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>Definitive anti-dumping duty (ADD) imposed on solar glass imports from China and Vietnam until December 2029; Standalone Indian operations showed significant improvement in Q4 and FY25.  </li>
<li>The ADD provides a stable pricing environment and growth catalyst for domestic solar glass manufacturing. Improved domestic performance underscores resilience despite international market volatility.  </li>
<li>Reinforces a positive outlook for the Indian business due to favorable regulatory support and robust demand. However, the German subsidiary's performance remains a key monitorable.</li>
</ul>


Definitive anti-dumping duty (ADD) imposed on solar glass imports from China and Vietnam until December 2029; Standalone Indian operations showed significant improvement in Q4 and FY25.  
The ADD provides a stable pricing environment and growth catalyst for domestic solar glass manufacturing. Improved domestic performance underscores resilience despite international market volatility.  
Reinforces a positive outlook for the Indian business due to favorable regulatory support and robust demand. However, the German subsidiary's performance remains a key monitorable.


Borosil Renewables Q4 FY25 Update: Domestic Strength Shines Amidst Overseas Challenges

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Event-Driven

<ul>
<li>The start of 2025 has been particularly turbulent for Indian equities as broader market sentiment soured due to elevated valuations, foreign institutional investor (FII) outflows, and global macro uncertainty. </li>
<li>However, amid this volatility, one signal stood out: insider trading activity.</li>
<li>In this report, we deep-dive into insider buying and selling trends from January 1 to March 3, 2025, to uncover where company promoters and top executives are placing their bets</li>
</ul>


The start of 2025 has been particularly turbulent for Indian equities as broader market sentiment soured due to elevated valuations, foreign institutional investor (FII) outflows, and global macro uncertainty. 
However, amid this volatility, one signal stood out: insider trading activity.
In this report, we deep-dive into insider buying and selling trends from January 1 to March 3, 2025, to uncover where company promoters and top executives are placing their bets


Insiders' Playbook: Who’s Buying and Selling Amid Market Turbulence?

APAC IPOs & Placements, Aequitas Research

Rosita Fernandes

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

PMEA Solar Tech Solutions Limited / Equity Capital Markets

PMEA Solar Tech Solutions Limited (0991151D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pmea-solar-tech-solutions-limited" target="_blank" data-smartkarma-citation="entities:44469:1" rel="noopener">PMEA Solar Tech Solutions Limited (0991151D IN)</a> (PSTSL) is planning to raise about US$116m through its upcoming India IPO. </li>
<li>PSTSL specializes in manufacturing solar equipments, primarily focusing on module mounting assemblies and rolled products. Its other business includes manufacturing automotive components and other products.</li>
<li>The company held an estimated market share of 9% of the overall domestic market for solar tracking and mounting products used in solar trackers, as per CRISIL Report.</li>
</ul>



PMEA Solar Tech Solutions Limited (0991151D IN) (PSTSL) is planning to raise about US$116m through its upcoming India IPO. 
PSTSL specializes in manufacturing solar equipments, primarily focusing on module mounting assemblies and rolled products. Its other business includes manufacturing automotive components and other products.
The company held an estimated market share of 9% of the overall domestic market for solar tracking and mounting products used in solar trackers, as per CRISIL Report.


PMEA Solar Pre-IPO - Strong Revenue Growth Paired With Shrinking Efficiency And High Debt

Saatvik Energy Green Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/saatvik-energy-green-ltd" target="_blank" data-smartkarma-citation="entities:44123:1" rel="noopener">Saatvik Energy Green Ltd (1637892D IN)</a><a href="https://www.smartkarma.com/entities/saatvik-energy-green-ltd" target="_blank" data-smartkarma-citation="entities:44123:1" rel="noopener">  </a>is planning to raise about US$136m through its upcoming IPO in India. The lead bookrunners for the deal are Dam Capital, Ambit, Motilal Oswal.</li>
<li>Saatvik Green Energy Ltd (SEG) specializes in the manufacturing of solar photovoltaic (PV) modules and provides comprehensive engineering, procurement, and construction (EPC) services.</li>
<li>As per Crisil report, since its inception, the company has supplied over 1.5 GW of high-efficiency solar PV modules to both domestic and international markets.</li>
</ul>



Saatvik Energy Green Ltd (1637892D IN)  is planning to raise about US$136m through its upcoming IPO in India. The lead bookrunners for the deal are Dam Capital, Ambit, Motilal Oswal.
Saatvik Green Energy Ltd (SEG) specializes in the manufacturing of solar photovoltaic (PV) modules and provides comprehensive engineering, procurement, and construction (EPC) services.
As per Crisil report, since its inception, the company has supplied over 1.5 GW of high-efficiency solar PV modules to both domestic and international markets.


