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

EPL Ltd (fka Essel Propack) / Equity Bottom-Up

<ul>
<li>EPL’s board approved an all-equity merger with Indovida India (Indorama Group) on March 29, 2026, creating a diversified packaging platform with ~$1 billion revenue and ~$2 billion valuation.</li>
<li>The merger shifts EPL from a tubes-focused business to a multi-format packaging company, improving earnings quality, return ratios, and expanding its overall addressable market.</li>
<li>A 70% premium for EPL shareholders, immediate EPS accretion and New Promoter makes this overall transaction interesting.</li>
</ul>


EPL’s board approved an all-equity merger with Indovida India (Indorama Group) on March 29, 2026, creating a diversified packaging platform with ~$1 billion revenue and ~$2 billion valuation.
The merger shifts EPL from a tubes-focused business to a multi-format packaging company, improving earnings quality, return ratios, and expanding its overall addressable market.
A 70% premium for EPL shareholders, immediate EPS accretion and New Promoter makes this overall transaction interesting.


Event Driven - EPL: Merger With Indovida- Building a $1 Bn Global Packaging Platform

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Event-Driven

<ul>
<li>RCB sold to Aditya Birla-led consortium at INR16,660 crore, Rajasthan Royals acquired by Kal Somani consortium at INR15,032 crore, both on 24_Mar-26 confirming IPL franchises now trade at 20-22x revenue.</li>
<li>IPL franchise pricing has structurally converged with lower-end Premier League football clubs, redefining the scarcity premium for media-linked sports assets globally and resetting comparables for every team not yet transacted.</li>
<li>RPSG Ventures, holds a 51% interest in LSG,  a franchise valued conservatively at INR7,000-9,000 crore, making it one of the widest sporting asset discounts in the public markets.</li>
</ul>


RCB sold to Aditya Birla-led consortium at INR16,660 crore, Rajasthan Royals acquired by Kal Somani consortium at INR15,032 crore, both on 24_Mar-26 confirming IPL franchises now trade at 20-22x revenue.
IPL franchise pricing has structurally converged with lower-end Premier League football clubs, redefining the scarcity premium for media-linked sports assets globally and resetting comparables for every team not yet transacted.
RPSG Ventures, holds a 51% interest in LSG,  a franchise valued conservatively at INR7,000-9,000 crore, making it one of the widest sporting asset discounts in the public markets.


Cricket's New Asset Class: IPL Team's Billion-Dollar Valuation

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Uncertainty regarding private credit has become one of the biggest risk factors facing global investors including in Korea.</li>
<li>Samsung Securities serves as a primary distributor for Blackstone's private credit funds (such as BCRED) in Korea.</li>
<li>In late 2022, Samsung Life and Samsung Fire &amp; Marine committed $650 million to Blackstone-managed alternative funds. </li>
</ul>


Uncertainty regarding private credit has become one of the biggest risk factors facing global investors including in Korea.
Samsung Securities serves as a primary distributor for Blackstone's private credit funds (such as BCRED) in Korea.
In late 2022, Samsung Life and Samsung Fire &amp; Marine committed $650 million to Blackstone-managed alternative funds. 


Samsung Life, Samsung F&M Insurance, & Samsung Securities - Exposure to Blackstone's Private Credit?

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Kolte Patil Developers / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kolte-patil-developers-ltd" target="_blank" data-smartkarma-citation="entities:6819:1" rel="noopener">Kolte Patil</a>  reported pre-sales of INR 605cr, down -11% YoY in Q3FY26. Average price realization increased 3% YoY to INR 8700+.</li>
<li>On the business development front, the progress has been tepid as Kolte Patil is going through a leadership transition led by the new promoter, <a href="https://www.smartkarma.com/entities/blackstone-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone</a>.</li>
<li>Led by new launches towards end of Q3, Q4 is likely to see better pre-sales growth. Kolte Patil's medium-term outlook remains robust led by its INR 29000cr+ top-line potential portfolio.</li>
</ul>



Kolte Patil  reported pre-sales of INR 605cr, down -11% YoY in Q3FY26. Average price realization increased 3% YoY to INR 8700+.
On the business development front, the progress has been tepid as Kolte Patil is going through a leadership transition led by the new promoter, Blackstone.
Led by new launches towards end of Q3, Q4 is likely to see better pre-sales growth. Kolte Patil's medium-term outlook remains robust led by its INR 29000cr+ top-line potential portfolio.


