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

National Securities Depository / Equity Bottom-Up

<ul>
<li>
<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>'s IPO is an OFS priced at INR 760-800 per share, targeting an issue size of INR 3,810-4,011 crore</li>
<li>As India's pioneering SEBI-registered MII, company is the largest depository, serving 79,773 issuers as of March 2025, driven by market growth and innovation.</li>
<li>Valuation indicators suggest a fair assessment relative to industry peers, underscored by a robust issuer base and inherent financial stability.</li>
</ul>



NSDL (NSDL IN)'s IPO is an OFS priced at INR 760-800 per share, targeting an issue size of INR 3,810-4,011 crore
As India's pioneering SEBI-registered MII, company is the largest depository, serving 79,773 issuers as of March 2025, driven by market growth and innovation.
Valuation indicators suggest a fair assessment relative to industry peers, underscored by a robust issuer base and inherent financial stability.


NSDL IPO Analysis: India's First & Largest Depository

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

National Securities Depository / Equity Capital Markets

<ul>
<li>NSDL has been gearing up for its IPO and is very likely to hit the markets shortly within the SEBI stipulated deadline of 31st July.</li>
<li>NSDL historically had the upper hand over CDSL as institutional clients led to strong outperformance. But the booming retail investment landscape since 2021 has turned the tables on the leader.</li>
<li>Given that the trend of retail participation inching is expected to continue, NSDL needs to rejuvenate its approach to plough back market share. Payments banking business cant offset the impact.</li>
</ul>


NSDL has been gearing up for its IPO and is very likely to hit the markets shortly within the SEBI stipulated deadline of 31st July.
NSDL historically had the upper hand over CDSL as institutional clients led to strong outperformance. But the booming retail investment landscape since 2021 has turned the tables on the leader.
Given that the trend of retail participation inching is expected to continue, NSDL needs to rejuvenate its approach to plough back market share. Payments banking business cant offset the impact.


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.

<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.  


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.

Central Depository Services (India) (CDSL IN)

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Central Depository Services (India) (CDSL IN)

NSDL IPO Analysis: India's First & Largest Depository

NSDL's IPO targets INR 3,810-4,011 crore, reflecting its leading position as India's largest depository with strong financial stability and market...

Sudarshan Bhandari

NSDL Vs CDSL: A Bottom-Up Comparison

NSDL IPO opens on 30-July (anchor bidding expected early next week) As expected, the issues is a 4,000cr offer for sale priced at 760-800 The deal...

Himanshu Dugar

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NSDL IPO Analysis: India's First & Largest Depository

​NSDL's IPO targets INR 3,810-4,011 crore, reflecting its leading position as India's largest depository with strong financial stability and market...

Sudarshan Bhandari

NSDL Vs CDSL: A Bottom-Up Comparison

NSDL IPO opens on 30-July (anchor bidding expected early next week) As expected, the issues is a 4,000cr offer for sale priced at 760-800 The deal...

Himanshu Dugar

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

NSDL's IPO targets INR 3,810-4,011 crore, reflecting its leading position as India's largest depository with strong financial stability and market...

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...