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

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

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>Most corporate-sponsored NBFCs have struggled to deliver consistent value creation over the past decade, barring a few exceptions such as BAF and CIFC</li><li>This has been despite enjoying huge structural advantage (vs peers) like low cost of funds and liquidity backstop</li><li>In recent years, several corporates have either revived/restructured their NBFCs or acquired/set up new ones</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.

Most corporate-sponsored NBFCs have struggled to deliver consistent value creation over the past decade, barring a few exceptions such as BAF and CIFCThis has been despite enjoying huge structural advantage (vs peers) like low cost of funds and liquidity backstopIn recent years, several corporates have either revived/restructured their NBFCs or acquired/set up new onesContent 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.

Diversified NBFCs: Corporate sponsored NBFCs: call option at formation lap

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

Tata Capital Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-capital-limited" target="_blank" data-smartkarma-citation="entities:45653:1" rel="noopener">Tata Capital Limited (TATACAP IN)</a> is the third-largest non-banking financial company (NBFC) in India. It is seeking to raise US$1.7 billion. </li>
<li>I had previously discussed the investment case in <a href="https://www.smartkarma.com/insights/tata-capital-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:197180" rel="noopener">Tata Capital IPO: The Investment Case</a>. </li>
<li>The RHP updates show that the fundamentals remain mixed. Positives include large size, mid-tier growth rates and good asset quality. Negatives include below peer average NIM, interest spread and ROA. </li>
</ul>



Tata Capital Limited (TATACAP IN) is the third-largest non-banking financial company (NBFC) in India. It is seeking to raise US$1.7 billion. 
I had previously discussed the investment case in Tata Capital IPO: The Investment Case. 
The RHP updates show that the fundamentals remain mixed. Positives include large size, mid-tier growth rates and good asset quality. Negatives include below peer average NIM, interest spread and ROA. 


Tata Capital IPO: RHP Update Points to Mixed Fundamentals

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-capital-limited" target="_blank" data-smartkarma-citation="entities:45653:1" rel="noopener">Tata Capital Limited (TATACAP IN)</a> is looking to list on the exchanges by selling up to INR155bn (US$1.75bn) of stock at a valuation of around INR 1,384bn (US$15.6bn).</li>
<li>The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in June 2026.</li>
<li>The stock should be added to the Large Cap segment in the AMFI Classification in January and to the Nifty Next 50 Index in March.</li>
</ul>



Tata Capital Limited (TATACAP IN) is looking to list on the exchanges by selling up to INR155bn (US$1.75bn) of stock at a valuation of around INR 1,384bn (US$15.6bn).
The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in June 2026.
The stock should be added to the Large Cap segment in the AMFI Classification in January and to the Nifty Next 50 Index in March.


Tata Capital IPO: Big Listing, Big Valuation, Small Float

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>Our earlier insight <a href="https://www.smartkarma.com/insights/tata-capital-ipo-jinxed-by-tata-motors-finance" target="_blank" data-smartkarma-citation="insights:201451" rel="noopener">Tata Capital IPO – Jinxed by Tata Motors Finance</a> describes how post merger with Tata Motor finance,  the finance metrics of the company changed.</li>
<li>In this insight we discuss about updates from Q1FY26 results and key observations on the same.</li>
<li>This also discusses about the IPO valuation, peer comparison and our view.</li>
</ul>


Our earlier insight Tata Capital IPO – Jinxed by Tata Motors Finance describes how post merger with Tata Motor finance,  the finance metrics of the company changed.
In this insight we discuss about updates from Q1FY26 results and key observations on the same.
This also discusses about the IPO valuation, peer comparison and our view.


Tata Capital IPO : Update on Q1FY26 Financials, IPO Valuation, Peer Comparison and View

India

Cholamandalam Investment and Finance Company Limited operates as a financial services provider. The Company offers vehicle finance, home equity loans, investment advisory, stock broking, and other financial services to customers.

Cholamandalam Investment and Finance (CIFC IN)

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Cholamandalam Investment and Finance (CIFC IN)

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

Diversified NBFCs: Corporate sponsored NBFCs: call option at formation lap

Most corporate-sponsored NBFCs have struggled to deliver consistent value creation over the past decade, barring a few exceptions such as BAF and CIFC

HDFC Securities

Tata Capital IPO: RHP Update Points to Mixed Fundamentals

Tata Capital, the third-largest non-banking financial company (NBFC), is seeking to raise US$1.7 billion. In this note, I examine the latest...

Arun George

Tata Capital IPO: Big Listing, Big Valuation, Small Float

Tata Cap is looking to raise up to US$1.75bn at a valuation of US$15.6bn. A free float of less than 15% will keep the stock out of one major global...

Brian Freitas

Tata Capital IPO : Update on Q1FY26 Financials, IPO Valuation, Peer Comparison and View

Insight on Tata Capital IPO post-merger with Tata Motors Finance, including Q1FY26 results, IPO valuation, peer comparison, and our view.

Sreemant Dudhoria,CFA

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52-week Range

Market Cap (USDm)

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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

Diversified NBFCs: Corporate sponsored NBFCs: call option at formation lap

Most corporate-sponsored NBFCs have struggled to deliver consistent value creation over the past decade, barring a few exceptions such as BAF and CIFC

HDFC Securities

Tata Capital IPO: RHP Update Points to Mixed Fundamentals

Tata Capital, the third-largest non-banking financial company (NBFC), is seeking to raise US$1.7 billion. In this note, I examine the latest...

Arun George

Tata Capital IPO: Big Listing, Big Valuation, Small Float

Tata Cap is looking to raise up to US$1.75bn at a valuation of US$15.6bn. A free float of less than 15% will keep the stock out of one major global...

Brian Freitas

Tata Capital IPO : Update on Q1FY26 Financials, IPO Valuation, Peer Comparison and View

​Insight on Tata Capital IPO post-merger with Tata Motors Finance, including Q1FY26 results, IPO valuation, peer comparison, and our view.

Sreemant Dudhoria,CFA

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

Insight on Tata Capital IPO post-merger with Tata Motors Finance, including Q1FY26 results, IPO valuation, peer comparison, and our view.