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>Ecom Express has been absorbed by Delhivery, Meesho has shifted most fulfilment control to Valmo, and Shadowfax has emerged as the listed high-growth challenger.</li>
<li>Indian parcel demand is expanding rapidly, but the addressable pool for independent end-to-end carriers is being compressed by marketplace-owned orchestration.</li>
<li>Fewer 3PLs do not automatically mean pricing power. Investors must underwrite outsourced wallet share, network density, customer diversity and labour-adjusted margins.</li>
</ul>


Ecom Express has been absorbed by Delhivery, Meesho has shifted most fulfilment control to Valmo, and Shadowfax has emerged as the listed high-growth challenger.
Indian parcel demand is expanding rapidly, but the addressable pool for independent end-to-end carriers is being compressed by marketplace-owned orchestration.
Fewer 3PLs do not automatically mean pricing power. Investors must underwrite outsourced wallet share, network density, customer diversity and labour-adjusted margins.


India’s E-Commerce Logistics Consolidation: Valmo Vs Delhivery Vs Shadowfax

APAC IPOs & Placements, Aequitas Research

Sharan Shankarnarayan

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shiprocket-ltd" target="_blank" data-smartkarma-citation="entities:46243:1" rel="noopener">Shiprocket (1087190D IN)</a> is looking to raise about US$253m in its upcoming India IPO. It is a technology platform helping small-medium businesses and large retailers in India carry e-commerce transactions.</li>
<li>It supports merchants by simplifying key processes such as logistics, checkout, payments, order fulfilment, and cross-border trade, allowing them to sell both online and offline efficiently and at scale.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Shiprocket (1087190D IN) is looking to raise about US$253m in its upcoming India IPO. It is a technology platform helping small-medium businesses and large retailers in India carry e-commerce transactions.
It supports merchants by simplifying key processes such as logistics, checkout, payments, order fulfilment, and cross-border trade, allowing them to sell both online and offline efficiently and at scale.
In this note, we talk about the company’s historical performance.


Aequitas: Shiprocket Pre-IPO- Business Expansion Through Targeted Acquisitions

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>Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers</li>
<li>We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers</li>
<li>IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).</li>
</ul>


Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers
We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers
IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).


Meesho - Potential Play on Value E-Commerce

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/delhivery-ltd" target="_blank" data-smartkarma-citation="entities:33471:1" rel="noopener">Delhivery (DELHIVER IN)</a> acquired a 99.4% stake in Ecom Express for ₹1,407 crore, months after Ecom's failed IPO and rights issue raised similar funds.</li>
<li>The deal combines two logistics leaders, expands Tier-2/3 reach, and promises cost efficiency, route optimization, and stronger pricing discipline in India’s fast-growing B2C e-commerce logistics.</li>
<li>Despite red flags in Ecom and DRHP disputes, Delhivery may have picked up a distressed but strategic asset at a bargain, with upside from network and tech integration.</li>
</ul>



Delhivery (DELHIVER IN) acquired a 99.4% stake in Ecom Express for ₹1,407 crore, months after Ecom's failed IPO and rights issue raised similar funds.
The deal combines two logistics leaders, expands Tier-2/3 reach, and promises cost efficiency, route optimization, and stronger pricing discipline in India’s fast-growing B2C e-commerce logistics.
Despite red flags in Ecom and DRHP disputes, Delhivery may have picked up a distressed but strategic asset at a bargain, with upside from network and tech integration.


Event Driven: Delhivery Acquires Ecom Express as Distress Sale

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, we looked at a number of upcoming listings in India.</li>
<li>There was a revival in placement flows during the week, after a lull over the past few weeks.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, we looked at a number of upcoming listings in India.
There was a revival in placement flows during the week, after a lull over the past few weeks.


ECM Weekly (26th Aug 2024) - Zomato, Colowide, Star Asia, Yamaha, 99Speed, Hero Fin, Bajaj Housing

Price Gauge
52-week Range	0.00 - 0.00
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Ecom Express Limited (1062300D IN)

India’s E-Commerce Logistics Consolidation: Valmo Vs Delhivery Vs Shadowfax

Indian parcel delivery market sees consolidation and competition as major players like Delhivery, Meesho, and Shadowfax navigate marketplace-owned...

Nimish Maheshwari

Aequitas: Shiprocket Pre-IPO- Business Expansion Through Targeted Acquisitions

Shiprocket Ltd is looking to raise about US$253m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Sharan Shankarnarayan

Meesho - Potential Play on Value E-Commerce

Meesho has had a stellar listing and is witnessing follow-on buying, up 100% from IPO price. It now trades at 8x FY26 sales with street estimating...

Himanshu Dugar

Event Driven: Delhivery Acquires Ecom Express as Distress Sale

Delhivery acquires 99.4% stake in Ecom Express for ₹1,407 crore, creating logistics powerhouse in India's B2C e-commerce sector with potential for...

Nimish Maheshwari

ECM Weekly (26th Aug 2024) - Zomato, Colowide, Star Asia, Yamaha, 99Speed, Hero Fin, Bajaj Housing

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India’s E-Commerce Logistics Consolidation: Valmo Vs Delhivery Vs Shadowfax

​Indian parcel delivery market sees consolidation and competition as major players like Delhivery, Meesho, and Shadowfax navigate marketplace-owned...

Nimish Maheshwari

Aequitas: Shiprocket Pre-IPO- Business Expansion Through Targeted Acquisitions

Shiprocket Ltd is looking to raise about US$253m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Sharan Shankarnarayan

Meesho - Potential Play on Value E-Commerce

Meesho has had a stellar listing and is witnessing follow-on buying, up 100% from IPO price. It now trades at 8x FY26 sales with street estimating...

Himanshu Dugar

Event Driven: Delhivery Acquires Ecom Express as Distress Sale

​Delhivery acquires 99.4% stake in Ecom Express for ₹1,407 crore, creating logistics powerhouse in India's B2C e-commerce sector with potential for...

Nimish Maheshwari

ECM Weekly (26th Aug 2024) - Zomato, Colowide, Star Asia, Yamaha, 99Speed, Hero Fin, Bajaj Housing

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Indian parcel delivery market sees consolidation and competition as major players like Delhivery, Meesho, and Shadowfax navigate marketplace-owned...

Delhivery acquires 99.4% stake in Ecom Express for ₹1,407 crore, creating logistics powerhouse in India's B2C e-commerce sector with potential for...