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

Thematic (Sector/Industry)

<ul>
<li>India is the largest exporter of generic medicines, contributing 20% to global supply, and accounts for 6% of the world’s API production.</li>
<li>India’s pharma sector offers up to 75% savings in R&amp;D and 55% in manufacturing versus the US, making it essential despite tariff threats.</li>
<li>India’s CRDMO sector is expanding rapidly, with a projected market size of USD 14 billion by 2028, driven by increased demand for biologics and integrated manufacturing solutions.</li>
</ul>


India is the largest exporter of generic medicines, contributing 20% to global supply, and accounts for 6% of the world’s API production.
India’s pharma sector offers up to 75% savings in R&amp;D and 55% in manufacturing versus the US, making it essential despite tariff threats.
India’s CRDMO sector is expanding rapidly, with a projected market size of USD 14 billion by 2028, driven by increased demand for biologics and integrated manufacturing solutions.


Thematic Report: Can Tariffs Undermine India’s Pharma Advantage?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Equity Bottom-Up

<ul>
<li>Jubilant Pharmova is investing over USD 285 million to expand its PET radiopharmacy sites, CDMO Sterile Injectables, and CRDMO capacity (FTEs from 1,000 to 4,000 by FY27). </li>
<li>
These segments, contributing over 80% of FY25 EBITDA, are positioned for faster growth and margin expansion, with Line 3 in Spokane expected to reach peak utilization in 3 years.</li>
<li>A pivot towards higher-margin businesses with targeted RoCE above 20% enhances confidence in achieving Vision 2030 goals of doubling revenue and reaching 23–25% EBITDA margins.</li>
</ul>


Jubilant Pharmova is investing over USD 285 million to expand its PET radiopharmacy sites, CDMO Sterile Injectables, and CRDMO capacity (FTEs from 1,000 to 4,000 by FY27). 

These segments, contributing over 80% of FY25 EBITDA, are positioned for faster growth and margin expansion, with Line 3 in Spokane expected to reach peak utilization in 3 years.
A pivot towards higher-margin businesses with targeted RoCE above 20% enhances confidence in achieving Vision 2030 goals of doubling revenue and reaching 23–25% EBITDA margins.


The Beat Ideas: Jubilant Pharmova - Turning Capex Into Catalysts for Long-Term Value

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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.

Equity Capital Markets

Travel Food Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travel-food-services-ltd" target="_blank" data-smartkarma-citation="entities:44175:1" rel="noopener">Travel Food Services Ltd (1450229D IN)</a> raised about US$233m in its India IPO.</li>
<li>Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Travel Food Services Ltd (1450229D IN) raised about US$233m in its India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Travel Food Services IPO Trading - Decent Anchor; Subdued Overall Demand

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, the previous week was another busy week for listings, with mixed results.</li>
<li>On the placements front, we looked at the possible placements for <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and <a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN).</a>
</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the previous week was another busy week for listings, with mixed results.
On the placements front, we looked at the possible placements for Meituan (3690 HK) and State Bank Of India (SBIN IN).



ECM Weekly (14 July 2025) - Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD

JX Advanced Metals / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a> managed to hold on to its deal price, riding on the copper price resurgance.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/judo-capital" target="_blank" data-smartkarma-citation="entities:34571:1" rel="noopener">Judo Capital (JDO AU)</a> was the only largish deal over the past week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, JX Advanced Metals (5016 JP) managed to hold on to its deal price, riding on the copper price resurgance.
On the placements front, Judo Capital (JDO AU) was the only largish deal over the past week.


ECM Weekly (24th Mar 2025) -JX Advance, DN Solutions, Nanshan Aluminimum, Anthem, EAAA, Judo Capital

Price Gauge
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Anthem Biosciences (1234D IN)

Thematic Report: Can Tariffs Undermine India’s Pharma Advantage?

India leads in generic medicine exports, offering significant cost savings in R&D and manufacturing compared to the US. The country's CRDMO sector...

Nimish Maheshwari

The Beat Ideas: Jubilant Pharmova - Turning Capex Into Catalysts for Long-Term Value

Jubilant Pharmova is investing in expanding PET radiopharmacy sites and other segments to drive faster growth and margin expansion, aiming for...

Sudarshan Bhandari

Travel Food Services IPO Trading - Decent Anchor; Subdued Overall Demand

Travel Food Services (TFS) raised about US$233m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

ECM Weekly (14 July 2025) - Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

ECM Weekly (24th Mar 2025) -JX Advance, DN Solutions, Nanshan Aluminimum, Anthem, EAAA, Judo Capital

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thematic Report: Can Tariffs Undermine India’s Pharma Advantage?

​India leads in generic medicine exports, offering significant cost savings in R&D and manufacturing compared to the US. The country's CRDMO sector...

Nimish Maheshwari

The Beat Ideas: Jubilant Pharmova - Turning Capex Into Catalysts for Long-Term Value

​Jubilant Pharmova is investing in expanding PET radiopharmacy sites and other segments to drive faster growth and margin expansion, aiming for...

Sudarshan Bhandari

Travel Food Services IPO Trading - Decent Anchor; Subdued Overall Demand

Travel Food Services (TFS) raised about US$233m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

ECM Weekly (14 July 2025) - Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

ECM Weekly (24th Mar 2025) -JX Advance, DN Solutions, Nanshan Aluminimum, Anthem, EAAA, Judo Capital

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

India leads in generic medicine exports, offering significant cost savings in R&D and manufacturing compared to the US. The country's CRDMO sector...

Jubilant Pharmova is investing in expanding PET radiopharmacy sites and other segments to drive faster growth and margin expansion, aiming for...