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>On August 7, 2025, RBI granted AU Small Finance Bank in-principle approval to become India's first universal bank converted from SFB, the first full banking license issued in eleven years.</li>
<li>Universal bank status unlocks lower deposit costs (SFB rates run roughly 100bps above peers), eases the priority sector lending mandate from 60% to 40%, and removes product restrictions.</li>
<li>The structural rerating argument rests not on the license itself, but on whether AU can convert the funding cost advantage into sustainable NIM improvement while sustaining 20%+ loan growth.</li>
</ul>


On August 7, 2025, RBI granted AU Small Finance Bank in-principle approval to become India's first universal bank converted from SFB, the first full banking license issued in eleven years.
Universal bank status unlocks lower deposit costs (SFB rates run roughly 100bps above peers), eases the priority sector lending mandate from 60% to 40%, and removes product restrictions.
The structural rerating argument rests not on the license itself, but on whether AU can convert the funding cost advantage into sustainable NIM improvement while sustaining 20%+ loan growth.


AU Small Finance Bank: The First Graduate from India's SFB Sector

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equitas Small Finance Bank / Equity Bottom-Up

<ul><li>MFI Stress Elevated; Normalisation Delayed by Another Quarter: EQSFB continues to grapple with asset quality pain flowing in from the MFI portfolio, thereby keeping credit costs elevated.</li><li>In Q1, apart from the MFI portfolio, higher slippages were from the smaller ticket size SBL portfolio, owing to the adverse impact of the KA ordinance.</li><li>The X-bucket CE in SBL, which had dropped to 96.2% in Feb’25, has seen an improvement to 98.4% in Jun’25 with focused collection efforts. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MFI Stress Elevated; Normalisation Delayed by Another Quarter: EQSFB continues to grapple with asset quality pain flowing in from the MFI portfolio, thereby keeping credit costs elevated.In Q1, apart from the MFI portfolio, higher slippages were from the smaller ticket size SBL portfolio, owing to the adverse impact of the KA ordinance.The X-bucket CE in SBL, which had dropped to 96.2% in Feb’25, has seen an improvement to 98.4% in Jun’25 with focused collection efforts. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equitas Small Finance Bank Ltd. - MFI Recovery Pushed Back by Another Quarter

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 / 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

<ul><li>EQSFBs will continue to de-focus on the MFI segment, resulting in its mix in the overall portfolio dropping to mid single-digit vs. 12% in FY25.</li><li>Over the medium term, the MFI portfolio is expected to further dwindle to lower single digits, with the bank looking to de-risk the portfolio.</li><li>Amongst the secured products, EQSFB will continue to focus on SBL (with focus on Micro-LAP), Affordable Housing, Used CVs and Used Cars (while de-focusing on New CVs).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EQSFBs will continue to de-focus on the MFI segment, resulting in its mix in the overall portfolio dropping to mid single-digit vs. 12% in FY25.Over the medium term, the MFI portfolio is expected to further dwindle to lower single digits, with the bank looking to de-risk the portfolio.Amongst the secured products, EQSFB will continue to focus on SBL (with focus on Micro-LAP), Affordable Housing, Used CVs and Used Cars (while de-focusing on New CVs).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equitas Small Finance Bank Limited - 07th June, 2025

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Equitas SFB (EQUITASB) reported 3QFY25 PAT of ~INR663m (-67% YoY; 17% miss to MOFSLe) amid lower other income, partially offset by slightly lower provisions.</li><li>NII grew 4% YoY to INR8.18b (in line).</li><li>Margins contracted ~30 bp QoQ to 7.39% in 3QFY25 (18bp contributed by a drop in the MFI portfolio).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equitas SFB (EQUITASB) reported 3QFY25 PAT of ~INR663m (-67% YoY; 17% miss to MOFSLe) amid lower other income, partially offset by slightly lower provisions.NII grew 4% YoY to INR8.18b (in line).Margins contracted ~30 bp QoQ to 7.39% in 3QFY25 (18bp contributed by a drop in the MFI portfolio).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equitas Small Finance Bank - NII in Line; Business Growth Remains Modest

India

Equitas Small Finance Bank Ltd. is a Chennai-based banking institution that evolved from a microfinance company into a full-service small finance bank. It focuses on serving individuals and small businesses often underserved by traditional banking channels, offering products like microfinance, small business loans, vehicle finance, and housing finance. The bank was founded in 2007, and its banking operations commenced in 2016.

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Equitas Small Finance Bank (EQUITASB IN)

AU Small Finance Bank: The First Graduate from India's SFB Sector

AU Small Finance Bank granted in-principle approval to become India's first universal bank, unlocking lower deposit costs and easing lending...

Sudarshan Bhandari

Equitas Small Finance Bank Ltd. - MFI Recovery Pushed Back by Another Quarter

MFI Stress Elevated; Normalisation Delayed by Another Quarter: EQSFB continues to grapple with asset quality pain flowing in from the MFI...

Axis Direct

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

Equitas Small Finance Bank Limited - 07th June, 2025

EQSFBs will continue to de-focus on the MFI segment, resulting in its mix in the overall portfolio dropping to mid single-digit vs. 12% in FY25.

Axis Direct

Equitas Small Finance Bank - NII in Line; Business Growth Remains Modest

Equitas SFB (EQUITASB) reported 3QFY25 PAT of ~INR663m (-67% YoY; 17% miss to MOFSLe) amid lower other income, partially offset by slightly lower...

Motilal Oswal

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

AU Small Finance Bank: The First Graduate from India's SFB Sector

​AU Small Finance Bank granted in-principle approval to become India's first universal bank, unlocking lower deposit costs and easing lending...

Sudarshan Bhandari

Equitas Small Finance Bank Ltd. - MFI Recovery Pushed Back by Another Quarter

MFI Stress Elevated; Normalisation Delayed by Another Quarter: EQSFB continues to grapple with asset quality pain flowing in from the MFI...

Axis Direct

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

Equitas Small Finance Bank Limited - 07th June, 2025

EQSFBs will continue to de-focus on the MFI segment, resulting in its mix in the overall portfolio dropping to mid single-digit vs. 12% in FY25.

Axis Direct

Equitas Small Finance Bank - NII in Line; Business Growth Remains Modest

Equitas SFB (EQUITASB) reported 3QFY25 PAT of ~INR663m (-67% YoY; 17% miss to MOFSLe) amid lower other income, partially offset by slightly lower...

Motilal Oswal

AU Small Finance Bank granted in-principle approval to become India's first universal bank, unlocking lower deposit costs and easing lending...