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.

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Thematic (Sector/Industry)

<ul>
<li>DPIIT extended conditional compressor import exemptions under the QCO framework till March 31, 2027, with volume caps of 30% to 100% of FY25 levels depending on compressor type. </li>
<li>The QCO extension simply defers the supply risk while the real pain, margin squeeze continues. The structural case for AC stocks is weaker than the summer demand narrative suggests</li>
<li>Voltas FY26 PAT fell 55% &amp; Amber's FY26 PAT dropped 10%, EBITDA margins compressed 4% to 5%. The import extension does not address commodity inflation, currency weakness and rich valuations.</li>
</ul>


DPIIT extended conditional compressor import exemptions under the QCO framework till March 31, 2027, with volume caps of 30% to 100% of FY25 levels depending on compressor type. 
The QCO extension simply defers the supply risk while the real pain, margin squeeze continues. The structural case for AC stocks is weaker than the summer demand narrative suggests
Voltas FY26 PAT fell 55% &amp; Amber's FY26 PAT dropped 10%, EBITDA margins compressed 4% to 5%. The import extension does not address commodity inflation, currency weakness and rich valuations.


India's AC Stocks Are Overheating: The Policy Setback!

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.

<ul><li>India’s EMS industry remains at an early stage of global penetration with ~4-5% market share and is rapidly emerging as a key pillar of the electronics ecosystem, supported by strong growth momentum and multiple long‑term tailwinds</li><li>The sector delivered a robust 24% revenue CAGR over FY19–24, with growth expected to accelerate further to 27% CAGR over FY24–29E</li><li>Key drivers include PLI incentives, China+1-led supply‑chain diversification, rising domestic electronics demand, increasing labor costs in competing regions, and a growing preference among global OEMs for outsourced manufacturing</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.

India’s EMS industry remains at an early stage of global penetration with ~4-5% market share and is rapidly emerging as a key pillar of the electronics ecosystem, supported by strong growth momentum and multiple long‑term tailwindsThe sector delivered a robust 24% revenue CAGR over FY19–24, with growth expected to accelerate further to 27% CAGR over FY24–29EKey drivers include PLI incentives, China+1-led supply‑chain diversification, rising domestic electronics demand, increasing labor costs in competing regions, and a growing preference among global OEMs for outsourced manufacturingContent 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.

Electronics Manufacturing Services: India EMS: scaling into a multi‑year upcycle

<ul>
<li>We are structurally bullish on AC Industry given massive under-penetration at 8%, though FY25 suffered volume pressures from unseasonal extended monsoons and deferred consumer purchasing behavior</li>
<li>A 10% GST reduction and El Niño heatwaves will drive recovery; notably, <a href="https://www.smartkarma.com/entities/voltas-ltd" target="_blank" data-smartkarma-citation="entities:19924:1" rel="noopener">Voltas Ltd (VOLT IN)</a> reported 11% january volume growth after 9 declining months.</li>
<li>Key industry risks include unpredictable climate volatility, heavy import dependence for critical components, intense price wars, and shifting regulatory energy efficiency standards</li>
</ul>


We are structurally bullish on AC Industry given massive under-penetration at 8%, though FY25 suffered volume pressures from unseasonal extended monsoons and deferred consumer purchasing behavior
A 10% GST reduction and El Niño heatwaves will drive recovery; notably, Voltas Ltd (VOLT IN) reported 11% january volume growth after 9 declining months.
Key industry risks include unpredictable climate volatility, heavy import dependence for critical components, intense price wars, and shifting regulatory energy efficiency standards


AC Industry Turnaround: Riding The Great Indian Cooling Boom from El Niño to GST Cuts

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Several Indian sectors have demonstrated a robust recovery in operating margins on a Year-over-Year (YoY) basis as of March 2025 (Q4 FY25)</li>
<li>This broad-based improvement is primarily attributed to a confluence of industry-wide factors, predominantly the easing of input costs driven by moderating inflation.</li>
<li>Sectors like Telecom, Metals, Cement, Consumer Durables, Capital Goods, Automobile, Healthcare, EMS are seeing uptick in margins</li>
</ul>


Several Indian sectors have demonstrated a robust recovery in operating margins on a Year-over-Year (YoY) basis as of March 2025 (Q4 FY25)
This broad-based improvement is primarily attributed to a confluence of industry-wide factors, predominantly the easing of input costs driven by moderating inflation.
Sectors like Telecom, Metals, Cement, Consumer Durables, Capital Goods, Automobile, Healthcare, EMS are seeing uptick in margins


Charted Insights : Sectors Seeing Margin Uptick as Inflation Cools Down in India

<ul><li>Amber Enterprises: Amber’s Q4FY25 revenue grew by 34% YoY to INR 37.54bn, mainly led by robust growth in consumer durables and electronics segments (+27/74% YoY)</li><li>EBITDAM contracted slightly by 10bps YoY (+40bps QoQ) due to a decline in gross margin (-20bps) and higher other expenses (+36% YoY/up 10bps YoY), partially offset by employee cost reduction of 20bps YoY (+24% YoY in absolute terms)</li><li>Consequently, EBITDA grew 33% YoY.</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.

