff Pressures?

​ADF Foods is transitioning to a brand-led manufacturing model in the US frozen food segment for improved margins and long-term growth.

Nimish Maheshwari

ADF Foods Q4 Update: Strategic Shifts Driving Growth, Margin Expansion, Capex

​ADF Foods (ADFL IN) posts strong Q4 & FY25 results, driven by brand growth & distribution adjustments in North America, signaling future growth...

Sudarshan Bhandari

Orkla India Pre-IPO - Strong Market Presence, Growth Yet to Catch Up

Orkla India has launched a smaller IPO of up to INR 16.6bn (US$190m) in a INR695–730 range. Anchor books open on 28th October, with the rest of the...

Akshat Shah

The Beat Ideas: ADF Foods- A Spicy Investment Opportunity with Growth Potential

​ADF Foods is expanding with new projects in Nadiad, Nasik, and Surat to boost revenue, enhance efficiency, and support growth plans, aiming to...

Sudarshan Bhandari

Contrarian Moves: Promoter Buying During Indian Equity Downturns

There are 100 reasons to sell in the market, but only one reason to buy!! Taking a deep understanding of Promoter Buying in the Indian Landscape in...

Nimish Maheshwari

ADF Foods is transitioning to a brand-led manufacturing model in the US frozen food segment for improved margins and long-term growth.

ADF Foods (ADFL IN) posts strong Q4 & FY25 results, driven by brand growth & distribution adjustments in North America, signaling future growth...

ADF Foods is expanding with new projects in Nadiad, Nasik, and Surat to boost revenue, enhance efficiency, and support growth plans, aiming to...