Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Event-Driven

Cholamandalam Investment and Finance / Event-Driven

Cholamandalam Investment and Finance (CIFC IN)

<ul>
<li>Investigative portal Cobrapost has alleged significant governance lapses in the Murugappa Group, specifically regarding INR 25,000 crore in cash deposits and INR 10,262 crore in RPTs.</li>
<li>On December 23, 2025, CIFCL issued a formal rebuttal to the exchanges, labeling the report <strong>"malicious and baseless".</strong>
</li>
<li>While the market’s immediate 6-8% rally suggests institutional confidence in the company's defense.</li>
</ul>


Investigative portal Cobrapost has alleged significant governance lapses in the Murugappa Group, specifically regarding INR 25,000 crore in cash deposits and INR 10,262 crore in RPTs.
On December 23, 2025, CIFCL issued a formal rebuttal to the exchanges, labeling the report "malicious and baseless".

While the market’s immediate 6-8% rally suggests institutional confidence in the company's defense.


Decoding the Cobrapost Allegations on Murugappa Group: Noise Vs. Structural Governance Risk

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

<ul>
<li>Over past 10 weeks, India derated sharply. Headline forward PE is down 10% and valuations of some stocks and sectors more so. India's valuations are now close to long-term average.</li>
<li>We repeat our 10th August study of screening stocks with decent and robust growth forecast, reasonable valuations, healthy balance sheets. In August, 20 stocks showed up; now there are 37.</li>
<li>23 of these 37 are financials, more so among large-caps (8 of 11). Mid-caps (7 of 16 are non-financial) are more diverse. Non-financials dominate among Small-caps (8 out of 10).</li>
</ul>


Over past 10 weeks, India derated sharply. Headline forward PE is down 10% and valuations of some stocks and sectors more so. India's valuations are now close to long-term average.
We repeat our 10th August study of screening stocks with decent and robust growth forecast, reasonable valuations, healthy balance sheets. In August, 20 stocks showed up; now there are 37.
23 of these 37 are financials, more so among large-caps (8 of 11). Mid-caps (7 of 16 are non-financial) are more diverse. Non-financials dominate among Small-caps (8 out of 10).


Asian Equities: India Focus List After the Recent Dislocation - Financials and Small/Mid-Caps Abound

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Thematic (Sector/Industry)

<ul>
<li>Demand outside gold remains soft; co‑funding costs show early easing; asset quality stress is shifting, with vehicle finance and micro‑LAP emerging as pain points.</li>
<li>The divergence across NBFC subsegments (gold, affordable housing, vehicle finance, micro-LAP) is widening, making sector-level staging less helpful - selective bets will matter more.</li>
<li>We remain biased toward affordable HFCs, gold financiers (to ride momentum), and select diversified NBFCs. Vigilance is needed to combat NIM pressure and rising unsecured stress.</li>
</ul>


Demand outside gold remains soft; co‑funding costs show early easing; asset quality stress is shifting, with vehicle finance and micro‑LAP emerging as pain points.
The divergence across NBFC subsegments (gold, affordable housing, vehicle finance, micro-LAP) is widening, making sector-level staging less helpful - selective bets will matter more.
We remain biased toward affordable HFCs, gold financiers (to ride momentum), and select diversified NBFCs. Vigilance is needed to combat NIM pressure and rising unsecured stress.


NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

<ul>
<li>During rate cut cycle, NBFCs with a higher proportion of floating-rate liabilities &amp; a relatively lower proportion of floating-rate assets are poised to experience an expansion in their profitability.</li>
<li>This insight analyzes the asset-liability profiles of select Vehicle Financiers, Prime HFCs, and Affordable HFCs to identify their sensitivity to interest rate movements</li>
<li>Overall, NBFCs expect the benefit of the rate cut to have a lagged effect from H2FY26, leading  expansion in NIM and overall profitability</li>
</ul>


During rate cut cycle, NBFCs with a higher proportion of floating-rate liabilities &amp; a relatively lower proportion of floating-rate assets are poised to experience an expansion in their profitability.
This insight analyzes the asset-liability profiles of select Vehicle Financiers, Prime HFCs, and Affordable HFCs to identify their sensitivity to interest rate movements
Overall, NBFCs expect the benefit of the rate cut to have a lagged effect from H2FY26, leading  expansion in NIM and overall profitability


