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>Tim Cook said in a recent call, starting June 25, all iPhones entering US will be sourced from India, creating a billion-dollar opportunity for India.</li>
<li>Apple’s growing investment in India represents a strategic shift away from China due to rising geopolitical tensions and high production costs in China.</li>
<li>As India continues to scale up, the country has the potential to close the gap with China and become a critical player in high-tech manufacturing.</li>
</ul>


Tim Cook said in a recent call, starting June 25, all iPhones entering US will be sourced from India, creating a billion-dollar opportunity for India.
Apple’s growing investment in India represents a strategic shift away from China due to rising geopolitical tensions and high production costs in China.
As India continues to scale up, the country has the potential to close the gap with China and become a critical player in high-tech manufacturing.


Charted Insight: India’s Growing Cost Advantage in Global IPhone Manufacturing

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>India has launched a ₹23,000 crore PLI scheme for electronic components, targeting sub-assemblies, PCBs, and lithium-ion cells to boost local manufacturing and reduce import dependence. </li>
<li>EMS leaders like Dixon, Amber, and Kaynes are accelerating backward integration through JVs, capex, and high-value component manufacturing, unlocking margin expansion and strategic insulation from global supply chain disruptions. I</li>
<li>India's PCB production is just 8% of its ₹236 bn market, where PLI-backed players like Amber and Kaynes could scale rapidly as import substitution gains momentum</li>
</ul>


India has launched a ₹23,000 crore PLI scheme for electronic components, targeting sub-assemblies, PCBs, and lithium-ion cells to boost local manufacturing and reduce import dependence. 
EMS leaders like Dixon, Amber, and Kaynes are accelerating backward integration through JVs, capex, and high-value component manufacturing, unlocking margin expansion and strategic insulation from global supply chain disruptions. I
India's PCB production is just 8% of its ₹236 bn market, where PLI-backed players like Amber and Kaynes could scale rapidly as import substitution gains momentum


How the ₹23K Cr PLI Scheme Benefits EMS Companies - Dixon, Amber, and Kaynes

<ul>
<li>India’s RAC market is growing at 18–20% CAGR, but faces a critical compressor supply shortage due to capacity constraints and BIS-related import delays.</li>
<li>Short-Term risks around component supply, margins, and inventory exist, but structural demand drivers and PLI-driven localization present long-term tailwinds for OEMs and component makers.</li>
<li>Despite near-term volatility, AC sector remains a strong structural story; focus shifts to players with scale, backward integration, and policy-aligned manufacturing strategies.</li>
</ul>


India’s RAC market is growing at 18–20% CAGR, but faces a critical compressor supply shortage due to capacity constraints and BIS-related import delays.
Short-Term risks around component supply, margins, and inventory exist, but structural demand drivers and PLI-driven localization present long-term tailwinds for OEMs and component makers.
Despite near-term volatility, AC sector remains a strong structural story; focus shifts to players with scale, backward integration, and policy-aligned manufacturing strategies.


Thematic Report: Cooling India- Indian Air Conditioner (AC) Industry

<ul>
<li>India approved a INR 22,919 crore PLI scheme for non-chip electronic components, targeting PCBs, display modules, resistors, and more moving beyond finished goods to core sub-assemblies.</li>
<li>This marks a critical shift toward deep localization and import substitution, enhancing India’s value capture, margins, and positioning in the global electronics supply chain.</li>
<li>This PLI redefines India’s electronics play from low-margin assembly to high-value component manufacturing—benefiting players like Dixon, Amber, and Kaynes, and supporting a strategic export pivot.</li>
</ul>


India approved a INR 22,919 crore PLI scheme for non-chip electronic components, targeting PCBs, display modules, resistors, and more moving beyond finished goods to core sub-assemblies.
This marks a critical shift toward deep localization and import substitution, enhancing India’s value capture, margins, and positioning in the global electronics supply chain.
This PLI redefines India’s electronics play from low-margin assembly to high-value component manufacturing—benefiting players like Dixon, Amber, and Kaynes, and supporting a strategic export pivot.


