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>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

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

Aditya Birla Capital Ltd / Index Rebalance

<ul>
<li>There could be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 64.2% and that will result in a round-trip trade of INR 163bn (US$1.8bn).</li>
<li>The adds have outperformed the deletes in the short-term. With the index based on momentum, there could be further gains over the next couple of weeks.</li>
</ul>


There could be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
If all changes are on expected lines, one-way turnover is estimated at 64.2% and that will result in a round-trip trade of INR 163bn (US$1.8bn).
The adds have outperformed the deletes in the short-term. With the index based on momentum, there could be further gains over the next couple of weeks.


NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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>We cut FY25/FY26/FY27 EPS by 0.4%/3.6%/4.6% given 24% decline in 9mFY25 PAT and tepid outlook in medium term.</li><li>We believe APNT is facing pressures on multiple fronts led by 1) tepid urban demand due to high inflation 2) consumer downtrading as mass and economy segments are growing faster and 3) rising competitive intensity in decorative paints post entry of Birla Opus.</li><li>While we expect demand scenario to improve post 1Q/2Q26 aided by benefits of recently announced tax cuts by GOI, the impact of competitive intensity is here to stay.</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.

We cut FY25/FY26/FY27 EPS by 0.4%/3.6%/4.6% given 24% decline in 9mFY25 PAT and tepid outlook in medium term.We believe APNT is facing pressures on multiple fronts led by 1) tepid urban demand due to high inflation 2) consumer downtrading as mass and economy segments are growing faster and 3) rising competitive intensity in decorative paints post entry of Birla Opus.While we expect demand scenario to improve post 1Q/2Q26 aided by benefits of recently announced tax cuts by GOI, the impact of competitive intensity is here to stay.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.

Asian Paints (APNT IN) - Growth Outlook Remains Hazy

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Subdued demand: Asian Paints' Q3FY25 revenue was below expectations, impacted by subdued urban demand and a weak festive season.</li><li>Consolidated revenue declined 6% YoY, as the decorative segment contracted by 7.8% YoY with modest volume growth of 1.6% due to downtrading.</li><li>The industrial segment grew 3.8% YoY, supported by strong traction in the General Industrial and Refinish categories. </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.

Subdued demand: Asian Paints' Q3FY25 revenue was below expectations, impacted by subdued urban demand and a weak festive season.Consolidated revenue declined 6% YoY, as the decorative segment contracted by 7.8% YoY with modest volume growth of 1.6% due to downtrading.The industrial segment grew 3.8% YoY, supported by strong traction in the General Industrial and Refinish categories. 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.

Asian Paints - Weak Demand Outlook Remains; Maintain HOLD

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)

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

NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

We forecast 19 changes for the index in Dec. One-way turnover is estimated at 64.2% resulting in a round-trip trade of INR 163bn (US$1.8bn). The...

Brian Freitas