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>Aye Finance Limited, a fast-growing MSME-focused NBFC, is launching a INR 1,010 crore IPO comprising a fresh issue and an offer for sale.</li>
<li>The company operates in India’s structurally underpenetrated micro-MSME credit segment, combining rapid AUM growth with a granular, cash-flow based underwriting model.</li>
<li>Aye Finance offers exposure to a large, underserved lending opportunity, but elevated credit costs and recent profitability pressure warrant close monitoring post listing.</li>
</ul>


Aye Finance Limited, a fast-growing MSME-focused NBFC, is launching a INR 1,010 crore IPO comprising a fresh issue and an offer for sale.
The company operates in India’s structurally underpenetrated micro-MSME credit segment, combining rapid AUM growth with a granular, cash-flow based underwriting model.
Aye Finance offers exposure to a large, underserved lending opportunity, but elevated credit costs and recent profitability pressure warrant close monitoring post listing.


Aye Finance IPO: A Play on Formalising India’s Micro-Enterprise Credit

APAC IPOs & Placements, Aequitas Research

Kajal Jain

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

OnEMI Technology Solutions / Equity Capital Markets

<ul>
<li>OnEMI Technology Solutions (Kissht) is looking to raise US$172m in its upcoming India IPO. It is an Indian tech-driven digital lending platform serving the mass market through a mobile-first approach. </li>
<li>It offers personal loans to salaried and self-employed individuals for consumption and business needs, and loans against property to asset-owning MSMEs and salaried borrowers for business expansion or working capital. </li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>


OnEMI Technology Solutions (Kissht) is looking to raise US$172m in its upcoming India IPO. It is an Indian tech-driven digital lending platform serving the mass market through a mobile-first approach. 
It offers personal loans to salaried and self-employed individuals for consumption and business needs, and loans against property to asset-owning MSMEs and salaried borrowers for business expansion or working capital. 
In this note, we talk about the company’s historical performance.


Aequitas: OnEMI Technology Solutions Pre-IPO - Growth Offset by Profitability & Asset Quality Issues

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

China Resources Beverage / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front,  it hasn't been this busy for a while, with deals live in Japan and Korea, and possible launches in Hong Kong and India as well.</li>
<li>On the placements front, there were a few China ADR blocks and other placements across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front,  it hasn't been this busy for a while, with deals live in Japan and Korea, and possible launches in Hong Kong and India as well.
On the placements front, there were a few China ADR blocks and other placements across the region.


ECM Weekly (30th Sep 2024) - Tokyo Metro, Rigaku, China Resources, K Bank, Mr DIY, Smartworks, IREDA

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>This Insight focuses on lenders operating in consumer finance, including MSME-focused NBFCs. </li>
<li>Companies in focus include <a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance Ltd (BAF IN)</a>, <a href="https://www.smartkarma.com/entities/poonawalla-fincorp" target="_blank" data-smartkarma-citation="entities:3449:1" rel="noopener">Poonawalla Fincorp (POONAWAL IN),</a><a href="https://www.smartkarma.com/entities/sbfc-finance-limited" target="_blank" data-smartkarma-citation="entities:36713:1" rel="noopener">SBFC Finance Limited (SBFC IN)</a> &amp; <a href="https://www.smartkarma.com/entities/mas-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:26639:1" rel="noopener">MAS Financial Services Ltd (MASFIN IN)</a>. </li>
<li>We also cover high yield lender <a href="https://www.smartkarma.com/entities/five-star-business-finance" target="_blank" data-smartkarma-citation="entities:35238:1" rel="noopener">Five Star Business Finance (FIVESTAR IN)</a>.  </li>
</ul>


This Insight focuses on lenders operating in consumer finance, including MSME-focused NBFCs. 
Companies in focus include Bajaj Finance Ltd (BAF IN), Poonawalla Fincorp (POONAWAL IN),SBFC Finance Limited (SBFC IN) &amp; MAS Financial Services Ltd (MASFIN IN). 
We also cover high yield lender Five Star Business Finance (FIVESTAR IN).  


