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 href="https://www.smartkarma.com/entities/gravita-india-ltd" target="_blank" data-smartkarma-citation="entities:17385:1" rel="noopener">Gravita India (GRAV IN)</a> faced a <strong>Qualified Audit Opinion</strong> over share sale proceeds' reporting by its Employee Welfare Trust.</li>
<li>The dispute centers on whether to record these proceeds in the P&amp;L or Balance Sheet, impacting transparency and financial metrics.</li>
<li>This dispute reduced the PBT by 7.54% and EPS  by 8.66% decrease in Q4 FY24.</li>
</ul>



Gravita India (GRAV IN) faced a Qualified Audit Opinion over share sale proceeds' reporting by its Employee Welfare Trust.
The dispute centers on whether to record these proceeds in the P&amp;L or Balance Sheet, impacting transparency and financial metrics.
This dispute reduced the PBT by 7.54% and EPS  by 8.66% decrease in Q4 FY24.


A Closer Look at Gravita India's Qualified Audit Opinion

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<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

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

Jain Resource Recycling / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jain-resource-recycling" target="_blank" data-smartkarma-citation="entities:45058:1" rel="noopener">Jain Resource Recycling (2300699D IN)</a>  raised about US$142m in its India IPO.</li>
<li>The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.</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>



Jain Resource Recycling (2300699D IN)  raised about US$142m in its India IPO.
The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
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.


Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jain-resource-recycling" target="_blank" data-smartkarma-citation="entities:45058:1" rel="noopener">Jain Resource Recycling (2300699D IN)</a> IPO issue is a combination of fresh issue aggregating to INR 5000Mn  and offer for sale aggregating to INR 7500Mn.</li>
<li>In this insight, we highlight the key comparisons across various operational and financial parameters between <a href="https://www.smartkarma.com/entities/gravita-india-ltd" target="_blank" data-smartkarma-citation="entities:17385:1" rel="noopener">Gravita India (GRAV IN)</a> and <a href="https://www.smartkarma.com/entities/jain-resource-recycling" target="_blank" data-smartkarma-citation="entities:45058:1" rel="noopener">Jain Resource Recycling (2300699D IN)</a> .</li>
<li>We also compare the key segmental operational metrics like profit per kg across lead, aluminum and copper divisions and finally the valuation of both companies.</li>
</ul>



Jain Resource Recycling (2300699D IN) IPO issue is a combination of fresh issue aggregating to INR 5000Mn  and offer for sale aggregating to INR 7500Mn.
In this insight, we highlight the key comparisons across various operational and financial parameters between Gravita India (GRAV IN) and Jain Resource Recycling (2300699D IN) .
We also compare the key segmental operational metrics like profit per kg across lead, aluminum and copper divisions and finally the valuation of both companies.


Jain Resource Recycling IPO : Is This Another Gravita? 8 Key Comparisons

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jain-resource-recycling" target="_blank" data-smartkarma-citation="entities:45058:1" rel="noopener">Jain Resource Recycling (2300699D IN)</a> is looking to raise about US$142m in its India IPO.</li>
<li>The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.</li>
<li>In this note, we take a quick look at the peer comparison and IPO valuations.</li>
</ul>



Jain Resource Recycling (2300699D IN) is looking to raise about US$142m in its India IPO.
The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
In this note, we take a quick look at the peer comparison and IPO valuations.


Jain Resource Recycling IPO - Quick Thoughts on Peer Comp and Valuation

India

Gravita India Limited manufactures lead metal and other lead products by the recycling and smelting process. The Company produces lead ingots, lead alloys, and lead oxides.

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Gravita India (GRAV IN)

A Closer Look at Gravita India's Qualified Audit Opinion

A Qualified Opinion on Gravita India due to disagreement on representation of proceeds from the sale of shares by the Employee Trust as expenses in...

Nimish Maheshwari

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

Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

Jain Resource Recycling raised about US$142m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Jain Resource Recycling IPO : Is This Another Gravita? 8 Key Comparisons

In this insight, the key operational and financial parameters between Gravita India (GRAV IN) and Jain Resource Recycling (2300699D IN) are compared.

Sreemant Dudhoria,CFA

Jain Resource Recycling IPO - Quick Thoughts on Peer Comp and Valuation

Jain Resource Recycling is looking to raise about US$142m in its India IPO. In this note, we take a quick look at the peer comparison and IPO...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A Closer Look at Gravita India's Qualified Audit Opinion

A Qualified Opinion on Gravita India due to disagreement on representation of proceeds from the sale of shares by the Employee Trust as expenses in...

Nimish Maheshwari

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

Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

Jain Resource Recycling raised about US$142m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Jain Resource Recycling IPO : Is This Another Gravita? 8 Key Comparisons

In this insight, the key operational and financial parameters between Gravita India (GRAV IN) and Jain Resource Recycling (2300699D IN) are compared.

Sreemant Dudhoria,CFA

Jain Resource Recycling IPO - Quick Thoughts on Peer Comp and Valuation

Jain Resource Recycling is looking to raise about US$142m in its India IPO. In this note, we take a quick look at the peer comparison and IPO...

Akshat Shah

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