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 Derivatives

<ul>
<li>BSE’s Option Premium ADTO in July MTD is down 25% MoM to INR 105bn amid lower market volatility and regulatory overhang from SEBI’s ban on Jane Street.</li>
<li>This weakness has triggered another 6–8% volume cut assumption in the market, on top of the 4–5% volume cut in June 2025.</li>
<li>BSE will face pressure in the near-term due to lower volume and valuation pressure, but long-term optimism tied to earnings if volumes normalize and reforms push investors toward cash equities.</li>
</ul>


BSE’s Option Premium ADTO in July MTD is down 25% MoM to INR 105bn amid lower market volatility and regulatory overhang from SEBI’s ban on Jane Street.
This weakness has triggered another 6–8% volume cut assumption in the market, on top of the 4–5% volume cut in June 2025.
BSE will face pressure in the near-term due to lower volume and valuation pressure, but long-term optimism tied to earnings if volumes normalize and reforms push investors toward cash equities.


BSE Derivative Volumes Hit by Jane Street Ban, Volatility Slump: EPS Cuts & Near-Term Downgrade

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

National Securities Depository / Equity Capital Markets

<ul>
<li>National Securities Depository Limited/<a href="https://www.smartkarma.com/entities/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL (NSDL IN)</a> is the largest depository in India. It is seeking to raise US$400 million.</li>
<li>In <a href="https://www.smartkarma.com/insights/nsdl-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:192801" rel="noopener">NSDL IPO: The Bull Case</a>, I highlighted the key elements of the bull case. In this note, I outline the bear case.</li>
<li>The bear case rests on the core business’s lower growth and margins compared to its key peer and the banking services’ weak performance.</li>
</ul>


National Securities Depository Limited/NSDL (NSDL IN) is the largest depository in India. It is seeking to raise US$400 million.
In NSDL IPO: The Bull Case, I highlighted the key elements of the bull case. In this note, I outline the bear case.
The bear case rests on the core business’s lower growth and margins compared to its key peer and the banking services’ weak performance.


<ul>
<li>National Securities Depository Limited/<a href="https://www.smartkarma.com/entities/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL (NSDL IN)</a> is the largest depository in India. It is seeking to raise US$400 million.     </li>
<li>The depository market in India is a duopoly with high barriers to entry as each of the current depositories is promoted by large institutions.</li>
<li>The bull case rests on outperforming its key peer on several metrics, the core business’s solid performance, signs of margin recovery, cash generation, and no debt.  </li>
</ul>


National Securities Depository Limited/NSDL (NSDL IN) is the largest depository in India. It is seeking to raise US$400 million.     
The depository market in India is a duopoly with high barriers to entry as each of the current depositories is promoted by large institutions.
The bull case rests on outperforming its key peer on several metrics, the core business’s solid performance, signs of margin recovery, cash generation, and no debt.  


External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

Central Depository Services (India) / Equity Bottom-Up

Central Depository Services (India) (CDSL IN)

<ul><li>CDSL is a market infrastructure company operating in the Indian equity capital markets with a $2.5 billion enterprise value</li><li>The company has shown consistent revenue growth over the past decade and listed on the NSE in 2017</li><li>With strong shareholder support and expected mid-teens CAGR growth, CDSL is seen as a buy and hold investment with potential for outperformance compared to major Indian indices</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

CDSL is a market infrastructure company operating in the Indian equity capital markets with a $2.5 billion enterprise valueThe company has shown consistent revenue growth over the past decade and listed on the NSE in 2017With strong shareholder support and expected mid-teens CAGR growth, CDSL is seen as a buy and hold investment with potential for outperformance compared to major Indian indicesThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Central Depository Services (India) Limited (NSE: CDSL) - Wednesday, Oct 9, 2024

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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>CDSL growth is expected to resume led by a recovery in market-linked revenue (transaction, IPO, and KYC) and a strong annuity stream (annual issuer charges and e-CAS)</li><li>Incremental revenue from compulsory Demat of new insurance policies (effective April 2024) and unlisted companies (Private Ltd) will provide a growth push in FY25E</li><li>The BO account addition is the core building block of the depository business and continued strong additions will support growth</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.

CDSL growth is expected to resume led by a recovery in market-linked revenue (transaction, IPO, and KYC) and a strong annuity stream (annual issuer charges and e-CAS)Incremental revenue from compulsory Demat of new insurance policies (effective April 2024) and unlisted companies (Private Ltd) will provide a growth push in FY25EThe BO account addition is the core building block of the depository business and continued strong additions will support growthContent 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.

India

Central Depository Services (India) Limited (CDSL) is an Indian central securities depository that facilitates the holding and transaction of securities in electronic form, enabling the settlement of trades on stock exchanges. It offers services such as dematerialization of securities, e-voting, and maintaining electronic records for various financial instruments. CDSL is headquartered in Mumbai, India, and was founded in 1999.

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Central Depository Services (India) (CDSL IN)

BSE Derivative Volumes Hit by Jane Street Ban, Volatility Slump: EPS Cuts & Near-Term Downgrade

BSE's Option Premium ADTO in July down 25% MoM to INR 105bn, triggering volume cuts and near-term pressure, but long-term optimism if volumes...

Sudarshan Bhandari

NSDL IPO: The Bear Case

National Securities Depository Limited, the largest depository in India, is seeking to raise US$400 million. In this note, I discuss the bear case.

Arun George

NSDL IPO: The Bull Case

NSDL, India's largest depository, will shortly launch its IPO to raise US$400 million. In this note, I discuss the bull case.

Arun George

Central Depository Services (India) Limited (NSE: CDSL) - Wednesday, Oct 9, 2024

CDSL is a market infrastructure company operating in the Indian equity capital markets with a $2.5 billion enterprise value

Value Investors Club (VIC)

CDSL: Restoring Growth. Maintain BUY

CDSL growth is expected to resume led by a recovery in market-linked revenue (transaction, IPO, and KYC) and a strong annuity stream (annual issuer...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BSE Derivative Volumes Hit by Jane Street Ban, Volatility Slump: EPS Cuts & Near-Term Downgrade

​BSE's Option Premium ADTO in July down 25% MoM to INR 105bn, triggering volume cuts and near-term pressure, but long-term optimism if volumes...

Sudarshan Bhandari

NSDL IPO: The Bear Case

National Securities Depository Limited, the largest depository in India, is seeking to raise US$400 million. In this note, I discuss the bear case.

Arun George

NSDL IPO: The Bull Case

NSDL, India's largest depository, will shortly launch its IPO to raise US$400 million. In this note, I discuss the bull case.

Arun George

Central Depository Services (India) Limited (NSE: CDSL) - Wednesday, Oct 9, 2024

CDSL is a market infrastructure company operating in the Indian equity capital markets with a $2.5 billion enterprise value

Value Investors Club (VIC)

CDSL: Restoring Growth. Maintain BUY

CDSL growth is expected to resume led by a recovery in market-linked revenue (transaction, IPO, and KYC) and a strong annuity stream (annual issuer...

HDFC Securities

BSE's Option Premium ADTO in July down 25% MoM to INR 105bn, triggering volume cuts and near-term pressure, but long-term optimism if volumes...