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

Event-Driven

<ul>
<li>AXISCADES has signed a two-phase engineering services divestment programme with Akkodis, with combined programme value of about INR 2,256 crore including contingent payments.</li>
<li>The proceeds are meant to fund the company’s Power 930 plan: aerospace manufacturing, defence systems, Space Systems, XiDA-led ESAI/AI and common dual-use infrastructure.</li>
<li>FY27 should be assessed less as a normal growth year and more as an execution test: revenue transition, cash inflows, working-capital release and manufacturing ramp-up.</li>
</ul>


AXISCADES has signed a two-phase engineering services divestment programme with Akkodis, with combined programme value of about INR 2,256 crore including contingent payments.
The proceeds are meant to fund the company’s Power 930 plan: aerospace manufacturing, defence systems, Space Systems, XiDA-led ESAI/AI and common dual-use infrastructure.
FY27 should be assessed less as a normal growth year and more as an execution test: revenue transition, cash inflows, working-capital release and manufacturing ramp-up.


AXISCADES: The Story Has Shifted From Eng Services to Defence, Space and Deeptech Mfg

Equity Bottom-Up

<ul>
<li>AXISCADES Technologies is a Bengaluru-based aerospace, defence, and ESAI engineering company with INR 1,031 crore revenue, 3,000+ professionals, and a INR 3,807 crore order book.</li>
<li>Management guides 40–50% YoY EPS growth for FY26 and FY27, backed by Power930's INR 9,000 crore top-line vision and surging defence indigenisation tailwinds.</li>
<li>Key risks include heavy customer concentration in top 2 clients drive 73% standalone revenues alongside ambitious capex execution and non-core segment profitability drag.</li>
</ul>


AXISCADES Technologies is a Bengaluru-based aerospace, defence, and ESAI engineering company with INR 1,031 crore revenue, 3,000+ professionals, and a INR 3,807 crore order book.
Management guides 40–50% YoY EPS growth for FY26 and FY27, backed by Power930's INR 9,000 crore top-line vision and surging defence indigenisation tailwinds.
Key risks include heavy customer concentration in top 2 clients drive 73% standalone revenues alongside ambitious capex execution and non-core segment profitability drag.


AXISCADES: Aerospace, Defence & ESAI Story Guiding EPS Growth of 40–50%

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gail-india-ltd" target="_blank" data-smartkarma-citation="entities:15263:1" rel="noopener">Gail India (GAIL IN)</a> to Invest Rs 60,000 Crore in Ethane Cracker Project in Madhya Pradesh.</li>
<li>
<a href="https://www.smartkarma.com/entities/suzlon-energy-ltd" target="_blank" data-smartkarma-citation="entities:1073:1" rel="noopener">Suzlon Energy (SUEL IN)</a> Director Resigns Citing Governance Concerns in his letter</li>
<li>Masdar, <a href="https://www.smartkarma.com/entities/jsw-energy-ltd" target="_blank" data-smartkarma-citation="entities:14949:1" rel="noopener">JSW Energy Ltd (JSW IN)</a>, <a href="https://www.smartkarma.com/entities/torrent-power-ltd" target="_blank" data-smartkarma-citation="entities:17884:1" rel="noopener">Torrent Power (TPW IN)</a> , and More Eye Enel's Indian Assets</li>
</ul>



Gail India (GAIL IN) to Invest Rs 60,000 Crore in Ethane Cracker Project in Madhya Pradesh.

Suzlon Energy (SUEL IN) Director Resigns Citing Governance Concerns in his letter
Masdar, JSW Energy Ltd (JSW IN), Torrent Power (TPW IN) , and More Eye Enel's Indian Assets


#11 India Insight: GAIL 60000Cr Project, Paytm Layoff, Suzlon CG Issues, Axiscades Drone Order

<ul>
<li>GoodLuck India's subsidiary, Goodluck Defence &amp; Aerospace, successfully dispatched its First Overseas Defence Order of USD 6 million for 155mm Heavy-Calibre Empty Shells 
</li>
<li>Not a one-off contract win. Validates multi-year, capital-intensive pivot by an engineering conglomerate, backed by a dedicated 500 Crore Capex Commitment &amp; aspirations of 1,000 Crore in Defence Revenues 
</li>
<li>With a Traditional Steel Business delivering steady Volume Growth and two High-Margin New Engines:Hydraulic Tubes and Defence Shells, GoodLuck India is entering Inflection Phase with Super Margins 
</li>
</ul>


GoodLuck India's subsidiary, Goodluck Defence &amp; Aerospace, successfully dispatched its First Overseas Defence Order of USD 6 million for 155mm Heavy-Calibre Empty Shells 

Not a one-off contract win. Validates multi-year, capital-intensive pivot by an engineering conglomerate, backed by a dedicated 500 Crore Capex Commitment &amp; aspirations of 1,000 Crore in Defence Revenues 

With a Traditional Steel Business delivering steady Volume Growth and two High-Margin New Engines:Hydraulic Tubes and Defence Shells, GoodLuck India is entering Inflection Phase with Super Margins 