Narrative and Numbers | Consumer & MSME Finance | FY24

Clarence Chu

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/india-shelter-finance" target="_blank" data-smartkarma-citation="entities:40025:1" rel="noopener">India Shelter Finance (0570670D IN)</a> listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their stakes in the IPO</li>
<li>India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.</li>
<li>Coming up for six-month lockup expiry on 18th Jun 2024 are the firm's pre-IPO shareholders and a portion of the promoters’ stakes.</li>
</ul>



India Shelter Finance (0570670D IN) listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their stakes in the IPO
India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.
Coming up for six-month lockup expiry on 18th Jun 2024 are the firm's pre-IPO shareholders and a portion of the promoters’ stakes.


India Shelter Finance US$240m Lock-Up Expiry - Multi-Bagger Gains Are Ripe for the Taking

India

Five-Star Business Finance Limited is an Indian non-banking financial company (NBFC) that provides secured loans to micro-entrepreneurs and self-employed individuals. The company offers small business loans and mortgage loans for purposes such as business expansion, home renovation, education, and healthcare. It was founded in 1984 and is headquartered in Chennai, Tamil Nadu, India.

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Five-Star Business Finance (FIVESTAR IN)

Aye Finance IPO: A Play on Formalising India’s Micro-Enterprise Credit

Aye Finance Limited to launch INR 1,010 crore IPO targeting MSME credit segment, potential growth tempered by credit costs and profitability...

Sudarshan Bhandari

Aequitas: OnEMI Technology Solutions Pre-IPO - Growth Offset by Profitability & Asset Quality Issues

OnEMI Technology Solutions (Kissht) is looking to raise US$172m in its upcoming India IPO. It is an Indian tech-driven digital lending platform...

Kajal Jain

ECM Weekly (30th Sep 2024) - Tokyo Metro, Rigaku, China Resources, K Bank, Mr DIY, Smartworks, IREDA

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Narrative and Numbers | Consumer & MSME Finance | FY24

Insight on lenders in consumer finance, including Bajaj Finance, Poonawalla Fincorp, SBFC Finance, MAS Financial Services, and Five Star Business...

Pranav Bhavsar

India Shelter Finance US$240m Lock-Up Expiry - Multi-Bagger Gains Are Ripe for the Taking

India Shelter Finance (0570670D IN) listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aye Finance IPO: A Play on Formalising India’s Micro-Enterprise Credit

​Aye Finance Limited to launch INR 1,010 crore IPO targeting MSME credit segment, potential growth tempered by credit costs and profitability...

Sudarshan Bhandari

Aequitas: OnEMI Technology Solutions Pre-IPO - Growth Offset by Profitability & Asset Quality Issues

OnEMI Technology Solutions (Kissht) is looking to raise US$172m in its upcoming India IPO. It is an Indian tech-driven digital lending platform...

Kajal Jain

ECM Weekly (30th Sep 2024) - Tokyo Metro, Rigaku, China Resources, K Bank, Mr DIY, Smartworks, IREDA

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Narrative and Numbers | Consumer & MSME Finance | FY24

​Insight on lenders in consumer finance, including Bajaj Finance, Poonawalla Fincorp, SBFC Finance, MAS Financial Services, and Five Star Business...

Pranav Bhavsar

India Shelter Finance US$240m Lock-Up Expiry - Multi-Bagger Gains Are Ripe for the Taking

India Shelter Finance (0570670D IN) listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their...

Clarence Chu

Aye Finance Limited to launch INR 1,010 crore IPO targeting MSME credit segment, potential growth tempered by credit costs and profitability...

Insight on lenders in consumer finance, including Bajaj Finance, Poonawalla Fincorp, SBFC Finance, MAS Financial Services, and Five Star Business...