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>Copra prices have corrected ~30% from July 2025 peaks as of January 2026, signaling the end of a hyper-inflationary cycle that saw costs double YoY.</li>
<li>Raw material costs represent up to 50% of the COGS for coconut oil leaders. This correction provides massive tailwind for gross margin expansion for Companies like <a href="https://www.smartkarma.com/entities/marico-ltd" target="_blank" data-smartkarma-citation="entities:16903:1" rel="noopener">Marico Ltd (MRCO IN)</a>. </li>
<li>Companies expect Copra prices will further soften by March 2026 "flush season" and that will help companies in margin repair.</li>
</ul>


Copra prices have corrected ~30% from July 2025 peaks as of January 2026, signaling the end of a hyper-inflationary cycle that saw costs double YoY.
Raw material costs represent up to 50% of the COGS for coconut oil leaders. This correction provides massive tailwind for gross margin expansion for Companies like Marico Ltd (MRCO IN). 
Companies expect Copra prices will further soften by March 2026 "flush season" and that will help companies in margin repair.


How Falling Prices of Copra Are Reshaping India's FMCG Margins in 2026?

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<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?

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 / 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 (WEWORK IN)</a> raised around US$338m in its IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.</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>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



WeWork India Management (WEWORK IN) raised around US$338m in its IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.
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.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: WeWork India IPO Lockup Expiry-Shares Have Traded Down but WeWork Global Well in The Money

Amagi Media Labs / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amagi-media-labs" target="_blank" data-smartkarma-citation="entities:45644:1" rel="noopener">Amagi Media Labs (1232899D IN)</a> raised around US$189m in its India IPO. AML provides cloud-native software infrastructure for content owners, broadcasters, and streaming platforms.</li>
<li>AML enables its clients to manage, distribute, and monetize live, linear, and on-demand content seamlessly across traditional TV, Over-The-Top (OTT), and Free Ad-Supported Streaming TV (FAST) platforms.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Amagi Media Labs (1232899D IN) raised around US$189m in its India IPO. AML provides cloud-native software infrastructure for content owners, broadcasters, and streaming platforms.
AML enables its clients to manage, distribute, and monetize live, linear, and on-demand content seamlessly across traditional TV, Over-The-Top (OTT), and Free Ad-Supported Streaming TV (FAST) platforms.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Amagi Media Labs IPO Trading - Healthy Demand with Decent Anchor

Value investor- India mid & small caps

Bhaskar Chakraborty

1QFY18 impact in the run up to GST implementation<ul class="">
<li>Consumer electrical leader <a href="https://www.smartkarma.com/entities/9158" target="_blank" data-smartkarma-citation="entities:9158:1">Havells India Ltd (HAVL IN)</a> saw single digit revenue growth and sharp reduction in operating margins as (1) the channel destocked 40-50% of the 45-60 day inventory, (2) it was unable to take the requisite price hikes to offset increase in input cost.</li>
<li>
<a href="https://www.smartkarma.com/entities/13828" target="_blank" data-smartkarma-citation="entities:13828:1">Hindustan Unilever Ltd (HUVR IN)</a> reported flat volume YoY after +4% volume growth in 4QFY17. It said rural channel was more impacted than urban resulting in decline in rural…</li>
</ul>

1QFY18 impact in the run up to GST implementation
Consumer electrical leader Havells India Ltd (HAVL IN) saw single digit revenue growth and sharp reduction in operating margins as (1) the channel destocked 40-50% of the 45-60 day inventory, (2) it was unable to take the requisite price hikes to offset increase in input cost.

Hindustan Unilever Ltd (HUVR IN) reported flat volume YoY after +4% volume growth in 4QFY17. It said rural channel was more impacted than urban resulting in decline in rural…


India: GST's Impact on 1QFY18 Corporate Performance

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)

How Falling Prices of Copra Are Reshaping India's FMCG Margins in 2026?

Copra prices have dropped ~30% from July 2025 peaks, benefiting coconut oil leaders like Marico Ltd with potential for gross margin expansion....

Sudarshan Bhandari

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

Aequitas: WeWork India IPO Lockup Expiry-Shares Have Traded Down but WeWork Global Well in The Money

WeWork India raised around US$338m in its IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.

Akshat Shah

Aequitas: Amagi Media Labs IPO Trading - Healthy Demand with Decent Anchor

Amagi Media Labs (AML) raised around US$189m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

India: GST's Impact on 1QFY18 Corporate Performance

1QFY18 impact in the run up to GST implementation Consumer electrical leader Havells India Ltd (HAVL IN) saw single digit revenue growth and sharp...

Bhaskar Chakraborty

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

How Falling Prices of Copra Are Reshaping India's FMCG Margins in 2026?

​Copra prices have dropped ~30% from July 2025 peaks, benefiting coconut oil leaders like Marico Ltd with potential for gross margin expansion....

Sudarshan Bhandari

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

Aequitas: WeWork India IPO Lockup Expiry-Shares Have Traded Down but WeWork Global Well in The Money

WeWork India raised around US$338m in its IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.

Akshat Shah

Aequitas: Amagi Media Labs IPO Trading - Healthy Demand with Decent Anchor

Amagi Media Labs (AML) raised around US$189m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

India: GST's Impact on 1QFY18 Corporate Performance

1QFY18 impact in the run up to GST implementation Consumer electrical leader Havells India Ltd (HAVL IN) saw single digit revenue growth and sharp...

Bhaskar Chakraborty

Copra prices have dropped ~30% from July 2025 peaks, benefiting coconut oil leaders like Marico Ltd with potential for gross margin expansion....

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