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>Q4 FY26 concalls confirm five simultaneous cost shocks: bushing supply crunch, transformer oil inflation, US tariff volatility, Middle East export displacement and power-versus-distribution backlog mismatch hitting transformer manufacturers at once</li>
<li>India's transformer capacity set to nearly double to 690 GVA by FY28; the structural demand story is intact. But near-term margin compression is real as input cost escalates</li>
<li>The sector is building through a margin trough not a demand trough. Backward integration (CRGO, bushings, pressboard) is the critical differentiator for whoever emerges with structurally superior margins in FY28.</li>
</ul>


Q4 FY26 concalls confirm five simultaneous cost shocks: bushing supply crunch, transformer oil inflation, US tariff volatility, Middle East export displacement and power-versus-distribution backlog mismatch hitting transformer manufacturers at once
India's transformer capacity set to nearly double to 690 GVA by FY28; the structural demand story is intact. But near-term margin compression is real as input cost escalates
The sector is building through a margin trough not a demand trough. Backward integration (CRGO, bushings, pressboard) is the critical differentiator for whoever emerges with structurally superior margins in FY28.


Strong Order Books, Squeezed Margins: What India's Transformer Industry Is Actually Saying?

<ul>
<li>India's power equipment manufacturers are collectively committing roughly INR 32,000 crore to new factories and capacity upgrades, the largest manufacturing investment wave the sector has seen in decades.</li>
<li>Peak electricity demand hit a record 250 GW in FY25 and is heading toward 458 GW by 2032, creating an order environment that manufacturers cannot fulfill with existing infrastructure alone.</li>
<li>This is not a single big-ticket NTPC-style investment, but dozens of simultaneous factory expansions across the power value chain funded majorly by internal accrual shocasing their confidence.</li>
</ul>


India's power equipment manufacturers are collectively committing roughly INR 32,000 crore to new factories and capacity upgrades, the largest manufacturing investment wave the sector has seen in decades.
Peak electricity demand hit a record 250 GW in FY25 and is heading toward 458 GW by 2032, creating an order environment that manufacturers cannot fulfill with existing infrastructure alone.
This is not a single big-ticket NTPC-style investment, but dozens of simultaneous factory expansions across the power value chain funded majorly by internal accrual shocasing their confidence.


India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since 4/22/25, we continue to believe SPX and ACWI-US likely bottomed at 4800-4820 and $101-$102 (May 13, 2025 report), and our intermediate-term outlook remains bullish also.</li>
<li>We'll maintain our bullish view as long as dynamics remain healthy and SPX and ACWI-US are above 5500 and $115, but we do not expect these levels to be tested.</li>
<li>We expect 5700-5785 on SPX and $120-$121 on ACWI-US to hold as support; considering the historic run up, don't be surprised to see another week or two of consolidation.</li>
</ul>


We remain near-term bullish since 4/22/25, we continue to believe SPX and ACWI-US likely bottomed at 4800-4820 and $101-$102 (May 13, 2025 report), and our intermediate-term outlook remains bullish also.
We'll maintain our bullish view as long as dynamics remain healthy and SPX and ACWI-US are above 5500 and $115, but we do not expect these levels to be tested.
We expect 5700-5785 on SPX and $120-$121 on ACWI-US to hold as support; considering the historic run up, don't be surprised to see another week or two of consolidation.


MSCI ACWI Coiling Under All-Time Highs; Buying Korean Financials; Monitoring Europe for Downgrade

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kanohar-electricals-limited" target="_blank" data-smartkarma-citation="entities:58632:1" rel="noopener">Kanohar Electricals (KANOHAR IN)</a> , a Meerut based transformer and EPC company, opens its INR 1,055.74 crore IPO on September 8, 2026, priced at INR 601–632 a share.</li>
<li>The company has grown revenue 2.4x in two years on the back of a 500 MVA, 400kV order from Power Grid, but customer concentration and capacity utilisation remain watch points.</li>
<li>IPO looks aggressively priced as compared to other listed company in similar space.</li>
</ul>



Kanohar Electricals (KANOHAR IN) , a Meerut based transformer and EPC company, opens its INR 1,055.74 crore IPO on September 8, 2026, priced at INR 601–632 a share.
The company has grown revenue 2.4x in two years on the back of a 500 MVA, 400kV order from Power Grid, but customer concentration and capacity utilisation remain watch points.
IPO looks aggressively priced as compared to other listed company in similar space.


Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Schneider Electric Infrastructure / Equity Bottom-Up

Schneider Electric Infrastructure (SCHN IN)

<ul>
<li>SEIL closed FY26 with orders surging 27.4% YoY to Rs. 3,430 Cr and a 50% jump in order backlog, even as a commodity-hit Q4 compressed near-term profits.</li>
<li>New Vadodara switchgear and Kolkata breaker plants commissioning in FY27 will nearly 9x breaker capacity, unlocking revenue and margin expansion that current financials do not yet reflect.</li>
<li>FY26's muted PAT is a transition cost, not a structural break. FY27 capacity additions meeting a Rs. 3,400+ Cr order book is a classic inflection setup worth tracking closely.</li>
</ul>


SEIL closed FY26 with orders surging 27.4% YoY to Rs. 3,430 Cr and a 50% jump in order backlog, even as a commodity-hit Q4 compressed near-term profits.
New Vadodara switchgear and Kolkata breaker plants commissioning in FY27 will nearly 9x breaker capacity, unlocking revenue and margin expansion that current financials do not yet reflect.
FY26's muted PAT is a transition cost, not a structural break. FY27 capacity additions meeting a Rs. 3,400+ Cr order book is a classic inflection setup worth tracking closely.


Schneider Electric Infrastructure: An Electricity Demand Proxy in India!

India

GE Vernova T&D India Limited manufactures power transmission and distribution equipment. The Company offers power and instrument transformers, circuit breakers, gas insulated switchgears, and substation automation equipment. GE Vernova T&D India serves customers worldwide.

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GE Vernova T&D India (GVTD IN)

Strong Order Books, Squeezed Margins: What India's Transformer Industry Is Actually Saying?

Record backlogs. Collapsing margins. Five cost shocks hitting India's transformer sector at once and one backward integration race that decides...

Sudarshan Bhandari

India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain

India's power equipment manufacturers are investing INR 32,000 crore in new factories and upgrades to meet rising electricity demand, signaling a...

Sudarshan Bhandari

MSCI ACWI Coiling Under All-Time Highs; Buying Korean Financials; Monitoring Europe for Downgrade

MSCI $ACWI Coiling Under All-Time Highs; Monitoring Europe for Downgrade; Buying Korean Financials $WF $SHG $KB and Hana. Still Bullish, expecting...

Vermilion Research

Kanohar Electricals IPO Review

Kanohar Electricals IPO is one of the 5 companies which has certification for 500 MVA, 400 kV transformers. IPO is closing on 10th Sep raising...

Sudarshan Bhandari

Schneider Electric Infrastructure: An Electricity Demand Proxy in India!

SEIL saw a strong increase in orders and backlog despite Q4 challenges, with upcoming plant expansions set to drive revenue and margin growth in...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

Strong Order Books, Squeezed Margins: What India's Transformer Industry Is Actually Saying?

​Record backlogs. Collapsing margins. Five cost shocks hitting India's transformer sector at once and one backward integration race that decides...

Sudarshan Bhandari

India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain

​India's power equipment manufacturers are investing INR 32,000 crore in new factories and upgrades to meet rising electricity demand, signaling a...

Sudarshan Bhandari

MSCI ACWI Coiling Under All-Time Highs; Buying Korean Financials; Monitoring Europe for Downgrade

MSCI $ACWI Coiling Under All-Time Highs; Monitoring Europe for Downgrade; Buying Korean Financials $WF $SHG $KB and Hana. Still Bullish, expecting...

Vermilion Research

Kanohar Electricals IPO Review

Kanohar Electricals IPO is one of the 5 companies which has certification for 500 MVA, 400 kV transformers. IPO is closing on 10th Sep raising...

Sudarshan Bhandari

Schneider Electric Infrastructure: An Electricity Demand Proxy in India!

​SEIL saw a strong increase in orders and backlog despite Q4 challenges, with upcoming plant expansions set to drive revenue and margin growth in...

Nimish Maheshwari

Record backlogs. Collapsing margins. Five cost shocks hitting India's transformer sector at once and one backward integration race that decides...

India's power equipment manufacturers are investing INR 32,000 crore in new factories and upgrades to meet rising electricity demand, signaling a...

SEIL saw a strong increase in orders and backlog despite Q4 challenges, with upcoming plant expansions set to drive revenue and margin growth in...