The Beat Ideas: GoodLuck India- A Steel Suppliers' Pivot into Defence & Aerospace

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/axiscades-engineering-technologies-ltd" target="_blank" data-smartkarma-citation="entities:17314:1" rel="noopener">Axiscades Engineering Technologies (AXET IN)</a> provides comprehensive engineering and technology solutions for global manufacturers in diverse sectors such as aerospace, defence, automotive, energy, electronics, and heavy engineering. </li>
<li>The acquisition of Mistral Solutions using deferred consideration has helped the group grow its turnover and net profit during the last six years </li>
<li>Our concerns stem from the current vacuum in top management due to exits of senior personnel in spite of high remuneration levels, risk of goodwill impairment, few questionable transactions, etc.</li>
</ul>



Axiscades Engineering Technologies (AXET IN) provides comprehensive engineering and technology solutions for global manufacturers in diverse sectors such as aerospace, defence, automotive, energy, electronics, and heavy engineering. 
The acquisition of Mistral Solutions using deferred consideration has helped the group grow its turnover and net profit during the last six years 
Our concerns stem from the current vacuum in top management due to exits of senior personnel in spite of high remuneration levels, risk of goodwill impairment, few questionable transactions, etc.


Axiscades Technologies Ltd- Forensic Analysis

India

AXISCADES Technologies Ltd. is an Indian-based engineering and research and development (R&D) company that provides technology solutions and product lifecycle support to global manufacturers. The company specializes in aerospace, defense, and electronics, semiconductor, and artificial intelligence (ESAI) sectors, offering services in product design, engineering, embedded software and hardware, system integration, manufacturing, and aftermarket solutions. Headquartered in Bengaluru, India, the company was founded in 1990.

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AXISCADES (AXET IN)

AXISCADES: The Story Has Shifted From Eng Services to Defence, Space and Deeptech Mfg

AXISCADES signs INR 2,256 crore divestment deal with Akkodis to fund Power 930 plan, FY27 to be an execution test for revenue transition and...

Nimish Maheshwari

AXISCADES: Aerospace, Defence & ESAI Story Guiding EPS Growth of 40–50%

Bengaluru-based AXISCADES Technologies eyes strong EPS growth for FY26 and FY27, driven by top-line vision and defence indigenisation, but faces...

Nimish Maheshwari

#11 India Insight: GAIL 60000Cr Project, Paytm Layoff, Suzlon CG Issues, Axiscades Drone Order

Gail India to invest Rs 60,000 crore in ethane cracker project, Suzlon Energy director resigns over governance concerns, Masdar, JSW Energy,...

Sudarshan Bhandari

The Beat Ideas: GoodLuck India- A Steel Suppliers' Pivot into Defence & Aerospace

GoodLuck India's subsidiary secures first overseas defence order of USD 6 million for 155mm heavy-calibre shells, marking a significant milestone...

Sudarshan Bhandari

Axiscades Technologies Ltd- Forensic Analysis

Axiscades provides engineering solutions for global manufacturers, with recent growth attributed to the acquisition of Mistral Solutions. Concerns...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

AXISCADES: The Story Has Shifted From Eng Services to Defence, Space and Deeptech Mfg

​AXISCADES signs INR 2,256 crore divestment deal with Akkodis to fund Power 930 plan, FY27 to be an execution test for revenue transition and...

Nimish Maheshwari

AXISCADES: Aerospace, Defence & ESAI Story Guiding EPS Growth of 40–50%

​Bengaluru-based AXISCADES Technologies eyes strong EPS growth for FY26 and FY27, driven by top-line vision and defence indigenisation, but faces...

Nimish Maheshwari

#11 India Insight: GAIL 60000Cr Project, Paytm Layoff, Suzlon CG Issues, Axiscades Drone Order

​Gail India to invest Rs 60,000 crore in ethane cracker project, Suzlon Energy director resigns over governance concerns, Masdar, JSW Energy,...

Sudarshan Bhandari

The Beat Ideas: GoodLuck India- A Steel Suppliers' Pivot into Defence & Aerospace

​GoodLuck India's subsidiary secures first overseas defence order of USD 6 million for 155mm heavy-calibre shells, marking a significant milestone...

Sudarshan Bhandari

Axiscades Technologies Ltd- Forensic Analysis

​Axiscades provides engineering solutions for global manufacturers, with recent growth attributed to the acquisition of Mistral Solutions. Concerns...

Nitin Mangal

AXISCADES signs INR 2,256 crore divestment deal with Akkodis to fund Power 930 plan, FY27 to be an execution test for revenue transition and...

Bengaluru-based AXISCADES Technologies eyes strong EPS growth for FY26 and FY27, driven by top-line vision and defence indigenisation, but faces...

Gail India to invest Rs 60,000 crore in ethane cracker project, Suzlon Energy director resigns over governance concerns, Masdar, JSW Energy,...

GoodLuck India's subsidiary secures first overseas defence order of USD 6 million for 155mm heavy-calibre shells, marking a significant milestone...

Axiscades provides engineering solutions for global manufacturers, with recent growth attributed to the acquisition of Mistral Solutions. Concerns...