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>Dixon Technologies, India’s leading electronics manufacturing services player, received approval for a 51:49 joint venture with Vivo to manufacture smartphones and potentially serve other brands.</li>
<li>The deal reflects India’s shift from blocking China-linked capital to controlled Indian-majority partnerships, while addressing a USD112 billion trade deficit and low 15-20% domestic value addition.</li>
<li>Vivo could lift FY27 revenue from INR 56,000 crore to INR 72,000-80,000 crore, but thin 2.5% assembly margins, NCI and working-capital needs limit headline earnings translation.</li>
</ul>


Dixon Technologies, India’s leading electronics manufacturing services player, received approval for a 51:49 joint venture with Vivo to manufacture smartphones and potentially serve other brands.
The deal reflects India’s shift from blocking China-linked capital to controlled Indian-majority partnerships, while addressing a USD112 billion trade deficit and low 15-20% domestic value addition.
Vivo could lift FY27 revenue from INR 56,000 crore to INR 72,000-80,000 crore, but thin 2.5% assembly margins, NCI and working-capital needs limit headline earnings translation.


Dixon-Vivo JV: A Strategic Shift in India’s Electronics Manufacturing Story

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.</li>
<li>These are supposed to be "next-generation GST reforms" with a promise of implementing reforms as a "Diwali gift" for consumers.</li>
<li>Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the "G" Day - Day of GST Reform Announcements.</li>
</ul>


The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.
These are supposed to be "next-generation GST reforms" with a promise of implementing reforms as a "Diwali gift" for consumers.
Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the "G" Day - Day of GST Reform Announcements.


A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

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

Zetwerk Manufacturing Businesses / Equity Capital Markets

Zetwerk Manufacturing Businesses (1834044D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zetwerk-manufacturing-businesses-limited" target="_blank" data-smartkarma-citation="entities:55492:1" rel="noopener">Zetwerk Manufacturing Businesses (1834044D IN)</a> Zetwerk Manufacturing Businesses Limited (ZMBL) is looking to raise about US$527m in its India IPO.</li>
<li>ZMBL is a technology-led manufacturing platform for industrial and consumer goods in India and globally.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.</li>
</ul>



Zetwerk Manufacturing Businesses (1834044D IN) Zetwerk Manufacturing Businesses Limited (ZMBL) is looking to raise about US$527m in its India IPO.
ZMBL is a technology-led manufacturing platform for industrial and consumer goods in India and globally.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.


Aequitas: Zetwerk Manufacturing Business IPO - Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dixon-technologies-india-ltd" target="_blank" data-smartkarma-citation="entities:25486:1" rel="noopener">Dixon Technologies India Ltd (DIXON IN)</a> , India's largest EMS player, benefits from PLI schemes and the China+1 strategy, driving a robust 55% revenue CAGR and scale expansion.</li>
<li>The stock's 32% correction was driven by the regulatory probe into Chinese clients and broader EMS sectoral governance concerns.</li>
<li>Strong financial health with 51% ROCEsupports medium-term growth momentum, making its valuation attractive despite high short-term volatility.</li>
</ul>



Dixon Technologies India Ltd (DIXON IN) , India's largest EMS player, benefits from PLI schemes and the China+1 strategy, driving a robust 55% revenue CAGR and scale expansion.
The stock's 32% correction was driven by the regulatory probe into Chinese clients and broader EMS sectoral governance concerns.
Strong financial health with 51% ROCEsupports medium-term growth momentum, making its valuation attractive despite high short-term volatility.


