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

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>We highlight large and small cap companies that experienced significant insider buying during September 2025, as reported on the stock exchanges.</li>
<li>We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
<li>As September is a month just before the result season starts, some of these companies may highlight about improving prospects during coming quarters.</li>
</ul>


We highlight large and small cap companies that experienced significant insider buying during September 2025, as reported on the stock exchanges.
We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.
As September is a month just before the result season starts, some of these companies may highlight about improving prospects during coming quarters.


Insider Activity: Who Bought Their Own Stock in September?

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance Ltd ("BAF")</a>  reported a strong Q1FY26 in terms of growth; however, its credit costs remain elevated due to challenging environment.</li>
<li>AUM grew INR 24750cr+ in Q1FY26 to reach INR 441450cr. BAF added 13.49mm new loans and acquired 4.69mm new customers during Q1FY26 taking the customer franchise count to 106.51mm.</li>
<li>BAF envisions FY26 to be a defining year for AI led transformation (FINAI). BAF has been incorporating FINAI capabilities gradually throughout the company. </li>
</ul>



Bajaj Finance Ltd ("BAF")  reported a strong Q1FY26 in terms of growth; however, its credit costs remain elevated due to challenging environment.
AUM grew INR 24750cr+ in Q1FY26 to reach INR 441450cr. BAF added 13.49mm new loans and acquired 4.69mm new customers during Q1FY26 taking the customer franchise count to 106.51mm.
BAF envisions FY26 to be a defining year for AI led transformation (FINAI). BAF has been incorporating FINAI capabilities gradually throughout the company. 


Bajaj Finance: Robust Growth However Caution Remains Around Credit Cost

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN) </a>is looking to raise around US$607m in its upcoming India IPO.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.</li>
</ul>



Meesho (1546271D IN) is looking to raise around US$607m in its upcoming India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.


Meesho Ltd IPO - Value-Led Play, Moderately Priced

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Anup Saha’s sudden resignation as MD of <a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance Ltd (BAF IN)</a>, just three months into the role, raises succession planning concerns.</li>
<li>The architect of BAF’s growth resumes full control as VC &amp; MD until March 2028, ensuring near-term continuity.</li>
<li>While operations remain stable, the event sharpens focus on long-term leadership depth in India’s most premium NBFC.</li>
</ul>


Anup Saha’s sudden resignation as MD of Bajaj Finance Ltd (BAF IN), just three months into the role, raises succession planning concerns.
The architect of BAF’s growth resumes full control as VC &amp; MD until March 2028, ensuring near-term continuity.
While operations remain stable, the event sharpens focus on long-term leadership depth in India’s most premium NBFC.


Bajaj Finance CEO Resignation: Rajeev Jain Returns, But Succession Looms Large

India

Bajaj Finance Limited is a financial services company that operates branches in India, which provide an assortment of financial services.

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Bajaj Finance Ltd (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

Insider Activity: Who Bought Their Own Stock in September?

September 2025 saw significant insider buying in large and small cap companies, with key sectors experiencing movement above insider buying...

Sreemant Dudhoria,CFA

Bajaj Finance: Robust Growth However Caution Remains Around Credit Cost

BAF reported a good Q1FY26 in terms of growth and productivity. Credit costs remain slightly elevated but better than the peers. FY26 is going to...

Ankit Agrawal, CFA

Meesho Ltd IPO - Value-Led Play, Moderately Priced

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s implied valuations in the...

Akshat Shah

Bajaj Finance CEO Resignation: Rajeev Jain Returns, But Succession Looms Large

Anup Saha's sudden resignation at Bajaj Finance raises succession planning concerns, with the architect of growth taking full control for near...

Nimish Maheshwari

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

Insider Activity: Who Bought Their Own Stock in September?

​September 2025 saw significant insider buying in large and small cap companies, with key sectors experiencing movement above insider buying...

Sreemant Dudhoria,CFA

Bajaj Finance: Robust Growth However Caution Remains Around Credit Cost

BAF reported a good Q1FY26 in terms of growth and productivity. Credit costs remain slightly elevated but better than the peers. FY26 is going to...

Ankit Agrawal, CFA

Meesho Ltd IPO - Value-Led Play, Moderately Priced

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s implied valuations in the...

Akshat Shah

Bajaj Finance CEO Resignation: Rajeev Jain Returns, But Succession Looms Large

​Anup Saha's sudden resignation at Bajaj Finance raises succession planning concerns, with the architect of growth taking full control for near...

Nimish Maheshwari

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

September 2025 saw significant insider buying in large and small cap companies, with key sectors experiencing movement above insider buying...

Anup Saha's sudden resignation at Bajaj Finance raises succession planning concerns, with the architect of growth taking full control for near...