Thematic Report : Impact of Rate Cuts on Profitability of NBFCs and HFCs in India

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Sumitomo Mitsui Financial Group / Technical Analysis

Sumitomo Mitsui Financial Group (8316 JP)

<ul>
<li>Our bullish outlook (since early-November 2023) remains intact. Continue to ride this trend higher and buy dips as long as ACWI-US and EEM-US remain above supports at $110 and $41-$42.</li>
<li>In our previous Int'l Compass (June 27) we discussed the rotation that we believed was starting, whereby global Technology (IXN-US) would consolidate as investors rotate to laggard areas.</li>
<li>This rotation has continued while Technology goes through a healthy consolidation. Continue to focus on other more value-oriented Sectors while Technology/growth consolidates</li>
</ul>


Our bullish outlook (since early-November 2023) remains intact. Continue to ride this trend higher and buy dips as long as ACWI-US and EEM-US remain above supports at $110 and $41-$42.
In our previous Int'l Compass (June 27) we discussed the rotation that we believed was starting, whereby global Technology (IXN-US) would consolidate as investors rotate to laggard areas.
This rotation has continued while Technology goes through a healthy consolidation. Continue to focus on other more value-oriented Sectors while Technology/growth consolidates


Rotation Continues; Bullish Outlook Intact; Buys in Global Financials, Industrials, Discretionary

India

Cholamandalam Investment and Finance Company Limited (Chola) is a non-banking financial company and investment service provider. It offers a comprehensive range of financial services including vehicle finance, home loans, loan against property, SME loans, and wealth management. The company is headquartered in Chennai, India, and was founded in 1978.

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Cholamandalam Investment and Finance (CIFC IN)

Decoding the Cobrapost Allegations on Murugappa Group: Noise Vs. Structural Governance Risk

Cobrapost alleges governance lapses in Murugappa Group, but CIFCL denies claims as malicious and baseless. Market rally indicates institutional...

Nimish Maheshwari

Asian Equities: India Focus List After the Recent Dislocation - Financials and Small/Mid-Caps Abound

India is 10% cheaper over past 10 weeks, some sectors & stocks more so. We screen 37 high growth stocks with decent future growth, sound valuations...

Manishi Raychaudhuri

NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...

Sudarshan Bhandari

Thematic Report : Impact of Rate Cuts on Profitability of NBFCs and HFCs in India

NBFCs with more floating-rate liabilities and less floating-rate assets set to profit from rate cuts, with increased profitability expected in...

Nimish Maheshwari

Rotation Continues; Bullish Outlook Intact; Buys in Global Financials, Industrials, Discretionary

Rotation Continues; Bullish Outlook Intact as $ACWI and $EEM hold above $110 and $41-42; Buys in global Financials, Industrials, and Consumer...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Decoding the Cobrapost Allegations on Murugappa Group: Noise Vs. Structural Governance Risk

​Cobrapost alleges governance lapses in Murugappa Group, but CIFCL denies claims as malicious and baseless. Market rally indicates institutional...

Nimish Maheshwari

Asian Equities: India Focus List After the Recent Dislocation - Financials and Small/Mid-Caps Abound

India is 10% cheaper over past 10 weeks, some sectors & stocks more so. We screen 37 high growth stocks with decent future growth, sound valuations...

Manishi Raychaudhuri

NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

​Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...

Sudarshan Bhandari

Thematic Report : Impact of Rate Cuts on Profitability of NBFCs and HFCs in India

​NBFCs with more floating-rate liabilities and less floating-rate assets set to profit from rate cuts, with increased profitability expected in...

Nimish Maheshwari

Rotation Continues; Bullish Outlook Intact; Buys in Global Financials, Industrials, Discretionary

Rotation Continues; Bullish Outlook Intact as $ACWI and $EEM hold above $110 and $41-42; Buys in global Financials, Industrials, and Consumer...

Vermilion Research

Cobrapost alleges governance lapses in Murugappa Group, but CIFCL denies claims as malicious and baseless. Market rally indicates institutional...

Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...

NBFCs with more floating-rate liabilities and less floating-rate assets set to profit from rate cuts, with increased profitability expected in...