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

Himadri Speciality Chemical / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/himadri-speciality-chemical-limited" target="_blank" data-smartkarma-citation="entities:20765:1" rel="noopener">Himadri Speciality Chemical (HSCH IN)</a> delivered strong Q3 and 9M FY25 performance, with revenue, EBITDA, and PAT rising significantly, and launched major capacity expansions and new high-value product investments.</li>
<li>Himadri is set to capitalize on growing EV and lithium-ion battery markets, enhancing long-term profitability and sustainability.</li>
<li>Company acquired Birla tyre and also took more than 10% stake in Sicona, an Australian startup specializing in silicon anode technology, which will drive further growth once stabilise.</li>
</ul>



Himadri Speciality Chemical (HSCH IN) delivered strong Q3 and 9M FY25 performance, with revenue, EBITDA, and PAT rising significantly, and launched major capacity expansions and new high-value product investments.
Himadri is set to capitalize on growing EV and lithium-ion battery markets, enhancing long-term profitability and sustainability.
Company acquired Birla tyre and also took more than 10% stake in Sicona, an Australian startup specializing in silicon anode technology, which will drive further growth once stabilise.


Himadri Speciality Chemical Ltd: Q3 & 9M FY25 Performance Analysis

Partner at Exencial Research, Exencial Research

Viral Kishorchandra Shah

Partner at Exencial Research

Exencial Research

Thematic (Sector/Industry)

<ul>
<li>China curbing NMC builds due to &lt;40% factory utilization while EV installs were 75% LFP/25% ternary, undermining NMC ROI significantly.</li>
<li>LFP cost advantage widened with cathode material costs falling $72→$41/kWh vs NCM622 $92→$79/kWh, creating ~$38/kWh gap.</li>
<li>India's opportunity lies in LFP/LMFP across ESS and mobility, backed by ACC PLI Rs 181bn and BESS VGF programs.</li>
</ul>


China curbing NMC builds due to &lt;40% factory utilization while EV installs were 75% LFP/25% ternary, undermining NMC ROI significantly.
LFP cost advantage widened with cathode material costs falling $72→$41/kWh vs NCM622 $92→$79/kWh, creating ~$38/kWh gap.
India's opportunity lies in LFP/LMFP across ESS and mobility, backed by ACC PLI Rs 181bn and BESS VGF programs.


China's NMC Slowdown and the India LFP/LMFP Playbook

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vishnu-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:4917:1" rel="noopener">Vishnu Chemicals (VCL IN)</a>  is now backward integrated with the soda ash, CO2 Gas plant and ore requirement to overcome the challenge of raw material price volatility. </li>
<li>Company operated in niche &amp; specialty chemical segment and will launch detailed  capex plan in Q2 for forward integration. </li>
<li>Management aims to consolidate EBITDA margins around 17.5%-18% by year-end, with a target of achieving consistent margins at 20% over the next 2-3 years.</li>
</ul>



Vishnu Chemicals (VCL IN)  is now backward integrated with the soda ash, CO2 Gas plant and ore requirement to overcome the challenge of raw material price volatility. 
Company operated in niche &amp; specialty chemical segment and will launch detailed  capex plan in Q2 for forward integration. 
Management aims to consolidate EBITDA margins around 17.5%-18% by year-end, with a target of achieving consistent margins at 20% over the next 2-3 years.


The Beat Ideas: Vishnu Chemicals- Niche Business with High Growth Levers

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

Shiva Pharmachem Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shiva-pharmachem-limited" target="_blank" data-smartkarma-citation="entities:40109:1" rel="noopener">Shiva Pharmachem Limited (9155347Z IN)</a> is looking to raise around US$110m in its India IPO.</li>
<li>It is a manufacturer in the Indian specialty chemicals business and was the largest manufacturer of acid and alkyl chlorides by volume in CY22 in India, as per Frost&amp;Sullivan .</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Shiva Pharmachem Limited (9155347Z IN) is looking to raise around US$110m in its India IPO.
It is a manufacturer in the Indian specialty chemicals business and was the largest manufacturer of acid and alkyl chlorides by volume in CY22 in India, as per Frost&amp;Sullivan .
In this note, we talk about the company’s historical performance.