Satvik Green Energy Ltd Pre-IPO Tearsheet

Thematic (Sector/Industry)

<ul>
<li>A record 22 African countries hit peak solar panel import levels in Feb-26, with volumes 35% up YoY, as China's solar exporters redirect capacity toward Africa's open, high-demand corridors.</li>
<li>China's April 2026 removal of solar export rebates is the first structural cost event in years that could marginally erode its dominance.</li>
<li>Africa's energy buildout is driven by private capital, fast-payback economics, and structural absence of legacy grid infrastructure. The continent with the world's best sunlight is finally deploying panels at scale.</li>
</ul>


A record 22 African countries hit peak solar panel import levels in Feb-26, with volumes 35% up YoY, as China's solar exporters redirect capacity toward Africa's open, high-demand corridors.
China's April 2026 removal of solar export rebates is the first structural cost event in years that could marginally erode its dominance.
Africa's energy buildout is driven by private capital, fast-payback economics, and structural absence of legacy grid infrastructure. The continent with the world's best sunlight is finally deploying panels at scale.


Africa's Solar Surge: How China Rewired a Continent's Energy Future, and What Cracks Open for India?

India

Borosil Renewables is India's first and largest manufacturer of solar glass, specializing in extra-clear patterned glass for solar photovoltaic (PV) modules, flat plate collectors, and greenhouses. Their products include fully tempered solar glass, anti-glare solar glass (Selene), and high-efficiency solar glass in a matt-matt finish (Shakti). The company was founded in 1962 and is headquartered in Mumbai, India.

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Borosil Renewables (BORORENE IN)

Borosil Renewables Q4 FY25 Update: Domestic Strength Shines Amidst Overseas Challenges

Definitive anti-dumping duty on solar glass imports from China and Vietnam until Dec 2029 boosts Indian manufacturing, with improved performance...

Sudarshan Bhandari

Insiders' Playbook: Who’s Buying and Selling Amid Market Turbulence?

Indian equities face turbulence in early 2025 due to various factors, but insider trading activity provides a signal amid the volatility.

Nimish Maheshwari

PMEA Solar Pre-IPO - Strong Revenue Growth Paired With Shrinking Efficiency And High Debt

PMEA Solar Tech Solutions Limited is set to raise $116m in India IPO, specializing in solar equipment manufacturing with 9% market share in...

Rosita Fernandes

Satvik Green Energy Ltd Pre-IPO Tearsheet

Saatvik Energy Green Ltd plans to raise $136m in IPO, specializing in solar PV modules and EPC services, with lead bookrunners Dam Capital, Ambit,...

Rosita Fernandes

Africa's Solar Surge: How China Rewired a Continent's Energy Future, and What Cracks Open for India?

Record number of African countries importing solar panels in Feb-26 as China redirects capacity, Africa's energy buildout driven by private...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Borosil Renewables Q4 FY25 Update: Domestic Strength Shines Amidst Overseas Challenges

​Definitive anti-dumping duty on solar glass imports from China and Vietnam until Dec 2029 boosts Indian manufacturing, with improved performance...

Sudarshan Bhandari

Insiders' Playbook: Who’s Buying and Selling Amid Market Turbulence?

​Indian equities face turbulence in early 2025 due to various factors, but insider trading activity provides a signal amid the volatility.

Nimish Maheshwari

PMEA Solar Pre-IPO - Strong Revenue Growth Paired With Shrinking Efficiency And High Debt

​PMEA Solar Tech Solutions Limited is set to raise $116m in India IPO, specializing in solar equipment manufacturing with 9% market share in...

Rosita Fernandes

Satvik Green Energy Ltd Pre-IPO Tearsheet

​Saatvik Energy Green Ltd plans to raise $136m in IPO, specializing in solar PV modules and EPC services, with lead bookrunners Dam Capital, Ambit,...

Rosita Fernandes

Africa's Solar Surge: How China Rewired a Continent's Energy Future, and What Cracks Open for India?

​Record number of African countries importing solar panels in Feb-26 as China redirects capacity, Africa's energy buildout driven by private...

Nimish Maheshwari

Definitive anti-dumping duty on solar glass imports from China and Vietnam until Dec 2029 boosts Indian manufacturing, with improved performance...

Indian equities face turbulence in early 2025 due to various factors, but insider trading activity provides a signal amid the volatility.

PMEA Solar Tech Solutions Limited is set to raise $116m in India IPO, specializing in solar equipment manufacturing with 9% market share in...

Saatvik Energy Green Ltd plans to raise $136m in IPO, specializing in solar PV modules and EPC services, with lead bookrunners Dam Capital, Ambit,...

Record number of African countries importing solar panels in Feb-26 as China redirects capacity, Africa's energy buildout driven by private...