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>HBL Power Systems (renamed HBL Engineering) has secured the first RDSO approval for Kavach 4.0, propelling its order book to over INR 4,000 crore as of December 2025. </li>
<li>HBL is entering its most intensive execution phase to date, with a revenue guidance of INR 3,000 crore for FY26 (a ~55% jump YoY).</li>
<li>The Railway Board has cancelled approximately 7,000 undelivered units industry-wide, effectively weeding out underperforming vendors and preparing for a massive 18,429-unit re-tender cycle.</li>
</ul>


HBL Power Systems (renamed HBL Engineering) has secured the first RDSO approval for Kavach 4.0, propelling its order book to over INR 4,000 crore as of December 2025. 
HBL is entering its most intensive execution phase to date, with a revenue guidance of INR 3,000 crore for FY26 (a ~55% jump YoY).
The Railway Board has cancelled approximately 7,000 undelivered units industry-wide, effectively weeding out underperforming vendors and preparing for a massive 18,429-unit re-tender cycle.


The Beat Idea: HBL Engineering- The "Moat" Of Kavach 4.0 and Defense Revolution

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>Indian Railways has officially commissioned the upgraded Kavach 4.0 on 738 route km, featuring advanced location accuracy and direct integration with modern electronic interlocking systems.</li>
<li>His rollout enables safe 160 kmph operations on high-density corridors while standardizing the technology required to cover India’s entire 68,000 km rail network by 2030.</li>
<li>The shift to Version 4.0 has consolidated the market, creating a massive revenue visibility of INR 50,000 crore for certified leaders like HBL Engineering and Kernex Microsystems.</li>
</ul>


Indian Railways has officially commissioned the upgraded Kavach 4.0 on 738 route km, featuring advanced location accuracy and direct integration with modern electronic interlocking systems.
His rollout enables safe 160 kmph operations on high-density corridors while standardizing the technology required to cover India’s entire 68,000 km rail network by 2030.
The shift to Version 4.0 has consolidated the market, creating a massive revenue visibility of INR 50,000 crore for certified leaders like HBL Engineering and Kernex Microsystems.


India’s Kavach 4.0: The ₹50,000 Crore Safety Boom Enters High-Gear

India

HBL Power Systems Ltd. manufactures power systems consisting of batteries and related power electronic products.  The Company makes nickel cadmium pocket plate batteries and thyristor control power convertors.  HBL's products are used in defense, railways, petrochemical, steel, power generation and telecommunication industries.

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HBL Power Systems (HBPS IN)

The Beat Idea: HBL Engineering- The "Moat" Of Kavach 4.0 and Defense Revolution

HBL Engineering secures first RDSO approval for Kavach 4.0, boosting order book to INR 4,000 crore by December 2025, with revenue guidance of INR...

Sudarshan Bhandari

India’s Kavach 4.0: The ₹50,000 Crore Safety Boom Enters High-Gear

Indian Railways upgrades to Kavach 4.0 for safer, faster operations on high-density corridors, with potential for massive revenue growth.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Idea: HBL Engineering- The "Moat" Of Kavach 4.0 and Defense Revolution

​HBL Engineering secures first RDSO approval for Kavach 4.0, boosting order book to INR 4,000 crore by December 2025, with revenue guidance of INR...

Sudarshan Bhandari

India’s Kavach 4.0: The ₹50,000 Crore Safety Boom Enters High-Gear

​Indian Railways upgrades to Kavach 4.0 for safer, faster operations on high-density corridors, with potential for massive revenue growth.

Nimish Maheshwari

HBL Engineering secures first RDSO approval for Kavach 4.0, boosting order book to INR 4,000 crore by December 2025, with revenue guidance of INR...

Indian Railways upgrades to Kavach 4.0 for safer, faster operations on high-density corridors, with potential for massive revenue growth.