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>Bharat Forge's North American Class 8 truck orders surged 159% YoY in Feb-26, signalling a clear CV cycle inflection.</li>
<li>With ATAGS execution commencing in H2 FY27 and domestic CV demand buoyed by GST reform tailwinds, BharatForge enters a rare multi-engine growth phase spanning auto exports, defence, and aerospace simultaneously.</li>
<li>FY27 earnings inflection story, backed by a visible INR 11,130 crore order book and a recovering global CV cycle, keeps the long-term thesis intact.</li>
</ul>


Bharat Forge's North American Class 8 truck orders surged 159% YoY in Feb-26, signalling a clear CV cycle inflection.
With ATAGS execution commencing in H2 FY27 and domestic CV demand buoyed by GST reform tailwinds, BharatForge enters a rare multi-engine growth phase spanning auto exports, defence, and aerospace simultaneously.
FY27 earnings inflection story, backed by a visible INR 11,130 crore order book and a recovering global CV cycle, keeps the long-term thesis intact.


Bharat Forge: A Proxy to the CV Cycle, Built for the Long Game

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

Canara HSBC Life Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/canara-hsbc-life-insurance" target="_blank" data-smartkarma-citation="entities:45165:1" rel="noopener">Canara HSBC Life Insurance (2908709Z IJ)</a> raised about US$284m in its India IPO in Oct 2025. The lockup on its promoters and the pre-IPO investor is set to expire soon.</li>
<li>Canara HSBC Life Insurance (CHLI) is a private life insurer in India, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Limited, a member of the HSBC group. </li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Canara HSBC Life Insurance (2908709Z IJ) raised about US$284m in its India IPO in Oct 2025. The lockup on its promoters and the pre-IPO investor is set to expire soon.
Canara HSBC Life Insurance (CHLI) is a private life insurer in India, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Limited, a member of the HSBC group. 
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Canara HSBC Life Insurance IPO Lockup - US$824m Lockup Expiry; Investors Well in The Money

Rubicon Research Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> raised about US$155m in its India IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.</li>
<li>Rubicon Research (RR) is a pharmaceutical formulations company with a portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Rubicon Research Limited (1453591D IN) raised about US$155m in its India IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.
Rubicon Research (RR) is a pharmaceutical formulations company with a portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas : Rubicon Research IPO Lockup -Shares Have Traded Well; General Atlantic Well in The Money

Information Technology Consultant

Ishita Jain

Thematic (Sector/Industry)

India's 29th state Telangana, was formed out of the previously existing state of Andhra Pradesh on June 2nd, 2014. It came into being after decades of battle by Telangana activists arguing that state resources in Andhra Pradesh are disproportionately allocated to more developed regions to the south. Risen among skepticism, India's newest baby is proving its mettle. It is trying to create a hub that is unlike others - eliminating bureaucracy, roadblocks and lethargy in business- a symbol of modern India. Attracting the attention of the world's largest enterprises and budding startups, Telangana is being called "California of the east". This insight attempts to understand why this state could open exciting avenues for investment.

India's 29th state Telangana, was formed out of the previously existing state of Andhra Pradesh on June 2nd, 2014. It came into being after decades of battle by Telangana activists arguing that state resources in Andhra Pradesh are disproportionately allocated to more developed regions to the south. Risen among skepticism, India's newest baby is proving its mettle. It is trying to create a hub that is unlike others - eliminating bureaucracy, roadblocks and lethargy in business- a symbol of modern India. Attracting the attention of the world's largest enterprises and budding startups, Telangana is being called "California of the east". This insight attempts to understand why this state could open exciting avenues for investment.

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

Exports and imports declined by 6.7% y-o-y and 23.1% y-o-y in April 2016 compared to a fall of 5.5% y-o-y and 21.6% y-o-y in March 2016 respectively. This marks the 17th straight month of decline for both the sectors.The sharp drop in imports in April resulted in a further narrowing of trade deficit to USD 4.8 billion from USD 5 billion in March 2016. On a 3 month moving average (3mma) basis ending April 2016, exports declined 6% while imports fell by a sharper 17.3% compared to a decline of…

Exports and imports declined by 6.7% y-o-y and 23.1% y-o-y in April 2016 compared to a fall of 5.5% y-o-y and 21.6% y-o-y in March 2016 respectively. This marks the 17th straight month of decline for both the sectors.The sharp drop in imports in April resulted in a further narrowing of trade deficit to USD 4.8 billion from USD 5 billion in March 2016. On a 3 month moving average (3mma) basis ending April 2016, exports declined 6% while imports fell by a sharper 17.3% compared to a decline of…

India: Trade Data Indicate Further Weakenss in Economy

India

Bharat Electronics Ltd. manufactures electronic communication equipment, night vision equipment such as image converter tubes, night vision binoculars, and goggles, periscopes, gunsights and tank electronics.  The Company's electronic communication products include HF/VHF transmitters, receivers, microwave radio relays, radars and other electronic components required by defense services.

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Bharat Electronics (BHE IN)

Bharat Forge: A Proxy to the CV Cycle, Built for the Long Game

Bharat Forge sees strong growth in North American truck orders, poised for multi-engine growth phase with ATAGS execution and GST reform tailwinds...

Sudarshan Bhandari

Aequitas: Canara HSBC Life Insurance IPO Lockup - US$824m Lockup Expiry; Investors Well in The Money

Canara HSBC Life Insurance raised about US$284m in its India IPO in Oct 2025. The lockup on its promoters and the pre-IPO investor is set to expire...

Akshat Shah

Aequitas : Rubicon Research IPO Lockup -Shares Have Traded Well; General Atlantic Well in The Money

Rubicon Research Limited raised about US$155m in its India IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.

Akshat Shah

India's Rising Business Hub: Telangana

India's 29th state Telangana, was formed out of the previously existing state of Andhra Pradesh on June 2nd, 2014. It came into being after decades...

Ishita Jain

India: Trade Data Indicate Further Weakenss in Economy

Exports and imports declined by 6.7% y-o-y and 23.1% y-o-y in April 2016 compared to a fall of 5.5% y-o-y and 21.6% y-o-y in March 2016...

Rajan Govil

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52-week Range

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Bharat Forge: A Proxy to the CV Cycle, Built for the Long Game

​Bharat Forge sees strong growth in North American truck orders, poised for multi-engine growth phase with ATAGS execution and GST reform tailwinds...

Sudarshan Bhandari

Aequitas: Canara HSBC Life Insurance IPO Lockup - US$824m Lockup Expiry; Investors Well in The Money

Canara HSBC Life Insurance raised about US$284m in its India IPO in Oct 2025. The lockup on its promoters and the pre-IPO investor is set to expire...

Akshat Shah

Aequitas : Rubicon Research IPO Lockup -Shares Have Traded Well; General Atlantic Well in The Money

Rubicon Research Limited raised about US$155m in its India IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.

Akshat Shah

India's Rising Business Hub: Telangana

India's 29th state Telangana, was formed out of the previously existing state of Andhra Pradesh on June 2nd, 2014. It came into being after decades...

Ishita Jain

India: Trade Data Indicate Further Weakenss in Economy

Exports and imports declined by 6.7% y-o-y and 23.1% y-o-y in April 2016 compared to a fall of 5.5% y-o-y and 21.6% y-o-y in March 2016...

Rajan Govil

Bharat Forge sees strong growth in North American truck orders, poised for multi-engine growth phase with ATAGS execution and GST reform tailwinds...