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.

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Thematic (Sector/Industry)

<ul>
<li>IPM grew 11% YoY in Mar 2026, closing FY2026 at ~10% YoY growth, with Semaglutide generics launching commercially and the GLP-1 market surging more than 3.8x on a MAT basis</li>
<li>The GLP-1 genericization event is a structural inflection for anti-diabetics. Meanwhile, Jan Aushadhi's rapid expansion to ~18,000 stores poses a medium-term headwind to branded IPM volume growth.</li>
<li>Preferred picks include Torrent Pharma, Sun Pharma, Emcure and Corona. Pricing and new launches remain the primary growth levers for FY2027; volume recovery is the variable to watch.</li>
</ul>


IPM grew 11% YoY in Mar 2026, closing FY2026 at ~10% YoY growth, with Semaglutide generics launching commercially and the GLP-1 market surging more than 3.8x on a MAT basis
The GLP-1 genericization event is a structural inflection for anti-diabetics. Meanwhile, Jan Aushadhi's rapid expansion to ~18,000 stores poses a medium-term headwind to branded IPM volume growth.
Preferred picks include Torrent Pharma, Sun Pharma, Emcure and Corona. Pricing and new launches remain the primary growth levers for FY2027; volume recovery is the variable to watch.


IPM Pharma Pulse March-25: Driven by Semaglutide Generics; Low Single Digit Growth Outlook for FY27

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>To address national security risks and boost domestic production, the US imposed up to 100% tariffs on imported patented pharmaceutical products</li>
<li>India's generic drug exports remain currently exempt, providing immediate relief, but a 12 month policy review creates significant long term structural risks.
</li>
<li>Sun Pharma faces the highest exposure from its innovative portfolio, though existing manufacturing trade agreements effectively cap its maximum tariff at 15%</li>
</ul>


To address national security risks and boost domestic production, the US imposed up to 100% tariffs on imported patented pharmaceutical products
India's generic drug exports remain currently exempt, providing immediate relief, but a 12 month policy review creates significant long term structural risks.

Sun Pharma faces the highest exposure from its innovative portfolio, though existing manufacturing trade agreements effectively cap its maximum tariff at 15%


Trump Tariffs 2.0: The Asymmetric Impact on Indian Pharma and Sun Pharma's True Exposure

<ul>
<li>The Indian Rupee’s decline to 95 per dollar is driven by a widening trade deficit, surging crude oil prices, and persistent foreign capital outflows</li>
<li>This depreciation triggers imported inflation across the economy, a substantial 3.7% to 5.2% EPS boost for top-tier IT services exporters.</li>
<li>Global exporters like <a href="https://www.smartkarma.com/entities/coforge-ltd" target="_blank" data-smartkarma-citation="entities:8639:1" rel="noopener">Coforge (COFORGE IN)</a> and <a href="https://www.smartkarma.com/entities/sagility-india-limited" target="_blank" data-smartkarma-citation="entities:43717:1" rel="noopener">Sagility India (SAGILITY IN)</a> emerge as primary beneficiaries, whereas import-dependent sectors like Aviation and Paints face severe and immediate margin contraction.</li>
</ul>


The Indian Rupee’s decline to 95 per dollar is driven by a widening trade deficit, surging crude oil prices, and persistent foreign capital outflows
This depreciation triggers imported inflation across the economy, a substantial 3.7% to 5.2% EPS boost for top-tier IT services exporters.
Global exporters like Coforge (COFORGE IN) and Sagility India (SAGILITY IN) emerge as primary beneficiaries, whereas import-dependent sectors like Aviation and Paints face severe and immediate margin contraction.


The Rupee at 95/$: Sectoral Winners and Losers

<ul>
<li>
40,000-45,000 Indian containers stranded at sea and in transit as West Asia conflict escalates sharply.</li>
<li>Export Cargo worth USD 1-1.5 billion is at risk, per container surcharges have hit USD 3,000 - 5,000, a 3-5x jump from normal.</li>
<li>Listed exporters in rice, textiles and perishables face acute margin compression. The crises may not resolve quickly.</li>
</ul>



40,000-45,000 Indian containers stranded at sea and in transit as West Asia conflict escalates sharply.
Export Cargo worth USD 1-1.5 billion is at risk, per container surcharges have hit USD 3,000 - 5,000, a 3-5x jump from normal.
Listed exporters in rice, textiles and perishables face acute margin compression. The crises may not resolve quickly.


45,000 Indian Containers Disrupted by War: Which Indian Companies Are Most Exposed?

