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>India has raised a <strong>~$30 bn</strong> claim against <a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RELIANCE IN)</a> and <a href="https://www.smartkarma.com/entities/bp-plc" target="_blank" data-smartkarma-citation="entities:21847:1" rel="noopener">BP PLC (BP/ LN)</a> over alleged underproduction from the KG-D6 gas block</li>
<li>The claim reopens long-settled assumptions on PSC sanctity, reservoir risk allocation, and investor protection in India’s upstream sector.</li>
<li>While financial liability risk for Reliance appears remote, the dispute has second-order implications for energy policy credibility and foreign capital comfort.</li>
</ul>


India has raised a ~$30 bn claim against Reliance Industries (RELIANCE IN) and BP PLC (BP/ LN) over alleged underproduction from the KG-D6 gas block
The claim reopens long-settled assumptions on PSC sanctity, reservoir risk allocation, and investor protection in India’s upstream sector.
While financial liability risk for Reliance appears remote, the dispute has second-order implications for energy policy credibility and foreign capital comfort.


KG-D6 Dispute: Reliance-BP Face Massive $30 Billion KG-D6 Underproduction Claim

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Global oil majors are slashing jobs and investments as weak demand, OPEC+ supply hikes, and rising costs drive the sharpest industry retrenchment since the 2020 collapse.</li>
<li>U.S. producers face added strain from tariffs, cost inflation, and consolidation, forcing capex cuts, layoffs, and highlighting the slowdown of shale-driven growth that once powered record output.</li>
<li>ExxonMobil emerges strongest among peers, supported by low debt, robust free cash flow, advantaged low-cost assets, and global diversification, giving it unmatched resilience in a prolonged low-price environment.</li>
</ul>


Global oil majors are slashing jobs and investments as weak demand, OPEC+ supply hikes, and rising costs drive the sharpest industry retrenchment since the 2020 collapse.
U.S. producers face added strain from tariffs, cost inflation, and consolidation, forcing capex cuts, layoffs, and highlighting the slowdown of shale-driven growth that once powered record output.
ExxonMobil emerges strongest among peers, supported by low debt, robust free cash flow, advantaged low-cost assets, and global diversification, giving it unmatched resilience in a prolonged low-price environment.


Oil and Gas Giants Shift from Expansion to Discipline Amid Supply Glut and Cost Pressures

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

<p>bp reported Q225 results with underlying replacement cost (RC) profit of $2.4bn (Q125: $1.4bn; Q224: $2.8bn), supported by stronger refining margins, oil trading gains and improved customer business earnings. Operating cash flow of $6.3bn (Q125: $2.8bn), reflected higher earnings offset partly by working capital movement. DPS rose 4% to 8.32c, and a further $750m buyback was announced. Net debt fell to $26.0bn, with capital expenditure of $3.4bn in Q225 keeping bp on track with its FY25 guidance of c $14.5bn. Structural cost reductions reached $1.7bn ytd as part of bp’s plan to cut structural costs by $4–5bn by 2027 from a 2023 baseline.</p>

bp reported Q225 results with underlying replacement cost (RC) profit of $2.4bn (Q125: $1.4bn; Q224: $2.8bn), supported by stronger refining margins, oil trading gains and improved customer business earnings. Operating cash flow of $6.3bn (Q125: $2.8bn), reflected higher earnings offset partly by working capital movement. DPS rose 4% to 8.32c, and a further $750m buyback was announced. Net debt fell to $26.0bn, with capital expenditure of $3.4bn in Q225 keeping bp on track with its FY25 guidance of c $14.5bn. Structural cost reductions reached $1.7bn ytd as part of bp’s plan to cut structural costs by $4–5bn by 2027 from a 2023 baseline.

bp — Strong Q225 results, cost reductions in focus

<ul>
<li>BP’s Q2 2025 revenue is expected to drop 10% QoQ and 10.7% YoY. However, its EPS is projected to rise by 30.8% QoQ but fall by 32% YoY.</li>
<li>Lower oil and gas realizations are expected to drag earnings by up to USD 1.1 billion, but strong refining margins and oil trading performance could offset the blow.</li>
<li>Options positioning reflects mild bullish sentiment, with traders favouring calls near current levels, suggesting expectations of a modest post-earnings upside.</li>
</ul>


