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

Equity Bottom-Up

<ul>
<li>Q4 FY26 EBITDA margin snapped back to 18% from a soft 9M run-rate, even as full-year revenue and profit both declined for a second straight year.</li>
<li>Deepak is investing Rs. 13,000–14,000 crore across nitric acid, MIBK/MIBC, phenol-acetone-IPA expansion, and India's first integrated polycarbonate plant, with phased commissioning from Q2 FY27 to FY28, expanding into new markets.</li>
<li>The next six quarters of commissioning data matter more than the next six quarters of earnings. This piece maps the milestones worth tracking before the FY29 payoff.</li>
</ul>


Q4 FY26 EBITDA margin snapped back to 18% from a soft 9M run-rate, even as full-year revenue and profit both declined for a second straight year.
Deepak is investing Rs. 13,000–14,000 crore across nitric acid, MIBK/MIBC, phenol-acetone-IPA expansion, and India's first integrated polycarbonate plant, with phased commissioning from Q2 FY27 to FY28, expanding into new markets.
The next six quarters of commissioning data matter more than the next six quarters of earnings. This piece maps the milestones worth tracking before the FY29 payoff.


Deepak Nitrite: From Phenol to an Integrated Polymer Platform

Thematic (Sector/Industry)

<ul>
<li>China's Politburo formalized "anti-involution" policy in July 2024, escalating through 2025 to mandate capacity cuts, retire aging petrochemical plants, and penalize destructive price competition in chemicals and beyond.</li>
<li>China accounts for roughly 46% of global chemical production. Structural capacity rationalization there directly shifts pricing power, trade flows, and market share for Indian chemical players competing on cost, complexity.</li>
<li>Companies with complex chemistry moats, low Chinese raw-material dependence, and long-term customer contracts stand to gain most; commodity-adjacent players face a more uneven ride. </li>
</ul>


China's Politburo formalized "anti-involution" policy in July 2024, escalating through 2025 to mandate capacity cuts, retire aging petrochemical plants, and penalize destructive price competition in chemicals and beyond.
China accounts for roughly 46% of global chemical production. Structural capacity rationalization there directly shifts pricing power, trade flows, and market share for Indian chemical players competing on cost, complexity.
Companies with complex chemistry moats, low Chinese raw-material dependence, and long-term customer contracts stand to gain most; commodity-adjacent players face a more uneven ride. 


What China's Anti-Involution Drive Means for India's Chemical Sector?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>A 23-108% MoM price spike across key chemicals in Mar-26, driven by Strait of Hormuz closure, Gulf force majeures, is set to deliver exceptional earnings for some Indian chemical companies.</li>
<li>Companies that built inventory in January at cycle-low prices, particularly in Phenol, Acetone, Benzene, Toluene, and VAM, now sit on paper gains of 20-70%, a rare intra-quarter windfall.</li>
<li>The companies most worth watching are those who own their raw material chain and have limited direct exposure to Middle East imports.</li>
</ul>


A 23-108% MoM price spike across key chemicals in Mar-26, driven by Strait of Hormuz closure, Gulf force majeures, is set to deliver exceptional earnings for some Indian chemical companies.
Companies that built inventory in January at cycle-low prices, particularly in Phenol, Acetone, Benzene, Toluene, and VAM, now sit on paper gains of 20-70%, a rare intra-quarter windfall.
The companies most worth watching are those who own their raw material chain and have limited direct exposure to Middle East imports.


Indian Chemical: War, Freight, Fire & Inventory Windfall in Q4

<ul>
<li>Several Indian sectors have demonstrated a robust recovery in operating margins on a Year-over-Year (YoY) basis as of March 2025 (Q4 FY25)</li>
<li>This broad-based improvement is primarily attributed to a confluence of industry-wide factors, predominantly the easing of input costs driven by moderating inflation.</li>
<li>Sectors like Telecom, Metals, Cement, Consumer Durables, Capital Goods, Automobile, Healthcare, EMS are seeing uptick in margins</li>
</ul>


Several Indian sectors have demonstrated a robust recovery in operating margins on a Year-over-Year (YoY) basis as of March 2025 (Q4 FY25)
This broad-based improvement is primarily attributed to a confluence of industry-wide factors, predominantly the easing of input costs driven by moderating inflation.
Sectors like Telecom, Metals, Cement, Consumer Durables, Capital Goods, Automobile, Healthcare, EMS are seeing uptick in margins


Charted Insights : Sectors Seeing Margin Uptick as Inflation Cools Down in India

<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

Deepak Nitrite is a leading Indian chemical manufacturing company. It produces a wide range of chemical intermediates, including basic chemicals, fine and specialty chemicals, and performance products, serving industries such as pharmaceuticals, agrochemicals, dyes, pigments, and textiles. The company is headquartered in Vadodara, Gujarat, and was founded in 1970.

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Deepak Nitrite (DN IN)

Deepak Nitrite: From Phenol to an Integrated Polymer Platform

Q4 FY26 saw EBITDA margin rebound, while Deepak plans significant investments in expansion projects for future growth, with focus on commissioning...

Nimish Maheshwari

What China's Anti-Involution Drive Means for India's Chemical Sector?

China's "anti-involution" policy will reshape global chemical production, benefiting companies with complex chemistry moats and long-term...

Nimish Maheshwari

Indian Chemical: War, Freight, Fire & Inventory Windfall in Q4

Indian chemical companies are poised for exceptional earnings due to a significant price spike in key chemicals, driven by supply disruptions in...

Sudarshan Bhandari

Charted Insights : Sectors Seeing Margin Uptick as Inflation Cools Down in India

Indian sectors show strong recovery in operating margins in Q4 FY25 due to lower input costs driven by easing inflation.

Sudarshan Bhandari

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)

Deepak Nitrite: From Phenol to an Integrated Polymer Platform

​Q4 FY26 saw EBITDA margin rebound, while Deepak plans significant investments in expansion projects for future growth, with focus on commissioning...

Nimish Maheshwari

What China's Anti-Involution Drive Means for India's Chemical Sector?

​China's "anti-involution" policy will reshape global chemical production, benefiting companies with complex chemistry moats and long-term...

Nimish Maheshwari

Indian Chemical: War, Freight, Fire & Inventory Windfall in Q4

​Indian chemical companies are poised for exceptional earnings due to a significant price spike in key chemicals, driven by supply disruptions in...

Sudarshan Bhandari

Charted Insights : Sectors Seeing Margin Uptick as Inflation Cools Down in India

​Indian sectors show strong recovery in operating margins in Q4 FY25 due to lower input costs driven by easing inflation.

Sudarshan Bhandari

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

Q4 FY26 saw EBITDA margin rebound, while Deepak plans significant investments in expansion projects for future growth, with focus on commissioning...

China's "anti-involution" policy will reshape global chemical production, benefiting companies with complex chemistry moats and long-term...

Indian chemical companies are poised for exceptional earnings due to a significant price spike in key chemicals, driven by supply disruptions in...

Indian sectors show strong recovery in operating margins in Q4 FY25 due to lower input costs driven by easing inflation.

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