<ul>
<li>On March 9, 2026, a Delhi High Court Division Bench dismissed Novo Nordisk's appeal, upholding a single-judge ruling that its semaglutide species patent (IN 262697) appears vulnerable to revocation.</li>
<li>The judgment clears <a href="https://www.smartkarma.com/entities/dr-reddy-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:16406:1" rel="noopener">Dr. Reddy's Laboratories (DRRD IN)</a>'s to continue exporting semaglutide and signals an imminent generic flood on March 20, 2026, when the patent formally expires.</li>
<li>Emcure's exclusive Novo Nordisk Poviztra pact makes it India's only licensed semaglutide distributor for the innovator brand, but HC ruling simultaneously accelerates 54-brand generic entry that will compress pricing industrywide.</li>
</ul>


On March 9, 2026, a Delhi High Court Division Bench dismissed Novo Nordisk's appeal, upholding a single-judge ruling that its semaglutide species patent (IN 262697) appears vulnerable to revocation.
The judgment clears Dr. Reddy's Laboratories (DRRD IN)'s to continue exporting semaglutide and signals an imminent generic flood on March 20, 2026, when the patent formally expires.
Emcure's exclusive Novo Nordisk Poviztra pact makes it India's only licensed semaglutide distributor for the innovator brand, but HC ruling simultaneously accelerates 54-brand generic entry that will compress pricing industrywide.


Emcure Pharmaceuticals: The Delhi HC Semaglutide Ruling Changes the Game

India

Dr. Reddy's Laboratories is an Indian multinational pharmaceutical company that researches, develops, manufactures, and markets a wide array of pharmaceutical products and services. The company produces over 190 medications, 60 active pharmaceutical ingredients, diagnostic kits, critical care, and biotechnology products. It operates globally across multiple regions, offering generic drugs, active pharmaceutical ingredients (APIs), differentiated formulations, biosimilars, and proprietary products. The company was founded in 1984 and is headquartered in Hyderabad, Telangana, India.

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Dr. Reddy's Laboratories (DRRD IN)

IPM Pharma Pulse March-25: Driven by Semaglutide Generics; Low Single Digit Growth Outlook for FY27

IPM sees 11% YoY growth in Mar 2026, driven by Semaglutide generics and GLP-1 market surge. Jan Aushadhi's expansion poses challenge to branded...

Nimish Maheshwari

Trump Tariffs 2.0: The Asymmetric Impact on Indian Pharma and Sun Pharma's True Exposure

US imposes high tariffs on imported pharmaceuticals to address national security risks, India's generic drug exports exempt for now but face long...

Sudarshan Bhandari

The Rupee at 95/$: Sectoral Winners and Losers

Indian Rupee's decline to 95 per dollar due to trade deficit, oil prices, and capital outflows leads to imported inflation but boosts EPS for IT...

Sudarshan Bhandari

45,000 Indian Containers Disrupted by War: Which Indian Companies Are Most Exposed?

Thousands of Indian containers stranded at sea due to West Asia conflict, risking billions in export cargo and causing surcharges to skyrocket for...

Sudarshan Bhandari

Emcure Pharmaceuticals: The Delhi HC Semaglutide Ruling Changes the Game

Delhi High Court dismisses Novo Nordisk's appeal, opening the door for generic semaglutide flood in India as patent expiration nears.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IPM Pharma Pulse March-25: Driven by Semaglutide Generics; Low Single Digit Growth Outlook for FY27

​IPM sees 11% YoY growth in Mar 2026, driven by Semaglutide generics and GLP-1 market surge. Jan Aushadhi's expansion poses challenge to branded...

Nimish Maheshwari

Trump Tariffs 2.0: The Asymmetric Impact on Indian Pharma and Sun Pharma's True Exposure

​US imposes high tariffs on imported pharmaceuticals to address national security risks, India's generic drug exports exempt for now but face long...

Sudarshan Bhandari

The Rupee at 95/$: Sectoral Winners and Losers

​Indian Rupee's decline to 95 per dollar due to trade deficit, oil prices, and capital outflows leads to imported inflation but boosts EPS for IT...

Sudarshan Bhandari

45,000 Indian Containers Disrupted by War: Which Indian Companies Are Most Exposed?

​Thousands of Indian containers stranded at sea due to West Asia conflict, risking billions in export cargo and causing surcharges to skyrocket for...

Sudarshan Bhandari

Emcure Pharmaceuticals: The Delhi HC Semaglutide Ruling Changes the Game

​Delhi High Court dismisses Novo Nordisk's appeal, opening the door for generic semaglutide flood in India as patent expiration nears.

Sudarshan Bhandari

IPM sees 11% YoY growth in Mar 2026, driven by Semaglutide generics and GLP-1 market surge. Jan Aushadhi's expansion poses challenge to branded...

US imposes high tariffs on imported pharmaceuticals to address national security risks, India's generic drug exports exempt for now but face long...

Indian Rupee's decline to 95 per dollar due to trade deficit, oil prices, and capital outflows leads to imported inflation but boosts EPS for IT...

Thousands of Indian containers stranded at sea due to West Asia conflict, risking billions in export cargo and causing surcharges to skyrocket for...

Delhi High Court dismisses Novo Nordisk's appeal, opening the door for generic semaglutide flood in India as patent expiration nears.