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>Adani Group enters the airport ground handling sector, expanding its operations after Celebi’s exit. It aims to bid for major contracts and compete with established players.</li>
<li>India’s palm oil imports surged 87% in May due to low stocks and better prices, likely lifting global palm and soy oil prices in coming months.</li>
<li>
<a href="https://www.smartkarma.com/entities/geddit-convenience-pvt-ltd-zepto" target="_blank" data-smartkarma-citation="entities:35873:1" rel="noopener">Zepto (1936629D IN)</a> postpones its IPO to 2026, shifting focus to private fundraising and cutting cash burn amid growing competition and operational challenges.</li>
</ul>


Adani Group enters the airport ground handling sector, expanding its operations after Celebi’s exit. It aims to bid for major contracts and compete with established players.
India’s palm oil imports surged 87% in May due to low stocks and better prices, likely lifting global palm and soy oil prices in coming months.

Zepto (1936629D IN) postpones its IPO to 2026, shifting focus to private fundraising and cutting cash burn amid growing competition and operational challenges.


#159 India Insights: Adani Enters Ground Handling, Palm Oil Imports 87% Surge, Zepto Delays IPO

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<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, <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> announced the timeline for its ADR, and <a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> was said to be finalising banks as well for its ADR.</li>
<li>Over the past week, there were a number of placements in India, along with a few large deals in Hong Kong as well.</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, SK Hynix (000660 KS) announced the timeline for its ADR, and Kioxia Holdings (285A JP) was said to be finalising banks as well for its ADR.
Over the past week, there were a number of placements in India, along with a few large deals in Hong Kong as well.


Aequitas ECM Weekly (29 June 2026) - SK Hynix, Kioxia, Lingyi, SG Micro, Circuit Fab, Merdeka, Anker

<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, <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> manage to stay above its IPO price, which should help the overall market</li>
<li>There were a few lockup expiry linked placements in the past week.</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, SpaceX (SPCX US) manage to stay above its IPO price, which should help the overall market
There were a few lockup expiry linked placements in the past week.


Aequitas ECM Weekly (15 June 2026) - SpaceX, GO, Lingyi, Nexchip, SG Micro, Semi-Tech, BIWIN, ICICI

Equity Bottom-Up

Shadowfax Technologies / Equity Bottom-Up

<ul>
<li>Shadowfax reported FY26 revenue of INR4,201.7 crore (nearly 2x YoY) with a net profit of INR118.8 crore, while guiding for <strong>28-30% growth</strong> in FY27 and 6.7x scale-up in dark stores.</li>
<li>India's quick commerce boom is creating logistics infrastructure gap, and Shadowfax, already serving Blinkit and Amazon Now, is positioning as the neutral backbone, avoiding platform risk while capturing growth runway.</li>
<li>With profitability proven and capex intensity moderating, the dark store pivot and pin code expansion strategy reveal company <strong>building durable logistics moat.</strong>
</li>
</ul>


Shadowfax reported FY26 revenue of INR4,201.7 crore (nearly 2x YoY) with a net profit of INR118.8 crore, while guiding for 28-30% growth in FY27 and 6.7x scale-up in dark stores.
India's quick commerce boom is creating logistics infrastructure gap, and Shadowfax, already serving Blinkit and Amazon Now, is positioning as the neutral backbone, avoiding platform risk while capturing growth runway.
With profitability proven and capex intensity moderating, the dark store pivot and pin code expansion strategy reveal company building durable logistics moat.



Shadowfax: India's Quick Commerce Infrastructure Play

Thoughtful, Tactical, and Tangible Insights, All Things VC

All Things VC

Thoughtful, Tactical, and Tangible Insights

With All Things VC, I’m striving to connect the dots from our fast-paced world of venture capital and present it to you in a Thoughtful, Tactical, and Tangible (3T’s) manner.

Private Capital Markets

Imagine Marketing (boAt) / Private Capital Markets

<ul>
<li>Vivek Gambhir is a Venture Partner at Lightspeed India and Chairperson of Imagine Marketing , the parent company of boAT.</li>
<li>Before that, he spent over three decades in Indian consumer, most recently as the CEO and Managing Director of Godrej Consumer Products.</li>
<li>In this conversation, part of our India Series, Vivek breaks down why the playbook for building consumer companies in India is fundamentally different from the US or China, why the Indian consumer ecosystem is more nuanced than most global investors realize, and why the biggest talent gap in Indian startups today is not in building, but in scaling up.</li>
</ul>


Vivek Gambhir is a Venture Partner at Lightspeed India and Chairperson of Imagine Marketing , the parent company of boAT.
Before that, he spent over three decades in Indian consumer, most recently as the CEO and Managing Director of Godrej Consumer Products.
In this conversation, part of our India Series, Vivek breaks down why the playbook for building consumer companies in India is fundamentally different from the US or China, why the Indian consumer ecosystem is more nuanced than most global investors realize, and why the biggest talent gap in Indian startups today is not in building, but in scaling up.


India Is Not the Next China. India Is the Next India.

India

Zepto offers a 10-minute grocery delivery service through an e-grocery app that revolutionizes the grocery buying experience.

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Zepto (1936629D IN)

#159 India Insights: Adani Enters Ground Handling, Palm Oil Imports 87% Surge, Zepto Delays IPO

Adani Group expands into airport ground handling, India's palm oil imports surge, Zepto postpones IPO to 2026 for private fundraising amidst...

Sudarshan Bhandari

Aequitas ECM Weekly (29 June 2026) - SK Hynix, Kioxia, Lingyi, SG Micro, Circuit Fab, Merdeka, Anker

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

Aequitas ECM Weekly (15 June 2026) - SpaceX, GO, Lingyi, Nexchip, SG Micro, Semi-Tech, BIWIN, ICICI

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

Shadowfax: India's Quick Commerce Infrastructure Play

Shadowfax reported strong FY26 revenue growth and net profit, aiming for 28-30% growth in FY27 and expanding dark stores to address India's quick...

Sudarshan Bhandari

India Is Not the Next China. India Is the Next India.

Vivek Gambhir is a Venture Partner at Lightspeed India and Chairperson of Imagine Marketing , the parent company of boAT. Before that, he spent...

All Things VC

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

#159 India Insights: Adani Enters Ground Handling, Palm Oil Imports 87% Surge, Zepto Delays IPO

​Adani Group expands into airport ground handling, India's palm oil imports surge, Zepto postpones IPO to 2026 for private fundraising amidst...

Sudarshan Bhandari

Aequitas ECM Weekly (29 June 2026) - SK Hynix, Kioxia, Lingyi, SG Micro, Circuit Fab, Merdeka, Anker

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

Aequitas ECM Weekly (15 June 2026) - SpaceX, GO, Lingyi, Nexchip, SG Micro, Semi-Tech, BIWIN, ICICI

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

Shadowfax: India's Quick Commerce Infrastructure Play

​Shadowfax reported strong FY26 revenue growth and net profit, aiming for 28-30% growth in FY27 and expanding dark stores to address India's quick...

Sudarshan Bhandari

India Is Not the Next China. India Is the Next India.

Vivek Gambhir is a Venture Partner at Lightspeed India and Chairperson of Imagine Marketing , the parent company of boAT. Before that, he spent...

All Things VC

Adani Group expands into airport ground handling, India's palm oil imports surge, Zepto postpones IPO to 2026 for private fundraising amidst...

Shadowfax reported strong FY26 revenue growth and net profit, aiming for 28-30% growth in FY27 and expanding dark stores to address India's quick...