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

<ul>
<li>Company delivered a steady Q2 FY26, with PAT growth of 23% YoY and 4% QoQ, in line with expectations. MSME stress prompted a modest downgrade in AUM guidance to 22–23%. </li>
<li>The quarter reflects the company’s pivot toward quality growth, fortified by an aggressive AI transformation program (FINAI) and gold loan expansion strategy. 
</li>
<li>While short-term credit costs weigh on margins, Bajaj Finance’s digital transformation and franchise scale position it to re-accelerate in FY27, reinforcing its premium valuation among Indian NBFCs.</li>
</ul>


Company delivered a steady Q2 FY26, with PAT growth of 23% YoY and 4% QoQ, in line with expectations. MSME stress prompted a modest downgrade in AUM guidance to 22–23%. 
The quarter reflects the company’s pivot toward quality growth, fortified by an aggressive AI transformation program (FINAI) and gold loan expansion strategy. 

While short-term credit costs weigh on margins, Bajaj Finance’s digital transformation and franchise scale position it to re-accelerate in FY27, reinforcing its premium valuation among Indian NBFCs.


Bajaj Finance: From Credit Tightening to Digital Acceleration – A Transition Year in Motion

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: In India, currently four pair trade opportunities persist across two sectors.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: In India, currently four pair trade opportunities persist across two sectors.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


India: Relative Value Opportunities and Pair Trades (12 Oct 2026)

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently eight pair trade opportunities persist across three markets and four sectors.
</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently eight pair trade opportunities persist across three markets and four sectors.


Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (12 Oct 2026)

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Index Rebalance

National Stock Exchange of India / Index Rebalance

National Stock Exchange of India (NSE IN)

<ul>
<li>NSE listed on BSE on 24 Sep 2026. It would rank 11th by full market cap among the Nifty 50 members.</li>
<li>In this note, we analyze its path into the Nifty 50 under the NIFTY methodology.</li>
<li>We cover its IWF and FF estimates, F&amp;O entry, the timeline to Nifty 50 entry, and the SEBI permission NSE needs to trade on NSE.</li>
</ul>


NSE listed on BSE on 24 Sep 2026. It would rank 11th by full market cap among the Nifty 50 members.
In this note, we analyze its path into the Nifty 50 under the NIFTY methodology.
We cover its IWF and FF estimates, F&amp;O entry, the timeline to Nifty 50 entry, and the SEBI permission NSE needs to trade on NSE.


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

India

Bajaj Finance is an Indian deposit-taking non-banking financial company (NBFC) that offers a diversified portfolio of financial products and services. These include consumer loans, SME and commercial lending, rural lending, fixed deposits, and various investment and insurance products. The company is headquartered in Pune, India, and was founded on March 25, 1987.

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Bajaj Finance (BAF IN)

Bajaj Finance: From Credit Tightening to Digital Acceleration – A Transition Year in Motion

Bajaj Finance posts steady Q2 results with 23% PAT growth YoY, slight AUM downgrade due to MSME stress. Focus on quality growth, AI...

Sudarshan Bhandari

India: Relative Value Opportunities and Pair Trades (12 Oct 2026)

Discover four pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (12 Oct 2026)

Discover eight pair trade opportunities across three markets and four sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

NSE: From Nifty 500 to Nifty 50

NSE listed on BSE on 24 Sep 2026 and is the 12th largest Indian listed company by full market cap. NIFTY entry needs trading on NSE, and so SEBI...

Ke Yan, CFA, FRM

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bajaj Finance: From Credit Tightening to Digital Acceleration – A Transition Year in Motion

​Bajaj Finance posts steady Q2 results with 23% PAT growth YoY, slight AUM downgrade due to MSME stress. Focus on quality growth, AI...

Sudarshan Bhandari

India: Relative Value Opportunities and Pair Trades (12 Oct 2026)

​Discover four pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (12 Oct 2026)

​Discover eight pair trade opportunities across three markets and four sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

NSE: From Nifty 500 to Nifty 50

NSE listed on BSE on 24 Sep 2026 and is the 12th largest Indian listed company by full market cap. NIFTY entry needs trading on NSE, and so SEBI...

Ke Yan, CFA, FRM

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

Bajaj Finance posts steady Q2 results with 23% PAT growth YoY, slight AUM downgrade due to MSME stress. Focus on quality growth, AI...

Discover four pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Discover eight pair trade opportunities across three markets and four sectors using statistical mean-reversion methodology for actionable insights.