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>Biocon, a global biopharmaceutical company, saw Mylan exit its entire 5.64% stake through a INR 3,680 crore block deal, removing a major ownership overhang.</li>
<li>The transaction is earnings-neutral but improves liquidity and price discovery, allowing investors to refocus on FY27 biosimilar launches, generics utilisation, deleveraging and Syngene recovery.</li>
<li>With integration largely done and deleveraging underway, FY27 is the year Biocon has to prove the biosimilars-insulin-GLP-1 bet actually pays for itself.</li>
</ul>


Biocon, a global biopharmaceutical company, saw Mylan exit its entire 5.64% stake through a INR 3,680 crore block deal, removing a major ownership overhang.
The transaction is earnings-neutral but improves liquidity and price discovery, allowing investors to refocus on FY27 biosimilar launches, generics utilisation, deleveraging and Syngene recovery.
With integration largely done and deleveraging underway, FY27 is the year Biocon has to prove the biosimilars-insulin-GLP-1 bet actually pays for itself.


Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>On 20th March 2026, the critical patent for Semaglutide expires in India, decisively ending the innovator's legal monopoly and enabling highly affordable generic versions. </li>
<li>This triggers a massive 70% retail price drop in India, exponentially expanding affordable access to millions suffering from prevalent obesity and diabetes.</li>
<li>Vertically integrated formulators like Sun Pharma and specialized API manufacturers like Divis Laboratories capture maximum alpha through scaled volumes and zero customer acquisition costs.</li>
</ul>


On 20th March 2026, the critical patent for Semaglutide expires in India, decisively ending the innovator's legal monopoly and enabling highly affordable generic versions. 
This triggers a massive 70% retail price drop in India, exponentially expanding affordable access to millions suffering from prevalent obesity and diabetes.
Vertically integrated formulators like Sun Pharma and specialized API manufacturers like Divis Laboratories capture maximum alpha through scaled volumes and zero customer acquisition costs.


The GLP-1 Super-Cycle: Deconstructing India’s 2026 Patent Cliff and Alpha Generators

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

<ul>
<li>
Biocon Ltd has confirmed its board, via a committee first formed on May 8, 2025, is formally evaluating a reverse merger of its unlisted arm, Biocon Biologics, into the parent.</li>
<li>This merger is a financial de-risking move designed to immediately address $1.2 billion in acquisition debt and unlock a 'conglomerate discount' on the Rs.2,721 crore revenue biosimilars business.</li>
<li>The move would eliminate the parent's holding company discount, but the key hurdle is the valuation and swap ratio required to satisfy minority shareholders, chiefly Serum Institute.</li>
</ul>



Biocon Ltd has confirmed its board, via a committee first formed on May 8, 2025, is formally evaluating a reverse merger of its unlisted arm, Biocon Biologics, into the parent.
This merger is a financial de-risking move designed to immediately address $1.2 billion in acquisition debt and unlock a 'conglomerate discount' on the Rs.2,721 crore revenue biosimilars business.
The move would eliminate the parent's holding company discount, but the key hurdle is the valuation and swap ratio required to satisfy minority shareholders, chiefly Serum Institute.


Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock?

<ul>
<li>India recorded an estimated 1.56 million new cancer cases and 0.90 million deaths in 2024. The long-duration demand curve points toward materially higher case volumes by 2040–50.</li>
<li>The listed opportunity is concentrated in oncology capacity, radiotherapy, surgery, diagnostics and accessible drugs. These are scalable revenue pools today, not distant optionality.</li>
<li>HCG Offers the highest cancer purity; Max and Apollo combine oncology with network strength; Medanta adds capacity optionality. Biocon, Dr. Reddy’s and Metropolis are indirect enablers.</li>
</ul>


India recorded an estimated 1.56 million new cancer cases and 0.90 million deaths in 2024. The long-duration demand curve points toward materially higher case volumes by 2040–50.
The listed opportunity is concentrated in oncology capacity, radiotherapy, surgery, diagnostics and accessible drugs. These are scalable revenue pools today, not distant optionality.
HCG Offers the highest cancer purity; Max and Apollo combine oncology with network strength; Medanta adds capacity optionality. Biocon, Dr. Reddy’s and Metropolis are indirect enablers.


India’s Cancer Care Opportunity: Listed Proxies for a 1.6 Million-Case Market

India

Biocon Ltd., is an integrated biotechnology enterprise with a presence in biopharmaceuticals, enzymes, custom research and clinical research. The Company's pharmaceutical products include statins, immunosuppressants and anti-diabetic drugs. Biocon also manufactures specialty enzymes and new enzyme applications besides providing clinical and custom research services.

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Biocon Ltd (BIOS IN)

Biocon: Can It Be Next Laurus Labs?

Biocon sees Mylan exit its stake, improving liquidity and refocusing on upcoming launches and deleveraging to prove biosimilar bet pays off.

Sudarshan Bhandari

The GLP-1 Super-Cycle: Deconstructing India’s 2026 Patent Cliff and Alpha Generators

Semaglutide patent expiration in India leads to 70% price drop, increasing access to affordable generic versions for obesity and diabetes treatment.

Nimish Maheshwari

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

Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock?

Biocon Ltd is considering a reverse merger with Biocon Biologics to address debt and unlock value, but faces hurdles with minority shareholders.

Sudarshan Bhandari

India’s Cancer Care Opportunity: Listed Proxies for a 1.6 Million-Case Market

India faces a growing cancer burden with 1.56 million new cases in 2024, highlighting the need for increased oncology capacity and accessible...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Biocon: Can It Be Next Laurus Labs?

​Biocon sees Mylan exit its stake, improving liquidity and refocusing on upcoming launches and deleveraging to prove biosimilar bet pays off.

Sudarshan Bhandari

The GLP-1 Super-Cycle: Deconstructing India’s 2026 Patent Cliff and Alpha Generators

​Semaglutide patent expiration in India leads to 70% price drop, increasing access to affordable generic versions for obesity and diabetes treatment.

Nimish Maheshwari

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

Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock?

​Biocon Ltd is considering a reverse merger with Biocon Biologics to address debt and unlock value, but faces hurdles with minority shareholders.

Sudarshan Bhandari

India’s Cancer Care Opportunity: Listed Proxies for a 1.6 Million-Case Market

​India faces a growing cancer burden with 1.56 million new cases in 2024, highlighting the need for increased oncology capacity and accessible...

Nimish Maheshwari

Biocon sees Mylan exit its stake, improving liquidity and refocusing on upcoming launches and deleveraging to prove biosimilar bet pays off.

Semaglutide patent expiration in India leads to 70% price drop, increasing access to affordable generic versions for obesity and diabetes treatment.

Biocon Ltd is considering a reverse merger with Biocon Biologics to address debt and unlock value, but faces hurdles with minority shareholders.

India faces a growing cancer burden with 1.56 million new cases in 2024, highlighting the need for increased oncology capacity and accessible...