Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Thematic (Sector/Industry)

<ul>
<li>India’s home appliances and consumer electronics market, worth INR 6.9 trillion in 2025, is projected to reach INR 11 trillion by 2029, fueled by premiumization and urban demand.</li>
<li>With over 35,600 retail touchpoints and two major manufacturing hubs meeting 80% of domestic demand, LG Electronics India dominates key categories like TVs, ACs, and washing machines.</li>
<li>Delivering 12.8% EBITDA margins and a 36.9% RoE, LG Electronics India outperforms peers, supported by innovation, brand trust, and a debt-free balance sheet.</li>
</ul>


India’s home appliances and consumer electronics market, worth INR 6.9 trillion in 2025, is projected to reach INR 11 trillion by 2029, fueled by premiumization and urban demand.
With over 35,600 retail touchpoints and two major manufacturing hubs meeting 80% of domestic demand, LG Electronics India dominates key categories like TVs, ACs, and washing machines.
Delivering 12.8% EBITDA margins and a 36.9% RoE, LG Electronics India outperforms peers, supported by innovation, brand trust, and a debt-free balance sheet.


LG Electronics India IPO: A Blend of Brand Strength, Scale, and Steady Growth

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.</li>
<li>The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.</li>
<li>If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.</li>
</ul>


India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.
The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.
If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.


Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

<ul>
<li>Secondary sales in the cooling market slowed recently, impacted by delayed summer onset and unseasonal rains across parts of the country.  </li>
<li>The secondary sales slowdown, tied to weather unpredictability, could impact immediate growth but does not reflect fundamental shifts in demand. </li>
<li>While short-term weather challenges have created inventory delays, the cooling sector's fundamentals remain strong, with long-term growth drivers like low penetration and GDP growth continuing to support industry expansion.</li>
</ul>


Secondary sales in the cooling market slowed recently, impacted by delayed summer onset and unseasonal rains across parts of the country.  
The secondary sales slowdown, tied to weather unpredictability, could impact immediate growth but does not reflect fundamental shifts in demand. 
While short-term weather challenges have created inventory delays, the cooling sector's fundamentals remain strong, with long-term growth drivers like low penetration and GDP growth continuing to support industry expansion.


AC & Cooling Product Market Slowdown in India: What Top Players Are Saying?

<ul>
<li>India’s RAC market is growing at 18–20% CAGR, but faces a critical compressor supply shortage due to capacity constraints and BIS-related import delays.</li>
<li>Short-Term risks around component supply, margins, and inventory exist, but structural demand drivers and PLI-driven localization present long-term tailwinds for OEMs and component makers.</li>
<li>Despite near-term volatility, AC sector remains a strong structural story; focus shifts to players with scale, backward integration, and policy-aligned manufacturing strategies.</li>
</ul>


India’s RAC market is growing at 18–20% CAGR, but faces a critical compressor supply shortage due to capacity constraints and BIS-related import delays.
Short-Term risks around component supply, margins, and inventory exist, but structural demand drivers and PLI-driven localization present long-term tailwinds for OEMs and component makers.
Despite near-term volatility, AC sector remains a strong structural story; focus shifts to players with scale, backward integration, and policy-aligned manufacturing strategies.


Thematic Report: Cooling India- Indian Air Conditioner (AC) Industry

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

In our earlier insight, <a href="https://www.smartkarma.com/insights/pli-schemes-let-s-not-get-carried-away" target="_blank" data-smartkarma-citation="insights:45394" rel="noopener">PLI Schemes: Let's Not Get Carried Away</a> we had discussed our take on the recent PLI introduced by the government and how it can shape the economy. This insight focuses on the White goods PLI which have been handed a total budget of INR 62.4 bn. We further narrow our take on the air conditioners (ACs) segment of the white goods.
Domestic AC manufacturers were particularly abuzz when the first thought of PLI came in from the government. However the recent development of the scheme, which targets only the component manufacturing has left most of the domestic large companies thinking whether to opt for the PLI or not.

In our earlier insight, PLI Schemes: Let's Not Get Carried Away we had discussed our take on the recent PLI introduced by the government and how it can shape the economy. This insight focuses on the White goods PLI which have been handed a total budget of INR 62.4 bn. We further narrow our take on the air conditioners (ACs) segment of the white goods.
Domestic AC manufacturers were particularly abuzz when the first thought of PLI came in from the government. However the recent development of the scheme, which targets only the component manufacturing has left most of the domestic large companies thinking whether to opt for the PLI or not.

PLI for White Goods: Domestic Companies Left Stranded

India

Blue Star Limited manufactures and markets a wide range of air-conditioning and commercial refrigeration systems and products. The Company's products include large central air-conditioning plants, packaged air-conditioning systems, split and window air conditioners, water coolers, bottled water dispensers, deep freezers and cold storages.

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Blue Star Ltd (BLSTR IN)

LG Electronics India IPO: A Blend of Brand Strength, Scale, and Steady Growth

India's home appliances market set to reach ₹11 trillion by 2029, with LG Electronics dominating key categories and outperforming peers with...

Nimish Maheshwari

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

AC & Cooling Product Market Slowdown in India: What Top Players Are Saying?

Recent slowdown in secondary sales in the cooling market due to delayed summer onset and unseasonal rains, but long-term growth drivers like low...

Nimish Maheshwari

Thematic Report: Cooling India- Indian Air Conditioner (AC) Industry

India's RAC market faces compressor supply shortage and import delays, but long-term growth potential remains strong with PLI-driven localization.

Nimish Maheshwari

PLI for White Goods: Domestic Companies Left Stranded

AC manufacturers were particularly abuzz when the first thought of PLI came in. However, the recent development of the scheme has left most of the...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

LG Electronics India IPO: A Blend of Brand Strength, Scale, and Steady Growth

​India's home appliances market set to reach ₹11 trillion by 2029, with LG Electronics dominating key categories and outperforming peers with...

Nimish Maheshwari

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

​India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

AC & Cooling Product Market Slowdown in India: What Top Players Are Saying?

​Recent slowdown in secondary sales in the cooling market due to delayed summer onset and unseasonal rains, but long-term growth drivers like low...

Nimish Maheshwari

Thematic Report: Cooling India- Indian Air Conditioner (AC) Industry

​India's RAC market faces compressor supply shortage and import delays, but long-term growth potential remains strong with PLI-driven localization.

Nimish Maheshwari

PLI for White Goods: Domestic Companies Left Stranded

AC manufacturers were particularly abuzz when the first thought of PLI came in. However, the recent development of the scheme has left most of the...

Nitin Mangal

India's home appliances market set to reach ₹11 trillion by 2029, with LG Electronics dominating key categories and outperforming peers with...

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Recent slowdown in secondary sales in the cooling market due to delayed summer onset and unseasonal rains, but long-term growth drivers like low...

India's RAC market faces compressor supply shortage and import delays, but long-term growth potential remains strong with PLI-driven localization.