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

Astra Microwave Products / Equity Bottom-Up

<ul>
<li>India's Cabinet Committee on Security approved SBS-3 in October 2024: 52-satellite military constellation costing 27,000 crore, with the first launch targeted by Apr-26 and the full network operational by 2029.</li>
<li>For the first time, 31 of the 52 satellites will be built by private Indian firms, formally opening military space to private sector and creating procurement pipeline for space players.</li>
<li>Operation Sindoor in May 2025 validated India's ISR gaps in real combat conditions and locked in political consensus; SBS-3 is now irreversible programme, not an aspiration. </li>
</ul>


India's Cabinet Committee on Security approved SBS-3 in October 2024: 52-satellite military constellation costing 27,000 crore, with the first launch targeted by Apr-26 and the full network operational by 2029.
For the first time, 31 of the 52 satellites will be built by private Indian firms, formally opening military space to private sector and creating procurement pipeline for space players.
Operation Sindoor in May 2025 validated India's ISR gaps in real combat conditions and locked in political consensus; SBS-3 is now irreversible programme, not an aspiration. 


India's SBS-3: 27000Cr Space Satellite Project, These Companies Will Benefit..

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>FY26 defence production reached Rs. 1.78 lakh crore and exports Rs. 38,424 crore, while capability gaps remain in electronics, seekers, counter-drone systems, secure networks and materials.</li>
<li>Platform assembly creates volume; design authority, embedded software and subsystem IP can create recurring upgrades, higher switching costs and export freedom.</li>
<li>BEL is the broadest proxy, while Data Patterns, Astra Microwave, Paras Defence and Zen offer narrower technology exposure. HAL, BDL and Solar remain execution-led plays.</li>
</ul>


FY26 defence production reached Rs. 1.78 lakh crore and exports Rs. 38,424 crore, while capability gaps remain in electronics, seekers, counter-drone systems, secure networks and materials.
Platform assembly creates volume; design authority, embedded software and subsystem IP can create recurring upgrades, higher switching costs and export freedom.
BEL is the broadest proxy, while Data Patterns, Astra Microwave, Paras Defence and Zen offer narrower technology exposure. HAL, BDL and Solar remain execution-led plays.


India's Defence Opportunity Is Shifting From Platforms To Technology

<ul>
<li>India's Union Budget FY27 allocates a record Rs. 7.85 lakh crore to defence, a 15.19% increase, the largest-ever outlay. </li>
<li>This is driven by a doctrinal shift: defence spending is no longer calibrated to threat cycles, it is now a permanent infrastructure of the Indian state.</li>
<li>With no political dialogue on Kashmir, the IWT suspended, and China backing Pakistan, India has accepted that a high-tension equilibrium is the new normal, and is funding accordingly.</li>
</ul>


India's Union Budget FY27 allocates a record Rs. 7.85 lakh crore to defence, a 15.19% increase, the largest-ever outlay. 
This is driven by a doctrinal shift: defence spending is no longer calibrated to threat cycles, it is now a permanent infrastructure of the Indian state.
With no political dialogue on Kashmir, the IWT suspended, and China backing Pakistan, India has accepted that a high-tension equilibrium is the new normal, and is funding accordingly.


Thematic Report- India: Defence Is No Longer a Choice, It's a Necessity!

<ul>
<li>India’s Defense Acquisition Council approved INR 2.38 lakh crore proposals on March 27, 2026, taking total FY26 approvals to ~INR 9.3 lakh crore across Army, Air Force, and Coast Guard.</li>
<li>The pace and scale of approvals reinforce a multi-year procurement cycle, with indigenization becoming structural, expanding opportunities for domestic defence PSUs and private sector players.</li>
<li>
Stronger order visibility led by BEL, improving execution clarity for HAL, BDL’s indigenization progress, and Astra Microwave’s restructuring position the sector for sustained growth momentum.</li>
</ul>


India’s Defense Acquisition Council approved INR 2.38 lakh crore proposals on March 27, 2026, taking total FY26 approvals to ~INR 9.3 lakh crore across Army, Air Force, and Coast Guard.
The pace and scale of approvals reinforce a multi-year procurement cycle, with indigenization becoming structural, expanding opportunities for domestic defence PSUs and private sector players.

Stronger order visibility led by BEL, improving execution clarity for HAL, BDL’s indigenization progress, and Astra Microwave’s restructuring position the sector for sustained growth momentum.


