Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Equity Bottom-Up

<ul>
<li>Hatsun crossed INR3,000 cr in quarterly revenue for the first time, up 19.3% YOY, but PAT slipped 1.1% as milk cost inflation compressed every margin line.</li>
<li>We view the topline strength as structurally sound. The profit stall is a cyclical input cost problem, not a demand problem.</li>
<li>At 60x TTM earnings, Hatsun already prices in a recovery it has yet to deliver.</li>
</ul>


Hatsun crossed INR3,000 cr in quarterly revenue for the first time, up 19.3% YOY, but PAT slipped 1.1% as milk cost inflation compressed every margin line.
We view the topline strength as structurally sound. The profit stall is a cyclical input cost problem, not a demand problem.
At 60x TTM earnings, Hatsun already prices in a recovery it has yet to deliver.


Hatsun Agro (HATSUN IN): Record Quarter Masks a Margin Squeeze

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

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>51 companies recorded insider acquisitions in September 2026 — the broadest monthly cohort in recent months.</li>
<li>We highlight large and small cap companies that experienced significant insider buying during September 2026, as reported on the stock exchanges.</li>
<li>We also present key sectors which saw insider buying during the month along with names which have moved significantly above/below the insider buying price.</li>
</ul>


51 companies recorded insider acquisitions in September 2026 — the broadest monthly cohort in recent months.
We highlight large and small cap companies that experienced significant insider buying during September 2026, as reported on the stock exchanges.
We also present key sectors which saw insider buying during the month along with names which have moved significantly above/below the insider buying price.


Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – September 2026

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Sumitomo Mitsui Trust Holdings / Equity Bottom-Up

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.</li>
<li>In this cut, we survey the consumer staples sector at historic positioning lows, follow the rotation into (Asian) financials, and assess the sometimes mixed track record of spin-offs. </li>
<li>Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.
In this cut, we survey the consumer staples sector at historic positioning lows, follow the rotation into (Asian) financials, and assess the sometimes mixed track record of spin-offs. 
Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.


Curator's Cut: Few Want Consumer Staples, Many Want Financials, & Spin-Off Lessons

<ul>
<li>Dodla delivered record Q1 FY27 revenue of INR11,979mn (+19% YOY), but EBITDA margin collapsed 278bps to 5.4% as milk procurement costs stayed elevated while realizations lagged</li>
<li>Management reaffirmed a return to its 7-8% EBITDA margin band, with corrections of INR2/litre on milk and INR3-4/litre on VAP already taken from mid-July.</li>
<li>At ~28x trailing earnings against a 5.4% margin quarter, the stock already discounts the recovery.</li>
</ul>


Dodla delivered record Q1 FY27 revenue of INR11,979mn (+19% YOY), but EBITDA margin collapsed 278bps to 5.4% as milk procurement costs stayed elevated while realizations lagged
Management reaffirmed a return to its 7-8% EBITDA margin band, with corrections of INR2/litre on milk and INR3-4/litre on VAP already taken from mid-July.
At ~28x trailing earnings against a 5.4% margin quarter, the stock already discounts the recovery.


Dodla Dairy: Margin Pressure Looks Cyclical, but the Premium Valuation Demands a Swift Recovery

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

Thematic (Sector/Industry)

<ul>
<li>Promoter buying reflects insider confidence in the company's future, often driven by access to undisclosed positive developments and growth opportunities.</li>
<li>Increased promoter stake may indicate that the market has undervalued the company, potentially presenting an opportunity for investors to buy at a discount.</li>
<li>Consider the broader market environment, company fundamentals, and industry trends alongside promoter buying activity to form a comprehensive investment thesis.</li>
</ul>


Promoter buying reflects insider confidence in the company's future, often driven by access to undisclosed positive developments and growth opportunities.
Increased promoter stake may indicate that the market has undervalued the company, potentially presenting an opportunity for investors to buy at a discount.
Consider the broader market environment, company fundamentals, and industry trends alongside promoter buying activity to form a comprehensive investment thesis.


Contrarian Moves: Promoter Buying During Indian Equity Downturns

India

Hatsun Agro Product Limited is a prominent Indian private-sector dairy company primarily engaged in the manufacture and marketing of milk and milk products, including milk, curd, ice creams, dairy whitener, skimmed milk powder, ghee, and paneer. The company also offers cattle feed. It is headquartered in Chennai, Tamil Nadu, India, and was founded in 1970.

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Hatsun Agro Product (HTSMF IN)

Hatsun Agro (HATSUN IN): Record Quarter Masks a Margin Squeeze

Hatsun's Q1 FY27 hit a record ₹3,090 cr revenue (+19.3%) but milk cost inflation held PAT flat (−1.1%). Strong franchise facing cyclical margin...

GSBR Research

Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – September 2026

Insight on insider buying in Sep 2026 — the broadest monthly cohort in recent months -highlighting key sectors along with names which have moved...

Sreemant Dudhoria

Curator's Cut: Few Want Consumer Staples, Many Want Financials, & Spin-Off Lessons

In this Curator's Cut, we examine poor positioning in Consumer Staples, the (continued) rotation into (Asian) Financials and mixed views on spin...

Pranav Rao

Dodla Dairy: Margin Pressure Looks Cyclical, but the Premium Valuation Demands a Swift Recovery

Dodla's Q1 FY27: record ₹11,979mn revenue (+19%) but EBITDA margin fell to 5.4% on milk spread squeeze. Management sees cyclical, not structural,...

GSBR Research

Contrarian Moves: Promoter Buying During Indian Equity Downturns

There are 100 reasons to sell in the market, but only one reason to buy!! Taking a deep understanding of Promoter Buying in the Indian Landscape in...

Nimish Maheshwari

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