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>Zepto filed its Updated DRHP on June 9, 2026, with a INR 8,010 crore fresh issue and 11.35 crore-share OFS, becoming the first standalone quick commerce player seeking domestic listing.</li>
<li>FY26 revenue doubled to INR 22,624 crore, while losses widened to INR 5,905 crore, testing investor appetite for high-growth, loss-making platforms in a competitive market.</li>
<li>Zepto is a strong 2nd player in a 40%+ growth market, but investors must assess whether IPO pricing reflects its path to profitability.</li>
</ul>


Zepto filed its Updated DRHP on June 9, 2026, with a INR 8,010 crore fresh issue and 11.35 crore-share OFS, becoming the first standalone quick commerce player seeking domestic listing.
FY26 revenue doubled to INR 22,624 crore, while losses widened to INR 5,905 crore, testing investor appetite for high-growth, loss-making platforms in a competitive market.
Zepto is a strong 2nd player in a 40%+ growth market, but investors must assess whether IPO pricing reflects its path to profitability.


Zepto IPO: India's Fastest-Growing Quick Commerce Platform

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Capital Markets

<ul>
<li>We discuss details about <a href="https://www.smartkarma.com/entities/geddit-convenience-pvt-ltd-zepto" target="_blank" data-smartkarma-citation="entities:35873:1" rel="noopener">Zepto (1936629D IN)</a> 's likely IPO in near term as all regulatory approvals are in place.</li>
<li>This insight gives a brief overview of the company and its key parameters.</li>
<li>Finally, we discuss about company's financials, valuation journey and key points to watch out for in this IPO.</li>
</ul>


We discuss details about Zepto (1936629D IN) 's likely IPO in near term as all regulatory approvals are in place.
This insight gives a brief overview of the company and its key parameters.
Finally, we discuss about company's financials, valuation journey and key points to watch out for in this IPO.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lenskart-solutions-limited" target="_blank" data-smartkarma-citation="entities:45634:1" rel="noopener">Lenskart Solutions (LENSKART IN)</a> (LS) raised around US$825m in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Lenskart Solutions (LENSKART IN) (LS) raised around US$825m in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.
Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Lenskart Lockup Expiry - US$6.7bn Lockup Release with Everyone Well in the Money

Shadowfax Technologies / Equity Bottom-Up

<ul>
<li>Shadowfax reported FY26 revenue of INR4,201.7 crore (nearly 2x YoY) with a net profit of INR118.8 crore, while guiding for 28-30% growth in FY27 and 6.7x scale-up in dark stores.</li>
<li>India's quick commerce boom is creating logistics infrastructure gap, and Shadowfax, already serving Blinkit and Amazon Now, is positioning as the neutral backbone, avoiding platform risk while capturing growth runway.</li>
<li>With profitability proven and capex intensity moderating, the dark store pivot and pin code expansion strategy reveal company building durable logistics moat.
</li>
</ul>


Shadowfax reported FY26 revenue of INR4,201.7 crore (nearly 2x YoY) with a net profit of INR118.8 crore, while guiding for 28-30% growth in FY27 and 6.7x scale-up in dark stores.
India's quick commerce boom is creating logistics infrastructure gap, and Shadowfax, already serving Blinkit and Amazon Now, is positioning as the neutral backbone, avoiding platform risk while capturing growth runway.
With profitability proven and capex intensity moderating, the dark store pivot and pin code expansion strategy reveal company building durable logistics moat.



Shadowfax: India's Quick Commerce Infrastructure Play

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pine-labs-limited" target="_blank" data-smartkarma-citation="entities:33472:1" rel="noopener">Pine Labs (PINELABS IN)</a> raised around US$450m in its India IPO in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Pine Labs (PINELABS IN) raised around US$450m in its India IPO in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company

India

Swiggy is an Indian online food ordering and delivery company. It also operates quick-commerce services under Instamart for grocery and household items, and offers restaurant reservation services through Dineout. The company is headquartered in Bengaluru, India, and was founded in 2013.

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Swiggy (SWIGGY IN)

Zepto IPO: India's Fastest-Growing Quick Commerce Platform

Zepto, a quick commerce player, files DRHP with INR 8,010 crore fresh issue and 11.35 crore-share OFS, testing investor appetite for high-growth,...

Sudarshan Bhandari

Zepto IPO - Preview

Zepto has filed an updated DRHP with SEBI for its IPO, proposing a fresh issue worth USD 800 million through equity shares. Including an offer for...

Sreemant Dudhoria

Aequitas: Lenskart Lockup Expiry - US$6.7bn Lockup Release with Everyone Well in the Money

This time around softbank is looking to raise around US$300m via selling some of its stake in Lenskart. The deal is being run by GS.

Sumeet Singh

Shadowfax: India's Quick Commerce Infrastructure Play

Shadowfax reported strong FY26 revenue growth and net profit, aiming for 28-30% growth in FY27 and expanding dark stores to address India's quick...

Sudarshan Bhandari

Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company

Pine Labs (PINELABS IN) raised around US$450m in its India IPO in its India IPO in November 2025. The lockup on its pre-IPO investors is set to...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zepto IPO: India's Fastest-Growing Quick Commerce Platform

​Zepto, a quick commerce player, files DRHP with INR 8,010 crore fresh issue and 11.35 crore-share OFS, testing investor appetite for high-growth,...

Sudarshan Bhandari

Zepto IPO - Preview

Zepto has filed an updated DRHP with SEBI for its IPO, proposing a fresh issue worth USD 800 million through equity shares. Including an offer for...

Sreemant Dudhoria

Aequitas: Lenskart Lockup Expiry - US$6.7bn Lockup Release with Everyone Well in the Money

This time around softbank is looking to raise around US$300m via selling some of its stake in Lenskart. The deal is being run by GS.

Sumeet Singh

Shadowfax: India's Quick Commerce Infrastructure Play

​Shadowfax reported strong FY26 revenue growth and net profit, aiming for 28-30% growth in FY27 and expanding dark stores to address India's quick...

Sudarshan Bhandari

Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company

Pine Labs (PINELABS IN) raised around US$450m in its India IPO in its India IPO in November 2025. The lockup on its pre-IPO investors is set to...

Sumeet Singh

Zepto, a quick commerce player, files DRHP with INR 8,010 crore fresh issue and 11.35 crore-share OFS, testing investor appetite for high-growth,...

Shadowfax reported strong FY26 revenue growth and net profit, aiming for 28-30% growth in FY27 and expanding dark stores to address India's quick...