Amber Enterprises: Amber’s Q4FY25 revenue grew by 34% YoY to INR 37.54bn, mainly led by robust growth in consumer durables and electronics segments (+27/74% YoY)EBITDAM contracted slightly by 10bps YoY (+40bps QoQ) due to a decline in gross margin (-20bps) and higher other expenses (+36% YoY/up 10bps YoY), partially offset by employee cost reduction of 20bps YoY (+24% YoY in absolute terms)Consequently, EBITDA grew 33% YoY.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.

HSIE Results Daily: Amber Enterprises, Eris Lifesciences, Kalpataru Projects International

India

Amber Enterprises India is a prominent solution provider in the consumer durables and electronics manufacturing services (EMS) sectors, operating as a key Original Equipment Manufacturer (OEM) and Original Design Manufacturer (ODM) for the Room Air Conditioner (RAC) industry in India. The company produces both components and finished goods for the heating, ventilation, and air conditioning (HVAC) industry, and has diversified into railway subsystems, defense, and various electronics components. Its product portfolio includes RACs, commercial air conditioners, and components for other consumer durables and automobiles. The company was founded in 1990 and is headquartered in Gurugram, India.

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Amber Enterprises India (AMBER IN)

India's AC Stocks Are Overheating: The Policy Setback!

DPIIT extends compressor import exemptions under QCO framework till 2027, but margin squeeze continues for AC stocks despite volume caps and PAT...

Nimish Maheshwari

Electronics Manufacturing Services: India EMS: scaling into a multi‑year upcycle

The sector delivered a robust 24% revenue CAGR over FY19–24, with growth expected to accelerate further to 27% CAGR over FY24–29E

HDFC Securities

AC Industry Turnaround: Riding The Great Indian Cooling Boom from El Niño to GST Cuts

Structurally bullish on AC Industry despite FY25 volume pressures; potential recovery driven by GST reduction and El Niño heatwaves, with risks...

Nimish Maheshwari

Charted Insights : Sectors Seeing Margin Uptick as Inflation Cools Down in India

Indian sectors show strong recovery in operating margins in Q4 FY25 due to lower input costs driven by easing inflation.

Sudarshan Bhandari

HSIE Results Daily: Amber Enterprises, Eris Lifesciences, Kalpataru Projects International

Amber Enterprises: Amber’s Q4FY25 revenue grew by 34% YoY to INR 37.54bn, mainly led by robust growth in consumer durables and electronics segments...

HDFC Securities

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India's AC Stocks Are Overheating: The Policy Setback!

​DPIIT extends compressor import exemptions under QCO framework till 2027, but margin squeeze continues for AC stocks despite volume caps and PAT...

Nimish Maheshwari

Electronics Manufacturing Services: India EMS: scaling into a multi‑year upcycle

The sector delivered a robust 24% revenue CAGR over FY19–24, with growth expected to accelerate further to 27% CAGR over FY24–29E

HDFC Securities

AC Industry Turnaround: Riding The Great Indian Cooling Boom from El Niño to GST Cuts

​Structurally bullish on AC Industry despite FY25 volume pressures; potential recovery driven by GST reduction and El Niño heatwaves, with risks...

Nimish Maheshwari

Charted Insights : Sectors Seeing Margin Uptick as Inflation Cools Down in India

​Indian sectors show strong recovery in operating margins in Q4 FY25 due to lower input costs driven by easing inflation.

Sudarshan Bhandari

HSIE Results Daily: Amber Enterprises, Eris Lifesciences, Kalpataru Projects International

Amber Enterprises: Amber’s Q4FY25 revenue grew by 34% YoY to INR 37.54bn, mainly led by robust growth in consumer durables and electronics segments...

HDFC Securities

DPIIT extends compressor import exemptions under QCO framework till 2027, but margin squeeze continues for AC stocks despite volume caps and PAT...

Structurally bullish on AC Industry despite FY25 volume pressures; potential recovery driven by GST reduction and El Niño heatwaves, with risks...

Indian sectors show strong recovery in operating margins in Q4 FY25 due to lower input costs driven by easing inflation.