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>
India’s mutual fund AUM tripled from INR 24.5 trillion in FY19 to INR 67.4 trillion in FY25, driven by strong retail inflows and digital adoption.</li>
<li>Canara Robeco AMC, India’s second-oldest fund house, manages INR 1.11 lakh crore in AUM with a 55% profit CAGR between FY23 and FY25.</li>
<li>With 87% of AUM from retail investors, Canara Robeco AMC has the highest retail concentration among India’s top 10 mutual fund companies.</li>
</ul>



India’s mutual fund AUM tripled from INR 24.5 trillion in FY19 to INR 67.4 trillion in FY25, driven by strong retail inflows and digital adoption.
Canara Robeco AMC, India’s second-oldest fund house, manages INR 1.11 lakh crore in AUM with a 55% profit CAGR between FY23 and FY25.
With 87% of AUM from retail investors, Canara Robeco AMC has the highest retail concentration among India’s top 10 mutual fund companies.


Canara Robeco AMC IPO: The Oldest Name in Mutual Funds Seeks a New Beginning

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

Canara Robeco AMC / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/canara-robeco-amc" target="_blank" data-smartkarma-citation="entities:45178:1" rel="noopener">Canara Robeco AMC (570515Z IN)</a> a JV between <a href="https://www.smartkarma.com/entities/canara-bank" target="_blank" data-smartkarma-citation="entities:543:1" rel="noopener">Canara Bank (CBK IN)</a> and <a href="https://www.smartkarma.com/entities/orix-corp" target="_blank" data-smartkarma-citation="entities:9936:1" rel="noopener">Orix Corp (8591 JP)</a> is the second oldest but the latest AMC to list in India</li>
<li>A laggard with just 1.5% market share as of date, the company boasts of an equity-dominant AUM and strong retail franchise delivering strong PAT margins (47%) and ROE (36%)</li>
<li>However, its SIP book has been declining while the broader industry has more than doubled. We feel the IPO pricing doesn't leave room for material upside.</li>
</ul>



Canara Robeco AMC (570515Z IN) a JV between Canara Bank (CBK IN) and Orix Corp (8591 JP) is the second oldest but the latest AMC to list in India
A laggard with just 1.5% market share as of date, the company boasts of an equity-dominant AUM and strong retail franchise delivering strong PAT margins (47%) and ROE (36%)
However, its SIP book has been declining while the broader industry has more than doubled. We feel the IPO pricing doesn't leave room for material upside.


Canara Robeco AMC: Can a Laggard Get off the Block Now?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Indian household savings seeing a significant transition from traditional assets to financial assets</li>
<li>More than transition, there is a transformative trend ahead for financialization of savings paving way for Indian Households a decadal opportunity of wealth creation</li>
<li>What happened in US could happen in India over the next few decades - Significant wealth creation opportunity</li>
</ul>


Indian household savings seeing a significant transition from traditional assets to financial assets
More than transition, there is a transformative trend ahead for financialization of savings paving way for Indian Households a decadal opportunity of wealth creation
What happened in US could happen in India over the next few decades - Significant wealth creation opportunity


From Savings to Wealth Creation: The Financialization of Indian Households

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Tata Consultancy Svcs / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> ended up doing better than we expected, while Hong Kong finally got its first US$100m+ listing for the year.</li>
<li>For placements, India was again at the forefront, this time with a not-so-pleasant results of <a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a>. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Trial Holdings (5882 JP) ended up doing better than we expected, while Hong Kong finally got its first US$100m+ listing for the year.
For placements, India was again at the forefront, this time with a not-so-pleasant results of Tata Consultancy Svcs (TCS IN). 


ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Aditya Birla Sun Life AMC / Equity Capital Markets

<ul>
<li>Promoters in <a href="https://www.smartkarma.com/entities/aditya-birla-sun-life-amc-limited" target="_blank" data-smartkarma-citation="entities:34094:1" rel="noopener">Aditya Birla Sun Life AMC (ABSLAMC IN)</a> are looking to raise US$189m via an offer for sale (OFS). This assumes that the over-allotment option is exercised.</li>
<li>This appears to be done in a bid to meet SEBI’s 75% free-float requirement for listed firms in India. .</li>
<li>News of the selldown had surfaced a week earlier leading to a correction in share price. As such, we would argue that the deal here is well flagged</li>
</ul>


Promoters in Aditya Birla Sun Life AMC (ABSLAMC IN) are looking to raise US$189m via an offer for sale (OFS). This assumes that the over-allotment option is exercised.
This appears to be done in a bid to meet SEBI’s 75% free-float requirement for listed firms in India. .
News of the selldown had surfaced a week earlier leading to a correction in share price. As such, we would argue that the deal here is well flagged


Aditya Birla Sun Life AMC OFS - Share Price Has Corrected in Anticipation of the Current Deal

India

Aditya Birla Sun Life Asset Management Company Limited operates as an investment management firm. The Company offers portfolio advisory and wealth management services. Aditya Birla Sun Life Asset Management serves clients in India.

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Aditya Birla Sun Life AMC (ABSLAMC IN)

Canara Robeco AMC IPO: The Oldest Name in Mutual Funds Seeks a New Beginning

India's mutual fund industry experiences significant growth driven by retail investors and digital adoption, with Canara Robeco AMC leading with...

Nimish Maheshwari

Canara Robeco AMC: Can a Laggard Get off the Block Now?

Canara Robeco AMC, a JV between Canara Bank and Orix Corp, is the latest AMC to list in India with strong financials but declining SIP book, IPO...

Himanshu Dugar

From Savings to Wealth Creation: The Financialization of Indian Households

Equities as % household assets have rose from 2% to 5% as of 2023 and is expected to gone to 10% by 2030 paving a significant opportunity for...

Sudarshan Bhandari

ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Canara Robeco AMC IPO: The Oldest Name in Mutual Funds Seeks a New Beginning

​India's mutual fund industry experiences significant growth driven by retail investors and digital adoption, with Canara Robeco AMC leading with...

Nimish Maheshwari

Canara Robeco AMC: Can a Laggard Get off the Block Now?

​Canara Robeco AMC, a JV between Canara Bank and Orix Corp, is the latest AMC to list in India with strong financials but declining SIP book, IPO...

Himanshu Dugar

From Savings to Wealth Creation: The Financialization of Indian Households

Equities as % household assets have rose from 2% to 5% as of 2023 and is expected to gone to 10% by 2030 paving a significant opportunity for...

Sudarshan Bhandari

ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Aditya Birla Sun Life AMC OFS - Share Price Has Corrected in Anticipation of the Current Deal

Promoters in Aditya Birla Sun Life AMC (ABSLAMC IN) are looking to raise US$189m via an offer for sale (OFS). This assumes that the over-allotment...

Clarence Chu

India's mutual fund industry experiences significant growth driven by retail investors and digital adoption, with Canara Robeco AMC leading with...

Canara Robeco AMC, a JV between Canara Bank and Orix Corp, is the latest AMC to list in India with strong financials but declining SIP book, IPO...