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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/delta-corp-ltd" target="_blank" data-smartkarma-citation="entities:4627:1" rel="noopener">Delta Corp Ltd (DELTA IN)</a> announced a demerger to separate its Hospitality &amp; Real Estate businesses from its GST-challenged Casino business. Additionally, it is divesting its online gaming business.</li>
<li>The hospitality business plans to add 450 new rooms and the company owns a 100-acre land parcel near Moga Airport, which holds significant growth potential.</li>
<li>The demerger will leave tax liability with the main company, while the demerged business, accounting for only 6% of revenue, will operate with focused execution and independent decision-making.</li>
</ul>



Delta Corp Ltd (DELTA IN) announced a demerger to separate its Hospitality &amp; Real Estate businesses from its GST-challenged Casino business. Additionally, it is divesting its online gaming business.
The hospitality business plans to add 450 new rooms and the company owns a 100-acre land parcel near Moga Airport, which holds significant growth potential.
The demerger will leave tax liability with the main company, while the demerged business, accounting for only 6% of revenue, will operate with focused execution and independent decision-making.


Event Driven: Delta Corp Demerger~ Separation Of Core Business From Problems

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Equity Bottom-Up

<ul>
<li>The Lok Sabha passed the Online Gaming Bill, 2025, banning all RMG platforms and putting Nazara’s PokerBaazi investment at significant risk.</li>
<li>While Nazara has no direct RMG exposure, its INR 805 crore PokerBaazi bet could turn worthless, raising concerns over capital allocation and valuation pressure. </li>
<li>Core businesses remain strong, but regulatory uncertainty warrants caution. Near-term downside risks persist; long-term clarity hinges on execution and policy direction. </li>
</ul>


The Lok Sabha passed the Online Gaming Bill, 2025, banning all RMG platforms and putting Nazara’s PokerBaazi investment at significant risk.
While Nazara has no direct RMG exposure, its INR 805 crore PokerBaazi bet could turn worthless, raising concerns over capital allocation and valuation pressure. 
Core businesses remain strong, but regulatory uncertainty warrants caution. Near-term downside risks persist; long-term clarity hinges on execution and policy direction. 


Nazara Technologies in Turbulence: Temporary Setback or Lasting Damage?

Thematic (Sector/Industry)

<ul>
<li>The Lok Sabha has passed the "Promotion and Regulation of Online Gaming Bill, 2025," which imposes a blanket ban on all online games involving money, regardless of skill or chance.</li>
<li>This legislation, combined with the earlier 28% GST on the full face value, signals a clear stance against the RMG sector, A INR 2 lakh crore industry.</li>
<li>The regulatory and tax changes have put the future of India's real money gaming industry at a critical stage, forcing companies to pivot or face potential collapse.</li>
</ul>


The Lok Sabha has passed the "Promotion and Regulation of Online Gaming Bill, 2025," which imposes a blanket ban on all online games involving money, regardless of skill or chance.
This legislation, combined with the earlier 28% GST on the full face value, signals a clear stance against the RMG sector, A INR 2 lakh crore industry.
The regulatory and tax changes have put the future of India's real money gaming industry at a critical stage, forcing companies to pivot or face potential collapse.


GAME OVER: Inside India’s Real Money Gaming Ban

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

Dorf-Ketal Chemicals Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dorf-ketal-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:44325:1" rel="noopener">Dorf-Ketal Chemicals Ltd (998552Z IN)</a> (DKCI) is looking to raise about US$579m in its upcoming India IPO.</li>
<li>DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the not-so-positive aspects of the deal.


Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dorf-ketal-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:44325:1" rel="noopener">Dorf-Ketal Chemicals Ltd (998552Z IN)</a> (DKCI) is looking to raise about US$579m in its upcoming India IPO.</li>
<li>DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the positive aspects of the deal.


Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

India

Delta Corp Limited a diversified business group having a presence in the entertainment and gaming, real estate business in India and Kenya. The Company's business includes offshore casinos, and real estate consulting & development.

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Delta Corp Ltd (DELTA IN)

Event Driven: Delta Corp Demerger~ Separation Of Core Business From Problems

Delta Corp Ltd announced demerger to separate Hospitality & Real Estate from Casino business, divesting online gaming. Demerged business to...

Nimish Maheshwari

Nazara Technologies in Turbulence: Temporary Setback or Lasting Damage?

The Lok Sabha passes Online Gaming Bill, putting Nazara's PokerBaazi investment at risk; regulatory uncertainty raises concerns over capital...

Sudarshan Bhandari

GAME OVER: Inside India’s Real Money Gaming Ban

The Lok Sabha passes bill banning online games involving money, threatening India's INR 2 lakh crore real money gaming industry.

Nimish Maheshwari

Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Event Driven: Delta Corp Demerger~ Separation Of Core Business From Problems

​Delta Corp Ltd announced demerger to separate Hospitality & Real Estate from Casino business, divesting online gaming. Demerged business to...

Nimish Maheshwari

Nazara Technologies in Turbulence: Temporary Setback or Lasting Damage?

​The Lok Sabha passes Online Gaming Bill, putting Nazara's PokerBaazi investment at risk; regulatory uncertainty raises concerns over capital...

Sudarshan Bhandari

GAME OVER: Inside India’s Real Money Gaming Ban

​The Lok Sabha passes bill banning online games involving money, threatening India's INR 2 lakh crore real money gaming industry.

Nimish Maheshwari

Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

Delta Corp Ltd announced demerger to separate Hospitality & Real Estate from Casino business, divesting online gaming. Demerged business to...

The Lok Sabha passes Online Gaming Bill, putting Nazara's PokerBaazi investment at risk; regulatory uncertainty raises concerns over capital...

The Lok Sabha passes bill banning online games involving money, threatening India's INR 2 lakh crore real money gaming industry.