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

Chambal Fertilisers & Chemicals / Equity Bottom-Up

<ul>
<li>CFCL is shifting from a subsidy-driven urea player to a diversified Agri-inputs firm, with strong traction in crop protection, biologicals, and a INR 1,645 Cr TAN project. . </li>
<li>This diversification reduces exposure to regulatory risks, enhances margins, and positions CFCL for long-term structural growth in high-value Agri-solutions</li>
<li>With a near debt-free balance sheet and visibility on INR 900–1,000 Cr revenue from TAN, we now view CFCL as a multi-engine growth story beyond commoditized urea.</li>
</ul>


CFCL is shifting from a subsidy-driven urea player to a diversified Agri-inputs firm, with strong traction in crop protection, biologicals, and a INR 1,645 Cr TAN project. . 
This diversification reduces exposure to regulatory risks, enhances margins, and positions CFCL for long-term structural growth in high-value Agri-solutions
With a near debt-free balance sheet and visibility on INR 900–1,000 Cr revenue from TAN, we now view CFCL as a multi-engine growth story beyond commoditized urea.


The Beat Ideas: Chambal Fertilisers - From Urea Giant to Agri-Solutions Powerhouse

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>Fertilizer imports fell 44 % in May as Iran-Red Sea shocks inflated DAP/MOP landed costs; India fast-tracks ADD, green-ammonia deals.</li>
<li>Tight DAP stocks, INR 1.8-trn subsidy exposure and Kharif timing put food-security, fiscal targets and agri-input inflation squarely at risk.</li>
<li>Sector outlook swings from price-led recovery to supply-chain resilience play, favouring firms with domestic feedstock, nano-fertilizer IP and diversified import pacts.</li>
</ul>


Fertilizer imports fell 44 % in May as Iran-Red Sea shocks inflated DAP/MOP landed costs; India fast-tracks ADD, green-ammonia deals.
Tight DAP stocks, INR 1.8-trn subsidy exposure and Kharif timing put food-security, fiscal targets and agri-input inflation squarely at risk.
Sector outlook swings from price-led recovery to supply-chain resilience play, favouring firms with domestic feedstock, nano-fertilizer IP and diversified import pacts.


Thematic Report- India's Fertilizer Sector: Navigating Global Volatility and Domestic Imperatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chambal-fertilisers-and-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:13473:1" rel="noopener">Chambal Fertilisers &amp; Chemicals (CHMB IN)</a>’s Capacity expansion in IMACID, focusing on phosphoric acid production, Technical Ammonium Nitrate (TAN) project, and entry into biologicals.</li>
<li>
<a href="https://www.smartkarma.com/entities/coromandel-international-ltd" target="_blank" data-smartkarma-citation="entities:15305:1" rel="noopener">Coromandel International (CRIN IN) is also expanding </a> capacity that include a 7.5 lakh tons of NPK facility and a 2 lakh tons phosphoric acid plant at Kakinada. </li>
<li>
<a href="https://www.smartkarma.com/entities/deepak-fertilisers-petro" target="_blank" data-smartkarma-citation="entities:9768:1" rel="noopener">Deepak Fertilisers &amp; Petro (DFPC IN)</a> Capacity expansions for technical ammonium nitrate (TAN) and nitric acid. Investments in a world-scale ammonia plant, and shift to specialty products.</li>
</ul>



Chambal Fertilisers &amp; Chemicals (CHMB IN)’s Capacity expansion in IMACID, focusing on phosphoric acid production, Technical Ammonium Nitrate (TAN) project, and entry into biologicals.

Coromandel International (CRIN IN) is also expanding  capacity that include a 7.5 lakh tons of NPK facility and a 2 lakh tons phosphoric acid plant at Kakinada. 

Deepak Fertilisers &amp; Petro (DFPC IN) Capacity expansions for technical ammonium nitrate (TAN) and nitric acid. Investments in a world-scale ammonia plant, and shift to specialty products.


Themes of India: Fertilizer Industry Q3 FY25 Update~ Growth Catalysts and Strategic Outlook

Event-Driven

<ul>
<li>A special call auction shall be held on October 28, 2024 by BSE &amp; NSE to discover hidden value in Investment Holding Companies.</li>
<li>BSE and NSE came out with the list of 8-9 Companies that are eligible for this special session. </li>
<li>We calculated the upside left in these companies using the Current price with 30% discount: 3 Companies with more than 100% upside.</li>
</ul>


A special call auction shall be held on October 28, 2024 by BSE &amp; NSE to discover hidden value in Investment Holding Companies.
BSE and NSE came out with the list of 8-9 Companies that are eligible for this special session. 
We calculated the upside left in these companies using the Current price with 30% discount: 3 Companies with more than 100% upside.