BP’s Q2 2025 revenue is expected to drop 10% QoQ and 10.7% YoY. However, its EPS is projected to rise by 30.8% QoQ but fall by 32% YoY.
Lower oil and gas realizations are expected to drag earnings by up to USD 1.1 billion, but strong refining margins and oil trading performance could offset the blow.
Options positioning reflects mild bullish sentiment, with traders favouring calls near current levels, suggesting expectations of a modest post-earnings upside.


[Earnings Preview] BP Set for Mixed Q2 as Strong Refining and Trading Offset Price Pressures

United Kingdom

BP p.l.c. is a British multinational integrated energy company. It engages in oil and gas exploration, production, refining, distribution, and marketing, as well as renewable energy activities including solar, wind, and hydrogen businesses. The company was founded in 1908 and is headquartered in London, the United Kingdom.

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BP (BP US)

KG-D6 Dispute: Reliance-BP Face Massive $30 Billion KG-D6 Underproduction Claim

India claims $30 bn against Reliance Industries and BP PLC for alleged underproduction, reopening debates on PSC sanctity and investor protection...

Sudarshan Bhandari

Oil and Gas Giants Shift from Expansion to Discipline Amid Supply Glut and Cost Pressures

Global oil majors are cutting jobs and investments due to weak demand and rising costs, with ExxonMobil emerging as the strongest player thanks to...

Mint Finance

bp — Strong Q225 results, cost reductions in focus

bp reported Q225 results with underlying replacement cost (RC) profit of $2.4bn (Q125: $1.4bn; Q224: $2.8bn), supported by stronger refining...

Edison Investment Research

bp — Strong Q225 results, cost reductions in focus

bp reported Q225 results with underlying replacement cost (RC) profit of $2.4bn (Q125: $1.4bn; Q224: $2.8bn), supported by stronger refining...

Edison Investment Research

[Earnings Preview] BP Set for Mixed Q2 as Strong Refining and Trading Offset Price Pressures

BP's Q2 revenue expected to drop, but EPS to rise due to strong refining margins and oil trading performance. Traders show mild bullish sentiment...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KG-D6 Dispute: Reliance-BP Face Massive $30 Billion KG-D6 Underproduction Claim

​India claims $30 bn against Reliance Industries and BP PLC for alleged underproduction, reopening debates on PSC sanctity and investor protection...

Sudarshan Bhandari

Oil and Gas Giants Shift from Expansion to Discipline Amid Supply Glut and Cost Pressures

​Global oil majors are cutting jobs and investments due to weak demand and rising costs, with ExxonMobil emerging as the strongest player thanks to...

Mint Finance

bp — Strong Q225 results, cost reductions in focus

bp reported Q225 results with underlying replacement cost (RC) profit of $2.4bn (Q125: $1.4bn; Q224: $2.8bn), supported by stronger refining...

Edison Investment Research

bp — Strong Q225 results, cost reductions in focus

bp reported Q225 results with underlying replacement cost (RC) profit of $2.4bn (Q125: $1.4bn; Q224: $2.8bn), supported by stronger refining...

Edison Investment Research

[Earnings Preview] BP Set for Mixed Q2 as Strong Refining and Trading Offset Price Pressures

​BP's Q2 revenue expected to drop, but EPS to rise due to strong refining margins and oil trading performance. Traders show mild bullish sentiment...

Mint Finance

India claims $30 bn against Reliance Industries and BP PLC for alleged underproduction, reopening debates on PSC sanctity and investor protection...

Global oil majors are cutting jobs and investments due to weak demand and rising costs, with ExxonMobil emerging as the strongest player thanks to...

BP's Q2 revenue expected to drop, but EPS to rise due to strong refining margins and oil trading performance. Traders show mild bullish sentiment...