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

Thematic (Sector/Industry)

<ul>
<li>China’s April 2025 rare earth curbs and API supply gaps have strengthened India’s role in specialty chemicals, pharma ingredients, solar modules, and EV components.</li>
<li>Indian players are winning multi-year contracts as global buyers diversify from China. PLI schemes, rare earth incentives, and DCR rules are adding policy support.</li>
<li>
Waaree Energies, Divi’s Laboratories, and PI Industries offer differentiated exposure, with earnings visibility likely extending toFY28. This note maps the opportunity and its limits.</li>
</ul>


China’s April 2025 rare earth curbs and API supply gaps have strengthened India’s role in specialty chemicals, pharma ingredients, solar modules, and EV components.
Indian players are winning multi-year contracts as global buyers diversify from China. PLI schemes, rare earth incentives, and DCR rules are adding policy support.

Waaree Energies, Divi’s Laboratories, and PI Industries offer differentiated exposure, with earnings visibility likely extending toFY28. This note maps the opportunity and its limits.


China’s Supply Chain Squeeze: Mapping India’s Opportunity Across Four Critical Sectors

<ul>
<li>Indian two-wheeler OEMs have lined up roughly 11,000 crore of capex across ICE, EV, scooters, exports and premium capacity.</li>
<li>This is a demand-confidence signal after FY26 domestic two-wheeler sales rose 10.7% to 2.17 crore units.</li>
<li>The capex cycle favors disciplined scale, localization and mix improvement, but utilization and pricing power will decide returns.</li>
</ul>


Indian two-wheeler OEMs have lined up roughly 11,000 crore of capex across ICE, EV, scooters, exports and premium capacity.
This is a demand-confidence signal after FY26 domestic two-wheeler sales rose 10.7% to 2.17 crore units.
The capex cycle favors disciplined scale, localization and mix improvement, but utilization and pricing power will decide returns.


India’s 2W Industry Expansion: ₹11,000 Crore Capex- Who Is Doing What?

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

Avaada Electro Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avaada-electro-limited" target="_blank" data-smartkarma-citation="entities:58612:1" rel="noopener">Avaada Electro Limited (2596819D IN)</a> is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.</li>
<li>Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Avaada Electro Limited (2596819D IN) is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.
Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.
In this note, we look at the firm’s past performance.


Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

<ul>
<li>Delhi has drafted EV Policy 2026–2030, replacing the 2020 framework, pivoting to scrappage-linked incentives, capping subsidies to mass-market vehicles below Rs 25 lakh, and targeting 36,000 charging points by 2030.</li>
<li>With 90 lakh registered vehicles and India's most polluted urban air, Delhi's demand signal carries outsized influence on OEM product roadmaps, capex cycles, and localization timelines through 2030.</li>
<li>Legacy OEMs with established service networks (TVS, Bajaj, Hero, Tata Motors, Ashok Leyland) stand to capture disproportionate benefits; pure-play EV startups without scale face a harder road ahead.</li>
</ul>


Delhi has drafted EV Policy 2026–2030, replacing the 2020 framework, pivoting to scrappage-linked incentives, capping subsidies to mass-market vehicles below Rs 25 lakh, and targeting 36,000 charging points by 2030.
With 90 lakh registered vehicles and India's most polluted urban air, Delhi's demand signal carries outsized influence on OEM product roadmaps, capex cycles, and localization timelines through 2030.
Legacy OEMs with established service networks (TVS, Bajaj, Hero, Tata Motors, Ashok Leyland) stand to capture disproportionate benefits; pure-play EV startups without scale face a harder road ahead.


Delhi's EV Draft Policy: Who Wins the Policy Windfall of 2026–2030?

<ul>
<li>India’s auto sector ended FY26 strongly, with growth across segments: PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.</li>
<li>
Tractors outperformed PVs, driven by strong rural demand supported by GST cuts, healthy reservoir levels, and favorable seasonal factors like the Navratri period.</li>
<li>While 2W EVs grew 45% YoY, market share shifted toward established players. CV growth slowed meaningfully from February, indicating early signs of demand normalization.</li>
</ul>


India’s auto sector ended FY26 strongly, with growth across segments: PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.

Tractors outperformed PVs, driven by strong rural demand supported by GST cuts, healthy reservoir levels, and favorable seasonal factors like the Navratri period.
While 2W EVs grew 45% YoY, market share shifted toward established players. CV growth slowed meaningfully from February, indicating early signs of demand normalization.


Thematic Report on India Auto Sector: GST Cuts Drive Volume Growth Across Segments

India

Bajaj Auto Limited manufactures and distributes motorized two-wheeled and three-wheeled scooters, motorcycles and mopeds.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Bajaj Auto Ltd (BJAUT IN)

China’s Supply Chain Squeeze: Mapping India’s Opportunity Across Four Critical Sectors

China's rare earth curbs boost India's role in specialty chemicals, pharma, solar, and EV components. Indian firms secure contracts with policy...

Sudarshan Bhandari

India’s 2W Industry Expansion: ₹11,000 Crore Capex- Who Is Doing What?

Indian two-wheeler OEMs are investing heavily in capex across various segments to meet growing demand, with a focus on scale, localization, and...

Sudarshan Bhandari

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

Delhi's EV Draft Policy: Who Wins the Policy Windfall of 2026–2030?

Delhi's new EV Policy 2026-2030 focuses on scrappage incentives, subsidies for mass-market vehicles under Rs 25 lakh, and aims for 36,000 charging...

Sudarshan Bhandari

Thematic Report on India Auto Sector: GST Cuts Drive Volume Growth Across Segments

India's auto sector saw strong growth in FY26, with PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China’s Supply Chain Squeeze: Mapping India’s Opportunity Across Four Critical Sectors

​China's rare earth curbs boost India's role in specialty chemicals, pharma, solar, and EV components. Indian firms secure contracts with policy...

Sudarshan Bhandari

India’s 2W Industry Expansion: ₹11,000 Crore Capex- Who Is Doing What?

​Indian two-wheeler OEMs are investing heavily in capex across various segments to meet growing demand, with a focus on scale, localization, and...

Sudarshan Bhandari

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

Delhi's EV Draft Policy: Who Wins the Policy Windfall of 2026–2030?

​Delhi's new EV Policy 2026-2030 focuses on scrappage incentives, subsidies for mass-market vehicles under Rs 25 lakh, and aims for 36,000 charging...

Sudarshan Bhandari

Thematic Report on India Auto Sector: GST Cuts Drive Volume Growth Across Segments

​India's auto sector saw strong growth in FY26, with PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.

Sudarshan Bhandari

China's rare earth curbs boost India's role in specialty chemicals, pharma, solar, and EV components. Indian firms secure contracts with policy...

Indian two-wheeler OEMs are investing heavily in capex across various segments to meet growing demand, with a focus on scale, localization, and...

Delhi's new EV Policy 2026-2030 focuses on scrappage incentives, subsidies for mass-market vehicles under Rs 25 lakh, and aims for 36,000 charging...

India's auto sector saw strong growth in FY26, with PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.