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.

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Thematic (Sector/Industry)

<ul>
<li>India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.</li>
<li>The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.</li>
<li>If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.</li>
</ul>


India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.
The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.
If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.


Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

<ul>
<li>The GST Council has approved rate cuts , lowering from 28-29% to 18% for 2Ws (&lt;350cc), 3Ws, CVs, tractors and small PVs, while larger cars move to 40% from 43-50%. 
</li>
<li>
Price cuts of 2–9% in mass-market vehicles could spur demand just as rural sentiment, interest rates, and fiscal transfers turn supportive, creating a multi-pronged recovery catalyst for OEMs and ancillaries.</li>
<li>The rationalization removes structural distortions, improves affordability, and positions the festive season as a turning point for sector volumes and improved margins, though premium bikes and fleet operators face headwinds.</li>
</ul>


The GST Council has approved rate cuts , lowering from 28-29% to 18% for 2Ws (&lt;350cc), 3Ws, CVs, tractors and small PVs, while larger cars move to 40% from 43-50%. 


Price cuts of 2–9% in mass-market vehicles could spur demand just as rural sentiment, interest rates, and fiscal transfers turn supportive, creating a multi-pronged recovery catalyst for OEMs and ancillaries.
The rationalization removes structural distortions, improves affordability, and positions the festive season as a turning point for sector volumes and improved margins, though premium bikes and fleet operators face headwinds.


GST Reform in Indian Auto Sector: Demand Revival Meets Margin Expansion Ahead of Festive Surge.

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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>Cumulatively for April–Sept FY26, 2W domestic sales remained flat YoY to 77.27 Lc units as Hero (-4%) and Bajaj (-11%) dragged overall volumes, despite strong performances from TVS (+16%) and RE (+23%).</li><li>On the other hand, 2W exports surged 25% YoY to 18.4 Lc units, reflecting improved traction in global markets, especially Africa and Latin America.</li><li>On a YTD basis, 3W domestic wholesales rose 12% YoY to 3.19 Lc units, led by M&amp;M (+33%), TVS (+40%), and a flat performance by Bajaj. </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.

Cumulatively for April–Sept FY26, 2W domestic sales remained flat YoY to 77.27 Lc units as Hero (-4%) and Bajaj (-11%) dragged overall volumes, despite strong performances from TVS (+16%) and RE (+23%).On the other hand, 2W exports surged 25% YoY to 18.4 Lc units, reflecting improved traction in global markets, especially Africa and Latin America.On a YTD basis, 3W domestic wholesales rose 12% YoY to 3.19 Lc units, led by M&amp;M (+33%), TVS (+40%), and a flat performance by Bajaj. 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.

Equity Bottom-Up

<ul>
<li>Management reiterated a plan to double revenues in 3–4 years, anchored on premiumisation, global expansion, and synergies from the Walter Pack acquisition. 
</li>
<li>Decorative aesthetics is gaining relevance as OEMs push differentiation via design, while exports de-risk domestic cyclicality.</li>
<li>The growth vision is credible, but execution in integrating Walter Pack, sustaining &gt;25% EBITDA margins, and scaling exports to ~15% of sales will determine delivery.</li>
</ul>


Management reiterated a plan to double revenues in 3–4 years, anchored on premiumisation, global expansion, and synergies from the Walter Pack acquisition. 

Decorative aesthetics is gaining relevance as OEMs push differentiation via design, while exports de-risk domestic cyclicality.
The growth vision is credible, but execution in integrating Walter Pack, sustaining &gt;25% EBITDA margins, and scaling exports to ~15% of sales will determine delivery.


The Beat Ideas: SJS Enterprises, A Niche Premiumisation Play

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

SAI Life Sciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-life-sciences" target="_blank" data-smartkarma-citation="entities:43724:1" rel="noopener">SAI Life Sciences (SAILS12 IN)</a> raised around US$360m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



SAI Life Sciences (SAILS12 IN) raised around US$360m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.
Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
In this note, we will talk about the lockup dynamics and possible placement.


Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

India

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

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Bajaj Auto Ltd (BJAUT IN)

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

GST Reform in Indian Auto Sector: Demand Revival Meets Margin Expansion Ahead of Festive Surge.

GST Council approves rate cuts, boosting demand for mass-market vehicles and creating a multi-pronged recovery catalyst for OEMs and ancillaries.

Sudarshan Bhandari

Auto Monthly Sales Volume - August 2025

Cumulatively for April–Sept FY26, 2W domestic sales remained flat YoY to 77.27 Lc units as Hero (-4%) and Bajaj (-11%) dragged overall volumes,...

Axis Direct

The Beat Ideas: SJS Enterprises, A Niche Premiumisation Play

Management aims to double revenues in 3-4 years through premiumisation, global expansion, and synergies from acquisition, with a focus on...

Sudarshan Bhandari

Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

TPG Asia has launched an INR26.4bn (US$302m) cleanup block (14.7% stake) in Sai Life Sciences at a floor price of INR860/share, a 5.2% discount to...

Akshat Shah

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

​India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

GST Reform in Indian Auto Sector: Demand Revival Meets Margin Expansion Ahead of Festive Surge.

​GST Council approves rate cuts, boosting demand for mass-market vehicles and creating a multi-pronged recovery catalyst for OEMs and ancillaries.

Sudarshan Bhandari

Auto Monthly Sales Volume - August 2025

Cumulatively for April–Sept FY26, 2W domestic sales remained flat YoY to 77.27 Lc units as Hero (-4%) and Bajaj (-11%) dragged overall volumes,...

Axis Direct

The Beat Ideas: SJS Enterprises, A Niche Premiumisation Play

​Management aims to double revenues in 3-4 years through premiumisation, global expansion, and synergies from acquisition, with a focus on...

Sudarshan Bhandari

Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

TPG Asia has launched an INR26.4bn (US$302m) cleanup block (14.7% stake) in Sai Life Sciences at a floor price of INR860/share, a 5.2% discount to...

Akshat Shah

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

GST Council approves rate cuts, boosting demand for mass-market vehicles and creating a multi-pronged recovery catalyst for OEMs and ancillaries.

Management aims to double revenues in 3-4 years through premiumisation, global expansion, and synergies from acquisition, with a focus on...