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>Grasim (Birla Opus) filed an antitrust complaint alleging Asian Paints used dealer-exclusivity, supply-chain pressure, and reputational tactics to throttle its rollout.</li>
<li>CCI’s prima-facie order opens a DG probe; outcome could reset the playbook on dealer contracts in all B2C staples. </li>
<li>DG has 90 days to file its report. Possible end-states: (i) dismissal, (ii) monetary penalty + conduct remedies (exclusivity clauses void), (iii) structural remedy (unlikely).</li>
</ul>


Grasim (Birla Opus) filed an antitrust complaint alleging Asian Paints used dealer-exclusivity, supply-chain pressure, and reputational tactics to throttle its rollout.
CCI’s prima-facie order opens a DG probe; outcome could reset the playbook on dealer contracts in all B2C staples. 
DG has 90 days to file its report. Possible end-states: (i) dismissal, (ii) monetary penalty + conduct remedies (exclusivity clauses void), (iii) structural remedy (unlikely).


Asian Paints Vs. Grasim: The Anti-Trust Showdown

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

Knowledge Realty Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowledge-realty-trust" target="_blank" data-smartkarma-citation="entities:44486:1" rel="noopener">Knowledge Realty Trust (258259D IN)</a> is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.</li>
<li>Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between FY16-9M24, as per the CBRE report.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Knowledge Realty Trust (258259D IN) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.
Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between FY16-9M24, as per the CBRE report.
In this note, we talk about the not-so-positive aspects of the deal.


Knowledge Realty Trust Pre-IPO - The Negatives - Not All Assets Have Been Doing Well

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN) </a>is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>In this note, we will talk about the IPO valuations.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
In this note, we will talk about the IPO valuations.


Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN)</a> is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.


Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Q4 FY25 volumes grew 1.8%, value declined; FY26 guidance is for low growth with 18–20% margins supported by integration and cost control.</li>
<li>Grasim and JSW are aggressively expanding with large capex and dealer networks, intensifying pricing pressure in decorative paints.</li>
<li>Stock corrected 15–20% but still trades at ~55x P/E, which remains expensive given slowing growth and rising competitive risks.</li>
</ul>


Q4 FY25 volumes grew 1.8%, value declined; FY26 guidance is for low growth with 18–20% margins supported by integration and cost control.
Grasim and JSW are aggressively expanding with large capex and dealer networks, intensifying pricing pressure in decorative paints.
Stock corrected 15–20% but still trades at ~55x P/E, which remains expensive given slowing growth and rising competitive risks.


Asian Paints: Navigating Growth Challenges Amid Evolving Industry Dynamics

India

Grasim Industries Limited is a diversified operating company and part of the Aditya Birla group. The group manufactures a wide range of products, including Viscose Staple Fiber(VSF), cement, chemicals and textiles.

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Grasim Industries (GRASIM IN)

Asian Paints Vs. Grasim: The Anti-Trust Showdown

Grasim accuses Asian Paints of antitrust practices, CCI orders probe that could impact dealer contracts in B2C staples.

Sudarshan Bhandari

Knowledge Realty Trust Pre-IPO - The Negatives - Not All Assets Have Been Doing Well

Knowledge Realty Trust (KRT) is planning to raise about US$558m through its upcoming India IPO. In this note, we talk about the not-so-positive...

Akshat Shah

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

Asian Paints: Navigating Growth Challenges Amid Evolving Industry Dynamics

FY26 guidance is low growth with 18-20% margins. Grasim and JSW expanding aggressively, putting pressure on decorative paints market. Stock...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Paints Vs. Grasim: The Anti-Trust Showdown

​Grasim accuses Asian Paints of antitrust practices, CCI orders probe that could impact dealer contracts in B2C staples.

Sudarshan Bhandari

Knowledge Realty Trust Pre-IPO - The Negatives - Not All Assets Have Been Doing Well

Knowledge Realty Trust (KRT) is planning to raise about US$558m through its upcoming India IPO. In this note, we talk about the not-so-positive...

Akshat Shah

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

Asian Paints: Navigating Growth Challenges Amid Evolving Industry Dynamics

FY26 guidance is low growth with 18-20% margins. Grasim and JSW expanding aggressively, putting pressure on decorative paints market. Stock...

Rahul Jain

Grasim accuses Asian Paints of antitrust practices, CCI orders probe that could impact dealer contracts in B2C staples.