The Beat Ideas: Dixon Technologies ~ Revival or Ruin?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Thematic (Sector/Industry)

<ul>
<li>India Semiconductor Mission 2.0 expands policy support to INR 1,27,500 crore across six pillars, building on 12 approved units and over INR 1.64 lakh crore of Phase-I investment.</li>
<li>India is moving beyond subsidy-led fabs toward design IP, equipment, materials, advanced packaging, R&amp;D and talent- critical for reducing imports and creating a durable semiconductor cluster.</li>
<li>Semicon 2.0 is structurally positive, but commercial production, customer qualification, localisation, talent, subsidy disbursement and utilisation will decide which companies convert policy support into durable earnings.</li>
</ul>


India Semiconductor Mission 2.0 expands policy support to INR 1,27,500 crore across six pillars, building on 12 approved units and over INR 1.64 lakh crore of Phase-I investment.
India is moving beyond subsidy-led fabs toward design IP, equipment, materials, advanced packaging, R&amp;D and talent- critical for reducing imports and creating a durable semiconductor cluster.
Semicon 2.0 is structurally positive, but commercial production, customer qualification, localisation, talent, subsidy disbursement and utilisation will decide which companies convert policy support into durable earnings.


India Semiconductor Mission 2.0: Strengthening India’s Position in the Global Chip Value Chain

India

Dixon Technologies (India) Ltd. is a major Indian electronics manufacturing services (EMS) provider. It specializes in manufacturing consumer electronics, home appliances, lighting products, and mobile phones, operating as both an Original Equipment Manufacturer (OEM) and Original Design Manufacturer (ODM). The company is headquartered in Noida, Uttar Pradesh, India, and was founded in 1993.

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Dixon Technologies (DIXON IN)

Dixon-Vivo JV: A Strategic Shift in India’s Electronics Manufacturing Story

Dixon Technologies partners with Vivo in joint venture to manufacture smartphones, reflecting India's shift towards controlled Indian-majority...

Nimish Maheshwari

A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Pranav Bhavsar

Aequitas: Zetwerk Manufacturing Business IPO - Thoughts on Valuation

Zetwerk Manufacturing Businesses Limited (ZMBL) is looking to raise about US$527m in its India IPO. In this note, we talk about the peer comp and...

Akshat Shah

The Beat Ideas: Dixon Technologies ~ Revival or Ruin?

Dixon Technologies India Ltd, India's largest EMS player, sees strong growth from PLI schemes and China+1 strategy despite recent stock correction...

Nimish Maheshwari

India Semiconductor Mission 2.0: Strengthening India’s Position in the Global Chip Value Chain

India Semiconductor Mission 2.0 aims to reduce imports and create a sustainable semiconductor cluster with INR 1,27,500 crore in policy support...

Sudarshan Bhandari

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Dixon-Vivo JV: A Strategic Shift in India’s Electronics Manufacturing Story

​Dixon Technologies partners with Vivo in joint venture to manufacture smartphones, reflecting India's shift towards controlled Indian-majority...

Nimish Maheshwari

A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

​The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Pranav Bhavsar

Aequitas: Zetwerk Manufacturing Business IPO - Thoughts on Valuation

Zetwerk Manufacturing Businesses Limited (ZMBL) is looking to raise about US$527m in its India IPO. In this note, we talk about the peer comp and...

Akshat Shah

The Beat Ideas: Dixon Technologies ~ Revival or Ruin?

​Dixon Technologies India Ltd, India's largest EMS player, sees strong growth from PLI schemes and China+1 strategy despite recent stock correction...

Nimish Maheshwari

India Semiconductor Mission 2.0: Strengthening India’s Position in the Global Chip Value Chain

​India Semiconductor Mission 2.0 aims to reduce imports and create a sustainable semiconductor cluster with INR 1,27,500 crore in policy support...

Sudarshan Bhandari

Dixon Technologies partners with Vivo in joint venture to manufacture smartphones, reflecting India's shift towards controlled Indian-majority...

The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Dixon Technologies India Ltd, India's largest EMS player, sees strong growth from PLI schemes and China+1 strategy despite recent stock correction...

India Semiconductor Mission 2.0 aims to reduce imports and create a sustainable semiconductor cluster with INR 1,27,500 crore in policy support...