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>Industry flows remain resilient despite muted equity returns, while HDFC AMC delivers steady AUM growth, strong profitability, and expands alternatives.</li>
<li>
SIP-Led flows and operating leverage cushion near-term regulatory headwinds, supporting sustainable profit compounding.</li>
<li>With scale, brand, and disciplined execution, HDFC AMC appears well-positioned to navigate TER changes while building optionality beyond mutual funds.</li>
</ul>


Industry flows remain resilient despite muted equity returns, while HDFC AMC delivers steady AUM growth, strong profitability, and expands alternatives.

SIP-Led flows and operating leverage cushion near-term regulatory headwinds, supporting sustainable profit compounding.
With scale, brand, and disciplined execution, HDFC AMC appears well-positioned to navigate TER changes while building optionality beyond mutual funds.


HDFC AMC: From SIP Scale to Alternatives, the Earnings Flywheel Strengthens

Thematic (Sector/Industry)

<ul>
<li>SEBI’s February 2026 consultation paper proposes transitioning ETF base price calculations from  T-2 to  T-1 NAV reference and introducing dynamic price bands alongside a pre-open session for commodity ETFs.</li>
<li>The current 48-hour lag creates severe pricing dislocations during high volatility-notably seen in recent precious metals rallies leading to "mispricing traps" where ETF secondary market prices decouple from intrinsic values.</li>
<li>This reform signals a shift toward institutional-grade market efficiency, reducing operational risks and protecting global investors from the hidden costs of outdated price bands and manual corporate action adjustments.</li>
</ul>


SEBI’s February 2026 consultation paper proposes transitioning ETF base price calculations from  T-2 to  T-1 NAV reference and introducing dynamic price bands alongside a pre-open session for commodity ETFs.
The current 48-hour lag creates severe pricing dislocations during high volatility-notably seen in recent precious metals rallies leading to "mispricing traps" where ETF secondary market prices decouple from intrinsic values.
This reform signals a shift toward institutional-grade market efficiency, reducing operational risks and protecting global investors from the hidden costs of outdated price bands and manual corporate action adjustments.


Closing the Gap: SEBI’s Structural Overhaul of ETF Pricing Dislocation

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>
India’s mutual fund AUM tripled from INR 24.5 trillion in FY19 to INR 67.4 trillion in FY25, driven by strong retail inflows and digital adoption.</li>
<li>Canara Robeco AMC, India’s second-oldest fund house, manages INR 1.11 lakh crore in AUM with a 55% profit CAGR between FY23 and FY25.</li>
<li>With 87% of AUM from retail investors, Canara Robeco AMC has the highest retail concentration among India’s top 10 mutual fund companies.</li>
</ul>



India’s mutual fund AUM tripled from INR 24.5 trillion in FY19 to INR 67.4 trillion in FY25, driven by strong retail inflows and digital adoption.
Canara Robeco AMC, India’s second-oldest fund house, manages INR 1.11 lakh crore in AUM with a 55% profit CAGR between FY23 and FY25.
With 87% of AUM from retail investors, Canara Robeco AMC has the highest retail concentration among India’s top 10 mutual fund companies.


Canara Robeco AMC IPO: The Oldest Name in Mutual Funds Seeks a New Beginning

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.

<ul><li>Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.</li><li>Axis Intellect (AI) Score based Investment Approach for Stock Selection applies unique approach to deliver alpha by applying equal exposure to ‘Core’ and ‘Satellite’ factors.</li><li>What are ‘Core’ Factors’: Low Volatility, Value, Growth, Quality, Momentum (Equal weighted 50% exposure) </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.

Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.Axis Intellect (AI) Score based Investment Approach for Stock Selection applies unique approach to deliver alpha by applying equal exposure to ‘Core’ and ‘Satellite’ factors.What are ‘Core’ Factors’: Low Volatility, Value, Growth, Quality, Momentum (Equal weighted 50% exposure) 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.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 (up from 5700-5785) and $119-$121.</li>
<li>$128, $125-$126, and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 (up from 5700-5785) and $119-$121.
$128, $125-$126, and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.


Continue Adding Exposure to China; Short-Term Supports to for This ACWI-US Pullback

India

HDFC Asset Management is a leading Indian investment manager, serving as the asset management arm of HDFC Bank. It provides a comprehensive suite of savings and investment products, including mutual funds, portfolio management services (PMS), and alternative investment funds (AIF) across various asset classes. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 1999 (commenced operations in 2000).

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HDFC Asset Management (HDFCAMC IN)

HDFC AMC: From SIP Scale to Alternatives, the Earnings Flywheel Strengthens

HDFC AMC shows steady AUM growth and profitability despite muted equity returns, supported by SIP-led flows and operating leverage to navigate...

Sudarshan Bhandari

Closing the Gap: SEBI’s Structural Overhaul of ETF Pricing Dislocation

SEBI's proposed reform for ETF base price calculations aims to enhance market efficiency and protect investors from pricing dislocations caused by...

Sudarshan Bhandari

Canara Robeco AMC IPO: The Oldest Name in Mutual Funds Seeks a New Beginning

India's mutual fund industry experiences significant growth driven by retail investors and digital adoption, with Canara Robeco AMC leading with...

Nimish Maheshwari

Axis Intellect - Aggressive

Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.

Axis Direct

Continue Adding Exposure to China; Short-Term Supports to for This ACWI-US Pullback

Continue Adding Exposure to China; $ACWI Short-Term Supports for this pullback: $128, $125-$126, and $123-$123.50. Pullbacks = buy opportunities,...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HDFC AMC: From SIP Scale to Alternatives, the Earnings Flywheel Strengthens

​HDFC AMC shows steady AUM growth and profitability despite muted equity returns, supported by SIP-led flows and operating leverage to navigate...

Sudarshan Bhandari

Closing the Gap: SEBI’s Structural Overhaul of ETF Pricing Dislocation

​SEBI's proposed reform for ETF base price calculations aims to enhance market efficiency and protect investors from pricing dislocations caused by...

Sudarshan Bhandari

Canara Robeco AMC IPO: The Oldest Name in Mutual Funds Seeks a New Beginning

​India's mutual fund industry experiences significant growth driven by retail investors and digital adoption, with Canara Robeco AMC leading with...

Nimish Maheshwari

Axis Intellect - Aggressive

Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.

Axis Direct

Continue Adding Exposure to China; Short-Term Supports to for This ACWI-US Pullback

Continue Adding Exposure to China; $ACWI Short-Term Supports for this pullback: $128, $125-$126, and $123-$123.50. Pullbacks = buy opportunities,...

Vermilion Research

HDFC AMC shows steady AUM growth and profitability despite muted equity returns, supported by SIP-led flows and operating leverage to navigate...

SEBI's proposed reform for ETF base price calculations aims to enhance market efficiency and protect investors from pricing dislocations caused by...

India's mutual fund industry experiences significant growth driven by retail investors and digital adoption, with Canara Robeco AMC leading with...