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>India’s defense exports grew 34-fold in 11 years, aiming for Rs 30,000 crore in FY26, supported by policy reforms.</li>
<li>India is now the fourth-largest exporter of marine products, with exports rising to 16.85 LMT and valued at $7.2 billion.</li>
<li>
<a href="https://www.smartkarma.com/entities/coal-india-ltd" target="_blank" data-smartkarma-citation="entities:9117:1" rel="noopener">Coal India Ltd (COAL IN)</a> begins process to list BCCL and CMPDI subsidiaries, will file DRHP with Sebi soon, IPO timing dependent on market.</li>
</ul>


India’s defense exports grew 34-fold in 11 years, aiming for Rs 30,000 crore in FY26, supported by policy reforms.
India is now the fourth-largest exporter of marine products, with exports rising to 16.85 LMT and valued at $7.2 billion.

Coal India Ltd (COAL IN) begins process to list BCCL and CMPDI subsidiaries, will file DRHP with Sebi soon, IPO timing dependent on market.


#151 India Insight: Defence Exports up 34x, Seafood at $7.2B, Coal India Plans 2 IPOs

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN)</a> is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.


Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Dry Bulk Commodity Market Insights, DBX Commodities Limited

DBX Commodities

Dry Bulk Commodity Market Insights

DBX Commodities Limited

DBX provides the most accurate and comprehensive real-time data and insights for dry bulk commodities based on satellite imagery and intelligence.

Alex CLAUDE, an expert in commodity tech with 15 years experience in the commodity trading industry, teamed up with the Signal Group in 2020 and started DBX. 

Our product is the result of a unique combination of domain and technological expertise. We offer the most comprehensive, accurate and deepest research analytics of the dry bulk commodity market: coal, iron ore, alumina, bauxite, sugar, wheat, soybeans and soymeal.

Cross Asset Strategy

<ul>
<li>Outperformers: Uranium, Coal &amp; Battery Materials. The strongest performers this month were uranium and thermal coal producers, which benefitted from renewed institutional interest and long-term structural tailwinds.</li>
<li>Underperformers: Gold Miners, Energy, and Select Coal. Despite a +5.2% increase in the gold price, key miners such as Barrick Gold (-7.6%) and Agnico Eagle (-0.9%) underperformed</li>
<li>Equities vs Commodities. There was a notable decoupling between equity and commodity performance this month.</li>
</ul>


Outperformers: Uranium, Coal &amp; Battery Materials. The strongest performers this month were uranium and thermal coal producers, which benefitted from renewed institutional interest and long-term structural tailwinds.
Underperformers: Gold Miners, Energy, and Select Coal. Despite a +5.2% increase in the gold price, key miners such as Barrick Gold (-7.6%) and Agnico Eagle (-0.9%) underperformed
Equities vs Commodities. There was a notable decoupling between equity and commodity performance this month.


Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
In this note, we talk about the company’s historical performance.


Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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>In Q4FY25, for Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to improve QoQ mainly due to higher sales volume and lower coking consumption costs, partially offset by a slight drop in steel price realisations.</li><li>Average HRC price benchmark fell in Q4FY25, down 11%/1% YoY/QoQ, with price recovery taking place only towards the end of Q4FY25.</li><li>We expect Tata Steel and SAIL’s EBITDA to increase on a QoQ basis by 6% and 35% respectively. </li></ul><p><em>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.</em></p>

In Q4FY25, for Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to improve QoQ mainly due to higher sales volume and lower coking consumption costs, partially offset by a slight drop in steel price realisations.Average HRC price benchmark fell in Q4FY25, down 11%/1% YoY/QoQ, with price recovery taking place only towards the end of Q4FY25.We expect Tata Steel and SAIL’s EBITDA to increase on a QoQ basis by 6% and 35% respectively. 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.

Q4FY25 Earnings Preview - Metals and Mining

India

Coal India Limited produces and markets coal and coal products, as well as provides related consulting services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Coal India Ltd (COAL IN)

#151 India Insight: Defence Exports up 34x, Seafood at $7.2B, Coal India Plans 2 IPOs

India's defense exports surge, becoming fourth-largest marine product exporter, Coal India Ltd to list subsidiaries with IPO timing dependent on...

Sudarshan Bhandari

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

Commodity Equity Monitor: May 2025 Issue

Outperformers: Uranium, Coal & Battery Materials. The strongest performers this month were uranium and thermal coal producers which benefitted from...

DBX Commodities

Q4FY25 Earnings Preview - Metals and Mining

In Q4FY25, for Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to improve QoQ mainly due to higher sales volume and...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

#151 India Insight: Defence Exports up 34x, Seafood at $7.2B, Coal India Plans 2 IPOs

​India's defense exports surge, becoming fourth-largest marine product exporter, Coal India Ltd to list subsidiaries with IPO timing dependent on...

Sudarshan Bhandari

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

Commodity Equity Monitor: May 2025 Issue

Outperformers: Uranium, Coal & Battery Materials. The strongest performers this month were uranium and thermal coal producers which benefitted from...

DBX Commodities

Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Belrise Industries Limited is looking to raise about US$255m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Q4FY25 Earnings Preview - Metals and Mining

In Q4FY25, for Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to improve QoQ mainly due to higher sales volume and...

Axis Direct

India's defense exports surge, becoming fourth-largest marine product exporter, Coal India Ltd to list subsidiaries with IPO timing dependent on...