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>Rural demand in India surged ahead in Q2 2025, outpacing urban growth and solidifying villages as the cornerstone of the nation’s economic momentum.</li>
<li>Strong rural consumption is propelling sectors like FMCG and farm equipment, offering clear cues on market direction, corporate earnings, and sectoral leadership.</li>
<li>Multiple Q1 FY26 concalls flagged rural outperformance or sequential improvement; FMCG/tractors are the clearest prints.</li>
</ul>


Rural demand in India surged ahead in Q2 2025, outpacing urban growth and solidifying villages as the cornerstone of the nation’s economic momentum.
Strong rural consumption is propelling sectors like FMCG and farm equipment, offering clear cues on market direction, corporate earnings, and sectoral leadership.
Multiple Q1 FY26 concalls flagged rural outperformance or sequential improvement; FMCG/tractors are the clearest prints.


Thematic Report: Beyond the Fields- How Rural Demand Is Reshaping India’s Consumer Story?

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Britannia Industries: Britannia’s Q4FY25 results were a mixed bag, coming in below estimates on volume growth (3.5% vs HSIE est of 5%) and surprising us on the profitability front owing to curtailment of ad spends and cost efficiencies (other expenses down 8% YoY)</li><li>Management remains focused on sustaining margins while being price competitive against regional and national players</li><li>Additionally, management highlighted that wheat deflation is not expected despite improved supply owing to higher MSP (+7%)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Britannia Industries: Britannia’s Q4FY25 results were a mixed bag, coming in below estimates on volume growth (3.5% vs HSIE est of 5%) and surprising us on the profitability front owing to curtailment of ad spends and cost efficiencies (other expenses down 8% YoY)Management remains focused on sustaining margins while being price competitive against regional and national playersAdditionally, management highlighted that wheat deflation is not expected despite improved supply owing to higher MSP (+7%)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Britannia Industries, ABB India, Thermax, Jyothy Labs...

<ul>
<li>The RBI’s March 2025 surveys highlight a balanced recovery, with easing inflation expectations, strong rural sentiment, and sector-specific growth prospects across banking, manufacturing, and services.</li>
<li>With moderate credit growth and consumer confidence improving, sectors like agri-finance, retail, and infrastructure are poised for growth, while inflationary pressures and currency depreciation may impact import-dependent companies.</li>
<li>India's economic recovery is steady, with sector-specific positioning crucial. As rural confidence rises and inflation expectations moderate, growth opportunities are more identifiable, especially in rural finance and manufacturing.</li>
</ul>


The RBI’s March 2025 surveys highlight a balanced recovery, with easing inflation expectations, strong rural sentiment, and sector-specific growth prospects across banking, manufacturing, and services.
With moderate credit growth and consumer confidence improving, sectors like agri-finance, retail, and infrastructure are poised for growth, while inflationary pressures and currency depreciation may impact import-dependent companies.
India's economic recovery is steady, with sector-specific positioning crucial. As rural confidence rises and inflation expectations moderate, growth opportunities are more identifiable, especially in rural finance and manufacturing.


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

Macroeconomics

<ul>
<li>The Mahakumbh Mela 2025, hailed as the largest gathering of the Hindu faith, is set to host an estimated 400-450 million devotees from India and around the world.</li>
<li>The event’s estimated budget is INR 6,382 crore (USD 800 Mn) for event management and infrastructure development, 72% higher than the budget allocated in 2019 Kumbh.</li>
<li>Kumbh Mela could generate financial transactions totaling INR 2–2.5 lakh crore (USD 25–30 billion) over 45 days. This accounts for an estimated 0.5–0.8% of the country’s GDP.</li>
</ul>


The Mahakumbh Mela 2025, hailed as the largest gathering of the Hindu faith, is set to host an estimated 400-450 million devotees from India and around the world.
The event’s estimated budget is INR 6,382 crore (USD 800 Mn) for event management and infrastructure development, 72% higher than the budget allocated in 2019 Kumbh.
Kumbh Mela could generate financial transactions totaling INR 2–2.5 lakh crore (USD 25–30 billion) over 45 days. This accounts for an estimated 0.5–0.8% of the country’s GDP.


Maha Kumbh 2025- How Big Is It for Economy?

<ul><li>We expect our consumer coverage to report a high-single-digit revenue growth of 9% YoY, mainly driven by price hikes</li><li>At an aggregate level, we anticipate revenue and EBITDA growth of 9% and 1%, respectively, in 3QFY25</li><li>However, profitability is expected to decline by 6% due to negative operating leverage and gross margin pressures (excluding the liquor segment).</li></ul>Content is an external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect our consumer coverage to report a high-single-digit revenue growth of 9% YoY, mainly driven by price hikesAt an aggregate level, we anticipate revenue and EBITDA growth of 9% and 1%, respectively, in 3QFY25However, profitability is expected to decline by 6% due to negative operating leverage and gross margin pressures (excluding the liquor segment).Content is an external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer (3QFY25 Results Preview): Challenges Persist

India

Britannia Industries Ltd is an Indian multinational food products company, primarily manufacturing and selling biscuits, bread, and dairy products. Approximately 80% of its revenue comes from biscuit products, with popular brands like Good Day, Marie Gold, and Tiger. The company is headquartered in Kolkata, India, and was founded in 1892.

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Britannia Industries (BRIT IN)

Thematic Report: Beyond the Fields- How Rural Demand Is Reshaping India’s Consumer Story?

Rural demand in India outpaces urban growth in Q2 2025, driving economic momentum and propelling sectors like FMCG and farm equipment.

Nimish Maheshwari

HSIE Results Daily: Britannia Industries, ABB India, Thermax, Jyothy Labs...

Britannia’s Q4FY25 results were a mixed bag, coming in below estimates on volume growth (3.5% vs HSIE est of 5%) and surprising us on the...

HDFC Securities

RBI Forward-Looking Survey Analysis

RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...

Nimish Maheshwari

Maha Kumbh 2025- How Big Is It for Economy?

The Mahakumbh Mela 2025, expected to draw 400-450 million devotees, and could generate up to INR 2-2.5 lakh crore in financial transactions,...

Nitin Mangal

Consumer (3QFY25 Results Preview): Challenges Persist

We expect our consumer coverage to report a high-single-digit revenue growth of 9% YoY, mainly driven by price hikes. At an aggregate level, we...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thematic Report: Beyond the Fields- How Rural Demand Is Reshaping India’s Consumer Story?

​Rural demand in India outpaces urban growth in Q2 2025, driving economic momentum and propelling sectors like FMCG and farm equipment.

Nimish Maheshwari

HSIE Results Daily: Britannia Industries, ABB India, Thermax, Jyothy Labs...

Britannia’s Q4FY25 results were a mixed bag, coming in below estimates on volume growth (3.5% vs HSIE est of 5%) and surprising us on the...

HDFC Securities

RBI Forward-Looking Survey Analysis

​RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...

Nimish Maheshwari

Maha Kumbh 2025- How Big Is It for Economy?

​The Mahakumbh Mela 2025, expected to draw 400-450 million devotees, and could generate up to INR 2-2.5 lakh crore in financial transactions,...

Nitin Mangal

Consumer (3QFY25 Results Preview): Challenges Persist

We expect our consumer coverage to report a high-single-digit revenue growth of 9% YoY, mainly driven by price hikes. At an aggregate level, we...

HDFC Securities

Rural demand in India outpaces urban growth in Q2 2025, driving economic momentum and propelling sectors like FMCG and farm equipment.

RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...

The Mahakumbh Mela 2025, expected to draw 400-450 million devotees, and could generate up to INR 2-2.5 lakh crore in financial transactions,...