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

Event-Driven

<ul>
<li>In Oct-24, Ambuja Cements (ACEM IN) acquired 46.8% stake in Orient Cement (ORCMNT IN) at Rs. 396 per share.</li>
<li>Now Orient cement is trading at 20% discount to open offer price.</li>
<li>This process can take approx. 2 months and can generate ~10-15% risk adjusted return by Jan-25.</li>
</ul>


In Oct-24, Ambuja Cements (ACEM IN) acquired 46.8% stake in Orient Cement (ORCMNT IN) at Rs. 396 per share.
Now Orient cement is trading at 20% discount to open offer price.
This process can take approx. 2 months and can generate ~10-15% risk adjusted return by Jan-25.


Event Driven: Arbitrage Opportunity in Orient Cement Open Offer by Ambuja

<ul>
<li>Adani Group's handling of U.S. FCPA investigation disclosures highlights significant lapses in transparency, including delayed and contradictory statements.</li>
<li>Inconsistent disclosures and wrong disclosure about US investigations raising red flags for regulatory compliance and governance.</li>
<li>Search warrants for Sagar Adani, Nephew of Gautam Adani issued in Mar-23, which is not disclosed in fundraising documents as well as Annual Report. </li>
</ul>


Adani Group's handling of U.S. FCPA investigation disclosures highlights significant lapses in transparency, including delayed and contradictory statements.
Inconsistent disclosures and wrong disclosure about US investigations raising red flags for regulatory compliance and governance.
Search warrants for Sagar Adani, Nephew of Gautam Adani issued in Mar-23, which is not disclosed in fundraising documents as well as Annual Report. 


Adani Group's Crucial Disclosure Lapses About Bribery & US Investigation

Forensic Accounting

<ul>
<li>Gautam Adani and executives indicted in U.S. for bribery, fraud, and obstructing justice tied to renewable energy projects worth billions.</li>
<li>Allegations spotlight governance risks, promoter-driven models, and transparency issues in Indian conglomerates, threatening investor trust in Adani Group and renewable energy sectors.</li>
<li>Adani Group issued media statement saying that charges in indictment are baseless and denied.</li>
</ul>


Gautam Adani and executives indicted in U.S. for bribery, fraud, and obstructing justice tied to renewable energy projects worth billions.
Allegations spotlight governance risks, promoter-driven models, and transparency issues in Indian conglomerates, threatening investor trust in Adani Group and renewable energy sectors.
Adani Group issued media statement saying that charges in indictment are baseless and denied.


Adani Group’s Indictment: Bribery, Fraud, and the Global Fallout

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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>The companies under our coverage reported a Revenue/EBITDA/APAT de-growth of 5%/25%/50% YoY, against expectations of 6%/19%/38% de-growth.</li><li>Volume growth during the quarter was higher by 100 bps at 3%, compared to expectations of 2%.</li><li>EBITDA margins declined by 350 bps YoY, driven by lower realization and negative operating leverage, although partially offset by lower costs during the quarter. </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.

The companies under our coverage reported a Revenue/EBITDA/APAT de-growth of 5%/25%/50% YoY, against expectations of 6%/19%/38% de-growth.Volume growth during the quarter was higher by 100 bps at 3%, compared to expectations of 2%.EBITDA margins declined by 350 bps YoY, driven by lower realization and negative operating leverage, although partially offset by lower costs during the quarter. 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.

Equity Bottom-Up

<ul><li>Capacity expansion to drive volume and revenue growth: The company is expanding its capacity from the current 97 mtpa (including 8.5 mtpa of Orient Cement) to 118 mtpa, with the existing expansion expected to be completed in phases over FY25-FY26.</li><li>Additionally, the company is pursuing growth opportunities and aims to achieve a combined capacity of 140 mtpa by FY28.</li><li>This expansion will support the company’s continued growth momentum. We project the company to grow its volume and revenue at CAGRs of 10% and 8%, respectively, over FY24-FY26E.</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.

Capacity expansion to drive volume and revenue growth: The company is expanding its capacity from the current 97 mtpa (including 8.5 mtpa of Orient Cement) to 118 mtpa, with the existing expansion expected to be completed in phases over FY25-FY26.Additionally, the company is pursuing growth opportunities and aims to achieve a combined capacity of 140 mtpa by FY28.This expansion will support the company’s continued growth momentum. We project the company to grow its volume and revenue at CAGRs of 10% and 8%, respectively, over FY24-FY26E.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.

Ambuja Cements Limited - Improved Operating Performance; Retain BUY

India

Ambuja Cements Limited manufactures cement in India. The Company owns specially designed ships and terminals for bulk transportation of its products. Ambuja Cement sells most of its products domestically, but also has a subsidiary that markets the Group's items in Sri Lanka.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ambuja Cements (ACEM IN)

Event Driven: Arbitrage Opportunity in Orient Cement Open Offer by Ambuja

Ambuja Cements acquired stake in Orient Cement at Rs. 396 per share, now trading at 20% discount, potential for 10-15% return by Jan-25.

Nimish Maheshwari

Adani Group's Crucial Disclosure Lapses About Bribery & US Investigation

Adani Group's lack of transparency in handling U.S. FCPA investigation disclosures raises concerns about regulatory compliance and governance.

Nimish Maheshwari

Adani Group’s Indictment: Bribery, Fraud, and the Global Fallout

Adani Group faces indictment in U.S. for bribery and fraud in renewable energy projects, raising concerns about governance and transparency in...

Nimish Maheshwari

Cement Sector: Q2FY25 Review

The companies under our coverage reported a Revenue/EBITDA/APAT de-growth of 5%/25%/50% YoY, against expectations of 6%/19%/38% de-growth.

Axis Direct

Ambuja Cements Limited - Improved Operating Performance; Retain BUY

Capacity expansion to drive volume and revenue growth: The company is expanding its capacity from the current 97 mtpa (including 8.5 mtpa of Orient...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Event Driven: Arbitrage Opportunity in Orient Cement Open Offer by Ambuja

​Ambuja Cements acquired stake in Orient Cement at Rs. 396 per share, now trading at 20% discount, potential for 10-15% return by Jan-25.

Nimish Maheshwari

Adani Group's Crucial Disclosure Lapses About Bribery & US Investigation

​Adani Group's lack of transparency in handling U.S. FCPA investigation disclosures raises concerns about regulatory compliance and governance.

Nimish Maheshwari

Adani Group’s Indictment: Bribery, Fraud, and the Global Fallout

​Adani Group faces indictment in U.S. for bribery and fraud in renewable energy projects, raising concerns about governance and transparency in...

Nimish Maheshwari

Cement Sector: Q2FY25 Review

The companies under our coverage reported a Revenue/EBITDA/APAT de-growth of 5%/25%/50% YoY, against expectations of 6%/19%/38% de-growth.

Axis Direct

Ambuja Cements Limited - Improved Operating Performance; Retain BUY

Capacity expansion to drive volume and revenue growth: The company is expanding its capacity from the current 97 mtpa (including 8.5 mtpa of Orient...

Axis Direct

Ambuja Cements acquired stake in Orient Cement at Rs. 396 per share, now trading at 20% discount, potential for 10-15% return by Jan-25.

Adani Group's lack of transparency in handling U.S. FCPA investigation disclosures raises concerns about regulatory compliance and governance.

Adani Group faces indictment in U.S. for bribery and fraud in renewable energy projects, raising concerns about governance and transparency in...