Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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>Canara Bank reported a robust Q2 FY26, defying sector-wide headwinds. The headline surprise was the sharp asset quality improvement, with GNPA collapsing to 2.35% and NNPA at a pristine 0.54%. 
</li>
<li>The bank has successfully pivoted from "balance sheet repair" to "sustainable compounder." While NII is flat, the bank is offsetting this with volume growth and 42% jump in non-interest income.</li>
<li>With the "bad bank" legacy officially buried(PCR &gt;93%), the narrative now shifts to value unlocking. The listing of subsidiaries and the decline in credit costs makes the current valuation attractive.</li>
</ul>


Canara Bank reported a robust Q2 FY26, defying sector-wide headwinds. The headline surprise was the sharp asset quality improvement, with GNPA collapsing to 2.35% and NNPA at a pristine 0.54%. 

The bank has successfully pivoted from "balance sheet repair" to "sustainable compounder." While NII is flat, the bank is offsetting this with volume growth and 42% jump in non-interest income.
With the "bad bank" legacy officially buried(PCR &gt;93%), the narrative now shifts to value unlocking. The listing of subsidiaries and the decline in credit costs makes the current valuation attractive.


The Beat Ideas: Is Canara Bank’s Compounder Thesis Intact Amid NIM Compression?

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

Thematic (Sector/Industry)

<ul><li>Maruti Suzuki: Maruti Suzuki’s (MSIL) Q2FY26 EBITDA margin at 10.5% was in line with Bloomberg consensus estimate of 10.6%, but above our estimate of 10.2%</li><li>We expect margins to improve going forward as capacity utilization improves on the back of higher PV demand, ramp-up of the Victoris model, and increasing exports</li><li>We expect exports to continue to do well over the medium term, benefitting from the company’s efforts over the last few years to improve penetration across markets, including developed markets, and with a wider portfolio and improving mix</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.

Maruti Suzuki: Maruti Suzuki’s (MSIL) Q2FY26 EBITDA margin at 10.5% was in line with Bloomberg consensus estimate of 10.6%, but above our estimate of 10.2%We expect margins to improve going forward as capacity utilization improves on the back of higher PV demand, ramp-up of the Victoris model, and increasing exportsWe expect exports to continue to do well over the medium term, benefitting from the company’s efforts over the last few years to improve penetration across markets, including developed markets, and with a wider portfolio and improving mixContent 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.

HSIE Results Daily: Maruti Suzuki, Bank of Baroda, Union Bank of India, Phoenix Mills...

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>The Indian government is actively considering a new wave of PSB consolidation, headlined by a potential merger of Union Bank of India and Bank of India, alongside selective privatisation.</li>
<li>This signals a strategic shift from post-NPA crisis management to building globally competitive banks, which could fundamentally alter the sector's competitive landscape and credit capacity.</li>
<li>With PSBs on their strongest footing in a decade, this consolidation round has a higher chance of success, forcing investors to re-evaluate the long-term structure of Indian banking.</li>
</ul>


The Indian government is actively considering a new wave of PSB consolidation, headlined by a potential merger of Union Bank of India and Bank of India, alongside selective privatisation.
This signals a strategic shift from post-NPA crisis management to building globally competitive banks, which could fundamentally alter the sector's competitive landscape and credit capacity.
With PSBs on their strongest footing in a decade, this consolidation round has a higher chance of success, forcing investors to re-evaluate the long-term structure of Indian banking.


Thematic Report on PSB Consolidation 2.0: UBI-BoI Merger Signals India's Push for Global-Scale Banks

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context:<a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> remains in a bullish setup. Quantitative models highlight further upside potential in the near term and identify key support levels.</li>
<li>
Trade Idea: With implied volatility near multi-year lows (12th percentile), long call strategies are favored. Suitable expiries and strikes are outlined, with an alternative structure discussed for reducing premium outlay.</li>
<li>
Why Read: This Insight combines directional analysis with volatility signals, highlighting a tactical options strategy where low implied volatility and bullish probabilities align, offering investors defined risk/reward.</li>
</ul>



Context:HDFC Bank (HDFCB IN) remains in a bullish setup. Quantitative models highlight further upside potential in the near term and identify key support levels.

