India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

Equity Bottom-Up

<ul>
<li>Asian Paints achieved a 7-quarter high in Q2FY26 with 10.9% domestic volume growth, driven by easing raw material costs and strategic integration, leading to a 2% margin expansion. 
</li>
<li>Despite heavy monsoons, strong execution drove a double-digit volume rebound, signaling stabilized consumer demand. This coupled with a key competitor's executive loss, validates the firm's defensive market position.</li>
<li>Asian Paints' strong performance deserves a premium valuation but justifying it hinges on the perfect execution of its backward integration project and defending its competitive position. 
</li>
</ul>


Asian Paints achieved a 7-quarter high in Q2FY26 with 10.9% domestic volume growth, driven by easing raw material costs and strategic integration, leading to a 2% margin expansion. 

Despite heavy monsoons, strong execution drove a double-digit volume rebound, signaling stabilized consumer demand. This coupled with a key competitor's executive loss, validates the firm's defensive market position.
Asian Paints' strong performance deserves a premium valuation but justifying it hinges on the perfect execution of its backward integration project and defending its competitive position. 



Decoding Asian Paints Execution Supremacy Amidst New Competition

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Companies in India have disclosed their shareholding pattern as of end-September in October. There are companies with significant float changes from end-June and/or end-March.</li>
<li>The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.</li>
<li>Depending on the date that the shareholding was published, there could be 20 stocks with passive inflows from global trackers while 6 could have passive outflows in November.</li>
</ul>


Companies in India have disclosed their shareholding pattern as of end-September in October. There are companies with significant float changes from end-June and/or end-March.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.
Depending on the date that the shareholding was published, there could be 20 stocks with passive inflows from global trackers while 6 could have passive outflows in November.


India: Potential Free Float Changes & Passive Flows in November

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN) </a>is looking to raise around US$607m in its upcoming India IPO.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.</li>
</ul>



Meesho (1546271D IN) is looking to raise around US$607m in its upcoming India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.


Meesho Ltd IPO - Value-Led Play, Moderately Priced

<ul>
<li>Grasim (Birla Opus) filed an antitrust complaint alleging Asian Paints used dealer-exclusivity, supply-chain pressure, and reputational tactics to throttle its rollout.</li>
<li>CCI’s prima-facie order opens a DG probe; outcome could reset the playbook on dealer contracts in all B2C staples. </li>
<li>DG has 90 days to file its report. Possible end-states: (i) dismissal, (ii) monetary penalty + conduct remedies (exclusivity clauses void), (iii) structural remedy (unlikely).</li>
</ul>


Grasim (Birla Opus) filed an antitrust complaint alleging Asian Paints used dealer-exclusivity, supply-chain pressure, and reputational tactics to throttle its rollout.
CCI’s prima-facie order opens a DG probe; outcome could reset the playbook on dealer contracts in all B2C staples. 
DG has 90 days to file its report. Possible end-states: (i) dismissal, (ii) monetary penalty + conduct remedies (exclusivity clauses void), (iii) structural remedy (unlikely).


Asian Paints Vs. Grasim: The Anti-Trust Showdown

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Q4 FY25 volumes grew 1.8%, value declined; FY26 guidance is for low growth with 18–20% margins supported by integration and cost control.</li>
<li>Grasim and JSW are aggressively expanding with large capex and dealer networks, intensifying pricing pressure in decorative paints.</li>
<li>Stock corrected 15–20% but still trades at ~55x P/E, which remains expensive given slowing growth and rising competitive risks.</li>
</ul>


Q4 FY25 volumes grew 1.8%, value declined; FY26 guidance is for low growth with 18–20% margins supported by integration and cost control.
Grasim and JSW are aggressively expanding with large capex and dealer networks, intensifying pricing pressure in decorative paints.
Stock corrected 15–20% but still trades at ~55x P/E, which remains expensive given slowing growth and rising competitive risks.


Asian Paints: Navigating Growth Challenges Amid Evolving Industry Dynamics

India

Asian Paints Limited manufactures a wide range of decorative paints, varnishes, enamels, and black & synthetic resins. The Company, through its subsidiaries, also manufactures specialty industrial chemicals and vinyl pyridine latex products which are used in the manufacture of rubber tires.

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Asian Paints (APNT IN)

Decoding Asian Paints Execution Supremacy Amidst New Competition

Asian Paints achieves 7-quarter high with 10.9% volume growth, signaling stable consumer demand and premium valuation potential.

Sudarshan Bhandari

India: Potential Free Float Changes & Passive Flows in November

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices in November. Passive trackers will need to...

Brian Freitas

Meesho Ltd IPO - Value-Led Play, Moderately Priced

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s implied valuations in the...

Akshat Shah

Asian Paints Vs. Grasim: The Anti-Trust Showdown

Grasim accuses Asian Paints of antitrust practices, CCI orders probe that could impact dealer contracts in B2C staples.

Sudarshan Bhandari

Asian Paints: Navigating Growth Challenges Amid Evolving Industry Dynamics

FY26 guidance is low growth with 18-20% margins. Grasim and JSW expanding aggressively, putting pressure on decorative paints market. Stock...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Decoding Asian Paints Execution Supremacy Amidst New Competition

​Asian Paints achieves 7-quarter high with 10.9% volume growth, signaling stable consumer demand and premium valuation potential.

Sudarshan Bhandari

India: Potential Free Float Changes & Passive Flows in November

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices in November. Passive trackers will need to...

Brian Freitas

Meesho Ltd IPO - Value-Led Play, Moderately Priced

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s implied valuations in the...

Akshat Shah

Asian Paints Vs. Grasim: The Anti-Trust Showdown

​Grasim accuses Asian Paints of antitrust practices, CCI orders probe that could impact dealer contracts in B2C staples.

Sudarshan Bhandari

Asian Paints: Navigating Growth Challenges Amid Evolving Industry Dynamics

FY26 guidance is low growth with 18-20% margins. Grasim and JSW expanding aggressively, putting pressure on decorative paints market. Stock...

Rahul Jain

Asian Paints achieves 7-quarter high with 10.9% volume growth, signaling stable consumer demand and premium valuation potential.

Grasim accuses Asian Paints of antitrust practices, CCI orders probe that could impact dealer contracts in B2C staples.