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

Bajaj Consumer Care Limited / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-consumer-care-limited" target="_blank" data-smartkarma-citation="entities:6907:1" rel="noopener">Bajaj Consumer Care Limited (BJCOR IN)</a> operates in the position in light hair oil through its flagship brand Almond Drops with a 65% market share in this category.</li>
<li>In FY25, revenue grew 3.2% YoY to INR 2.4 bn, but EBITDA fell 9.6% and PAT declined 15.6% due to copara(RM) price surge and high employee cost.</li>
<li>Management expects ADHO to rebound with rural demand recovery, while Coconut Oil and skin-care extensions continue to expand the non-ADHO portfolio base aiming 40% share from current 20% in revenue.</li>
</ul>



Bajaj Consumer Care Limited (BJCOR IN) operates in the position in light hair oil through its flagship brand Almond Drops with a 65% market share in this category.
In FY25, revenue grew 3.2% YoY to INR 2.4 bn, but EBITDA fell 9.6% and PAT declined 15.6% due to copara(RM) price surge and high employee cost.
Management expects ADHO to rebound with rural demand recovery, while Coconut Oil and skin-care extensions continue to expand the non-ADHO portfolio base aiming 40% share from current 20% in revenue.


The Beat Ideas: Bajaj Consumer ~ A Turnaround Play Through Non- ADHO Business

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>Bajaj Consumer (BaCo) had another disappointing print with a 3% YoY revenue decline (~2% YoY volume decline) due to continued stress in wholesale channel for core ADHO (~80% revenue salience), while diversification journey continues, though at a moderated pace.</li><li>Project Aarohan (expand urban direct distribution and village reach) being expanded to rest of India (after implementation in MP and UP) augurs well growth in ADHO portfolio.</li><li>However, overall revenue growth has not seen any improvement and demand environment for category is crucial for improved results.</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.

Bajaj Consumer (BaCo) had another disappointing print with a 3% YoY revenue decline (~2% YoY volume decline) due to continued stress in wholesale channel for core ADHO (~80% revenue salience), while diversification journey continues, though at a moderated pace.Project Aarohan (expand urban direct distribution and village reach) being expanded to rest of India (after implementation in MP and UP) augurs well growth in ADHO portfolio.However, overall revenue growth has not seen any improvement and demand environment for category is crucial for improved results.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.

Bajaj Consumer Care - Weak Core [Almond Drops] Remains a Drag

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

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

Rubicon Research Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> is looking to raise about US$155m in its India IPO.</li>
<li>RR’s has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&amp;D intensity.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



Rubicon Research Limited (1453591D IN) is looking to raise about US$155m in its India IPO.
RR’s has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&amp;D intensity.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>The GST Council has simplified India’s indirect tax structure, cutting rates across daily essentials and consolidating slabs into 5% and 18%, with a new 40% bracket for sin goods.</li>
<li>
Consumption accounts for over 60% of GDP, and this tax reset is designed to revive household demand. We expect a 0.5-1% boost to GDP growth over the next 4–6 quarters.</li>
<li>
FMCG companies with price-sensitive portfolios, biscuits, hair oils, shampoo sachets, stand to gain most. Retailers and QSRs will ride the consumption uplift, while tobacco taxation remains unresolved beyond 2025.</li>
</ul>


The GST Council has simplified India’s indirect tax structure, cutting rates across daily essentials and consolidating slabs into 5% and 18%, with a new 40% bracket for sin goods.

Consumption accounts for over 60% of GDP, and this tax reset is designed to revive household demand. We expect a 0.5-1% boost to GDP growth over the next 4–6 quarters.

FMCG companies with price-sensitive portfolios, biscuits, hair oils, shampoo sachets, stand to gain most. Retailers and QSRs will ride the consumption uplift, while tobacco taxation remains unresolved beyond 2025.


GST 2.0: Will India’s Biggest Tax Reset Spark a Consumption Boom or Drive Margin Expansion?

India

Bajaj Consumer Care Limited develops and manufactures a wide range of hair care products. The Company offers a wide range of hair oils for different hair types.

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Bajaj Consumer Care Limited (BJCOR IN)

The Beat Ideas: Bajaj Consumer ~ A Turnaround Play Through Non- ADHO Business

Bajaj Consumer Care Limited dominates light hair oil market with Almond Drops brand, facing challenges in FY25 but eyeing rural demand recovery...

Sudarshan Bhandari

Bajaj Consumer Care - Weak Core [Almond Drops] Remains a Drag

Bajaj Consumer (BaCo) had another disappointing print with a 3% YoY revenue decline (~2% YoY volume decline) due to continued stress in wholesale...

ICICI Securities Limited

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

Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Rubicon Research Limited (RR) is looking to raise about US$155m in its India IPO. In this note, we talk about the RHP updates, peer comp and...

Akshat Shah

GST 2.0: Will India’s Biggest Tax Reset Spark a Consumption Boom or Drive Margin Expansion?

India's GST Council cuts rates on essentials, simplifies tax structure to boost household demand and GDP growth, benefiting FMCG companies and...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: Bajaj Consumer ~ A Turnaround Play Through Non- ADHO Business

​Bajaj Consumer Care Limited dominates light hair oil market with Almond Drops brand, facing challenges in FY25 but eyeing rural demand recovery...

Sudarshan Bhandari

Bajaj Consumer Care - Weak Core [Almond Drops] Remains a Drag

Bajaj Consumer (BaCo) had another disappointing print with a 3% YoY revenue decline (~2% YoY volume decline) due to continued stress in wholesale...

ICICI Securities Limited

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

Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Rubicon Research Limited (RR) is looking to raise about US$155m in its India IPO. In this note, we talk about the RHP updates, peer comp and...

Akshat Shah

GST 2.0: Will India’s Biggest Tax Reset Spark a Consumption Boom or Drive Margin Expansion?

​India's GST Council cuts rates on essentials, simplifies tax structure to boost household demand and GDP growth, benefiting FMCG companies and...

Nimish Maheshwari

Bajaj Consumer Care Limited dominates light hair oil market with Almond Drops brand, facing challenges in FY25 but eyeing rural demand recovery...

India's GST Council cuts rates on essentials, simplifies tax structure to boost household demand and GDP growth, benefiting FMCG companies and...