₹22,919 Cr PLI for Components: A Game-Changer Bet to Deepen Electronics Value Chain

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>Post a reasonably good festive season, demand environment is likely to have slackened for most consumer durable categories due to (1) weak consumer sentiment due to inflationary pressures, and (2) delayed onset of winters</li><li>RAC continues to shine aided by second summer season and normal channel inventory thereby supporting overall industry growth</li><li>Timely onset of summer season remains key monitorable in coming months</li></ul><p><em>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.</em></p>

Post a reasonably good festive season, demand environment is likely to have slackened for most consumer durable categories due to (1) weak consumer sentiment due to inflationary pressures, and (2) delayed onset of wintersRAC continues to shine aided by second summer season and normal channel inventory thereby supporting overall industry growthTimely onset of summer season remains key monitorable in coming monthsContent 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.

Consumer Durables & EMS (Q3FY25): Demand slackens post some festive cheer

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)

Charted Insight: India’s Growing Cost Advantage in Global IPhone Manufacturing

Tim Cook announces all iPhones entering US will be sourced from India, marking a strategic shift away from China and creating a billion-dollar...

Nimish Maheshwari

How the ₹23K Cr PLI Scheme Benefits EMS Companies - Dixon, Amber, and Kaynes

India launches PLI scheme for electronic components to boost local manufacturing, reduce import dependence, and accelerate backward integration...

Sudarshan Bhandari

Thematic Report: Cooling India- Indian Air Conditioner (AC) Industry

India's RAC market faces compressor supply shortage and import delays, but long-term growth potential remains strong with PLI-driven localization.

Nimish Maheshwari

₹22,919 Cr PLI for Components: A Game-Changer Bet to Deepen Electronics Value Chain

India's INR 22,919 crore PLI scheme for electronic components boosts localization, import substitution, and high-value manufacturing, benefiting...

Nimish Maheshwari

Consumer Durables & EMS (Q3FY25): Demand slackens post some festive cheer

RAC continues to shine aided by second summer season and normal channel inventory thereby supporting overall industry growth. Timely onset of...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Charted Insight: India’s Growing Cost Advantage in Global IPhone Manufacturing

​Tim Cook announces all iPhones entering US will be sourced from India, marking a strategic shift away from China and creating a billion-dollar...

Nimish Maheshwari

How the ₹23K Cr PLI Scheme Benefits EMS Companies - Dixon, Amber, and Kaynes

​India launches PLI scheme for electronic components to boost local manufacturing, reduce import dependence, and accelerate backward integration...

Sudarshan Bhandari

Thematic Report: Cooling India- Indian Air Conditioner (AC) Industry

​India's RAC market faces compressor supply shortage and import delays, but long-term growth potential remains strong with PLI-driven localization.

Nimish Maheshwari

₹22,919 Cr PLI for Components: A Game-Changer Bet to Deepen Electronics Value Chain

​India's INR 22,919 crore PLI scheme for electronic components boosts localization, import substitution, and high-value manufacturing, benefiting...

Nimish Maheshwari

Consumer Durables & EMS (Q3FY25): Demand slackens post some festive cheer

RAC continues to shine aided by second summer season and normal channel inventory thereby supporting overall industry growth. Timely onset of...

HDFC Securities

Tim Cook announces all iPhones entering US will be sourced from India, marking a strategic shift away from China and creating a billion-dollar...

India launches PLI scheme for electronic components to boost local manufacturing, reduce import dependence, and accelerate backward integration...

India's RAC market faces compressor supply shortage and import delays, but long-term growth potential remains strong with PLI-driven localization.

India's INR 22,919 crore PLI scheme for electronic components boosts localization, import substitution, and high-value manufacturing, benefiting...