Thematic Report: India Defense Sector - Moving Into Growth Phase

Asia-Focused Industry Research, Speeda Research

Speeda

Asia-Focused Industry Research

Speeda Research

Speeda Research analysts cover China, Japan, India and SEA on the latest trends and topics. We have analysts of diverse nationalities who are able to access information in their respective local languages to provide customers with comprehensive reports. With access to private company data in these regions, Speeda Research is also able to provide insights into niche sectors which are not usually covered by other parties. We are also able to undertake ad hoc company and industry research reports.

The total number of telecom towers in India stood at about 420,000 at the end of FY 2016 and the industry was estimated to rake in INR 1.36 trillion in annual revenue, with Bharti Infratel and Indus Towers accounting for 40.8% of the total market share. As the need to manage data traffic rises, tenancy ratio of towers is expected to increase from 1.7-1.9 to 2.9 by March 2020. We believe that this form of leasing will contribute significantly to the top line of telecom tower companies in India.

The total number of telecom towers in India stood at about 420,000 at the end of FY 2016 and the industry was estimated to rake in INR 1.36 trillion in annual revenue, with Bharti Infratel and Indus Towers accounting for 40.8% of the total market share. As the need to manage data traffic rises, tenancy ratio of towers is expected to increase from 1.7-1.9 to 2.9 by March 2020. We believe that this form of leasing will contribute significantly to the top line of telecom tower companies in India.

Telecom Infrastructure in India: Keeping Pace with the Surge in Subscribers

India

Astra Microwave Products Ltd. designs, develops, manufactures, and sells sub-systems for radio frequency (RF) and microwave systems. The company primarily serves the defense, space, meteorology, civil, and telecommunication sectors with products such as radar electronics, electronic warfare components, and strategic electronics. It was founded in 1991 and is headquartered in Hyderabad, India.

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Astra Microwave Products (ASTM IN)

India's SBS-3: 27000Cr Space Satellite Project, These Companies Will Benefit..

India's Cabinet approves SBS-3 military satellite constellation, including private sector involvement, with full network operational by 2029 after...

Sudarshan Bhandari

India's Defence Opportunity Is Shifting From Platforms To Technology

India’s defence opportunity is shifting from platform manufacturing to IP, electronics and design authority, favouring firms with technology depth...

Nimish Maheshwari

Thematic Report- India: Defence Is No Longer a Choice, It's a Necessity!

India's Union Budget FY27 allocates record Rs. 7.85 lakh crore to defence, reflecting a shift to permanent infrastructure amid high-tension...

Sudarshan Bhandari

Thematic Report: India Defense Sector - Moving Into Growth Phase

India's Defense Acquisition Council approved INR 2.38 lakh crore proposals, reinforcing a multi-year procurement cycle and boosting opportunities...

Sudarshan Bhandari

Telecom Infrastructure in India: Keeping Pace with the Surge in Subscribers

The total number of telecom towers in India stood at about 420,000 at the end of FY 2016 and the industry was estimated to rake in INR 1.36...

Speeda Research

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52-week Range

Market Cap (USDm)

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India's SBS-3: 27000Cr Space Satellite Project, These Companies Will Benefit..

​India's Cabinet approves SBS-3 military satellite constellation, including private sector involvement, with full network operational by 2029 after...

Sudarshan Bhandari

India's Defence Opportunity Is Shifting From Platforms To Technology

India’s defence opportunity is shifting from platform manufacturing to IP, electronics and design authority, favouring firms with technology depth...

Nimish Maheshwari

Thematic Report- India: Defence Is No Longer a Choice, It's a Necessity!

​India's Union Budget FY27 allocates record Rs. 7.85 lakh crore to defence, reflecting a shift to permanent infrastructure amid high-tension...

Sudarshan Bhandari

Thematic Report: India Defense Sector - Moving Into Growth Phase

​India's Defense Acquisition Council approved INR 2.38 lakh crore proposals, reinforcing a multi-year procurement cycle and boosting opportunities...

Sudarshan Bhandari

Telecom Infrastructure in India: Keeping Pace with the Surge in Subscribers

The total number of telecom towers in India stood at about 420,000 at the end of FY 2016 and the industry was estimated to rake in INR 1.36...

Speeda Research

India's Cabinet approves SBS-3 military satellite constellation, including private sector involvement, with full network operational by 2029 after...

India's Union Budget FY27 allocates record Rs. 7.85 lakh crore to defence, reflecting a shift to permanent infrastructure amid high-tension...

India's Defense Acquisition Council approved INR 2.38 lakh crore proposals, reinforcing a multi-year procurement cycle and boosting opportunities...