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>BlackBuck is India’s largest digital trucking platform. In FY26, revenue grew 53% to INR 651.9 crore and PAT turned positive at INR 160.3 crore.</li>
<li>The platform serves 8.18 lakh monthly truckers, with INR 25,905 crore tolling GTV. High-margin operations and cross-sell deepen the platform advantage.</li>
<li>BlackBuck has moved from turnaround to profitable scale-up. The next test is whether SuperLoads and vehicle finance can become meaningful standalone growth engines.</li>
</ul>


BlackBuck is India’s largest digital trucking platform. In FY26, revenue grew 53% to INR 651.9 crore and PAT turned positive at INR 160.3 crore.
The platform serves 8.18 lakh monthly truckers, with INR 25,905 crore tolling GTV. High-margin operations and cross-sell deepen the platform advantage.
BlackBuck has moved from turnaround to profitable scale-up. The next test is whether SuperLoads and vehicle finance can become meaningful standalone growth engines.


BlackBuck Ltd.: From Trucker's App to Platform Profit Machine

Partner at Exencial Research, Exencial Research

Viral Kishorchandra Shah

Partner at Exencial Research

Exencial Research

<ul>
<li>BlackBuck operates in India's highly fragmented trucking ecosystem, targeting the digitization of this traditional sector.</li>
<li>The company functions as a digital platform that connects various stakeholders in the trucking industry.</li>
<li>BlackBuck has established a dominant position in the Indian logistics technology space through its platform approach.</li>
</ul>


BlackBuck operates in India's highly fragmented trucking ecosystem, targeting the digitization of this traditional sector.
The company functions as a digital platform that connects various stakeholders in the trucking industry.
BlackBuck has established a dominant position in the Indian logistics technology space through its platform approach.


BlackBuck Ltd: Digitizing India's Fragmented Trucking Ecosystem with Dominant Platform Position

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/ifbh-pte-ltd" target="_blank" data-smartkarma-citation="entities:45067:1" rel="noopener">IFBH (IFBH HK)</a> is looking to raise at least US$100m in its upcoming HK IPO.</li>
<li>IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



IFBH (IFBH HK) is looking to raise at least US$100m in its upcoming HK IPO.
IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
In this note, we talk about the company’s historical performance.


IFBH Ltd Pre- IPO - Growth Driven by Coconut Water Products Amid High Concentration Risks

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> raised about US$252m in its India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Belrise Industries (9156339Z IN) raised about US$252m in its India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN) </a>is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>In this note, we will talk about the IPO valuations.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
In this note, we will talk about the IPO valuations.


Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

India

BlackBuck is India's largest digital platform for truck operators, providing solutions for payments, telematics, loads marketplace, and vehicle financing. Their offerings include FASTag and fuel payments, vehicle tracking, and financing for used trucks. The company was founded in 2015 and is headquartered in Bangalore, Karnataka, India.

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BlackBuck (BLACKBUC IN)

BlackBuck Ltd.: From Trucker's App to Platform Profit Machine

India's largest digital trucking platform, BlackBuck, sees revenue grow 53% to INR 651.9 crore in FY26, turning positive at INR 160.3 crore.

Sudarshan Bhandari

BlackBuck Ltd: Digitizing India's Fragmented Trucking Ecosystem with Dominant Platform Position

BlackBuck is revolutionizing India's trucking industry by digitizing and connecting stakeholders through its dominant logistics technology platform.

Viral Kishorchandra Shah

IFBH Ltd Pre- IPO - Growth Driven by Coconut Water Products Amid High Concentration Risks

IFBH is now said to be pre-marketing for a US$150m Hong Kong H-share listing. We had looked at the company's past performance in our prior note.

Akshat Shah

Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

Belrise Industries Limited (BIL) raised about US$252m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BlackBuck Ltd.: From Trucker's App to Platform Profit Machine

​India's largest digital trucking platform, BlackBuck, sees revenue grow 53% to INR 651.9 crore in FY26, turning positive at INR 160.3 crore.

Sudarshan Bhandari

BlackBuck Ltd: Digitizing India's Fragmented Trucking Ecosystem with Dominant Platform Position

​BlackBuck is revolutionizing India's trucking industry by digitizing and connecting stakeholders through its dominant logistics technology platform.

Viral Kishorchandra Shah

IFBH Ltd Pre- IPO - Growth Driven by Coconut Water Products Amid High Concentration Risks

IFBH is now said to be pre-marketing for a US$150m Hong Kong H-share listing. We had looked at the company's past performance in our prior note.

Akshat Shah

Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

Belrise Industries Limited (BIL) raised about US$252m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

India's largest digital trucking platform, BlackBuck, sees revenue grow 53% to INR 651.9 crore in FY26, turning positive at INR 160.3 crore.

BlackBuck is revolutionizing India's trucking industry by digitizing and connecting stakeholders through its dominant logistics technology platform.