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

Forensic Accounting

AGS Transact Technologies / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ags-transact-technologies" target="_blank" data-smartkarma-citation="entities:23692:1" rel="noopener">AGS Transact Technologies (AGSTRA IN)</a>' stock plunged 85% in six months due to loan defaults, delayed payments, and severe cash flow issues.</li>
<li>The company is on the verge of insolvency as debt defaults, SLA breaches, and auditor concerns mount. Independent directors, executives, and key employees are resigning, signaling deep-rooted financial instability.</li>
<li>The management’s revival plan, including selling subsidiaries and restructuring loans, may be too late. The cash management business is highly sensitive to disruptions, making recovery uncertain. </li>
</ul>



AGS Transact Technologies (AGSTRA IN)' stock plunged 85% in six months due to loan defaults, delayed payments, and severe cash flow issues.
The company is on the verge of insolvency as debt defaults, SLA breaches, and auditor concerns mount. Independent directors, executives, and key employees are resigning, signaling deep-rooted financial instability.
The management’s revival plan, including selling subsidiaries and restructuring loans, may be too late. The cash management business is highly sensitive to disruptions, making recovery uncertain. 


Forensic Analysis - AGS Transact Technologies: A Story Of Financial Mismanagement

Specialist in Indian Banking and Economic Research

Hemindra Hazari

<ul>
<li>
<a href="https://www.smartkarma.com/entities/crisil-ltd" target="_blank" data-smartkarma-citation="entities:15699:1" rel="noopener">Crisil Ltd (CRISIL IN)</a> and India Rating Downgrade <a href="https://www.smartkarma.com/entities/ags-transact-technologies" target="_blank" data-smartkarma-citation="entities:23692:1" rel="noopener">AGS Transact Technologies (AGSTRA IN) </a>to 'D' from "A/Stable' post a default</li>
<li>Rating agencies exist to anticipate events such as defaults and not react after being informed of a default</li>
<li>Rating agencies ignored poor fundamentals of <a href="https://www.smartkarma.com/entities/ags-transact-technologies" target="_blank" data-smartkarma-citation="entities:23692:1" rel="noopener">AGS Transact Technologies (AGSTRA IN)</a> in 2QFY2025 results which clearly and publicly revealed deteriorating cash flows and a high-risk financial strategy</li>
</ul>



Crisil Ltd (CRISIL IN) and India Rating Downgrade AGS Transact Technologies (AGSTRA IN) to 'D' from "A/Stable' post a default
Rating agencies exist to anticipate events such as defaults and not react after being informed of a default
Rating agencies ignored poor fundamentals of AGS Transact Technologies (AGSTRA IN) in 2QFY2025 results which clearly and publicly revealed deteriorating cash flows and a high-risk financial strategy


Ever-Vigilant CRISIL, India Rating Downgrade Firm – After Default

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

Equity Capital Markets

AGS Transact Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ags-transact-technologies" target="_blank" data-smartkarma-citation="entities:23692:1" rel="noopener">Ags Transact Technologies (ATT IN)</a>  IPO has opened for bidding this week. The offer consists purely of offer for sale worth INR 6.8 bn size.</li>
<li>The promoter to offload INR 6.78 bn worth of shares and the proceeds will be used to buy out INR 6.5 bn worth CCPS of Vineha Enterprises P. Ltd. (VEPL).</li>
<li>VEPL is another promoter company and hence these transactions raise some serious eye-brows.</li>
</ul>



Ags Transact Technologies (ATT IN)  IPO has opened for bidding this week. The offer consists purely of offer for sale worth INR 6.8 bn size.
The promoter to offload INR 6.78 bn worth of shares and the proceeds will be used to buy out INR 6.5 bn worth CCPS of Vineha Enterprises P. Ltd. (VEPL).
VEPL is another promoter company and hence these transactions raise some serious eye-brows.


AGS Transact Tech IPO: The Promoter Jugglery

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.

<p><a href="https://www.smartkarma.com/entities/ags-transact-technologies" target="_blank" data-smartkarma-citation="entities:23692:1" rel="noopener">Ags Transact Technologies (ATT IN)</a> (ATT) plans to raise around US$150m via selling a mix of primary and secondary shares in India.</p>
<p>ATT is one of the largest providers of ATM managed services and cash management services. Earnings have grown steadily over the past few years although margins have been volatile. Moreover, the exit of PE investors with what seems to be tepid returns is probably not a great sign for future investors.</p>

Ags Transact Technologies (ATT IN) (ATT) plans to raise around US$150m via selling a mix of primary and secondary shares in India.
ATT is one of the largest providers of ATM managed services and cash management services. Earnings have grown steadily over the past few years although margins have been volatile. Moreover, the exit of PE investors with what seems to be tepid returns is probably not a great sign for future investors.

AGS Transact Technologies IPO - High on Cash but Low on Profit

India

AGS Transact Technologies is an integrated omnichannel payment solutions provider in India. The company offers end-to-end services, including ATM outsourcing, cash management, and digital payment solutions, serving diverse sectors such as banking, retail, and petroleum. Headquartered in Navi Mumbai, Maharashtra, India, the company was founded in 2002.

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AGS Transact Technologies (AGSTRA IN)

Forensic Analysis - AGS Transact Technologies: A Story Of Financial Mismanagement

AGS Transact Technologies stock plunges 85% in 6 months due to loan defaults, delayed payments, and severe cash flow issues, facing insolvency as...

Nimish Maheshwari

Ever-Vigilant CRISIL, India Rating Downgrade Firm – After Default

Crisil Ltd downgrades AGS Transact Technologies to 'D' from 'A/Stable' post default, highlighting rating agencies' failure to anticipate poor...

Hemindra Hazari

AGS Transact Tech IPO: The Promoter Jugglery

The promoter to offload INR 6.78 bn worth of shares and the proceeds will be used to buy out INR 6.5 bn worth CCPS of Vineha Enterprises P. Ltd....

Nitin Mangal

AGS Transact Technologies IPO - High on Cash but Low on Profit

Ags Transact Technologies (ATT IN) (ATT) plans to raise around US$150m via selling a mix of primary and secondary shares in India. ATT is one of...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Forensic Analysis - AGS Transact Technologies: A Story Of Financial Mismanagement

​AGS Transact Technologies stock plunges 85% in 6 months due to loan defaults, delayed payments, and severe cash flow issues, facing insolvency as...

Nimish Maheshwari

Ever-Vigilant CRISIL, India Rating Downgrade Firm – After Default

​Crisil Ltd downgrades AGS Transact Technologies to 'D' from 'A/Stable' post default, highlighting rating agencies' failure to anticipate poor...

Hemindra Hazari

AGS Transact Tech IPO: The Promoter Jugglery

The promoter to offload INR 6.78 bn worth of shares and the proceeds will be used to buy out INR 6.5 bn worth CCPS of Vineha Enterprises P. Ltd....

Nitin Mangal

AGS Transact Technologies IPO - High on Cash but Low on Profit

Ags Transact Technologies (ATT IN) (ATT) plans to raise around US$150m via selling a mix of primary and secondary shares in India. ATT is one of...

Sumeet Singh

AGS Transact Technologies stock plunges 85% in 6 months due to loan defaults, delayed payments, and severe cash flow issues, facing insolvency as...

Crisil Ltd downgrades AGS Transact Technologies to 'D' from 'A/Stable' post default, highlighting rating agencies' failure to anticipate poor...