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>Avenue Supermarts’ online grocery arm, DMart Ready, reduced its footprint from 25 cities in FY25 to 11 by Q1 FY27, while FY26 revenue rose 16.9% to INR 4,093.6 crore.</li>
<li>The strategy is shifting from broad city expansion and pick-up points to metro-focused home delivery, supported by standalone fulfilment centres designed to improve density and unit economics.</li>
<li>The reset is strategically clearer but financially unproven: FY26 loss widened to INR 306.5 crore, with another INR 91.3 crore loss in Q1 FY27 despite continued revenue scale.</li>
</ul>


Avenue Supermarts’ online grocery arm, DMart Ready, reduced its footprint from 25 cities in FY25 to 11 by Q1 FY27, while FY26 revenue rose 16.9% to INR 4,093.6 crore.
The strategy is shifting from broad city expansion and pick-up points to metro-focused home delivery, supported by standalone fulfilment centres designed to improve density and unit economics.
The reset is strategically clearer but financially unproven: FY26 loss widened to INR 306.5 crore, with another INR 91.3 crore loss in Q1 FY27 despite continued revenue scale.


DMart Ready: The "Anti-Quick Commerce" Retail

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

Travel Food Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travel-food-services-ltd" target="_blank" data-smartkarma-citation="entities:44175:1" rel="noopener">Travel Food Services Ltd (1450229D IN)</a> is looking to raise about US$233m in its India IPO.</li>
<li>Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Travel Food Services Ltd (1450229D IN) is looking to raise about US$233m in its India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>The GST Council has simplified India’s indirect tax structure, cutting rates across daily essentials and consolidating slabs into 5% and 18%, with a new 40% bracket for sin goods.</li>
<li>
Consumption accounts for over 60% of GDP, and this tax reset is designed to revive household demand. We expect a 0.5-1% boost to GDP growth over the next 4–6 quarters.</li>
<li>
FMCG companies with price-sensitive portfolios, biscuits, hair oils, shampoo sachets, stand to gain most. Retailers and QSRs will ride the consumption uplift, while tobacco taxation remains unresolved beyond 2025.</li>
</ul>


The GST Council has simplified India’s indirect tax structure, cutting rates across daily essentials and consolidating slabs into 5% and 18%, with a new 40% bracket for sin goods.

Consumption accounts for over 60% of GDP, and this tax reset is designed to revive household demand. We expect a 0.5-1% boost to GDP growth over the next 4–6 quarters.

FMCG companies with price-sensitive portfolios, biscuits, hair oils, shampoo sachets, stand to gain most. Retailers and QSRs will ride the consumption uplift, while tobacco taxation remains unresolved beyond 2025.


GST 2.0: Will India’s Biggest Tax Reset Spark a Consumption Boom or Drive Margin Expansion?

<ul>
<li>NSE led global IPOs with 268 listings, raising Rs. 1.67 lakh crore, highlighting India's financial market growth in 2024.</li>
<li>
<a href="https://www.smartkarma.com/entities/hindustan-unilever-ltd" target="_blank" data-smartkarma-citation="entities:13828:1" rel="noopener">Hindustan Unilever (HUVR IN)</a> Rs. 3,000 crore acquisition of Minimalist boosts its D2C skincare presence, capitalizing on rapid startup growth.</li>
<li>
<a href="https://www.smartkarma.com/entities/dmart" target="_blank" data-smartkarma-citation="entities:23656:1" rel="noopener">Avenue Supermarts Ltd (DMART IN)</a> strong Q3 performance boosted retail stocks, signaling optimism for sector growth, with notable gains in V2 Retail and V-Mart.</li>
</ul>


NSE led global IPOs with 268 listings, raising Rs. 1.67 lakh crore, highlighting India's financial market growth in 2024.

Hindustan Unilever (HUVR IN) Rs. 3,000 crore acquisition of Minimalist boosts its D2C skincare presence, capitalizing on rapid startup growth.

Avenue Supermarts Ltd (DMART IN) strong Q3 performance boosted retail stocks, signaling optimism for sector growth, with notable gains in V2 Retail and V-Mart.


