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>After a decade of volatile, high-cost build-out, India's Small Finance Bank sector is at a inflection point, shifting decisively from high-risk MFI lending to diversified, secured loan books.</li>
<li>
Market skepticism, fueled by past MFI stress and value erosion, has left most SFBs trading at a 10-35% discount. This valuation disconnect ignores maturing branch networks and superior growth potential.</li>
<li>The sector's transformation is real, but not all SFBs are equal. The path to re-rating will be determined by execution in building a low-cost liability franchise.</li>
</ul>


After a decade of volatile, high-cost build-out, India's Small Finance Bank sector is at a inflection point, shifting decisively from high-risk MFI lending to diversified, secured loan books.

Market skepticism, fueled by past MFI stress and value erosion, has left most SFBs trading at a 10-35% discount. This valuation disconnect ignores maturing branch networks and superior growth potential.
The sector's transformation is real, but not all SFBs are equal. The path to re-rating will be determined by execution in building a low-cost liability franchise.


Thematic Report on Small Finance Banks: The MFI Curse Is Fading & A New Era of Secured Growth Begins

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

Kaynes Technology India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kaynes-technology-india-ltd" target="_blank" data-smartkarma-citation="entities:36436:1" rel="noopener">Kaynes Technology India (KAYNES IN)</a> is looking to raise around US$185m in its upcoming qualified institutional placement (QIP).</li>
<li>In an announcement released on Jan 22, 2025, Kaynes had mentioned its board’s approval to raise up to INR16bn via a QIP. Since then, the shares have corrected 8.6%.</li>
<li>The deal would not be a large one to digest at 4.3 days of three month ADV. The company’s last fundraise did well.</li>
</ul>



Kaynes Technology India (KAYNES IN) is looking to raise around US$185m in its upcoming qualified institutional placement (QIP).
In an announcement released on Jan 22, 2025, Kaynes had mentioned its board’s approval to raise up to INR16bn via a QIP. Since then, the shares have corrected 8.6%.
The deal would not be a large one to digest at 4.3 days of three month ADV. The company’s last fundraise did well.


Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Belstar Microfinance Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belstar-microfinance-ltd" target="_blank" data-smartkarma-citation="entities:43409:1" rel="noopener">Belstar Microfinance Ltd (3624918Z IN)</a> is looking to raise around US$156m in its upcoming India IPO.</li>
<li>Belstar Microfinance is a non-banking finance company (NBFC) in India with a focus on furnishing micro-enterprise loans. </li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Belstar Microfinance Ltd (3624918Z IN) is looking to raise around US$156m in its upcoming India IPO.
Belstar Microfinance is a non-banking finance company (NBFC) in India with a focus on furnishing micro-enterprise loans. 
In this note, we talk about the company’s historical performance.


Belstar Microfinance Pre-IPO - Accelerating Profitability Growth With A Diversified Network

Ethan Aw

Asirvad Micro Finance Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asirvad-micro-finance-limited" target="_blank" data-smartkarma-citation="entities:40211:1" rel="noopener">Asirvad Micro Finance Limited (1053198D IN)</a> is looking to raise around US$183m in its upcoming India IPO.</li>
<li>Asirvad Micro Finance Limited (Asirvad) is a non-banking finance company (NBFC), and a microfinance institution (MFI) offering small loans to low-income women in India.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Asirvad Micro Finance Limited (1053198D IN) is looking to raise around US$183m in its upcoming India IPO.
Asirvad Micro Finance Limited (Asirvad) is a non-banking finance company (NBFC), and a microfinance institution (MFI) offering small loans to low-income women in India.
In this note, we talk about the company’s historical performance.


Asirvad Micro Finance Pre-IPO - Accelerating Profitability Growth but with a Litany of Legal Cases

Muthoot Microfin / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muthoot-microfin" target="_blank" data-smartkarma-citation="entities:39950:1" rel="noopener">Muthoot Microfin (MUTHOOTM IN)</a><a href="https://www.smartkarma.com/entities/muthoot-microfin" target="_blank" data-smartkarma-citation="entities:39950:1" rel="noopener"> </a>raised around US$115m in its Indian IPO, after pricing the deal at the top end of its IPO range at INR291/share.</li>
<li>Muthoot Microfin is a microfinance institution providing micro-loans to women customers with a focus on the rural regions of India.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Muthoot Microfin (MUTHOOTM IN) raised around US$115m in its Indian IPO, after pricing the deal at the top end of its IPO range at INR291/share.
Muthoot Microfin is a microfinance institution providing micro-loans to women customers with a focus on the rural regions of India.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Muthoot Microfin Lockup Expiry - Pre-IPO Investors Well in the Money Despite the Stock’s Performance

India

Equitas Small Finance Bank Limited operates as a bank. The Bank offers savings accounts, fixed deposits, loans, debit and credit cards, investment, insurance, online services, and other related activities. Equitas Small Finance Bank serves clients in India.

Equitas Small Finance Bank  (EQUITASB IN)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Equitas Small Finance Bank (EQUITASB IN)

Thematic Report on Small Finance Banks: The MFI Curse Is Fading & A New Era of Secured Growth Begins

India's Small Finance Banks sector is transitioning from MFI lending to diversified loan books offering growth potential through branch network...

Sudarshan Bhandari

Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Kaynes Technology (KAYNES IN) has launched an upto INR16bn (US$185m) QIP of around 2.85m shares in a INR5,344.50–Rs5,612/share range, a 0%–4.8%...

Akshat Shah

Belstar Microfinance Pre-IPO - Accelerating Profitability Growth With A Diversified Network

Belstar Microfinance Limited is looking to raise around US$156m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Asirvad Micro Finance Pre-IPO - Accelerating Profitability Growth but with a Litany of Legal Cases

Asirvad Micro Finance Limited (1053198D IN) is looking to raise around US$183m in its upcoming India IPO. In this note, we talk about the company’s...

Ethan Aw

Muthoot Microfin Lockup Expiry - Pre-IPO Investors Well in the Money Despite the Stock’s Performance

Muthoot Microfin (MUTHOOTM IN) raised around US$115m in its Indian IPO, after pricing the deal at the top end of its IPO range at INR291/share.

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thematic Report on Small Finance Banks: The MFI Curse Is Fading & A New Era of Secured Growth Begins

​India's Small Finance Banks sector is transitioning from MFI lending to diversified loan books offering growth potential through branch network...

Sudarshan Bhandari

Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Kaynes Technology (KAYNES IN) has launched an upto INR16bn (US$185m) QIP of around 2.85m shares in a INR5,344.50–Rs5,612/share range, a 0%–4.8%...

Akshat Shah

Belstar Microfinance Pre-IPO - Accelerating Profitability Growth With A Diversified Network

Belstar Microfinance Limited is looking to raise around US$156m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Asirvad Micro Finance Pre-IPO - Accelerating Profitability Growth but with a Litany of Legal Cases

Asirvad Micro Finance Limited (1053198D IN) is looking to raise around US$183m in its upcoming India IPO. In this note, we talk about the company’s...

Ethan Aw

Muthoot Microfin Lockup Expiry - Pre-IPO Investors Well in the Money Despite the Stock’s Performance

Muthoot Microfin (MUTHOOTM IN) raised around US$115m in its Indian IPO, after pricing the deal at the top end of its IPO range at INR291/share.

Ethan Aw

India's Small Finance Banks sector is transitioning from MFI lending to diversified loan books offering growth potential through branch network...