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>Exide Industries is doubling down on lithium-ion cell and pack manufacturing with huge committed capex, while sustaining its dominant lead-acid franchise.</li>
<li>The company’s strong cash flows from lead acid batteries are funding high-risk, high-reward bets on EV and renewable storage, positioning it as India’s only dual-chemistry energy storage leader.</li>
<li>
Execution risk in lithium-ion scale-up is high, but Exide’s brand equity provide a buffer. The story now hinges on whether early-mover advantage in Li-ion can translate into sustainable returns. 
</li>
</ul>


Exide Industries is doubling down on lithium-ion cell and pack manufacturing with huge committed capex, while sustaining its dominant lead-acid franchise.
The company’s strong cash flows from lead acid batteries are funding high-risk, high-reward bets on EV and renewable storage, positioning it as India’s only dual-chemistry energy storage leader.

Execution risk in lithium-ion scale-up is high, but Exide’s brand equity provide a buffer. The story now hinges on whether early-mover advantage in Li-ion can translate into sustainable returns. 



The Beat Ideas: Exide Industries- Powering India’s Energy Transition From Lead-Acid to Li-Ion

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>We forecast 7 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 13 stocks are expected to be added to Large Cap, 5 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>With the review period nearing completion, there could still be more outperformance given the momentum, but we would look to take profit on the stocks as the divergence gets wider.</li>
</ul>


We forecast 7 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
From the new listings, 13 stocks are expected to be added to Large Cap, 5 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
With the review period nearing completion, there could still be more outperformance given the momentum, but we would look to take profit on the stocks as the divergence gets wider.


AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

Partner at Exencial Research, Exencial Research

Viral Kishorchandra Shah

Partner at Exencial Research

Exencial Research

Thematic (Sector/Industry)

<ul>
<li>China curbing NMC builds due to &lt;40% factory utilization while EV installs were 75% LFP/25% ternary, undermining NMC ROI significantly.</li>
<li>LFP cost advantage widened with cathode material costs falling $72→$41/kWh vs NCM622 $92→$79/kWh, creating ~$38/kWh gap.</li>
<li>India's opportunity lies in LFP/LMFP across ESS and mobility, backed by ACC PLI Rs 181bn and BESS VGF programs.</li>
</ul>


China curbing NMC builds due to &lt;40% factory utilization while EV installs were 75% LFP/25% ternary, undermining NMC ROI significantly.
LFP cost advantage widened with cathode material costs falling $72→$41/kWh vs NCM622 $92→$79/kWh, creating ~$38/kWh gap.
India's opportunity lies in LFP/LMFP across ESS and mobility, backed by ACC PLI Rs 181bn and BESS VGF programs.


China's NMC Slowdown and the India LFP/LMFP Playbook

<ul>
<li>India’s ambitious growth trajectory aims for 8-10% of global GDP by 2040, driven by strategic investments in 18 high-growth sectors, blending national priorities and global opportunities. </li>
<li>
Key sectors identified span technology, manufacturing, and sustainability, with a projected $1.7-2 trillion in revenue by 2030, shaping India’s global economic leadership. </li>
<li>Collaborative action and policy support are essential for unlocking sectoral potential, positioning India to capitalize on its capabilities and become a key player in the global economy.</li>
</ul>


India’s ambitious growth trajectory aims for 8-10% of global GDP by 2040, driven by strategic investments in 18 high-growth sectors, blending national priorities and global opportunities. 

Key sectors identified span technology, manufacturing, and sustainability, with a projected $1.7-2 trillion in revenue by 2030, shaping India’s global economic leadership. 
Collaborative action and policy support are essential for unlocking sectoral potential, positioning India to capitalize on its capabilities and become a key player in the global economy.


