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

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Exchanges: MCX revenue is expected to increase by 7.4% QoQ and the margin will expand to 52.3% (+82bps QoQ)</li><li>We prefer MCX in the exchanges space, aided by continued traction in options volume, healthy new product pipeline (index and mini contracts) and expected cost savings due to a change in tech vendor</li><li>The extension of the support timeline by the existing technology vendor will impact profitability in the short term</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Exchanges: MCX revenue is expected to increase by 7.4% QoQ and the margin will expand to 52.3% (+82bps QoQ)We prefer MCX in the exchanges space, aided by continued traction in options volume, healthy new product pipeline (index and mini contracts) and expected cost savings due to a change in tech vendorThe extension of the support timeline by the existing technology vendor will impact profitability in the short termContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Exchanges, Staffing and Internet - Mixed Bag

<ul><li>Mahindra &amp; Mahindra: Mahindra &amp; Mahindra’s Q2 adjusted PAT, at INR 23.4bn, came in above our estimate of INR 19.5bn, primarily due to higher-than-expected other income</li><li>EBIT Margin for auto and FES segments both improved by 40bps QoQ to 6.1% and 16.4% respectively</li><li>M&amp;M has gained market share across its key categories in H1</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mahindra &amp; Mahindra: Mahindra &amp; Mahindra’s Q2 adjusted PAT, at INR 23.4bn, came in above our estimate of INR 19.5bn, primarily due to higher-than-expected other incomeEBIT Margin for auto and FES segments both improved by 40bps QoQ to 6.1% and 16.4% respectivelyM&amp;M has gained market share across its key categories in H1Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Mahindra & Mahindra, Ashok Leyland, Oil India, AGS Transact

<ul><li>Exchanges: MCX options ADTV continues to rise (+60% QoQ) while futures ADTV declined -5.2% QoQ</li><li>The options ADTV stood at INR 314bn, which is up ~5.2x YoY. The futures volume decline was led by crude (-22% QoQ)</li><li>The effective ADTV (futures+options) is up 44% YoY, reaching INR 366bn in Q2FY23</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Exchanges: MCX options ADTV continues to rise (+60% QoQ) while futures ADTV declined -5.2% QoQThe options ADTV stood at INR 314bn, which is up ~5.2x YoY. The futures volume decline was led by crude (-22% QoQ)The effective ADTV (futures+options) is up 44% YoY, reaching INR 366bn in Q2FY23Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Exchanges, Staffing and Internet (Q2FY23E Results Preview): Recovery on the cards

India

AGS Transact Technologies Limited provides payment processing solutions. The Company offers services such as automated teller machines outsourcing, cash management, transaction switching, and digital payment solutions including transaction processing services and mobile wallets. AGS Transact Technologies serves customers in India.

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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

Exchanges, Staffing and Internet - Mixed Bag

We prefer MCX in the exchanges space, aided by continued traction in options volume, healthy new product pipeline (index and mini contracts) and...

HDFC Securities

HSIE Results Daily: Mahindra & Mahindra, Ashok Leyland, Oil India, AGS Transact

Mahindra & Mahindra: Mahindra & Mahindra’s Q2 adjusted PAT, at INR 23.4bn, came in above our estimate of INR 19.5bn, primarily due to higher-than...

HDFC Securities

Exchanges, Staffing and Internet (Q2FY23E Results Preview): Recovery on the cards

Exchanges: MCX options ADTV continues to rise (+60% QoQ) while futures ADTV declined -5.2% QoQThe options ADTV stood at INR 314bn, which is up...

HDFC Securities

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

Exchanges, Staffing and Internet - Mixed Bag

We prefer MCX in the exchanges space, aided by continued traction in options volume, healthy new product pipeline (index and mini contracts) and...

HDFC Securities

HSIE Results Daily: Mahindra & Mahindra, Ashok Leyland, Oil India, AGS Transact

Mahindra & Mahindra: Mahindra & Mahindra’s Q2 adjusted PAT, at INR 23.4bn, came in above our estimate of INR 19.5bn, primarily due to higher-than...

HDFC Securities

Exchanges, Staffing and Internet (Q2FY23E Results Preview): Recovery on the cards

Exchanges: MCX options ADTV continues to rise (+60% QoQ) while futures ADTV declined -5.2% QoQThe options ADTV stood at INR 314bn, which is up...

HDFC Securities

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...