Shiva Pharmachem Pre-IPO - High Borrowings Along with Expansion Plans Leading to Liquidity Concerns

<ul>
<li>
<a href="https://www.smartkarma.com/entities/himadri-speciality-chemical-limited" target="_blank" data-smartkarma-citation="entities:20765:1" rel="noopener">Himadri Speciality Chemical (HSCH IN)</a>'s expansion into Li-ion batteries and tires, with a massive Rs. 1,100 crore capex and Birla Tyres acquisition.</li>
<li>Diversification into sunrise industries boosts margins, strengthens competitive positioning, and supports long-term growth.</li>
<li>HSCL's evolving business model makes it more than just a carbon company, enhancing its growth potential and resilience.</li>
</ul>



Himadri Speciality Chemical (HSCH IN)'s expansion into Li-ion batteries and tires, with a massive Rs. 1,100 crore capex and Birla Tyres acquisition.
Diversification into sunrise industries boosts margins, strengthens competitive positioning, and supports long-term growth.
HSCL's evolving business model makes it more than just a carbon company, enhancing its growth potential and resilience.


The Beat Ideas- Himadri Speciality Chemical: Vertical Integration into Tyre & Li-Ion Batteries

India

Himadri Speciality Chemical Limited manufactures and markets chemical products, with a special emphasis on coal tar and its derivatives which consist of coal tar pitch, naphthalene and oils. The Company has diversified into corrosion protection and manufacturing coal tar based pipe coating products.

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Himadri Speciality Chemical (HSCH IN)

Himadri Speciality Chemical Ltd: Q3 & 9M FY25 Performance Analysis

Himadri Speciality plans major capacity expansions and new high-value product investments to capitalize on EV and lithium-ion battery markets for...

Sudarshan Bhandari

China's NMC Slowdown and the India LFP/LMFP Playbook

China reduces NMC production due to low factory utilization, favoring LFP over ternary for EVs. India sees potential in LFP/LMFP for energy...

Viral Kishorchandra Shah

The Beat Ideas: Vishnu Chemicals- Niche Business with High Growth Levers

Vishnu Chemicals (VCL IN) aims to overcome raw material price volatility by backward integration and plans to improve EBITDA margins to 20% in the...

Sudarshan Bhandari

Shiva Pharmachem Pre-IPO - High Borrowings Along with Expansion Plans Leading to Liquidity Concerns

Shiva PharmaChem is looking to raise around US$110m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

The Beat Ideas- Himadri Speciality Chemical: Vertical Integration into Tyre & Li-Ion Batteries

Himadri Speciality Chemical diversifies into Li-ion batteries and tires, with Rs. 1,100 crore capex and Birla Tyres acquisition, boosting margins...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Himadri Speciality Chemical Ltd: Q3 & 9M FY25 Performance Analysis

​Himadri Speciality plans major capacity expansions and new high-value product investments to capitalize on EV and lithium-ion battery markets for...

Sudarshan Bhandari

China's NMC Slowdown and the India LFP/LMFP Playbook

​China reduces NMC production due to low factory utilization, favoring LFP over ternary for EVs. India sees potential in LFP/LMFP for energy...

Viral Kishorchandra Shah

The Beat Ideas: Vishnu Chemicals- Niche Business with High Growth Levers

​Vishnu Chemicals (VCL IN) aims to overcome raw material price volatility by backward integration and plans to improve EBITDA margins to 20% in the...

Sudarshan Bhandari

Shiva Pharmachem Pre-IPO - High Borrowings Along with Expansion Plans Leading to Liquidity Concerns

Shiva PharmaChem is looking to raise around US$110m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

The Beat Ideas- Himadri Speciality Chemical: Vertical Integration into Tyre & Li-Ion Batteries

​Himadri Speciality Chemical diversifies into Li-ion batteries and tires, with Rs. 1,100 crore capex and Birla Tyres acquisition, boosting margins...

Sudarshan Bhandari

Himadri Speciality plans major capacity expansions and new high-value product investments to capitalize on EV and lithium-ion battery markets for...

China reduces NMC production due to low factory utilization, favoring LFP over ternary for EVs. India sees potential in LFP/LMFP for energy...

Vishnu Chemicals (VCL IN) aims to overcome raw material price volatility by backward integration and plans to improve EBITDA margins to 20% in the...

Himadri Speciality Chemical diversifies into Li-ion batteries and tires, with Rs. 1,100 crore capex and Birla Tyres acquisition, boosting margins...