Thematic Report on Sectors of the Future: India’s Path to Global Economic Leadership

Amara Raja Energy & Mobility / Equity Bottom-Up

<ul>
<li>ARE&amp;M reported Q4 FY25 with modest revenue growth but saw slight declines in EBITDAand PAT margins due to cost pressures and provisions.</li>
<li>Elevated material and power costs significantly impacted profitability despite underlying business growth, presenting a challenge for margin recovery efforts.</li>
<li>Focus shifts to monitoring the effectiveness of recent price hikes, cost-saving initiatives, and the ramp-up of new, more efficient manufacturing facilities in restoring targeted margins.</li>
</ul>


ARE&amp;M reported Q4 FY25 with modest revenue growth but saw slight declines in EBITDAand PAT margins due to cost pressures and provisions.
Elevated material and power costs significantly impacted profitability despite underlying business growth, presenting a challenge for margin recovery efforts.
Focus shifts to monitoring the effectiveness of recent price hikes, cost-saving initiatives, and the ramp-up of new, more efficient manufacturing facilities in restoring targeted margins.


Amara Raja Energy & Mobility: Revenue Growth Offset by Margin Pressures, Strategic Capex Continues..

India

Exide Industries Ltd. manufactures a wide range of lead and electric storage batteries. The Company's batteries for automobiles, railways, aircrafts, power stations, telephone exchanges, and other uses.

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Exide Industries (EXID IN)

The Beat Ideas: Exide Industries- Powering India’s Energy Transition From Lead-Acid to Li-Ion

Exide Industries is investing heavily in lithium-ion technology while maintaining its lead-acid business, with potential for sustainable returns...

Sudarshan Bhandari

AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

We currently forecast 31 migrations for the AMFI December reclassification. Many IPOs could be added to Large/Mid cap. The forecast upward...

Brian Freitas

China's NMC Slowdown and the India LFP/LMFP Playbook

China reduces NMC production due to low factory utilization, favoring LFP over ternary for EVs. India sees potential in LFP/LMFP for energy...

Viral Kishorchandra Shah

Thematic Report on Sectors of the Future: India’s Path to Global Economic Leadership

India aims for 8-10% of global GDP by 2040 through strategic investments in key sectors, projecting $1.7-2 trillion in revenue by 2030 and...

Sudarshan Bhandari

Amara Raja Energy & Mobility: Revenue Growth Offset by Margin Pressures, Strategic Capex Continues..

ARE&M faced declines in EBITDA and PAT margins due to cost pressures. Recovery efforts focus on price hikes, cost-saving initiatives, and new...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: Exide Industries- Powering India’s Energy Transition From Lead-Acid to Li-Ion

​Exide Industries is investing heavily in lithium-ion technology while maintaining its lead-acid business, with potential for sustainable returns...

Sudarshan Bhandari

AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

We currently forecast 31 migrations for the AMFI December reclassification. Many IPOs could be added to Large/Mid cap. The forecast upward...

Brian Freitas

China's NMC Slowdown and the India LFP/LMFP Playbook

​China reduces NMC production due to low factory utilization, favoring LFP over ternary for EVs. India sees potential in LFP/LMFP for energy...

Viral Kishorchandra Shah

Thematic Report on Sectors of the Future: India’s Path to Global Economic Leadership

​India aims for 8-10% of global GDP by 2040 through strategic investments in key sectors, projecting $1.7-2 trillion in revenue by 2030 and...

Sudarshan Bhandari

Amara Raja Energy & Mobility: Revenue Growth Offset by Margin Pressures, Strategic Capex Continues..

​ARE&M faced declines in EBITDA and PAT margins due to cost pressures. Recovery efforts focus on price hikes, cost-saving initiatives, and new...

Sudarshan Bhandari

Exide Industries is investing heavily in lithium-ion technology while maintaining its lead-acid business, with potential for sustainable returns...

China reduces NMC production due to low factory utilization, favoring LFP over ternary for EVs. India sees potential in LFP/LMFP for energy...

India aims for 8-10% of global GDP by 2040 through strategic investments in key sectors, projecting $1.7-2 trillion in revenue by 2030 and...

ARE&M faced declines in EBITDA and PAT margins due to cost pressures. Recovery efforts focus on price hikes, cost-saving initiatives, and new...