Trade Idea: With implied volatility near multi-year lows (12th percentile), long call strategies are favored. Suitable expiries and strikes are outlined, with an alternative structure discussed for reducing premium outlay.

Why Read: This Insight combines directional analysis with volatility signals, highlighting a tactical options strategy where low implied volatility and bullish probabilities align, offering investors defined risk/reward.


HDFC Bank (HDFCB IN): Ready for the Rally with Tactical Low-Cost Options

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Max Healthcare Institute / Index Rebalance

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the September 2025 index rebal event.</li>
<li>We see two changes for NIFTY 50 and five changes for NIFTY 100 based on current data. We see US$1.2bn a side to trade.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the September 2025 index rebal event.
We see two changes for NIFTY 50 and five changes for NIFTY 100 based on current data. We see US$1.2bn a side to trade.


Quiddity Leaderboard NIFTY Sep25: Reference Period About to End; Some Changes to Expectations

India

Bank of Baroda owns and operates commercial banks in India.  The Group's banks provide the traditional forms of banking services, including CD's, Credit Card services and a variety of car loans, in addition to gold banking and a range of insurance services.  The Group also owns IBU International Finance Limited, an international banking company in Hong Kong.

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Bank Of Baroda (BOB IN)

The Beat Ideas: Is Canara Bank’s Compounder Thesis Intact Amid NIM Compression?

Canara Bank shines in Q2 FY26 with strong asset quality improvement, pivoting to sustainable growth with volume and non-interest income growth,...

Nimish Maheshwari

HSIE Results Daily: Maruti Suzuki, Bank of Baroda, Union Bank of India, Phoenix Mills...

Maruti Suzuki: Maruti Suzuki’s (MSIL) Q2FY26 EBITDA margin at 10.5% was in line with Bloomberg consensus estimate of 10.6%, but above our estimate...

HDFC Securities

Thematic Report on PSB Consolidation 2.0: UBI-BoI Merger Signals India's Push for Global-Scale Banks

Indian government mulls PSB consolidation with potential Union Bank of India and Bank of India merger, signaling shift to building globally...

Sudarshan Bhandari

HDFC Bank (HDFCB IN): Ready for the Rally with Tactical Low-Cost Options

A bullish technical setup for HDFC Bank offers potential upside, with long call option strategies favored amid historically low implied volatility.

Gaudenz Schneider

Quiddity Leaderboard NIFTY Sep25: Reference Period About to End; Some Changes to Expectations

These are our final expectations for ADDs/DELs for the NIFTY index family for the September 2025 index review. The reference period ended on 31st...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: Is Canara Bank’s Compounder Thesis Intact Amid NIM Compression?

​Canara Bank shines in Q2 FY26 with strong asset quality improvement, pivoting to sustainable growth with volume and non-interest income growth,...

Nimish Maheshwari

HSIE Results Daily: Maruti Suzuki, Bank of Baroda, Union Bank of India, Phoenix Mills...

Maruti Suzuki: Maruti Suzuki’s (MSIL) Q2FY26 EBITDA margin at 10.5% was in line with Bloomberg consensus estimate of 10.6%, but above our estimate...

HDFC Securities

Thematic Report on PSB Consolidation 2.0: UBI-BoI Merger Signals India's Push for Global-Scale Banks

​Indian government mulls PSB consolidation with potential Union Bank of India and Bank of India merger, signaling shift to building globally...

Sudarshan Bhandari

HDFC Bank (HDFCB IN): Ready for the Rally with Tactical Low-Cost Options

A bullish technical setup for HDFC Bank offers potential upside, with long call option strategies favored amid historically low implied volatility.

Gaudenz Schneider

Quiddity Leaderboard NIFTY Sep25: Reference Period About to End; Some Changes to Expectations

These are our final expectations for ADDs/DELs for the NIFTY index family for the September 2025 index review. The reference period ended on 31st...

Janaghan Jeyakumar, CFA

Canara Bank shines in Q2 FY26 with strong asset quality improvement, pivoting to sustainable growth with volume and non-interest income growth,...

Indian government mulls PSB consolidation with potential Union Bank of India and Bank of India merger, signaling shift to building globally...