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>
<strong>Global chemical inventory levels</strong> are at <strong>decade lows</strong>, and product prices have begun stabilizing across key segments, signaling the <strong>early stages of a demand-led recovery.</strong> </li>
<li>The capex cycle is largely behind us, setting the <strong>stage for strong free cash flow</strong> generation even as select sub-segments like amines, fluorine, and pyridines see <strong>pricing and volume tailwinds. </strong>
</li>
<li>We adopt a <strong>selective bullish view,</strong> with momentum expected in companies that have strategically aligned capex, <strong>strong product-market fit</strong>, and <strong>established global customer relationships. </strong>
</li>
</ul>



Global chemical inventory levels are at decade lows, and product prices have begun stabilizing across key segments, signaling the early stages of a demand-led recovery. 
The capex cycle is largely behind us, setting the stage for strong free cash flow generation even as select sub-segments like amines, fluorine, and pyridines see pricing and volume tailwinds. 

We adopt a selective bullish view, with momentum expected in companies that have strategically aligned capex, strong product-market fit, and established global customer relationships. 



Thematic Report on What’s Different About the Chemical Recovery This Time?

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

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> is looking to raise up to US$400m in its upcoming India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Anthem Biosciences (1234D IN) is looking to raise up to US$400m in its upcoming India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
In this note, we talk about the not-so-positive aspects of the deal.


Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

Shiva Pharmachem Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shiva-pharmachem-limited" target="_blank" data-smartkarma-citation="entities:40109:1" rel="noopener">Shiva Pharmachem Limited (9155347Z IN)</a> is looking to raise around US$110m in its India IPO.</li>
<li>It is a manufacturer in the Indian specialty chemicals business and was the largest manufacturer of acid and alkyl chlorides by volume in CY22 in India, as per Frost&amp;Sullivan .</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Shiva Pharmachem Limited (9155347Z IN) is looking to raise around US$110m in its India IPO.
It is a manufacturer in the Indian specialty chemicals business and was the largest manufacturer of acid and alkyl chlorides by volume in CY22 in India, as per Frost&amp;Sullivan .
In this note, we talk about the company’s historical performance.


Shiva Pharmachem Pre-IPO - High Borrowings Along with Expansion Plans Leading to Liquidity Concerns

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

External broker reports(aggregated public sources)

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

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.

Equity Bottom-Up

<p>Balaji Amines Ltd (BAL) witnessed strong top-line growth across standalone Amines business and subsidiary Balaji Specialty Chemicals (BSC).</p><div class="content-highlight"><em>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.</em></div>

Balaji Amines Ltd (BAL) witnessed strong top-line growth across standalone Amines business and subsidiary Balaji Specialty Chemicals (BSC).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.

External broker reports(aggregated public sources), CD Equisearch

CD Equisearch

<h2>Quarterly Highlights</h2><ul><li>Bolstered by improved capacity utilization, BAL’s income from operations rose apace in Q4 with the pharmaceuticals and agrochemical industry comprising more than 70% of the total demand. BAL clocked in revenues of Rs. 414.03 cr in the last quarter, up 60.5% y-oy and 5.6% q-o-q. This robust top-line performance helped the company’s operating profit advance to Rs. 128.92 cr (up 9.8% q-o-q) leading to a much improved operating leverage. On account of improved demand and price realization across most of the product portfolio, its amines and specialty chemicalsEBIT margins admirably advanced to 28.7%, the highest ever, from just 18.5% in the same quarter a year ago. </li></ul><div class="content-highlight"><em>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.</em></div>

Quarterly HighlightsBolstered by improved capacity utilization, BAL’s income from operations rose apace in Q4 with the pharmaceuticals and agrochemical industry comprising more than 70% of the total demand. BAL clocked in revenues of Rs. 414.03 cr in the last quarter, up 60.5% y-oy and 5.6% q-o-q. This robust top-line performance helped the company’s operating profit advance to Rs. 128.92 cr (up 9.8% q-o-q) leading to a much improved operating leverage. On account of improved demand and price realization across most of the product portfolio, its amines and specialty chemicalsEBIT margins admirably advanced to 28.7%, the highest ever, from just 18.5% in the same quarter a year ago. 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.

Balaji Amines Ltd: Quarterly Highlights, Outlook and Recommendations

India

Balaji Amines Ltd. manufactures methylamines, ethylamines, and derivatives of specialty chemicals and natural products. The Company supplies its products to c ompanies in the pharmaceutical and pesticide industries in India and elsewhere t hroughout the world.

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Balaji Amines (BLA IN)

Thematic Report on What’s Different About the Chemical Recovery This Time?

Global chemical inventory levels are at decade lows, signaling the early stages of a demand-led recovery. Selective bullish view on companies with...

Sudarshan Bhandari

Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

Anthem Biosciences is looking to raise up to US$400m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Akshat Shah

Shiva Pharmachem Pre-IPO - High Borrowings Along with Expansion Plans Leading to Liquidity Concerns

Shiva PharmaChem is looking to raise around US$110m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Balaji Amines Ltd - Result Update Q2FY22

Balaji Amines Ltd (BAL) witnessed strong top-line growth across standalone Amines business and subsidiary Balaji Specialty Chemicals (BSC).

Edelweiss

Balaji Amines Ltd: Quarterly Highlights, Outlook and Recommendations

Bolstered by improved capacity utilization, BAL’s income from operations rose apace in Q4 with the pharmaceuticals and agrochemical industry...

CD Equisearch

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52-week Range

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Dividend (Yield)

Thematic Report on What’s Different About the Chemical Recovery This Time?

​Global chemical inventory levels are at decade lows, signaling the early stages of a demand-led recovery. Selective bullish view on companies with...

Sudarshan Bhandari

Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

Anthem Biosciences is looking to raise up to US$400m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Akshat Shah

Shiva Pharmachem Pre-IPO - High Borrowings Along with Expansion Plans Leading to Liquidity Concerns

Shiva PharmaChem is looking to raise around US$110m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Balaji Amines Ltd - Result Update Q2FY22

Balaji Amines Ltd (BAL) witnessed strong top-line growth across standalone Amines business and subsidiary Balaji Specialty Chemicals (BSC).

Edelweiss

Balaji Amines Ltd: Quarterly Highlights, Outlook and Recommendations

Bolstered by improved capacity utilization, BAL’s income from operations rose apace in Q4 with the pharmaceuticals and agrochemical industry...

CD Equisearch

Global chemical inventory levels are at decade lows, signaling the early stages of a demand-led recovery. Selective bullish view on companies with...