Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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>Listed Indian real estate developers reported a blockbuster H1FY26, with aggregate pre-sales soaring 47% YoY to INR 73,100 crore, led by giants like DLF and Prestige Estates.</li>
<li>This isn't a simple cyclical rally. It's a structural consolidation, as deleveraged balance sheets (five of 11 top players are net cash) allow organized players to seize market share.</li>
<li>The battleground has shifted from sales to execution. While pre-sales are strong, flat OCF highlights a critical lag, making 2H launch delivery and cash conversion the key metrics to watch.</li>
</ul>


Listed Indian real estate developers reported a blockbuster H1FY26, with aggregate pre-sales soaring 47% YoY to INR 73,100 crore, led by giants like DLF and Prestige Estates.
This isn't a simple cyclical rally. It's a structural consolidation, as deleveraged balance sheets (five of 11 top players are net cash) allow organized players to seize market share.
The battleground has shifted from sales to execution. While pre-sales are strong, flat OCF highlights a critical lag, making 2H launch delivery and cash conversion the key metrics to watch.


Thematic Report on Indian Realty: Why H1's Record Sales Mask a Deeper Cash Flow & Execution Test

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Following the strong price surge and record sales of FY24/25, the Indian real estate market is entering a phase of mature, steady growth in FY26</li><li>The momentum has broadened, with Tier-2/3 cities fueling mid-premium housing demand and core metros leading the luxury segment</li><li>Driven by urbanization, rising incomes, and the prevalence of nuclear families, demand is stabilizing</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Following the strong price surge and record sales of FY24/25, the Indian real estate market is entering a phase of mature, steady growth in FY26The momentum has broadened, with Tier-2/3 cities fueling mid-premium housing demand and core metros leading the luxury segmentDriven by urbanization, rising incomes, and the prevalence of nuclear families, demand is stabilizingContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Real Estate (Q2FY26 Results Preview): Sustenance to drive presales momentum

<ul><li>Demand backed sales momentum: The residential segment witnessed a strong rebound in Q1FY26, backed by robust sales and resilient demand across mid premium and luxury categories</li><li>Developers like Prestige Estates, DLF and Sobha delivered record-high quarterly presales, reinforced by new launches and sustained buyer sentiment</li><li>While FY25 faced moderation due to high base effect, delayed approvals, and EOI-to-sales conversion challenges, Q1FY26 signals a revival, marked by improved launches and price resilience</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Demand backed sales momentum: The residential segment witnessed a strong rebound in Q1FY26, backed by robust sales and resilient demand across mid premium and luxury categoriesDevelopers like Prestige Estates, DLF and Sobha delivered record-high quarterly presales, reinforced by new launches and sustained buyer sentimentWhile FY25 faced moderation due to high base effect, delayed approvals, and EOI-to-sales conversion challenges, Q1FY26 signals a revival, marked by improved launches and price resilienceContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Real Estate (Q1FY26 Results Preview): Presales Resilient on Robust Demand

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

Kalpataru Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kalpataru-limited" target="_blank" data-smartkarma-citation="entities:43866:1" rel="noopener">Kalpataru Limited (KTARU IN)</a> raised about US$184m in its India IPO.</li>
<li>Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Kalpataru Limited (KTARU IN) raised about US$184m in its India IPO.
Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Kalpataru IPO Trading - Decent Anchor; Muted Overall Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kalpataru-limited" target="_blank" data-smartkarma-citation="entities:43866:1" rel="noopener">Kalpataru Limited (KTARU IN)</a> is looking to raise about US$184m in its upcoming India IPO.</li>
<li>Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.</li>
<li>In this note, we take a quick look at the company’s past performance and the IPO valuations.</li>
</ul>



Kalpataru Limited (KTARU IN) is looking to raise about US$184m in its upcoming India IPO.
Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.
In this note, we take a quick look at the company’s past performance and the IPO valuations.


Kalpataru Ltd IPO - Cemented by Debt Repayment

India

Godrej Properties, Ltd. is a real estate development company.

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Godrej Properties (GPL IN)

Thematic Report on Indian Realty: Why H1's Record Sales Mask a Deeper Cash Flow & Execution Test

Indian real estate developers see H1FY26 with pre-sales up 47% to INR 73,100 crore. Structural consolidation, not just cyclical rally, as players...

Nimish Maheshwari

Real Estate (Q2FY26 Results Preview): Sustenance to drive presales momentum

Following the strong price surge and record sales of FY24/25, the Indian real estate market is entering a phase of mature, steady growth in FY26

HDFC Securities

Real Estate (Q1FY26 Results Preview): Presales Resilient on Robust Demand

The residential segment witnessed a strong rebound in Q1FY26, backed by robust sales and resilient demand across mid premium and luxury categories

HDFC Securities

Kalpataru IPO Trading - Decent Anchor; Muted Overall Demand

Kalpataru Limited (KL) raised about US$184m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Kalpataru Ltd IPO - Cemented by Debt Repayment

Kalpataru Limited (KL) is looking to raise about US$184m in its upcoming India IPO. In this note, we take a quick look at the company’s past...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thematic Report on Indian Realty: Why H1's Record Sales Mask a Deeper Cash Flow & Execution Test

​Indian real estate developers see H1FY26 with pre-sales up 47% to INR 73,100 crore. Structural consolidation, not just cyclical rally, as players...

Nimish Maheshwari

Real Estate (Q2FY26 Results Preview): Sustenance to drive presales momentum

Following the strong price surge and record sales of FY24/25, the Indian real estate market is entering a phase of mature, steady growth in FY26

HDFC Securities

Real Estate (Q1FY26 Results Preview): Presales Resilient on Robust Demand

The residential segment witnessed a strong rebound in Q1FY26, backed by robust sales and resilient demand across mid premium and luxury categories

HDFC Securities

Kalpataru IPO Trading - Decent Anchor; Muted Overall Demand

Kalpataru Limited (KL) raised about US$184m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Kalpataru Ltd IPO - Cemented by Debt Repayment

Kalpataru Limited (KL) is looking to raise about US$184m in its upcoming India IPO. In this note, we take a quick look at the company’s past...

Akshat Shah

Indian real estate developers see H1FY26 with pre-sales up 47% to INR 73,100 crore. Structural consolidation, not just cyclical rally, as players...