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

<ul>
<li>
Strong recent credit off-take and a favorable interest rate environment for issuance are expected to drive a robust revenue quarter for CARE Ratings, building on its core debt rating services.</li>
<li>CareEdge's focus on expanding its non-rating services, especially in ESG and infrastructure ratings, offers significant growth potential. </li>
<li>The Indian credit rating sector remains a high-margin oligopoly; a Q2 beat could re-rate CARE if it signals improved pricing discipline and acceleration in its non-rating advisory vertical.</li>
</ul>



Strong recent credit off-take and a favorable interest rate environment for issuance are expected to drive a robust revenue quarter for CARE Ratings, building on its core debt rating services.
CareEdge's focus on expanding its non-rating services, especially in ESG and infrastructure ratings, offers significant growth potential. 
The Indian credit rating sector remains a high-margin oligopoly; a Q2 beat could re-rate CARE if it signals improved pricing discipline and acceleration in its non-rating advisory vertical.


CARE Rating’s Strategic Advantage in Q2: Navigating the Credit Boom

<ul>
<li>CARE Ratings achieved its highest-ever standalone and consolidated income and profitability in FY25, significantly improving margins across the group.</li>
<li>The results validate the effectiveness of the company's quality-led growth strategy, operational efficiencies, and strategic investments in non-ratings and international businesses.</li>
<li>The performance reinforces confidence in Care's ability to outpace the industry and achieve its diversification targets, supported by strong execution and market positioning.</li>
</ul>


CARE Ratings achieved its highest-ever standalone and consolidated income and profitability in FY25, significantly improving margins across the group.
The results validate the effectiveness of the company's quality-led growth strategy, operational efficiencies, and strategic investments in non-ratings and international businesses.
The performance reinforces confidence in Care's ability to outpace the industry and achieve its diversification targets, supported by strong execution and market positioning.


CARE Ratings Q4 & FY25 Update: Strong Performance Driven by Ratings and Diversification Gains

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

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

<ul>
<li>CARE Ratings has emerged stronger post-IL&amp;FS through board reconstitution, governance reforms, and renewed focus on ESG-linked services.</li>
<li>With India’s credit market entering a capex-led upcycle and ESG regulations tightening, CRAs like CARE are structurally well-placed to benefit.</li>
<li>Despite lagging CRISIL and ICRA in tech-enabled analytics, CARE’s high share of rating revenue (~90%) and clean balance sheet provide room for re-rating, supported by industry tailwinds.</li>
</ul>


CARE Ratings has emerged stronger post-IL&amp;FS through board reconstitution, governance reforms, and renewed focus on ESG-linked services.
With India’s credit market entering a capex-led upcycle and ESG regulations tightening, CRAs like CARE are structurally well-placed to benefit.
Despite lagging CRISIL and ICRA in tech-enabled analytics, CARE’s high share of rating revenue (~90%) and clean balance sheet provide room for re-rating, supported by industry tailwinds.


The Beat Ideas: CARE Ratings- India’s Only Homegrown CRA Reclaims Its Edge

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

International Gemological Institute / Equity Capital Markets

International Gemological Institute (IGIL IN)

<ul>
<li>International Gemmological Institute (India) Limited (IGII) is looking to raise about US$500m in its upcoming India IPO.</li>
<li>IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.</li>
<li>In this note, we will look at the company’s past performance and talk about the IPO valuations.</li>
</ul>


International Gemmological Institute (India) Limited (IGII) is looking to raise about US$500m in its upcoming India IPO.
IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.
In this note, we will look at the company’s past performance and talk about the IPO valuations.


IGI (India) IPO - Unique Exposure but Questionable Acquisition, and 4x Returns for PE in 18 Months

India

CARE Ratings Limited operates as a credit rating agency. The Company offers credit assessment of companies that helps corporates to raise capital and assists the investors to form an informed investment decision based on the credit risk. CARE Ratings serves corporates, financial sectors, state government entities, and local bodies.

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CARE Ratings (CARE IN)

CARE Rating’s Strategic Advantage in Q2: Navigating the Credit Boom

CARE Ratings poised for strong revenue quarter with recent credit off-take and focus on non-rating services like ESG and infrastructure ratings,...

Sudarshan Bhandari

CARE Ratings Q4 & FY25 Update: Strong Performance Driven by Ratings and Diversification Gains

CARE Ratings achieves record income and profitability in FY25, driven by quality-led growth strategy and strategic investments, positioning...

Sudarshan Bhandari

The Beat Ideas: CARE Ratings- India’s Only Homegrown CRA Reclaims Its Edge

CARE Ratings has strengthened with governance reforms and ESG focus, well-positioned to benefit from India's credit market upcycle and tightening...

Sudarshan Bhandari

IGI (India) IPO - Unique Exposure but Questionable Acquisition, and 4x Returns for PE in 18 Months

International Gemmological Institute (India) Limited (IGII) is looking to raise about US$500m in its upcoming India IPO. In this note, we look at...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CARE Rating’s Strategic Advantage in Q2: Navigating the Credit Boom

​CARE Ratings poised for strong revenue quarter with recent credit off-take and focus on non-rating services like ESG and infrastructure ratings,...

Sudarshan Bhandari

CARE Ratings Q4 & FY25 Update: Strong Performance Driven by Ratings and Diversification Gains

​CARE Ratings achieves record income and profitability in FY25, driven by quality-led growth strategy and strategic investments, positioning...

Sudarshan Bhandari

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

The Beat Ideas: CARE Ratings- India’s Only Homegrown CRA Reclaims Its Edge

​CARE Ratings has strengthened with governance reforms and ESG focus, well-positioned to benefit from India's credit market upcycle and tightening...

Sudarshan Bhandari

IGI (India) IPO - Unique Exposure but Questionable Acquisition, and 4x Returns for PE in 18 Months

International Gemmological Institute (India) Limited (IGII) is looking to raise about US$500m in its upcoming India IPO. In this note, we look at...

Sumeet Singh

CARE Ratings poised for strong revenue quarter with recent credit off-take and focus on non-rating services like ESG and infrastructure ratings,...

CARE Ratings achieves record income and profitability in FY25, driven by quality-led growth strategy and strategic investments, positioning...

CARE Ratings has strengthened with governance reforms and ESG focus, well-positioned to benefit from India's credit market upcycle and tightening...