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>Shiprocket, an API-led e-commerce enablement platform, is launching a INR 1,617 crore IPO at INR 92-97, comprising an INR 885.5 crore fresh issue and INR 732 crore OFS.</li>
<li>FY26 revenue reached INR 2,024 crore after a 24% FY24-FY26 CAGR, but INR 169 crore emerging-business losses restricted consolidated adjusted EBITDA margin to 0.87%.</li>
<li>At the INR 7,057 crore upper-band valuation, returns depend on protecting core profitability, narrowing emerging-business losses and converting merchant scale into sustainable cash flows and reported profits.</li>
</ul>


Shiprocket, an API-led e-commerce enablement platform, is launching a INR 1,617 crore IPO at INR 92-97, comprising an INR 885.5 crore fresh issue and INR 732 crore OFS.
FY26 revenue reached INR 2,024 crore after a 24% FY24-FY26 CAGR, but INR 169 crore emerging-business losses restricted consolidated adjusted EBITDA margin to 0.87%.
At the INR 7,057 crore upper-band valuation, returns depend on protecting core profitability, narrowing emerging-business losses and converting merchant scale into sustainable cash flows and reported profits.


Shiprocket IPO: Backbone of India’s E-Commerce Infrastructure

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/geddit-convenience-pvt-ltd-zepto" target="_blank" data-smartkarma-citation="entities:35873:1" rel="noopener">Zepto</a> is looking to raise about US$1bn in its upcoming India IPO.</li>
<li>Zepto Ltd is a quick-commerce company, focused on delivering groceries and everyday essentials within minutes through a network of dark stores and a technology-enabled logistics platform.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Zepto is looking to raise about US$1bn in its upcoming India IPO.
Zepto Ltd is a quick-commerce company, focused on delivering groceries and everyday essentials within minutes through a network of dark stores and a technology-enabled logistics platform.
In this note, we talk about the not-so-positive aspects of the deal.


Aequitas - Zepto - The Negatives - Losses Will Continue

<ul>
<li>
<a href="https://www.smartkarma.com/entities/geddit-convenience-pvt-ltd-zepto" target="_blank" data-smartkarma-citation="entities:35873:1" rel="noopener">Zepto</a> is looking to raise about US$1bn in its upcoming India IPO. </li>
<li>Zepto Ltd is a quick-commerce company, focused on delivering groceries and everyday essentials within minutes through a network of dark stores and a technology-enabled logistics platform.</li>
<li>In this note, we talk about the positive aspects of the deal. </li>
</ul>



Zepto is looking to raise about US$1bn in its upcoming India IPO. 
Zepto Ltd is a quick-commerce company, focused on delivering groceries and everyday essentials within minutes through a network of dark stores and a technology-enabled logistics platform.
In this note, we talk about the positive aspects of the deal. 


Aequitas - Zepto - The Positives - Has Grown Very Fast

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Rubicon Research Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> raised about US$155m in its India IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.</li>
<li>Rubicon Research (RR) is a pharmaceutical formulations company with a portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Rubicon Research Limited (1453591D IN) raised about US$155m in its India IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.
Rubicon Research (RR) is a pharmaceutical formulations company with a portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas : Rubicon Research IPO Lockup -Shares Have Traded Well; General Atlantic Well in The Money

Kajal Jain

Horizon Industrial Parks Limited / Equity Capital Markets

Horizon Industrial Parks Limited (1327105D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-industrial-parks-limited" target="_blank" data-smartkarma-citation="entities:46260:1" rel="noopener">Horizon Industrial Parks Limited (1327105D </a>IN) (HIPL) plans to raise around US$290m in its upcoming IPO. </li>
<li>HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.</li>
<li>In this note, we talk about the company's historical performance.</li>
</ul>



Horizon Industrial Parks Limited (1327105D IN) (HIPL) plans to raise around US$290m in its upcoming IPO. 
HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.
In this note, we talk about the company's historical performance.


Aequitas: Horizon Industrial Parks Pre-IPO -Integrated Logistics Leader Poised for Structural Growth

India

Delhivery is an Indian logistics and supply chain company that provides technology-enabled services, including express parcel delivery, part-truckload (PTL) and full-truckload (FTL) freight, integrated supply chain solutions, and warehousing. It offers comprehensive solutions for e-commerce and B2B commerce, leveraging a proprietary technology stack. The company was founded in May 2011 and is headquartered in Gurugram, Haryana, India.

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Delhivery (DELHIVER IN)

Shiprocket IPO: Backbone of India’s E-Commerce Infrastructure

Shiprocket is launching a INR 1,617 crore IPO at INR 92-97, with a focus on improving profitability and sustainable cash flows for investors.

Sudarshan Bhandari

Aequitas - Zepto - The Negatives - Losses Will Continue

Zepto is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Aequitas - Zepto - The Positives - Has Grown Very Fast

Zepto is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Aequitas : Rubicon Research IPO Lockup -Shares Have Traded Well; General Atlantic Well in The Money

Rubicon Research Limited raised about US$155m in its India IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.

Akshat Shah

Aequitas: Horizon Industrial Parks Pre-IPO -Integrated Logistics Leader Poised for Structural Growth

Horizon Industrial Parks Limited (HIPL) plans to raise around US$290m in its upcoming IPO. HIPL is the largest industrial and logistics...

Kajal Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shiprocket IPO: Backbone of India’s E-Commerce Infrastructure

​Shiprocket is launching a INR 1,617 crore IPO at INR 92-97, with a focus on improving profitability and sustainable cash flows for investors.

Sudarshan Bhandari

Aequitas - Zepto - The Negatives - Losses Will Continue

Zepto is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Aequitas - Zepto - The Positives - Has Grown Very Fast

Zepto is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Aequitas : Rubicon Research IPO Lockup -Shares Have Traded Well; General Atlantic Well in The Money

Rubicon Research Limited raised about US$155m in its India IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.

Akshat Shah

Aequitas: Horizon Industrial Parks Pre-IPO -Integrated Logistics Leader Poised for Structural Growth

Horizon Industrial Parks Limited (HIPL) plans to raise around US$290m in its upcoming IPO. HIPL is the largest industrial and logistics...

Kajal Jain

Shiprocket is launching a INR 1,617 crore IPO at INR 92-97, with a focus on improving profitability and sustainable cash flows for investors.