Event Driven: Special Call Auction in Indian Holding Companies

<ul>
<li>SEBI has overhauled F&amp;O eligibility criteria, introducing stricter norms for stock inclusion and exclusion for more active stocks. </li>
<li>As per calculation, New criteria will include 80 stocks and exclude 18 to 23, impacting market liquidity and stability.</li>
<li>This will lead to the creation of a more robust, transparent, and liquid for the F&amp;O Market.</li>
</ul>


SEBI has overhauled F&amp;O eligibility criteria, introducing stricter norms for stock inclusion and exclusion for more active stocks. 
As per calculation, New criteria will include 80 stocks and exclude 18 to 23, impacting market liquidity and stability.
This will lead to the creation of a more robust, transparent, and liquid for the F&amp;O Market.


SEBI's F&O Criteria Revision & Its Impact

India

Chambal Fertilisers and Chemicals Ltd. manufactures ammonia, urea, pesticides and other products for farming and other agricultural applications.  The Company also provides consulting services to farmers on their seeding programs. Chambal operates throughout India.

Chambal Fertilisers & Chemicals (CHMB IN)

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Chambal Fertilisers & Chemicals (CHMB IN)

The Beat Ideas: Chambal Fertilisers - From Urea Giant to Agri-Solutions Powerhouse

CFCL transitions from urea to diversified Agri-inputs firm, reducing regulatory risks, enhancing margins, and poised for long-term growth with TAN...

Sudarshan Bhandari

Thematic Report- India's Fertilizer Sector: Navigating Global Volatility and Domestic Imperatives

Fertilizer imports in India dropped significantly in May due to increased costs; government focuses on domestic production and green-ammonia deals...

Nimish Maheshwari

Themes of India: Fertilizer Industry Q3 FY25 Update~ Growth Catalysts and Strategic Outlook

Indian fertilizer companies like Chambal, Coromandel International, and Deepak Fertilisers are expanding their capacities to focus on new products...

Nimish Maheshwari

Event Driven: Special Call Auction in Indian Holding Companies

BSE & NSE to hold special call auction on Oct 28, 2024 for Investment Holding Companies, 8-9 eligible, 3 with over 100% upside potential.

Nimish Maheshwari

SEBI's F&O Criteria Revision & Its Impact

SEBI introduces stricter F&O eligibility criteria, impacting market liquidity and stability by including 80 stocks and excluding 18 to 23. #SEBI...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: Chambal Fertilisers - From Urea Giant to Agri-Solutions Powerhouse

​CFCL transitions from urea to diversified Agri-inputs firm, reducing regulatory risks, enhancing margins, and poised for long-term growth with TAN...

Sudarshan Bhandari

Thematic Report- India's Fertilizer Sector: Navigating Global Volatility and Domestic Imperatives

​Fertilizer imports in India dropped significantly in May due to increased costs; government focuses on domestic production and green-ammonia deals...

Nimish Maheshwari

Themes of India: Fertilizer Industry Q3 FY25 Update~ Growth Catalysts and Strategic Outlook

​Indian fertilizer companies like Chambal, Coromandel International, and Deepak Fertilisers are expanding their capacities to focus on new products...

Nimish Maheshwari

Event Driven: Special Call Auction in Indian Holding Companies

​BSE & NSE to hold special call auction on Oct 28, 2024 for Investment Holding Companies, 8-9 eligible, 3 with over 100% upside potential.

Nimish Maheshwari

SEBI's F&O Criteria Revision & Its Impact

​SEBI introduces stricter F&O eligibility criteria, impacting market liquidity and stability by including 80 stocks and excluding 18 to 23. #SEBI...

Nimish Maheshwari

CFCL transitions from urea to diversified Agri-inputs firm, reducing regulatory risks, enhancing margins, and poised for long-term growth with TAN...

Fertilizer imports in India dropped significantly in May due to increased costs; government focuses on domestic production and green-ammonia deals...

Indian fertilizer companies like Chambal, Coromandel International, and Deepak Fertilisers are expanding their capacities to focus on new products...

BSE & NSE to hold special call auction on Oct 28, 2024 for Investment Holding Companies, 8-9 eligible, 3 with over 100% upside potential.

SEBI introduces stricter F&O eligibility criteria, impacting market liquidity and stability by including 80 stocks and excluding 18 to 23. #SEBI...