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

Thematic (Sector/Industry)

<ul>
<li>Q1 FY27 delivered positive SSSG/LFL for six of seven tracked brand KPIs. Burger King India led at 12.6%.</li>
<li>The recovery is largely transaction- and guest-count-led, creating better operating leverage than a price-only growth cycle.</li>
<li>Raw store additions are no longer enough. Investors should track mature-store sales, closure quality and pre-Ind AS restaurant margins together.</li>
</ul>


Q1 FY27 delivered positive SSSG/LFL for six of seven tracked brand KPIs. Burger King India led at 12.6%.
The recovery is largely transaction- and guest-count-led, creating better operating leverage than a price-only growth cycle.
Raw store additions are no longer enough. Investors should track mature-store sales, closure quality and pre-Ind AS restaurant margins together.


India QSR: Turnaround in Sector After 2 Years of Lag!

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>A tectonic shift is reshaping Indian QSR. Homegrown QSRs are overtaking global giants by redefining taste rooted in local flavours, fuelled by digital agility and tier 2/3 dominance.</li>
<li>Global QSR giants are fighting back by Indianising their menus. Half of Burger King and McDonald’s offerings now cater to local tastes, marking  strategic pivot to stay relevant in changing market.</li>
<li>Markets have adjusted to this new paradigm as valuations derate across listed QSRs while local players witness improved access to capital. Will listed QSRs see their fortunes revive here on?</li>
</ul>


A tectonic shift is reshaping Indian QSR. Homegrown QSRs are overtaking global giants by redefining taste rooted in local flavours, fuelled by digital agility and tier 2/3 dominance.
Global QSR giants are fighting back by Indianising their menus. Half of Burger King and McDonald’s offerings now cater to local tastes, marking  strategic pivot to stay relevant in changing market.
Markets have adjusted to this new paradigm as valuations derate across listed QSRs while local players witness improved access to capital. Will listed QSRs see their fortunes revive here on?


Redefining Fast Food: Are Indian QSRs Biting off Western QSRs?

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>We expect our consumer coverage to report a high-single-digit revenue growth of 9% YoY, mainly driven by price hikes</li><li>At an aggregate level, we anticipate revenue and EBITDA growth of 9% and 1%, respectively, in 3QFY25</li><li>However, profitability is expected to decline by 6% due to negative operating leverage and gross margin pressures (excluding the liquor segment).</li></ul>Content is an 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.

We expect our consumer coverage to report a high-single-digit revenue growth of 9% YoY, mainly driven by price hikesAt an aggregate level, we anticipate revenue and EBITDA growth of 9% and 1%, respectively, in 3QFY25However, profitability is expected to decline by 6% due to negative operating leverage and gross margin pressures (excluding the liquor segment).Content is an 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.

Consumer (3QFY25 Results Preview): Challenges Persist

<ul><li>We expect our consumer coverage to report revenue growth in mid-single-digits (6% yoy), driven by volume growth.</li><li>At an aggregate level, we expect revenue/EBITDA/net income growth of 5.6/6.3/6.7% respectively in 1QFY25.</li><li>Our ground checks suggest that the demand environment for FMCG products has started gradually improving because of (1) improving volume growth trends in rural areas on the back of a favourable base and the reducing impact of inflation</li></ul>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.

We expect our consumer coverage to report revenue growth in mid-single-digits (6% yoy), driven by volume growth.At an aggregate level, we expect revenue/EBITDA/net income growth of 5.6/6.3/6.7% respectively in 1QFY25.Our ground checks suggest that the demand environment for FMCG products has started gradually improving because of (1) improving volume growth trends in rural areas on the back of a favourable base and the reducing impact of inflationContent 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.

FMCG, QSR & Alco Bev (Q1FY25 Results Preview): On an improving trajectory

<ul><li>Festive season fails to cheer up demand: Our QSR universe, over the past few quarters, has seen a sustained deceleration in demand (SSSG turned negative in Q2FY24)</li><li>Come Q3FY24, there were expectations of the festive season and World Cup acting as an inflection point to demand recovery, which unfortunately has not panned out</li><li>As a result, we expect key growth metrics (SSSG, ADS, etc.) to remain under pressure</li></ul>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.

Festive season fails to cheer up demand: Our QSR universe, over the past few quarters, has seen a sustained deceleration in demand (SSSG turned negative in Q2FY24)Come Q3FY24, there were expectations of the festive season and World Cup acting as an inflection point to demand recovery, which unfortunately has not panned outAs a result, we expect key growth metrics (SSSG, ADS, etc.) to remain under pressureContent 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.

QSR (Q3FY24 Results Preview): Demand Pangs

India

Devyani International is one of India's largest and fastest-growing Quick Service Restaurant (QSR) operators, functioning as the largest franchisee for Yum! Brands, operating KFC and Pizza Hut outlets, and the exclusive franchisee for Costa Coffee in India. The company also develops its own brands, including Vaango and The Food Street. Devyani International was founded in 1991 and is headquartered in Gurugram, Haryana, India.

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Devyani International (DEVYANI IN)

India QSR: Turnaround in Sector After 2 Years of Lag!

Q1 FY27 saw positive sales growth for most brands, led by Burger King India. Recovery driven by transactions, not just prices. Investors should...

Nimish Maheshwari

Redefining Fast Food: Are Indian QSRs Biting off Western QSRs?

Indian QSRs are redefining taste with local flavors, leading global giants to Indianize their menus. Listed QSRs are seeing valuations derate...

Himanshu Dugar

Consumer (3QFY25 Results Preview): Challenges Persist

We expect our consumer coverage to report a high-single-digit revenue growth of 9% YoY, mainly driven by price hikes. At an aggregate level, we...

HDFC Securities

FMCG, QSR & Alco Bev (Q1FY25 Results Preview): On an improving trajectory

We expect our consumer coverage to report revenue growth in mid-single-digits (6% yoy), driven by volume growth. At an aggregate level, we expect...

HDFC Securities

QSR (Q3FY24 Results Preview): Demand Pangs

Festive season fails to cheer up demand: Our QSR universe, over the past few quarters, has seen a sustained deceleration in demand (SSSG turned...

HDFC Securities

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

India QSR: Turnaround in Sector After 2 Years of Lag!

​Q1 FY27 saw positive sales growth for most brands, led by Burger King India. Recovery driven by transactions, not just prices. Investors should...

Nimish Maheshwari

Redefining Fast Food: Are Indian QSRs Biting off Western QSRs?

​Indian QSRs are redefining taste with local flavors, leading global giants to Indianize their menus. Listed QSRs are seeing valuations derate...

Himanshu Dugar

Consumer (3QFY25 Results Preview): Challenges Persist

We expect our consumer coverage to report a high-single-digit revenue growth of 9% YoY, mainly driven by price hikes. At an aggregate level, we...

HDFC Securities

FMCG, QSR & Alco Bev (Q1FY25 Results Preview): On an improving trajectory

We expect our consumer coverage to report revenue growth in mid-single-digits (6% yoy), driven by volume growth. At an aggregate level, we expect...

HDFC Securities

QSR (Q3FY24 Results Preview): Demand Pangs

Festive season fails to cheer up demand: Our QSR universe, over the past few quarters, has seen a sustained deceleration in demand (SSSG turned...

HDFC Securities

Q1 FY27 saw positive sales growth for most brands, led by Burger King India. Recovery driven by transactions, not just prices. Investors should...

Indian QSRs are redefining taste with local flavors, leading global giants to Indianize their menus. Listed QSRs are seeing valuations derate...