#79 India Insights: NSE Leads Global IPOs, HUL's 3000 Cr Acquisition, DMart's Q3 Boost

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Singapore Telecommunications / Technical Analysis

<ul>
<li>The latest recessionary signal we see: WTI and Brent crude oil prices violating 1.5-year supports, only adding to our prior concerns about a weakening labor market (Sahm rule, SRI triggered)</li>
<li>We also discussed last week (August 29) how we were expecting the S&amp;P 500, Japan's TOPIX, and Europe's EURO STOXX 50 to "roll over near current or marginally higher levels."</li>
<li>Ongoing belief (since July 25) is that $ACWI is going through a 1- to 4-month pullback/consolidation that could end up being a topping pattern. All have since reacted lower.</li>
</ul>


The latest recessionary signal we see: WTI and Brent crude oil prices violating 1.5-year supports, only adding to our prior concerns about a weakening labor market (Sahm rule, SRI triggered)
We also discussed last week (August 29) how we were expecting the S&amp;P 500, Japan's TOPIX, and Europe's EURO STOXX 50 to "roll over near current or marginally higher levels."
Ongoing belief (since July 25) is that $ACWI is going through a 1- to 4-month pullback/consolidation that could end up being a topping pattern. All have since reacted lower.


Crude Oil Breaking 1.5-Year Support, Failed Breakouts on $EFA $ACWX; Still Expecting More Downside

India

Avenue Supermarts Limited, operating as D-Mart, is an Indian retail corporation that runs a chain of hypermarkets and supermarkets. The company offers a wide range of basic home and personal products, including food, groceries, toiletries, beauty products, garments, kitchenware, and home appliances. Avenue Supermarts was founded in 2000 and is headquartered in Mumbai, Maharashtra, India.

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Avenue Supermarts (DMART IN)

DMart Ready: The "Anti-Quick Commerce" Retail

DMart Ready, Avenue Supermarts' online grocery arm, shifts focus from broad city expansion to metro home delivery, with revenue growth but...

Sudarshan Bhandari

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

GST 2.0: Will India’s Biggest Tax Reset Spark a Consumption Boom or Drive Margin Expansion?

India's GST Council cuts rates on essentials, simplifies tax structure to boost household demand and GDP growth, benefiting FMCG companies and...

Nimish Maheshwari

#79 India Insights: NSE Leads Global IPOs, HUL's 3000 Cr Acquisition, DMart's Q3 Boost

NSE leads global IPOs in 2024, raising Rs. 1.67 lakh crore; Hindustan Unilever acquires Minimalist for Rs. 3,000 crore; Avenue Supermarts' strong...

Nimish Maheshwari

Crude Oil Breaking 1.5-Year Support, Failed Breakouts on $EFA $ACWX; Still Expecting More Downside

Crude Oil Breaking Below 1.5-Year Support, Yet Another Recessionary Signal; Bearish Failed Breakouts on $EFA $ACWX; Still Expecting More Downside;...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

DMart Ready: The "Anti-Quick Commerce" Retail

​DMart Ready, Avenue Supermarts' online grocery arm, shifts focus from broad city expansion to metro home delivery, with revenue growth but...

Sudarshan Bhandari

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

GST 2.0: Will India’s Biggest Tax Reset Spark a Consumption Boom or Drive Margin Expansion?

​India's GST Council cuts rates on essentials, simplifies tax structure to boost household demand and GDP growth, benefiting FMCG companies and...

Nimish Maheshwari

#79 India Insights: NSE Leads Global IPOs, HUL's 3000 Cr Acquisition, DMart's Q3 Boost

​NSE leads global IPOs in 2024, raising Rs. 1.67 lakh crore; Hindustan Unilever acquires Minimalist for Rs. 3,000 crore; Avenue Supermarts' strong...

Nimish Maheshwari

Crude Oil Breaking 1.5-Year Support, Failed Breakouts on $EFA $ACWX; Still Expecting More Downside

Crude Oil Breaking Below 1.5-Year Support, Yet Another Recessionary Signal; Bearish Failed Breakouts on $EFA $ACWX; Still Expecting More Downside;...

Vermilion Research

DMart Ready, Avenue Supermarts' online grocery arm, shifts focus from broad city expansion to metro home delivery, with revenue growth but...

India's GST Council cuts rates on essentials, simplifies tax structure to boost household demand and GDP growth, benefiting FMCG companies and...

NSE leads global IPOs in 2024, raising Rs. 1.67 lakh crore; Hindustan Unilever acquires Minimalist for Rs. 3,000 crore; Avenue Supermarts' strong...