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>
<a href="https://www.smartkarma.com/entities/cartrade-tech-ltd" target="_blank" data-smartkarma-citation="entities:33474:1" rel="noopener">CarTrade (CARTRADE IN)</a> operates a leading multi-channel auto platform and delivered record performance in Q3FY26, with revenue climbing to INR 228 crores and EBITDA jumping 56%.</li>
<li>Management aborted the high-profile CarDekho merger to focus on internal growth, incurring a INR 1.8 crore due diligence hit that slightly weighed on quarterly margins.</li>
<li>Looking ahead, the company expects robust growth through the Elite Buyer program and new fintech products, supported by a massive INR 1,145 crore debt-free cash reserve</li>
</ul>



CarTrade (CARTRADE IN) operates a leading multi-channel auto platform and delivered record performance in Q3FY26, with revenue climbing to INR 228 crores and EBITDA jumping 56%.
Management aborted the high-profile CarDekho merger to focus on internal growth, incurring a INR 1.8 crore due diligence hit that slightly weighed on quarterly margins.
Looking ahead, the company expects robust growth through the Elite Buyer program and new fintech products, supported by a massive INR 1,145 crore debt-free cash reserve


CarTrade Tech: What Cold Be the Reason for the Fall Post a Robust Q3FY26 Result?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cartrade-tech-ltd" target="_blank" data-smartkarma-citation="entities:33474:1" rel="noopener">CarTrade (CARTRADE IN)</a> is India’s leading multi-channel digital automotive marketplace, connecting millions of buyers and sellers through its top-tier platforms. </li>
<li>Its unmatched 95% organic traffic creates best-in-class EBITDA margins by eliminating the high customer acquisition costs typical in digital marketplaces.</li>
<li>Management guides for accelerated revenue momentum and significant margin expansion in OLX through AI-led search tools and new monetization programs.</li>
</ul>



CarTrade (CARTRADE IN) is India’s leading multi-channel digital automotive marketplace, connecting millions of buyers and sellers through its top-tier platforms. 
Its unmatched 95% organic traffic creates best-in-class EBITDA margins by eliminating the high customer acquisition costs typical in digital marketplaces.
Management guides for accelerated revenue momentum and significant margin expansion in OLX through AI-led search tools and new monetization programs.


Car Trade Tech: Driving PAT Growth Via Massive Operating Leverage

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Urban Company is India’s largest organized online home-services platform, with ~60% of revenues from Beauty &amp; Wellness and dominant market share across categories.</li>
<li>IPO proceeds (~₹4,720 mn fresh issue) will be used to strengthen technology, expand professional training, enhance branding, and fund working capital.</li>
<li>The platform connects customers with vetted professionals for beauty, cleaning, repairs, and home improvement, differentiated by its supply-controlled model (training, kits, quality standards).</li>
</ul>


Urban Company is India’s largest organized online home-services platform, with ~60% of revenues from Beauty &amp; Wellness and dominant market share across categories.
IPO proceeds (~₹4,720 mn fresh issue) will be used to strengthen technology, expand professional training, enhance branding, and fund working capital.
The platform connects customers with vetted professionals for beauty, cleaning, repairs, and home improvement, differentiated by its supply-controlled model (training, kits, quality standards).


Urban Company IPO – Beauty-Led Platform With Structural Growth Tailwinds

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

<ul>
<li>Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$434 via a cleanup of its remaining 5.8% stake in <a href="https://www.smartkarma.com/entities/one-97-communications-limited-paytm" target="_blank" data-smartkarma-citation="entities:26149:1" rel="noopener">Paytm (PAYTM IN)</a>.</li>
<li>Antfin has been selling off its stake in PayTM since it pared around 12% in Nov 2021 IPO. It last sold a 4% stake to raise upto US$242m in May2025.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$434 via a cleanup of its remaining 5.8% stake in Paytm (PAYTM IN).
Antfin has been selling off its stake in PayTM since it pared around 12% in Nov 2021 IPO. It last sold a 4% stake to raise upto US$242m in May2025.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


<ul>
<li>Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$242m via selling a 4% stake in <a href="https://www.smartkarma.com/entities/one-97-communications-limited-paytm" target="_blank" data-smartkarma-citation="entities:26149:1" rel="noopener">Paytm (PAYTM IN)</a>.</li>
<li>Antfin has been selling off its stake since it pared around 12% in its Nov'21 IPO. As of date of writing, it had a 9.85% stake remaining in the firm.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$242m via selling a 4% stake in Paytm (PAYTM IN).
Antfin has been selling off its stake since it pared around 12% in its Nov'21 IPO. As of date of writing, it had a 9.85% stake remaining in the firm.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


PayTM Block - US$242m Secondary Block Deal a Small One to Digest

India

Cartrade Tech Ltd operates an online market place for the exchange of used cars. The Company offers users to post, search, sell, and purchase used vehicles.

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CarTrade (CARTRADE IN)

CarTrade Tech: What Cold Be the Reason for the Fall Post a Robust Q3FY26 Result?

CarTrade (CARTRADE IN) reports record Q3FY26 performance with revenue up to INR 228 crores and EBITDA rising 56%, aborting CarDekho merger to...

Sudarshan Bhandari

Car Trade Tech: Driving PAT Growth Via Massive Operating Leverage

CarTrade is India's top digital automotive marketplace with high organic traffic and strong EBITDA margins, aiming for revenue growth and margin...

Sudarshan Bhandari

Urban Company IPO – Beauty-Led Platform With Structural Growth Tailwinds

Urban Company, India's leading online home-services platform, plans to use IPO proceeds to enhance technology, training, branding, and working...

Rahul Jain

PayTM Block - US$434m Clean-Up by Antfin

Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$434 via a cleanup of its remaining 5.8% stake in One 97 Communications Ltd...

Akshat Shah

PayTM Block - US$242m Secondary Block Deal a Small One to Digest

Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$242m via selling a 4% stake in One 97 Communications Ltd (PayTM).

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CarTrade Tech: What Cold Be the Reason for the Fall Post a Robust Q3FY26 Result?

​CarTrade (CARTRADE IN) reports record Q3FY26 performance with revenue up to INR 228 crores and EBITDA rising 56%, aborting CarDekho merger to...

Sudarshan Bhandari

Car Trade Tech: Driving PAT Growth Via Massive Operating Leverage

​CarTrade is India's top digital automotive marketplace with high organic traffic and strong EBITDA margins, aiming for revenue growth and margin...

Sudarshan Bhandari

Urban Company IPO – Beauty-Led Platform With Structural Growth Tailwinds

​Urban Company, India's leading online home-services platform, plans to use IPO proceeds to enhance technology, training, branding, and working...

Rahul Jain

PayTM Block - US$434m Clean-Up by Antfin

Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$434 via a cleanup of its remaining 5.8% stake in One 97 Communications Ltd...

Akshat Shah

PayTM Block - US$242m Secondary Block Deal a Small One to Digest

Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$242m via selling a 4% stake in One 97 Communications Ltd (PayTM).

Akshat Shah

CarTrade (CARTRADE IN) reports record Q3FY26 performance with revenue up to INR 228 crores and EBITDA rising 56%, aborting CarDekho merger to...

CarTrade is India's top digital automotive marketplace with high organic traffic and strong EBITDA margins, aiming for revenue growth and margin...

Urban Company, India's leading online home-services platform, plans to use IPO proceeds to enhance technology, training, branding, and working...