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

Thematic (Sector/Industry)

<ul>
<li>From June 1, 2026, government-backed solar projects must source PV cells from ALMM List-II, placing domestic cell procurement at the centre of India’s solar chain.</li>
<li>ALMM-II redirects 40-60 GW of annual project demand to certified Indian cell makers, shifting pricing power and margin upside from modules to cells.</li>
<li>India’s solar story is moving from module assembly to vertical integration. Early cell producers can capture scarce supply, DCR premiums, and a temporary multi-year lead.</li>
</ul>


From June 1, 2026, government-backed solar projects must source PV cells from ALMM List-II, placing domestic cell procurement at the centre of India’s solar chain.
ALMM-II redirects 40-60 GW of annual project demand to certified Indian cell makers, shifting pricing power and margin upside from modules to cells.
India’s solar story is moving from module assembly to vertical integration. Early cell producers can capture scarce supply, DCR premiums, and a temporary multi-year lead.


ALMM-II: India’s Solar Shift From Modules to Cells

<ul>
<li>India is rapidly scaling solar PV manufacturing, supported by strong policies, rising demand, and a surge of new companies entering the sector.</li>
<li>Despite fast growth, the sector shows wide valuation gaps and cost-driven dynamics, highlighting the importance of technology, efficiency, and operational strength.</li>
<li>India’s solar PV push is impactful and accelerating, but long-term sustainability depends on fundamentals like capacity, costs, and technology readiness.</li>
</ul>


India is rapidly scaling solar PV manufacturing, supported by strong policies, rising demand, and a surge of new companies entering the sector.
Despite fast growth, the sector shows wide valuation gaps and cost-driven dynamics, highlighting the importance of technology, efficiency, and operational strength.
India’s solar PV push is impactful and accelerating, but long-term sustainability depends on fundamentals like capacity, costs, and technology readiness.


Thematic Report: Decoding India’s Solar PV Sector- Strong Growth, Big Valuation Divergence

Equity Bottom-Up

Karamtara Engineering Ltd / Equity Bottom-Up

<ul>
<li>Karamtara Engineering opens its Rs.875 crore IPO on September 9, 2026, with a price band of Rs.241 to Rs.254 per share, closing September 11.</li>
<li>The company is India's largest integrated maker of solar mounting structures, growing revenue at a 33% CAGR over FY24 to FY26, though supplier and customer concentration are both rising.</li>
<li>At close to 32 times FY26 earnings at the top of the band, issue prices at premium to most listed peers, making capacity ramp-up and cost control the key monitorables.</li>
</ul>


Karamtara Engineering opens its Rs.875 crore IPO on September 9, 2026, with a price band of Rs.241 to Rs.254 per share, closing September 11.
The company is India's largest integrated maker of solar mounting structures, growing revenue at a 33% CAGR over FY24 to FY26, though supplier and customer concentration are both rising.
At close to 32 times FY26 earnings at the top of the band, issue prices at premium to most listed peers, making capacity ramp-up and cost control the key monitorables.


Karamtara Engineering IPO: India's Largest Solar Structures Maker

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

Juniper Green Energy Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/juniper-green-energy-ltd" target="_blank" data-smartkarma-citation="entities:45455:1" rel="noopener">Juniper Green Energy Ltd (1831458D IN)</a> is looking to raise about US$187m in its India IPO. The deal has been downsized from its earlier estimated size of over US$310m.</li>
<li>Juniper Green Energy Limited (JGEL) is an independent power producer (IPP) engaged in the development, construction, operation, and maintenance of utility-scale renewable energy projects.</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>



Juniper Green Energy Ltd (1831458D IN) is looking to raise about US$187m in its India IPO. The deal has been downsized from its earlier estimated size of over US$310m.
Juniper Green Energy Limited (JGEL) is an independent power producer (IPP) engaged in the development, construction, operation, and maintenance of utility-scale renewable energy projects.
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.


Aequitas: Juniper Green Energy IPO - RHP Updates, Peer Comp and Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/juniper-green-energy-ltd" target="_blank" data-smartkarma-citation="entities:45455:1" rel="noopener">Juniper Green Energy Ltd (1831458D IN)</a> is looking to raise around US$350m in its upcoming India IPO. </li>
<li>Juniper Green Energy Limited (JGEL) is an independent power producer (IPP) engaged in the development, construction, operation, and maintenance of utility-scale renewable energy projects.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Juniper Green Energy Ltd (1831458D IN) is looking to raise around US$350m in its upcoming India IPO. 
Juniper Green Energy Limited (JGEL) is an independent power producer (IPP) engaged in the development, construction, operation, and maintenance of utility-scale renewable energy projects.
In this note, we look at the firm’s past performance.


Aequitas: Juniper Green Energy Pre-IPO - Execution-Led Growth but Risks Remain

India

Emmvee Photovoltaic Power Limited is an integrated solar energy solutions provider specializing in the manufacturing of solar photovoltaic (PV) modules, solar cells, and solar water heating systems. The company also offers project development and EPC services for solar power systems. Emmvee Photovoltaic Power is headquartered in Bengaluru, India, and was founded in 1992.

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Emmvee Photovoltaic Power (EMMVEE IN)

ALMM-II: India’s Solar Shift From Modules to Cells

Starting June 1, 2026, Indian government mandates solar projects to use PV cells from ALMM List-II, reshaping the solar industry towards domestic...

Sudarshan Bhandari

Thematic Report: Decoding India’s Solar PV Sector- Strong Growth, Big Valuation Divergence

India's booming solar PV manufacturing sector faces valuation gaps and cost challenges, emphasizing the need for technology and operational...

Sudarshan Bhandari

Karamtara Engineering IPO: India's Largest Solar Structures Maker

Karamtara Engineering opens its Rs.875 crore IPO on September 9, 2026, with a price band of Rs.241 to Rs.254 per share, closing September 11.

Sudarshan Bhandari

Aequitas: Juniper Green Energy IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Juniper Green Energy is looking to raise about US$187m in its downsized India IPO. In this note, we talk about the RHP updates and implied...

Akshat Shah

Aequitas: Juniper Green Energy Pre-IPO - Execution-Led Growth but Risks Remain

Juniper Green Energy is looking to raise around US$350m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ALMM-II: India’s Solar Shift From Modules to Cells

​Starting June 1, 2026, Indian government mandates solar projects to use PV cells from ALMM List-II, reshaping the solar industry towards domestic...

Sudarshan Bhandari

Thematic Report: Decoding India’s Solar PV Sector- Strong Growth, Big Valuation Divergence

​India's booming solar PV manufacturing sector faces valuation gaps and cost challenges, emphasizing the need for technology and operational...

Sudarshan Bhandari

Karamtara Engineering IPO: India's Largest Solar Structures Maker

Karamtara Engineering opens its Rs.875 crore IPO on September 9, 2026, with a price band of Rs.241 to Rs.254 per share, closing September 11.

Sudarshan Bhandari

Aequitas: Juniper Green Energy IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Juniper Green Energy is looking to raise about US$187m in its downsized India IPO. In this note, we talk about the RHP updates and implied...

Akshat Shah

Aequitas: Juniper Green Energy Pre-IPO - Execution-Led Growth but Risks Remain

Juniper Green Energy is looking to raise around US$350m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

Starting June 1, 2026, Indian government mandates solar projects to use PV cells from ALMM List-II, reshaping the solar industry towards domestic...

India's booming solar PV manufacturing sector faces valuation gaps and cost challenges, emphasizing the need for technology and operational...