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

Happy Forgings Limited / Equity Bottom-Up

<ul>
<li>Happy Forgings posted an all-time high quarter in Q3 FY26, with Revenue, EBITDA Margin 30.8% (+220bp YoY) and PAT Margin 22.3% setting new records</li>
<li>Funded by a Rs. 650 crore capex program, Forging capacity will increase to 1,50,000 tonnes &amp; machining capacity to 82,000 tonnes by FY27. </li>
<li>
Three Distinct growth engines(PV, Wind &amp; Industrial) will help in expanding margin vs resilient margins in core CV business.</li>
</ul>


Happy Forgings posted an all-time high quarter in Q3 FY26, with Revenue, EBITDA Margin 30.8% (+220bp YoY) and PAT Margin 22.3% setting new records
Funded by a Rs. 650 crore capex program, Forging capacity will increase to 1,50,000 tonnes &amp; machining capacity to 82,000 tonnes by FY27. 

Three Distinct growth engines(PV, Wind &amp; Industrial) will help in expanding margin vs resilient margins in core CV business.


Happy Forgings Three Growth Engine: Margins, Exports and Heavy Forgings

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

Carraro India Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/carraro-india-limited" target="_blank" data-smartkarma-citation="entities:43890:1" rel="noopener">Carraro India Limited (810618Z IN)</a> is looking to raise about US$216m in its India IPO.</li>
<li>Carraro India Limited (CIL), is an independent tier 1 solution provider of axles, transmission systems and gears for the agricultural tractor and construction vehicle industries in India.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Carraro India Limited (810618Z IN) is looking to raise about US$216m in its India IPO.
Carraro India Limited (CIL), is an independent tier 1 solution provider of axles, transmission systems and gears for the agricultural tractor and construction vehicle industries in India.
In this note, we talk about the company’s historical performance.


Carraro India Pre-IPO - Strategic Partnerships and Related Party Risks

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>A few large placements in India, along with <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> pricing, kept the market ticking this week.</li>
<li>In the IPO space, India saw a flurry of launches, as companies and banker try to cash-in on the market frenzy.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
A few large placements in India, along with Denso Corp (6902 JP) pricing, kept the market ticking this week.
In the IPO space, India saw a flurry of launches, as companies and banker try to cash-in on the market frenzy.


ECM Weekly (17th Dec 2023) - Toyota, Denso, Mankind, Axis, Merdeka, DOMS, India Shelter, Inox

Clarence Chu

Happy Forgings Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/happy-forgings-limited" target="_blank" data-smartkarma-citation="entities:40036:1" rel="noopener">Happy Forgings Limited (6596652Z IN)</a> is looking to raise around US$160m in its upcoming India IPO.</li>
<li>Happy Forgings Limited (HF) is a manufacturer of complex and safety critical, heavy forged and high precision machines components in India.</li>
<li>As per the Ricardo Report, the firm is the fourth largest firm domestically in terms of FY23 forging capacity. </li>
</ul>



Happy Forgings Limited (6596652Z IN) is looking to raise around US$160m in its upcoming India IPO.
Happy Forgings Limited (HF) is a manufacturer of complex and safety critical, heavy forged and high precision machines components in India.
As per the Ricardo Report, the firm is the fourth largest firm domestically in terms of FY23 forging capacity. 


India

Happy Forgings Limited manufactures auto components. The Company produces and markets steering knuckles, front axle beams, bevel gears, counter shafts, and transmission components. Happy Forgings serves customers in India.

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Happy Forgings Limited (6596652Z IN)

Happy Forgings Three Growth Engine: Margins, Exports and Heavy Forgings

Happy Forgings achieves record-breaking performance in Q3 FY26 with all-time high revenue and margins, setting the stage for expansion into new...

Sudarshan Bhandari

ECM Weekly (17th Dec 2023) - Toyota, Denso, Mankind, Axis, Merdeka, DOMS, India Shelter, Inox

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Happy Forgings Limited Pre-IPO Tearsheet

Happy Forgings Limited (6596652Z IN) is looking to raise around US$160m in its upcoming India IPO. The firm is a manufacturer of high precision...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Happy Forgings Three Growth Engine: Margins, Exports and Heavy Forgings

​Happy Forgings achieves record-breaking performance in Q3 FY26 with all-time high revenue and margins, setting the stage for expansion into new...

Sudarshan Bhandari

Carraro India Pre-IPO - Strategic Partnerships and Related Party Risks

Carraro India Limited is looking to raise about US$216m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

ECM Weekly (17th Dec 2023) - Toyota, Denso, Mankind, Axis, Merdeka, DOMS, India Shelter, Inox

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Happy Forgings Limited Pre-IPO Tearsheet

Happy Forgings Limited (6596652Z IN) is looking to raise around US$160m in its upcoming India IPO. The firm is a manufacturer of high precision...

Clarence Chu

Happy Forgings achieves record-breaking performance in Q3 FY26 with all-time high revenue and margins, setting the stage for expansion into new...