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>Groww has rapidly scaled its Margin Trading Facility (MTF) business, creating a new interest-income opportunity beyond traditional broking revenue.</li>
<li>MTF can improve customer monetisation, increase wallet share and create a more recurring revenue stream for discount brokers.</li>
<li>If Groww achieves meaningful MTF penetration similar to established players, the business model could shift from transaction-led to platform-led financial services.</li>
</ul>


Groww has rapidly scaled its Margin Trading Facility (MTF) business, creating a new interest-income opportunity beyond traditional broking revenue.
MTF can improve customer monetisation, increase wallet share and create a more recurring revenue stream for discount brokers.
If Groww achieves meaningful MTF penetration similar to established players, the business model could shift from transaction-led to platform-led financial services.


Groww: Can Margin Trading Become The Next Growth Engine?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The changes to a global index in August will be announced pre-market open Thursday and will be implemented at the close of trading on 31 August.</li>
<li>The big market moves since the last rebalance result in many changes with the final number dependent on the day picked to compute market cap and free float market cap.</li>
<li>The forecast adds have outperformed the forecast deletes over the last 1, 2 and 3 months but near-term performance has been far from awesome due to the momentum unwind.</li>
</ul>


The changes to a global index in August will be announced pre-market open Thursday and will be implemented at the close of trading on 31 August.
The big market moves since the last rebalance result in many changes with the final number dependent on the day picked to compute market cap and free float market cap.
The forecast adds have outperformed the forecast deletes over the last 1, 2 and 3 months but near-term performance has been far from awesome due to the momentum unwind.


Global Index: Potential Changes in August for Asia Pac

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 2,000+ insights published on Smartkarma.</li>
<li>In this cut, we examine the windfall for brokers amid market volatility and other tailwinds, index rule changes to accommodate megacap IPOs, and the prospects in markets for physical AI.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 2,000+ insights published on Smartkarma.
In this cut, we examine the windfall for brokers amid market volatility and other tailwinds, index rule changes to accommodate megacap IPOs, and the prospects in markets for physical AI.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Brokering Records, Race to SpaceX & The Rise of Physical AI

<ul>
<li>Peak XV, Sequoia, Y Combinator, and Ribbit are selling 4.3% of Groww in a Rs 4,750 crore block deal timed to the six-month IPO lock-in expiry on 12 May 2026.</li>
<li>With 418 crore shares (~Rs 80,000 crore notional) becoming freely tradeable today, supply overhang is the dominant near-term narrative for a stock trading at 55x FY26 Earnings.</li>
<li>Q4 FY26 numbers are genuinely strong: profit doubled, margins expanded 840 bps, and management guides 25-30% revenue growth in FY27. The dip creates a re-entry window for long-term holders.</li>
</ul>


Peak XV, Sequoia, Y Combinator, and Ribbit are selling 4.3% of Groww in a Rs 4,750 crore block deal timed to the six-month IPO lock-in expiry on 12 May 2026.
With 418 crore shares (~Rs 80,000 crore notional) becoming freely tradeable today, supply overhang is the dominant near-term narrative for a stock trading at 55x FY26 Earnings.
Q4 FY26 numbers are genuinely strong: profit doubled, margins expanded 840 bps, and management guides 25-30% revenue growth in FY27. The dip creates a re-entry window for long-term holders.


Exit Begins: Groww's Pre-IPO Lockin Unwind, Supply Shock or Buying Opportunity?

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/nextbillion-technology-pvt-ltd-groww" target="_blank" data-smartkarma-citation="entities:34787:1" rel="noopener">Groww (1573648D IN)</a> raised about US$750m in its India IPO in Nov 2025. The lockup on its promoters and pre-IPO investors is set to expire soon.</li>
<li>Groww is a direct-to-customer digital investment platform, where customers can invest and trade in stocks, derivatives, bonds, mutual funds etc., and also avail margin trading facility and personal loans.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Groww (1573648D IN) raised about US$750m in its India IPO in Nov 2025. The lockup on its promoters and pre-IPO investors is set to expire soon.
Groww is a direct-to-customer digital investment platform, where customers can invest and trade in stocks, derivatives, bonds, mutual funds etc., and also avail margin trading facility and personal loans.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Groww Ltd IPO Lockup Expiry - US$10.4bn Lockup Release with PE Owners Well in The Money

India

Groww is a direct-to-customer digital investment platform offering a wide range of financial products and services, including stocks, direct mutual funds, exchange-traded funds (ETFs), initial public offerings (IPOs), derivatives, bonds, and gold. The company also provides margin trading facilities and personal loans. Groww is headquartered in Bengaluru, Karnataka, India, and was founded in 2018.

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Groww (GROWW IN)

Groww: Can Margin Trading Become The Next Growth Engine?

Groww is also moving towards the Margin Trade Funding as a growth driver. MTF book scales from mere 3% revenue contributor to 8% in Q1FY27.

Sudarshan Bhandari

Global Index: Potential Changes in August for Asia Pac

The global index changes were announced using D1 as the cutoff. 99% hit rate across Asia Pacific, so no surprises. Big price changes in the stocks...

Brian Freitas

Curator's Cut: Brokering Records, Race to SpaceX & The Rise of Physical AI

This Curator’s Cut highlights windfall for brokers amidst market volatility, index rule changes for megacap IPOs, and prospects for physical AI....

Pranav Rao

Exit Begins: Groww's Pre-IPO Lockin Unwind, Supply Shock or Buying Opportunity?

Major investors are selling a portion of Groww in a block deal as IPO lock-in expires, creating supply overhang for a stock with strong Q4 numbers...

Sudarshan Bhandari

Aequitas: Groww Ltd IPO Lockup Expiry - US$10.4bn Lockup Release with PE Owners Well in The Money

A bunch of pre-IPO investors have launched a ~US$500m placement amounting to 4.3% of Groww's shares right on the day of lockup expiry. Hence, the...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Groww: Can Margin Trading Become The Next Growth Engine?

Groww is also moving towards the Margin Trade Funding as a growth driver. MTF book scales from mere 3% revenue contributor to 8% in Q1FY27.

Sudarshan Bhandari

Global Index: Potential Changes in August for Asia Pac

The global index changes were announced using D1 as the cutoff. 99% hit rate across Asia Pacific, so no surprises. Big price changes in the stocks...

Brian Freitas

Curator's Cut: Brokering Records, Race to SpaceX & The Rise of Physical AI

​This Curator’s Cut highlights windfall for brokers amidst market volatility, index rule changes for megacap IPOs, and prospects for physical AI....

Pranav Rao

Exit Begins: Groww's Pre-IPO Lockin Unwind, Supply Shock or Buying Opportunity?

​Major investors are selling a portion of Groww in a block deal as IPO lock-in expires, creating supply overhang for a stock with strong Q4 numbers...

Sudarshan Bhandari

Aequitas: Groww Ltd IPO Lockup Expiry - US$10.4bn Lockup Release with PE Owners Well in The Money

A bunch of pre-IPO investors have launched a ~US$500m placement amounting to 4.3% of Groww's shares right on the day of lockup expiry. Hence, the...

Akshat Shah

This Curator’s Cut highlights windfall for brokers amidst market volatility, index rule changes for megacap IPOs, and prospects for physical AI....

Major investors are selling a portion of Groww in a block deal as IPO lock-in expires, creating supply overhang for a stock with strong Q4 numbers...