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>We are structurally bullish on AC Industry given massive under-penetration at 8%, though FY25 suffered volume pressures from unseasonal extended monsoons and deferred consumer purchasing behavior</li>
<li>A 10% GST reduction and El Niño heatwaves will drive recovery; notably, <a href="https://www.smartkarma.com/entities/voltas-ltd" target="_blank" data-smartkarma-citation="entities:19924:1" rel="noopener">Voltas Ltd (VOLT IN)</a> reported 11% january volume growth after 9 declining months.</li>
<li>Key industry risks include unpredictable climate volatility, heavy import dependence for critical components, intense price wars, and shifting regulatory energy efficiency standards</li>
</ul>


We are structurally bullish on AC Industry given massive under-penetration at 8%, though FY25 suffered volume pressures from unseasonal extended monsoons and deferred consumer purchasing behavior
A 10% GST reduction and El Niño heatwaves will drive recovery; notably, Voltas Ltd (VOLT IN) reported 11% january volume growth after 9 declining months.
Key industry risks include unpredictable climate volatility, heavy import dependence for critical components, intense price wars, and shifting regulatory energy efficiency standards


AC Industry Turnaround: Riding The Great Indian Cooling Boom from El Niño to GST Cuts

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Equity Bottom-Up

<ul>
<li>Ram Ratna Wires, a winding-wire and copper-products manufacturer, reported FY26 revenue of INR 5,176.6 crore, EBITDA of INR 263.6 crore and PAT of INR 108.6 crore, with tubes contributing 22%.</li>
<li>The shift toward copper tubes, specialised conductors and electrical-component adjacencies can diversify revenue, improve utilisation and reduce dependence on the low-margin winding-wire business.</li>
<li>Future growth could be driven by copper-tube ramp-up, power infrastructure, HVAC localisation, EVs, BLDC motors and renewable-energy demand, subject to disciplined working-capital execution.</li>
</ul>


Ram Ratna Wires, a winding-wire and copper-products manufacturer, reported FY26 revenue of INR 5,176.6 crore, EBITDA of INR 263.6 crore and PAT of INR 108.6 crore, with tubes contributing 22%.
The shift toward copper tubes, specialised conductors and electrical-component adjacencies can diversify revenue, improve utilisation and reduce dependence on the low-margin winding-wire business.
Future growth could be driven by copper-tube ramp-up, power infrastructure, HVAC localisation, EVs, BLDC motors and renewable-energy demand, subject to disciplined working-capital execution.


Ram Ratna Wires: From Winding Wires to a Broader Copper Growth Platform

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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/epack-durable" target="_blank" data-smartkarma-citation="entities:40030:1" rel="noopener">Epack Durable (1936389D IN)</a> is looking to raise up to US$100m in its upcoming India IPO. The deal will be run by Axis Capital, DAM Capital and ICICI Securities. </li>
<li>Epack Durable (ED) is the fastest Indian growing room air conditioner original design manufacturer (ODM) based on growth in volume manufactured between FY20-23 (Year ended 31st Mar), according to F&amp;S. </li>
<li>Further, it is the second largest ODM manufacturer in the Indian room air conditioner manufacturing market, with 29% market share in terms of volume manufactured in FY23, as per F&amp;S.</li>
</ul>



Epack Durable (1936389D IN) is looking to raise up to US$100m in its upcoming India IPO. The deal will be run by Axis Capital, DAM Capital and ICICI Securities. 
Epack Durable (ED) is the fastest Indian growing room air conditioner original design manufacturer (ODM) based on growth in volume manufactured between FY20-23 (Year ended 31st Mar), according to F&amp;S. 
Further, it is the second largest ODM manufacturer in the Indian room air conditioner manufacturing market, with 29% market share in terms of volume manufactured in FY23, as per F&amp;S.


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Epack Durable (1936389D IN)

AC Industry Turnaround: Riding The Great Indian Cooling Boom from El Niño to GST Cuts

Structurally bullish on AC Industry despite FY25 volume pressures; potential recovery driven by GST reduction and El Niño heatwaves, with risks...

Nimish Maheshwari

Ram Ratna Wires: From Winding Wires to a Broader Copper Growth Platform

Ram Ratna Wires diversifying revenue with focus on copper tubes, electrical components to reduce dependence on low-margin winding-wire business,...

Sudarshan Bhandari

Epack Durable Pre-IPO Tearsheet

Epack Durable (1936389D IN) is looking to raise up to US$100m in its upcoming India IPO. The deal will be run by Axis Capital, DAM Capital and...

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

AC Industry Turnaround: Riding The Great Indian Cooling Boom from El Niño to GST Cuts

​Structurally bullish on AC Industry despite FY25 volume pressures; potential recovery driven by GST reduction and El Niño heatwaves, with risks...

Nimish Maheshwari

Ram Ratna Wires: From Winding Wires to a Broader Copper Growth Platform

​Ram Ratna Wires diversifying revenue with focus on copper tubes, electrical components to reduce dependence on low-margin winding-wire business,...

Sudarshan Bhandari

Epack Durable Pre-IPO Tearsheet

Epack Durable (1936389D IN) is looking to raise up to US$100m in its upcoming India IPO. The deal will be run by Axis Capital, DAM Capital and...

Ethan Aw

Structurally bullish on AC Industry despite FY25 volume pressures; potential recovery driven by GST reduction and El Niño heatwaves, with risks...

Ram Ratna Wires diversifying revenue with focus on copper tubes, electrical components to reduce dependence on low-margin winding-wire business,...