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

Equity Bottom-Up

<ul>
<li>Revenue grew 11.1% YoY to INR 680.8 crore, while reported operating margin improved to 22.1%.</li>
<li>Graphite segment profit more than doubled YoY, showing that profit growth came from more than financial investments.</li>
<li>Q1 supports a better earnings outlook, but one quarter is not enough to remove pricing, demand and mark-to-market volatility.</li>
</ul>


Revenue grew 11.1% YoY to INR 680.8 crore, while reported operating margin improved to 22.1%.
Graphite segment profit more than doubled YoY, showing that profit growth came from more than financial investments.
Q1 supports a better earnings outlook, but one quarter is not enough to remove pricing, demand and mark-to-market volatility.


HEG: The Greentech Business Is Ready to Explode in FY27

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/graftech-international-ltd" target="_blank" data-smartkarma-citation="entities:27124:1" rel="noopener">GrafTech International Ltd (EAF US)</a> announced a significant price hike, triggering a massive rally in Indian graphite stocks like <a href="https://www.smartkarma.com/entities/heg-ltd" target="_blank" data-smartkarma-citation="entities:6675:1" rel="noopener">Heg Ltd (HEG IN)</a> and <a href="https://www.smartkarma.com/entities/graphite-india-ltd" target="_blank" data-smartkarma-citation="entities:16859:1" rel="noopener">Graphite India (GRIL IN)</a>
</li>
<li>This reset was necessitated by prolonged EBITDA losses and rising input costs, signaling a critical structural shift for the global graphite electrode pricing benchmark.</li>
<li>While sentiment is positive, the sustained recovery depends on Indian management confirming price follow-through and the ability to maintain spreads against rising needle coke costs.</li>
</ul>



GrafTech International Ltd (EAF US) announced a significant price hike, triggering a massive rally in Indian graphite stocks like Heg Ltd (HEG IN) and Graphite India (GRIL IN)

This reset was necessitated by prolonged EBITDA losses and rising input costs, signaling a critical structural shift for the global graphite electrode pricing benchmark.
While sentiment is positive, the sustained recovery depends on Indian management confirming price follow-through and the ability to maintain spreads against rising needle coke costs.


The Graphite Reset: What’s Fuelling the Rally in HEG and Graphite India?

<ul>
<li>
Global steelmaking is structurally shifting from BF to EAF, making graphite electrodes a mandatory, non-discretionary consumable backed by decarbonisation and policy-led demand growth</li>
<li>GE industry exits a deep downcycle with tighter supply, capacity rationalisation and needle coke constraints, setting the stage for improved pricing power and margin stability.</li>
<li>
India offers a clean duopoly exposure via HEG and Graphite India, both expanding capacity after surviving the downturn, positioning well for the next EAF-led upcycle.</li>
</ul>



Global steelmaking is structurally shifting from BF to EAF, making graphite electrodes a mandatory, non-discretionary consumable backed by decarbonisation and policy-led demand growth
GE industry exits a deep downcycle with tighter supply, capacity rationalisation and needle coke constraints, setting the stage for improved pricing power and margin stability.

India offers a clean duopoly exposure via HEG and Graphite India, both expanding capacity after surviving the downturn, positioning well for the next EAF-led upcycle.


Graphite Electrodes - An Industry at an Inflection Point

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>38 companies featured insider acquisitions in August 2026. Aggregate transaction value was approximately INR 2 billion — a material step up from July 2026's INR 270 million.</li>
<li>We highlight large and small cap companies that experienced significant insider buying during August 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 the insider buying price.</li>
</ul>


38 companies featured insider acquisitions in August 2026. Aggregate transaction value was approximately INR 2 billion — a material step up from July 2026's INR 270 million.
We highlight large and small cap companies that experienced significant insider buying during August 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 the insider buying price.


Insider Activity: Who Bought Their Own Stock in August 2026 ?

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indo-mim-ltd" target="_blank" data-smartkarma-citation="entities:45956:1" rel="noopener">Indo-MIM Ltd (1666551D IN)</a> raised about US$395m in its India IPO. IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding (MIM) technology. </li>
<li>IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Indo-MIM Ltd (1666551D IN) raised about US$395m in its India IPO. IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding (MIM) technology. 
IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Indo-MIM IPO Trading - Strong Overall Demand

India

HEG Limited manufactures graphite electrodes, anodes and other related specialty products. The Company also manufactures sponge iron lumps and fines, besides operating oil rigs for oil exploration and development. The Company also operates a hydroelectric power plant primarily to supply power to its graphite and sponge iron plants.

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Heg Ltd (HEG IN)

HEG: The Greentech Business Is Ready to Explode in FY27

Q1 earnings show strong revenue growth and improved operating margin, driven by doubling profits in the graphite segment, but future outlook...

Nimish Maheshwari

The Graphite Reset: What’s Fuelling the Rally in HEG and Graphite India?

GrafTech International Ltd triggers rally in Indian graphite stocks with significant price hike, signaling critical shift in global electrode...

Sudarshan Bhandari

Graphite Electrodes - An Industry at an Inflection Point

Global steelmaking shifting to EAF drives demand for graphite electrodes, leading to tighter supply and improved pricing power. India's HEG and...

Sudarshan Bhandari

Insider Activity: Who Bought Their Own Stock in August 2026 ?

September 2026 is witnessing an increase in insider buying transactions before the earnings season starts next month. Few notable names coming up...

Sreemant Dudhoria

Aequitas: Indo-MIM IPO Trading - Strong Overall Demand

Indo-MIM Ltd (IML) raised about US$395m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HEG: The Greentech Business Is Ready to Explode in FY27

​Q1 earnings show strong revenue growth and improved operating margin, driven by doubling profits in the graphite segment, but future outlook...

Nimish Maheshwari

The Graphite Reset: What’s Fuelling the Rally in HEG and Graphite India?

​GrafTech International Ltd triggers rally in Indian graphite stocks with significant price hike, signaling critical shift in global electrode...

Sudarshan Bhandari

Graphite Electrodes - An Industry at an Inflection Point

​Global steelmaking shifting to EAF drives demand for graphite electrodes, leading to tighter supply and improved pricing power. India's HEG and...

Sudarshan Bhandari

Insider Activity: Who Bought Their Own Stock in August 2026 ?

September 2026 is witnessing an increase in insider buying transactions before the earnings season starts next month. Few notable names coming up...

Sreemant Dudhoria

Aequitas: Indo-MIM IPO Trading - Strong Overall Demand

Indo-MIM Ltd (IML) raised about US$395m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Q1 earnings show strong revenue growth and improved operating margin, driven by doubling profits in the graphite segment, but future outlook...

GrafTech International Ltd triggers rally in Indian graphite stocks with significant price hike, signaling critical shift in global electrode...

Global steelmaking shifting to EAF drives demand for graphite electrodes, leading to tighter supply and improved pricing power. India's HEG and...