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

Equity Bottom-Up

<ul>
<li>Dev X planning to double the operational capacity in next two years.</li>
<li>Company is also planning to repay certain debt, while its tier-2 focus and backward integration provides them edge over its peers</li>
<li>Operationally, they are better than peers, evident from longer period lease and high occupancy rates</li>
</ul>


Dev X planning to double the operational capacity in next two years.
Company is also planning to repay certain debt, while its tier-2 focus and backward integration provides them edge over its peers
Operationally, they are better than peers, evident from longer period lease and high occupancy rates


Dev Accelerator IPO Review: Tier 2 Focus, Backward Integrated Player

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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>In H1FY25, Awfis Space Solutions (Awfis) delivered on two of its main FY25 guidance parameters, viz. 30%-plus revenue growth for FY25 and expansion in IGAAP EBITDA margin upwards of 12% (H1FY25 YoY revenue growth of 39% and IGAAP EBITDA margin of 13.3%).</li><li>With an overall operational and committed pipeline of 150,649 seats (over 110,000 operational) as of Sep’24, we expect continued growth ahead.</li><li>We estimate CAGR of 35% in seat addition, 31% in revenue and 53% in IGAAP EBITDA (EBITDA post lease payments) over FY24–27E.</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.

In H1FY25, Awfis Space Solutions (Awfis) delivered on two of its main FY25 guidance parameters, viz. 30%-plus revenue growth for FY25 and expansion in IGAAP EBITDA margin upwards of 12% (H1FY25 YoY revenue growth of 39% and IGAAP EBITDA margin of 13.3%).With an overall operational and committed pipeline of 150,649 seats (over 110,000 operational) as of Sep’24, we expect continued growth ahead.We estimate CAGR of 35% in seat addition, 31% in revenue and 53% in IGAAP EBITDA (EBITDA post lease payments) over FY24–27E.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.

Awfis Space Solutions - Compounding Firmly Seated

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/nextbillion-technology-pvt-ltd-groww" target="_blank" data-smartkarma-citation="entities:34787:1" rel="noopener">Groww (1573648D IN)</a> raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.</li>
<li>With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.</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>



Groww (1573648D IN) raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
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.


Groww IPO Trading - Decent Overall Demand

WeWork India Management Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> raised about US$338m in its India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.</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>



WeWork India Management Ltd (1690124D IN) raised about US$338m in its India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.
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.


WeWork India IPO Trading - Muted Demand, Likely to Trade Weak

Thematic (Sector/Industry)

<ul>
<li>India’s Grade A office stock has surged to 883M sq. ft. in 2025, projected to hit 1,072M sq. ft. by 2027, with flexible workspaces already expanding to ~96M sq. ft.</li>
<li>
WeWork India leads the flex market with INR 19,492M revenue in FY25 and supported by 94% Grade A portfolio and an enterprise-heavy client base.</li>
<li>New offerings like WeWork Workplace SaaS, Zoapi, and Virtual Offices are boosting ancillary revenue (10% of operations, above industry average).</li>
</ul>


India’s Grade A office stock has surged to 883M sq. ft. in 2025, projected to hit 1,072M sq. ft. by 2027, with flexible workspaces already expanding to ~96M sq. ft.

WeWork India leads the flex market with INR 19,492M revenue in FY25 and supported by 94% Grade A portfolio and an enterprise-heavy client base.
New offerings like WeWork Workplace SaaS, Zoapi, and Virtual Offices are boosting ancillary revenue (10% of operations, above industry average).


WeWork India IPO: Not a Lifestyle Brand, Just Shared Office Space?

India

Awfis Space Solutions Limited provides flexible workspace solutions. The Company rents furnished office spaces, flex workspaces, and mobility solutions with work desks, private cabins, meeting rooms, food and beverages, information technology support, and infrastructure services. Awfis Space Solutions serves customers in India.

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Awfis Space Solutions (AWFIS IN)

Dev Accelerator IPO Review: Tier 2 Focus, Backward Integrated Player

Dev X aims to double operational capacity in 2 years, with plans to repay debt and leverage tier-2 focus and backward integration for competitive...

Nimish Maheshwari

Awfis Space Solutions - Compounding Firmly Seated

We retain BUY with a revised target price of INR1,049 (earlier INR 979), as we roll forward to 25x Mar’27E IGAAP EBITDA (earlier Dec’26E) of INR...

ICICI Securities Limited

Groww IPO Trading - Decent Overall Demand

Groww raised around US$747m in its India IPO. In this note, we will talk about the subscription demand and the trading dynamics.

Akshat Shah

WeWork India IPO Trading - Muted Demand, Likely to Trade Weak

WeWork India raised about US$338m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

WeWork India IPO: Not a Lifestyle Brand, Just Shared Office Space?

India's Grade A office stock is on the rise, with flexible workspaces expanding rapidly and WeWork India leading the flex market with innovative...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dev Accelerator IPO Review: Tier 2 Focus, Backward Integrated Player

​Dev X aims to double operational capacity in 2 years, with plans to repay debt and leverage tier-2 focus and backward integration for competitive...

Nimish Maheshwari

Awfis Space Solutions - Compounding Firmly Seated

We retain BUY with a revised target price of INR1,049 (earlier INR 979), as we roll forward to 25x Mar’27E IGAAP EBITDA (earlier Dec’26E) of INR...

ICICI Securities Limited

Groww IPO Trading - Decent Overall Demand

Groww raised around US$747m in its India IPO. In this note, we will talk about the subscription demand and the trading dynamics.

Akshat Shah

WeWork India IPO Trading - Muted Demand, Likely to Trade Weak

WeWork India raised about US$338m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

WeWork India IPO: Not a Lifestyle Brand, Just Shared Office Space?

​India's Grade A office stock is on the rise, with flexible workspaces expanding rapidly and WeWork India leading the flex market with innovative...

Nimish Maheshwari

Dev X aims to double operational capacity in 2 years, with plans to repay debt and leverage tier-2 focus and backward integration for competitive...

India's Grade A office stock is on the rise, with flexible workspaces expanding rapidly and WeWork India leading the flex market with innovative...