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>KDDL's precision engineering division, Eigen, is expanding its manufacturing capacity with a new facility and further upgrades planned, aiming to capture high-growth sectors like aerospace, automotive, and medical devices.</li>
<li>This expansion enhances KDDL's competitive edge in precision engineering, a high-margin segment, and aligns with the company's goal of making Eigen a significant revenue contributor, targeting 40-50% of manufacturing revenue.</li>
<li>The focus on precision engineering and premium retail through Ethos positions KDDL for sustained growth, balancing stable manufacturing revenue with high-margin luxury retail.</li>
</ul>


KDDL's precision engineering division, Eigen, is expanding its manufacturing capacity with a new facility and further upgrades planned, aiming to capture high-growth sectors like aerospace, automotive, and medical devices.
This expansion enhances KDDL's competitive edge in precision engineering, a high-margin segment, and aligns with the company's goal of making Eigen a significant revenue contributor, targeting 40-50% of manufacturing revenue.
The focus on precision engineering and premium retail through Ethos positions KDDL for sustained growth, balancing stable manufacturing revenue with high-margin luxury retail.


The Beat Ideas: KDDL- Precision Engineering with Luxury Retail

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>The RBI’s March 2025 surveys highlight a balanced recovery, with easing inflation expectations, strong rural sentiment, and sector-specific growth prospects across banking, manufacturing, and services.</li>
<li>With moderate credit growth and consumer confidence improving, sectors like agri-finance, retail, and infrastructure are poised for growth, while inflationary pressures and currency depreciation may impact import-dependent companies.</li>
<li>India's economic recovery is steady, with sector-specific positioning crucial. As rural confidence rises and inflation expectations moderate, growth opportunities are more identifiable, especially in rural finance and manufacturing.</li>
</ul>


The RBI’s March 2025 surveys highlight a balanced recovery, with easing inflation expectations, strong rural sentiment, and sector-specific growth prospects across banking, manufacturing, and services.
With moderate credit growth and consumer confidence improving, sectors like agri-finance, retail, and infrastructure are poised for growth, while inflationary pressures and currency depreciation may impact import-dependent companies.
India's economic recovery is steady, with sector-specific positioning crucial. As rural confidence rises and inflation expectations moderate, growth opportunities are more identifiable, especially in rural finance and manufacturing.


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

P N Gadgil Jewellers / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/p-n-gadgil-jewellers" target="_blank" data-smartkarma-citation="entities:41129:1" rel="noopener">P N Gadgil Jewellers (1742652D IN)</a> raised around US$130m in its India IPO. </li>
<li>It is an Indian organized jewellery player with product offerings which include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.</li>
<li>In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about trading dynamics.</li>
</ul>



P N Gadgil Jewellers (1742652D IN) raised around US$130m in its India IPO. 
It is an Indian organized jewellery player with product offerings which include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.
In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about trading dynamics.


P N Gadgil Jewellers IPO Trading- Decent Anchor, Strong Insti Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/p-n-gadgil-jewellers" target="_blank" data-smartkarma-citation="entities:41129:1" rel="noopener">P N Gadgil Jewellers (1742652D IN)</a> is looking to raise up to US$132m in its India IPO.</li>
<li>P N Gadgil Jewellers (PNGJ) is an Indian organized jewellery player. Its product offerings include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.</li>
<li>Previously, we talked about the company’s historical performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.</li>
</ul>



P N Gadgil Jewellers (1742652D IN) is looking to raise up to US$132m in its India IPO.
P N Gadgil Jewellers (PNGJ) is an Indian organized jewellery player. Its product offerings include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.
Previously, we talked about the company’s historical performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.


P N Gadgil Jewellers IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/p-n-gadgil-jewellers" target="_blank" data-smartkarma-citation="entities:41129:1" rel="noopener">P N Gadgil Jewellers (1742652D IN)</a> looking to raise up to US$132m in its upcoming India IPO.</li>
<li>P N Gadgil Jewellers (PNGJ) is an Indian organized jewellery player. Its product offerings include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.</li>
<li>In this note, we look at the company’s historical performance.</li>
</ul>



P N Gadgil Jewellers (1742652D IN) looking to raise up to US$132m in its upcoming India IPO.
P N Gadgil Jewellers (PNGJ) is an Indian organized jewellery player. Its product offerings include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.
In this note, we look at the company’s historical performance.


P N Gadgil Jewellers Pre-IPO - Strong Revenue Growth but Margin Worry Persists

India

Ethos Limited operates a chain of luxury watch boutiques. The Company retails new and used watches for men and women, as well as accessories such as bags, cufflinks, jewellery, wallets, and wolf watch boxes. Ethos serves customers in India.

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Ethos (ETHOSLTD IN)

The Beat Ideas: KDDL- Precision Engineering with Luxury Retail

KDDL's precision engineering division, Eigen, is expanding to capture high-growth sectors and enhance competitive edge, aiming for significant...

Sudarshan Bhandari

RBI Forward-Looking Survey Analysis

RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...

Nimish Maheshwari

P N Gadgil Jewellers IPO Trading- Decent Anchor, Strong Insti Demand

P N Gadgil Jewellers Ltd (PNGJ) raised around US$130m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

P N Gadgil Jewellers IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

P N Gadgil Jewellers is looking to raise up to US$132m in its India IPO. In this note, we provide a summary of its RHP updates and share our quick...

Akshat Shah

P N Gadgil Jewellers Pre-IPO - Strong Revenue Growth but Margin Worry Persists

P N Gadgil Jewellers is looking to raise up to US$132m in its upcoming India IPO. In this note, we look at the company’s historical performance.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: KDDL- Precision Engineering with Luxury Retail

​KDDL's precision engineering division, Eigen, is expanding to capture high-growth sectors and enhance competitive edge, aiming for significant...

Sudarshan Bhandari

RBI Forward-Looking Survey Analysis

​RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...

Nimish Maheshwari

P N Gadgil Jewellers IPO Trading- Decent Anchor, Strong Insti Demand

P N Gadgil Jewellers Ltd (PNGJ) raised around US$130m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

P N Gadgil Jewellers IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

P N Gadgil Jewellers is looking to raise up to US$132m in its India IPO. In this note, we provide a summary of its RHP updates and share our quick...

Akshat Shah

P N Gadgil Jewellers Pre-IPO - Strong Revenue Growth but Margin Worry Persists

P N Gadgil Jewellers is looking to raise up to US$132m in its upcoming India IPO. In this note, we look at the company’s historical performance.

Akshat Shah

KDDL's precision engineering division, Eigen, is expanding to capture high-growth sectors and enhance competitive edge, aiming for significant...

RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...