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's 71%-owned Aditya Birla Renewables (ABRen) will acquire 100% of Solenergi Power (Sprng Energy) from Shell for Rs. 17,200 crore enterprise value.</li>
<li>The deal nearly doubles ABRen's portfolio to 9.3–9.4 GWp, reshapes India's renewables pecking order, and tests Grasim's balance sheet discipline.</li>
<li>Valuation looks attractive versus listed peers, but funding structure, leverage and GIP's equity role will decide whether this creates or destroys near-term value.</li>
</ul>


Grasim's 71%-owned Aditya Birla Renewables (ABRen) will acquire 100% of Solenergi Power (Sprng Energy) from Shell for Rs. 17,200 crore enterprise value.
The deal nearly doubles ABRen's portfolio to 9.3–9.4 GWp, reshapes India's renewables pecking order, and tests Grasim's balance sheet discipline.
Valuation looks attractive versus listed peers, but funding structure, leverage and GIP's equity role will decide whether this creates or destroys near-term value.


Grasim Doubles Down on Renewables with ₹17,200 Crore Sprng Energy Deal

Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>
India reversed its entire relative gain against EM. The near 50% relative drawdown is the deepest and longest since 2012, so we're positioning for improvement.</li>
<li>
Bottom-Decile losses in India have historically preceded strong rebounds. Although relative washouts offer no comparable evidence. We can scale up on an absoute basis.</li>
<li>
Opportunity in the middle of the index. We built a tiered watch list from the middle cohort, scaling toward equal weight as confirmation arrives.</li>
</ul>



India reversed its entire relative gain against EM. The near 50% relative drawdown is the deepest and longest since 2012, so we're positioning for improvement.

Bottom-Decile losses in India have historically preceded strong rebounds. Although relative washouts offer no comparable evidence. We can scale up on an absoute basis.

Opportunity in the middle of the index. We built a tiered watch list from the middle cohort, scaling toward equal weight as confirmation arrives.


India Equities: Stocks to Watch After Deep Underperformance

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India.</li>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the December 2026 index rebal event.</li>
<li>As things stand, we see only one ADD/DEL but there are other names lurking close to the border.</li>
</ul>


BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India.
In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the December 2026 index rebal event.
As things stand, we see only one ADD/DEL but there are other names lurking close to the border.


Quiddity Leaderboard BSE ​​​​SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>The Indian cement sector faces severe margin compression from a INR 400 per tonne geopolitical cost shock, despite reporting robust Q4 volume growth. </li>
<li>Coordinated price hikes of INR 10 to INR 12 per bag will only partially offset the massive margin squeeze, as pricing trails cost inflation. </li>
<li>Primary downside risks include further geopolitical escalation driving fuel prices higher, an inability to sustain recent price hikes, and weakening demand post elections.</li>
</ul>


The Indian cement sector faces severe margin compression from a INR 400 per tonne geopolitical cost shock, despite reporting robust Q4 volume growth. 
Coordinated price hikes of INR 10 to INR 12 per bag will only partially offset the massive margin squeeze, as pricing trails cost inflation. 
Primary downside risks include further geopolitical escalation driving fuel prices higher, an inability to sustain recent price hikes, and weakening demand post elections.


Indian Cement Industry: Can Price Hikes Offset the Geopolitical Shock?

<ul>
<li>INR 10,000 cr+ of fresh capacity, led by Grasim’s Birla Opus will lift organised paint capacity ~70 % by FY26 even as FY24 industry revenue growth slowed to ~4 %.</li>
<li>Hyper-Competition has shifted the fight to dealer shelves: aggressive discounts, wider distribution and heavier ad-spend are squeezing incumbents’ volumes and have dragged sector EBITDA margins from ~20% to ~16 %.</li>
<li>Near-Term earnings for legacy leaders will stay under pressure and market share will churn, but 80 % organised share and structurally strong housing demand keep the medium-term growth story intact.</li>
</ul>


INR 10,000 cr+ of fresh capacity, led by Grasim’s Birla Opus will lift organised paint capacity ~70 % by FY26 even as FY24 industry revenue growth slowed to ~4 %.
Hyper-Competition has shifted the fight to dealer shelves: aggressive discounts, wider distribution and heavier ad-spend are squeezing incumbents’ volumes and have dragged sector EBITDA margins from ~20% to ~16 %.
Near-Term earnings for legacy leaders will stay under pressure and market share will churn, but 80 % organised share and structurally strong housing demand keep the medium-term growth story intact.


India’s Paints Sector: A Tale of Disruption and Transformation

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)

Grasim Doubles Down on Renewables with ₹17,200 Crore Sprng Energy Deal

Grasim's ABRen to acquire Sprng Energy from Shell for Rs. 17,200 crore, reshaping India's renewables sector and testing balance sheet discipline.

Sudarshan Bhandari

India Equities: Stocks to Watch After Deep Underperformance

India looks attractive after a historic washout. We prefer to position among leaders in the middle of the index, scaling up as breadth improves....

Damanick Dantes, CMT

Quiddity Leaderboard BSE SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

Our expected ADD and DEL could have more than 8x ADV to trade. More importantly, the ranks can still change before the end of the reference period...

Janaghan Jeyakumar, CFA

Indian Cement Industry: Can Price Hikes Offset the Geopolitical Shock?

Indian cement sector experiences severe margin compression due to INR 400 per tonne cost shock, despite strong Q4 volume growth.

Nimish Maheshwari

India’s Paints Sector: A Tale of Disruption and Transformation

Organised paint sector capacity set to surge by 70% by FY26, but hyper-competition squeezing margins and market share in the near-term. Strong...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Grasim Doubles Down on Renewables with ₹17,200 Crore Sprng Energy Deal

​Grasim's ABRen to acquire Sprng Energy from Shell for Rs. 17,200 crore, reshaping India's renewables sector and testing balance sheet discipline.

Sudarshan Bhandari

India Equities: Stocks to Watch After Deep Underperformance

India looks attractive after a historic washout. We prefer to position among leaders in the middle of the index, scaling up as breadth improves....

Damanick Dantes, CMT

Quiddity Leaderboard BSE ​​​​SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

Our expected ADD and DEL could have more than 8x ADV to trade. More importantly, the ranks can still change before the end of the reference period...

Janaghan Jeyakumar, CFA

Indian Cement Industry: Can Price Hikes Offset the Geopolitical Shock?

​Indian cement sector experiences severe margin compression due to INR 400 per tonne cost shock, despite strong Q4 volume growth.

Nimish Maheshwari

India’s Paints Sector: A Tale of Disruption and Transformation

​Organised paint sector capacity set to surge by 70% by FY26, but hyper-competition squeezing margins and market share in the near-term. Strong...

Nimish Maheshwari

Grasim's ABRen to acquire Sprng Energy from Shell for Rs. 17,200 crore, reshaping India's renewables sector and testing balance sheet discipline.

Quiddity Leaderboard BSE SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

Indian cement sector experiences severe margin compression due to INR 400 per tonne cost shock, despite strong Q4 volume growth.

Organised paint sector capacity set to surge by 70% by FY26, but hyper-competition squeezing margins and market share in the near-term. Strong...