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

Thematic (Sector/Industry)

<ul>
<li>Government policy, exemplified by a massive INR 7 lakh crore ($85 billion) pipeline in the last two years and accelerating export momentum, is resulting in a structural growth cycle.</li>
<li>This conversion provides multi-year revenue visibility (3-7x Book-to-Bill for key PSUs) and fundamentally shifts the industry model from import-driven acquisition to sustained indigenous manufacturing and maintenance, fueling a sustained re-rating.</li>
<li>The defence sector has crossed an point where execution is the new alpha; investors must closely monitor supply chain resilience around critical component imports, and the timing of mega-order conversions.</li>
</ul>


Government policy, exemplified by a massive INR 7 lakh crore ($85 billion) pipeline in the last two years and accelerating export momentum, is resulting in a structural growth cycle.
This conversion provides multi-year revenue visibility (3-7x Book-to-Bill for key PSUs) and fundamentally shifts the industry model from import-driven acquisition to sustained indigenous manufacturing and maintenance, fueling a sustained re-rating.
The defence sector has crossed an point where execution is the new alpha; investors must closely monitor supply chain resilience around critical component imports, and the timing of mega-order conversions.


Thematic Report on India's Defence Sector: The 'Atmanirbhar' Capex Cycle Hits Acceleration

<ul>
<li>India has approved INR 1 lakh crore ($12.6 billion) for building military systems at home, focusing on self-reliance.</li>
<li>This move boosts India’s defense strength with 193 defence contracts (92% domestic) already signed in FY25.</li>
<li>India is combining local manufacturing with stronger global ties, especially with the U.S, to strengthen its defense capabilities.</li>
</ul>


India has approved INR 1 lakh crore ($12.6 billion) for building military systems at home, focusing on self-reliance.
This move boosts India’s defense strength with 193 defence contracts (92% domestic) already signed in FY25.
India is combining local manufacturing with stronger global ties, especially with the U.S, to strengthen its defense capabilities.


Atmanirbhar Bharat in Arms: India's Dual Strategy for Defense Dominance

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Shanghai Stock Exchange Composite Index / Technical Analysis

Shanghai Stock Exchange Composite Index (SHCOMP INDEX)

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.</li>
<li>$125-$126 and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.
$125-$126 and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.


China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Surging DPSU order books ensure revenue visibility, supported by FY26's 9.5% budget increase and 75% capital outlay for domestic industry.   </li>
<li>The future outlook appears robust, driven by policy and a 20% production CAGR target, aiming for INR 5 lakh crore in exports by 2029.   </li>
<li>High valuations driven by P/E re-rating and heavy dependence on Ministry of Defence  as a single buyer are key sector risks.</li>
</ul>


Surging DPSU order books ensure revenue visibility, supported by FY26's 9.5% budget increase and 75% capital outlay for domestic industry.   
The future outlook appears robust, driven by policy and a 20% production CAGR target, aiming for INR 5 lakh crore in exports by 2029.   
High valuations driven by P/E re-rating and heavy dependence on Ministry of Defence  as a single buyer are key sector risks.


Indian Defence Sector: A Sustainable Boom Or A Trap?

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass when we discussed SPX 5110-5120 as a bounce spot and a level to trade [long] against.</li>
<li>Possible that major lows are in at 4800-4820 SPX and $402-$412 on the Nasdaq 100 (QQQ), as discussed in 4/10/25 Int'l Compass. For now we want to remain near-term bullish</li>
<li>200-Day MAs on ACWI-US and SPX are spots where they could roll over. This is just a lean; if we see no reason to sell at those levels, we won't.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass when we discussed SPX 5110-5120 as a bounce spot and a level to trade [long] against.
Possible that major lows are in at 4800-4820 SPX and $402-$412 on the Nasdaq 100 (QQQ), as discussed in 4/10/25 Int'l Compass. For now we want to remain near-term bullish
200-Day MAs on ACWI-US and SPX are spots where they could roll over. This is just a lean; if we see no reason to sell at those levels, we won't.


Invest As If the Lows Are In; EURO STOXX 50 and TOPIX Reclaim Key Levels

India

Bharat Dynamics Limited (BDL) is an Indian manufacturer of ammunitions and missile systems for the Indian Armed Forces, collaborating with DRDO and foreign OEMs. The company produces a wide range of weapon systems including surface-to-air missiles, anti-tank guided missiles, air defence systems, and underwater weapons. BDL was founded in 1970 and is headquartered in Hyderabad, India.

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Bharat Dynamics (BDL IN)

Thematic Report on India's Defence Sector: The 'Atmanirbhar' Capex Cycle Hits Acceleration

Government policy driving massive defense pipeline and export growth is shifting industry model towards sustained indigenous manufacturing,...

Nimish Maheshwari

Atmanirbhar Bharat in Arms: India's Dual Strategy for Defense Dominance

India approves $12.6 billion for building military systems at home, focusing on self-reliance and strengthening defense capabilities through local...

Nimish Maheshwari

China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

China's Shanghai Composite and Japan's TOPIX and TOPIX Small indexes Breaking Out -- Buy; Bullish Outlook Intact on global equities $ACWI; U.S....

Vermilion Research

Indian Defence Sector: A Sustainable Boom Or A Trap?

Defense PSUs benefit from strong order books and government support, but face risks from high valuations and reliance on a single buyer. Future...

Sudarshan Bhandari

Invest As If the Lows Are In; EURO STOXX 50 and TOPIX Reclaim Key Levels

Invest As If the Lows Are In; EURO $STOXX 50 and $TOPIX Reclaim Key Levels; Still near-term bullish since our 4/22/25 Compass report. Possible...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thematic Report on India's Defence Sector: The 'Atmanirbhar' Capex Cycle Hits Acceleration

​Government policy driving massive defense pipeline and export growth is shifting industry model towards sustained indigenous manufacturing,...

Nimish Maheshwari

Atmanirbhar Bharat in Arms: India's Dual Strategy for Defense Dominance

​India approves $12.6 billion for building military systems at home, focusing on self-reliance and strengthening defense capabilities through local...

Nimish Maheshwari

China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

China's Shanghai Composite and Japan's TOPIX and TOPIX Small indexes Breaking Out -- Buy; Bullish Outlook Intact on global equities $ACWI; U.S....

Vermilion Research

Indian Defence Sector: A Sustainable Boom Or A Trap?

​Defense PSUs benefit from strong order books and government support, but face risks from high valuations and reliance on a single buyer. Future...

Sudarshan Bhandari

Invest As If the Lows Are In; EURO STOXX 50 and TOPIX Reclaim Key Levels

Invest As If the Lows Are In; EURO $STOXX 50 and $TOPIX Reclaim Key Levels; Still near-term bullish since our 4/22/25 Compass report. Possible...

Vermilion Research

Government policy driving massive defense pipeline and export growth is shifting industry model towards sustained indigenous manufacturing,...

India approves $12.6 billion for building military systems at home, focusing on self-reliance and strengthening defense capabilities through local...

Defense PSUs benefit from strong order books and government support, but face risks from high valuations and reliance on a single buyer. Future...