Kolte Patil: Weak Performance Continues, However Medium-Term Outlook Is Strong

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world.</li>
<li>The rankings used for the March 2026 index rebal event will be based on yesterday's (4th March 2026) opening prices. The announcement will be made after the close on Friday.</li>
<li>In this insight, we take a look at our final expectations for ADDs/DELs (along with a tracker of all live spinoff/M&amp;A events which affect the index the next few quarters).</li>
</ul>


The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world.
The rankings used for the March 2026 index rebal event will be based on yesterday's (4th March 2026) opening prices. The announcement will be made after the close on Friday.
In this insight, we take a look at our final expectations for ADDs/DELs (along with a tracker of all live spinoff/M&amp;A events which affect the index the next few quarters).


Quiddity Leaderboard SP500/600 Mar26 Rebal: Final Expectations

United States

Blackstone Inc. operates as an investment company. The Company focuses on real estate, hedge funds, private equity, leveraged lending, senior debts, and rescue financing. Blackstone serves customers worldwide.

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Blackstone (BX US)

Event Driven - EPL: Merger With Indovida- Building a $1 Bn Global Packaging Platform

EPL approves all-equity merger with Indovida India, creating diversified packaging platform with $1 billion revenue and $2 billion valuation,...

Sudarshan Bhandari

Cricket's New Asset Class: IPL Team's Billion-Dollar Valuation

IPL franchise valuations soar as RCB and Rajasthan Royals sold for record prices, setting new benchmarks in sports asset pricing.

Nimish Maheshwari

Samsung Life, Samsung F&M Insurance, & Samsung Securities - Exposure to Blackstone's Private Credit?

In this insight, we discuss about Samsung Securities, Samsung Life Insurance, and Samsung F&M Insurance that have exposure to Blackstone's private...

Douglas Kim

Kolte Patil: Weak Performance Continues, However Medium-Term Outlook Is Strong

Kolte Patil is going through a leadership transition under the aegis of its new promoter, Blackstone. However, its medium-term outlook is robust...

Ankit Agrawal, CFA

Quiddity Leaderboard SP500/600 Mar26 Rebal: Final Expectations

Final expectations are presented for the S&P500 March 2026 rebalance, with SP 600 DELETEs also presented, which we think represent good trade ideas...

Anjana Amarasuriya

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52-week Range

Market Cap (USDm)

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Event Driven - EPL: Merger With Indovida- Building a $1 Bn Global Packaging Platform

​EPL approves all-equity merger with Indovida India, creating diversified packaging platform with $1 billion revenue and $2 billion valuation,...

Sudarshan Bhandari

Cricket's New Asset Class: IPL Team's Billion-Dollar Valuation

​IPL franchise valuations soar as RCB and Rajasthan Royals sold for record prices, setting new benchmarks in sports asset pricing.

Nimish Maheshwari

Samsung Life, Samsung F&M Insurance, & Samsung Securities - Exposure to Blackstone's Private Credit?

In this insight, we discuss about Samsung Securities, Samsung Life Insurance, and Samsung F&M Insurance that have exposure to Blackstone's private...

Douglas Kim

Kolte Patil: Weak Performance Continues, However Medium-Term Outlook Is Strong

Kolte Patil is going through a leadership transition under the aegis of its new promoter, Blackstone. However, its medium-term outlook is robust...

Ankit Agrawal, CFA

Quiddity Leaderboard SP500/600 Mar26 Rebal: Final Expectations

Final expectations are presented for the S&P500 March 2026 rebalance, with SP 600 DELETEs also presented, which we think represent good trade ideas...

Anjana Amarasuriya

EPL approves all-equity merger with Indovida India, creating diversified packaging platform with $1 billion revenue and $2 billion valuation,...

IPL franchise valuations soar as RCB and Rajasthan Royals sold for record prices, setting new benchmarks in sports asset pricing.