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

Forensic Accounting

<ul>
<li>A foreign short seller has released its short thesis note on Vedanta Group, labelling the group as a Ponzi scheme. </li>
<li>The report’s central assertion is ‘to repay the debt of holding company Vedanta Resources, Vedanta Limited paid aggressive dividends leading to depletion of financial &amp; operational strength of Vedanta</li>
<li>Dividend &amp; delisting along with share purchases funded through debt, unreconciled interest, and depleting asset base, stagnancy in expansion plans.</li>
</ul>


A foreign short seller has released its short thesis note on Vedanta Group, labelling the group as a Ponzi scheme. 
The report’s central assertion is ‘to repay the debt of holding company Vedanta Resources, Vedanta Limited paid aggressive dividends leading to depletion of financial &amp; operational strength of Vedanta
Dividend &amp; delisting along with share purchases funded through debt, unreconciled interest, and depleting asset base, stagnancy in expansion plans.


Is Vedanta Running a Ponzi Scheme? Deep Dive into Findings of Shortseller Report

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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.

Equity Bottom-Up

<ul><li>A. Conducive Regulatory Environment: The implementation of Environmental Compensation (EC) for EPR non-compliance and stricter BWMR, led to a 60% increase in domestically sourced scrap, reaching 43%.</li><li>The increase in domestic scrap availability is expected to sustain as automotive battery manufacturers are now mandated to collect and recycle ~90% of the batteries placed by them three years ago in FY26 (up from ~70% in FY25).</li><li>This is likely to further increase the market share of organised players.</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.

A. Conducive Regulatory Environment: The implementation of Environmental Compensation (EC) for EPR non-compliance and stricter BWMR, led to a 60% increase in domestically sourced scrap, reaching 43%.The increase in domestic scrap availability is expected to sustain as automotive battery manufacturers are now mandated to collect and recycle ~90% of the batteries placed by them three years ago in FY26 (up from ~70% in FY25).This is likely to further increase the market share of organised players.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.

Pick of the Week: Gravita India -  05th July, 2025

<ul><li>Strong Volume and EBITDA Growth in Lead and Aluminium: The company reported a strong 13% YoY increase in overall volumes, led by a 62% YoY surge in aluminium and a 12% YoY rise in lead.</li><li>Value-added products accounted for 46% of revenues during the quarter.</li><li>Additionally, stricter BWMR and EPR regulations led to a 60% increase in domestically sourced scrap, reaching 43%. EBITDA per ton improved by 6% YoY for lead and 30% YoY for aluminium, with overall EBITDA (including hedging income) rising to Rs 109 Cr</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.

Strong Volume and EBITDA Growth in Lead and Aluminium: The company reported a strong 13% YoY increase in overall volumes, led by a 62% YoY surge in aluminium and a 12% YoY rise in lead.Value-added products accounted for 46% of revenues during the quarter.Additionally, stricter BWMR and EPR regulations led to a 60% increase in domestically sourced scrap, reaching 43%. EBITDA per ton improved by 6% YoY for lead and 30% YoY for aluminium, with overall EBITDA (including hedging income) rising to Rs 109 CrContent 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.

Gravita India Ltd - Revenue & Profit Growth Continues; Maintain BUY

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Gravita reported steady FY25 results with ~10% EBITDA margins, strong cash generation, and maintained a net cash position despite ongoing capex.</li>
<li>Business mix is evolving with increasing aluminium recycling, higher Africa contribution, and new verticals like lithium-ion, aiming to double capacity by FY27.</li>
<li>Valuations appear elevated but are supported by strong ROIC, clear growth visibility, and alignment with global ESG trends.</li>
</ul>


Gravita reported steady FY25 results with ~10% EBITDA margins, strong cash generation, and maintained a net cash position despite ongoing capex.
Business mix is evolving with increasing aluminium recycling, higher Africa contribution, and new verticals like lithium-ion, aiming to double capacity by FY27.
Valuations appear elevated but are supported by strong ROIC, clear growth visibility, and alignment with global ESG trends.


Gravita India: Expansion Momentum Amid Elevated Valuations

Godawari Power & Ispat / Equity Bottom-Up

<ul>
<li>GPIL operates integrated iron ore mining, pellet, and steel facilities with captive power assets in Chhattisgarh.</li>
<li>Acquired 51% stake in Jammu Pigments to enter non-ferrous recycling.</li>
<li>Focused on mining and pellet capacity expansion, with selective growth in recycling and smaller steel projects.</li>
</ul>


GPIL operates integrated iron ore mining, pellet, and steel facilities with captive power assets in Chhattisgarh.
Acquired 51% stake in Jammu Pigments to enter non-ferrous recycling.
Focused on mining and pellet capacity expansion, with selective growth in recycling and smaller steel projects.


India

Gravita India is a global recycling company specializing in the recycling of lead, aluminum, plastic, lithium-ion batteries, and waste tires through environmentally responsible processes. The company also provides turnkey recycling solutions globally. It was founded in 1992 and is headquartered in Jaipur, India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Gravita India (GRAV IN)

Is Vedanta Running a Ponzi Scheme? Deep Dive into Findings of Shortseller Report

Foreign short seller accuses Vedanta Group of being a Ponzi scheme, citing aggressive dividends, debt-funded activities, and stagnancy in...

Nimish Maheshwari

Pick of the Week: Gravita India - 05th July, 2025

The implementation of Environmental Compensation (EC) for EPR non-compliance and stricter BWMR, led to a 60% increase in domestically sourced...

Axis Direct

Gravita India Ltd - Revenue & Profit Growth Continues; Maintain BUY

Strong Volume and EBITDA Growth in Lead and Aluminium: The company reported a strong 13% YoY increase in overall volumes, led by a 62% YoY surge in...

Axis Direct

Gravita India: Expansion Momentum Amid Elevated Valuations

Gravita's FY25 results show steady performance, evolving business mix, and strong growth potential despite elevated valuations.

Rahul Jain

GPIL: Mining to Recycling

GPIL expands its iron ore mining, pellet, and steel facilities, while also entering non-ferrous recycling through acquisition of Jammu Pigments....

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Is Vedanta Running a Ponzi Scheme? Deep Dive into Findings of Shortseller Report

​Foreign short seller accuses Vedanta Group of being a Ponzi scheme, citing aggressive dividends, debt-funded activities, and stagnancy in...

Nimish Maheshwari

Pick of the Week: Gravita India - 05th July, 2025

The implementation of Environmental Compensation (EC) for EPR non-compliance and stricter BWMR, led to a 60% increase in domestically sourced...

Axis Direct

Gravita India Ltd - Revenue & Profit Growth Continues; Maintain BUY

Strong Volume and EBITDA Growth in Lead and Aluminium: The company reported a strong 13% YoY increase in overall volumes, led by a 62% YoY surge in...

Axis Direct

Gravita India: Expansion Momentum Amid Elevated Valuations

​Gravita's FY25 results show steady performance, evolving business mix, and strong growth potential despite elevated valuations.

Rahul Jain

GPIL: Mining to Recycling

​GPIL expands its iron ore mining, pellet, and steel facilities, while also entering non-ferrous recycling through acquisition of Jammu Pigments....

Rahul Jain

Foreign short seller accuses Vedanta Group of being a Ponzi scheme, citing aggressive dividends, debt-funded activities, and stagnancy in...

Gravita's FY25 results show steady performance, evolving business mix, and strong growth potential despite elevated valuations.

GPIL expands its iron ore mining, pellet, and steel facilities, while also entering non-ferrous recycling through acquisition of Jammu Pigments....