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>
<a href="https://www.smartkarma.com/entities/efci-ltd" target="_blank" data-smartkarma-citation="entities:44094:1" rel="noopener">EFCI Ltd (EFCIL IN)</a> witnessed a robust Q3 &amp; 9M FY25 growth with sequential revenue, EBITDA, and PAT increases; new SM REIT registration and strategic seat expansion initiatives bolster operations.</li>
<li>Strong financial performance amid market challenges underscores resilience in flexible workspace and real estate sectors, positioning EFC India to capitalize on rising demand and government support.</li>
<li>Company is planning to add 25000 seats annually, where expecting furniture vertical worth INR 150Crs and Design &amp; Build worth INR 225-250Crs next year.</li>
</ul>



EFCI Ltd (EFCIL IN) witnessed a robust Q3 &amp; 9M FY25 growth with sequential revenue, EBITDA, and PAT increases; new SM REIT registration and strategic seat expansion initiatives bolster operations.
Strong financial performance amid market challenges underscores resilience in flexible workspace and real estate sectors, positioning EFC India to capitalize on rising demand and government support.
Company is planning to add 25000 seats annually, where expecting furniture vertical worth INR 150Crs and Design &amp; Build worth INR 225-250Crs next year.


EFC India Limited Q3 Update: Driving Growth Through Design and Build Verticals

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

Rubicon Research Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> is looking to raise about US$155m in its India IPO.</li>
<li>RR’s has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&amp;D intensity.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



Rubicon Research Limited (1453591D IN) is looking to raise about US$155m in its India IPO.
RR’s has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&amp;D intensity.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Thematic (Sector/Industry)

<ul>
<li>Flexible workspaces now form nearly 10% of India’s commercial office stock and are projected to grow at a 20% CAGR, supported by demand from GCCs, startups, and Tier II expansion.</li>
<li>A shift in office demand trends, driven by hybrid work, rising occupancy in managed spaces, and premium-grade infrastructure, is pushing flexible workspaces into the mainstream corporate strategy. </li>
<li>Once seen as temporary or startup-specific, flexible workspaces have become critical infrastructure for enterprises, redefining how businesses approach office space, cost, and employee experience.</li>
</ul>


Flexible workspaces now form nearly 10% of India’s commercial office stock and are projected to grow at a 20% CAGR, supported by demand from GCCs, startups, and Tier II expansion.
A shift in office demand trends, driven by hybrid work, rising occupancy in managed spaces, and premium-grade infrastructure, is pushing flexible workspaces into the mainstream corporate strategy. 
Once seen as temporary or startup-specific, flexible workspaces have become critical infrastructure for enterprises, redefining how businesses approach office space, cost, and employee experience.


India’s Co-Working Boom: The Future of Work Is Flexible?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/efci-ltd" target="_blank" data-smartkarma-citation="entities:44094:1" rel="noopener">EFCI Ltd (EFCIL IN)</a> is one of few companies in the Flex Space Operator Business present in the entire value chain providing an unbeatable edge in Cost competitiveness.</li>
<li>Management target is to double revenue in FY25 capitalising on sector tailwinds driving exponential growth in all business verticals.</li>
<li>Completed Backward Integration through manufacturing furniture which will help increase margins as furniture comprise  40-50% of total fitout cost.</li>
</ul>



EFCI Ltd (EFCIL IN) is one of few companies in the Flex Space Operator Business present in the entire value chain providing an unbeatable edge in Cost competitiveness.
Management target is to double revenue in FY25 capitalising on sector tailwinds driving exponential growth in all business verticals.
Completed Backward Integration through manufacturing furniture which will help increase margins as furniture comprise  40-50% of total fitout cost.


The Beat Ideas: EFC(I) Limited - The Indian Wework!

India

EFC (I) Limited engages in real estate leasing business in India. It operates through Rental/Leasing of Commercial Property, Designing Services, and Commission Management Services segments. The company offers property management services; managed office and co-working space rental services; interior fit out services for commercial properties; asset rental services; turn key project services; and enterprise space solutions. It serves entrepreneurs, small and medium enterprises, and large corporations. The company was formerly known as Amani Trading and Exports Limited. EFC (I) Limited was incorporated in 1984 and is based in Pune, India.

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EFCI Ltd (EFCIL IN)

EFC India Limited Q3 Update: Driving Growth Through Design and Build Verticals

EFCI Ltd plans to expand operations with new registrations and seat additions to capitalize on rising demand and government support in flexible...

Sudarshan Bhandari

Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Rubicon Research Limited (RR) is looking to raise about US$155m in its India IPO. In this note, we talk about the RHP updates, peer comp and...

Akshat Shah

India’s Co-Working Boom: The Future of Work Is Flexible?

Flexible workspaces in India are on the rise, now making up nearly 10% of commercial office stock and projected to grow at a 20% CAGR, driven by...

Sudarshan Bhandari

The Beat Ideas: EFC(I) Limited - The Indian Wework!

EFCI Ltd stands out in Flex Space Operator Business with full value chain presence, aiming to 2x revenue by FY25 with strategic backward...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EFC India Limited Q3 Update: Driving Growth Through Design and Build Verticals

​EFCI Ltd plans to expand operations with new registrations and seat additions to capitalize on rising demand and government support in flexible...

Sudarshan Bhandari

Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Rubicon Research Limited (RR) is looking to raise about US$155m in its India IPO. In this note, we talk about the RHP updates, peer comp and...

Akshat Shah

India’s Co-Working Boom: The Future of Work Is Flexible?

​Flexible workspaces in India are on the rise, now making up nearly 10% of commercial office stock and projected to grow at a 20% CAGR, driven by...

Sudarshan Bhandari

The Beat Ideas: EFC(I) Limited - The Indian Wework!

​EFCI Ltd stands out in Flex Space Operator Business with full value chain presence, aiming to 2x revenue by FY25 with strategic backward...

Sudarshan Bhandari

EFCI Ltd plans to expand operations with new registrations and seat additions to capitalize on rising demand and government support in flexible...

Flexible workspaces in India are on the rise, now making up nearly 10% of commercial office stock and projected to grow at a 20% CAGR, driven by...

EFCI Ltd stands out in Flex Space Operator Business with full value chain presence, aiming to 2x revenue by FY25 with strategic backward...