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>India’s planned BESS requirement rises from 24 GWh in FY27 to 321 GWh by FY36, while nearly 99 GWh is already under construction or tender.</li>
<li>The opportunity is moving upstream: salts, electrolyte, additives, cathode, anode and binders are the strategic bottlenecks, not merely cell assembly.</li>
<li>GFL, Neogen, Himadri and Acutaas offer the clearest Li-ion exposure; Balaji and Aether are optionality; Tatva is primarily a supercapacitor/zinc-storage play.</li>
</ul>


India’s planned BESS requirement rises from 24 GWh in FY27 to 321 GWh by FY36, while nearly 99 GWh is already under construction or tender.
The opportunity is moving upstream: salts, electrolyte, additives, cathode, anode and binders are the strategic bottlenecks, not merely cell assembly.
GFL, Neogen, Himadri and Acutaas offer the clearest Li-ion exposure; Balaji and Aether are optionality; Tatva is primarily a supercapacitor/zinc-storage play.


India’s Battery-Chemicals Buildout: The Proxy Trade of BESS Gigafactories

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>China recently eliminated solar export rebates effective April 2026, marking a structural shift following a previous reduction from 13% to 9% in late 2024.</li>
<li>
Global module prices are forecast to rise10–15% through 2026, effectively ending the era of subsidized dumping and establishing a higher global price floor</li>
<li>Market awaits a decisive, divergent repricing for heavyweights like <a href="https://www.smartkarma.com/entities/waaree-energies-limited-6098abe5-9b91-4859-8170-b98fda2cf7ab" target="_blank" data-smartkarma-citation="entities:44031:1" rel="noopener">Waaree Energies (WAAREEEN IN)</a> , <a href="https://www.smartkarma.com/entities/premier-energies-limited" target="_blank" data-smartkarma-citation="entities:42190:1" rel="noopener">Premier Energies (PREMIERE IN)</a> , <a href="https://www.smartkarma.com/entities/adani-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:245:1" rel="noopener">Adani Enterprises (ADE IN)</a> , and <a href="https://www.smartkarma.com/entities/ntpc-green-energy-limited" target="_blank" data-smartkarma-citation="entities:43951:1" rel="noopener">NTPC Green Energy (NTPCGREE IN)</a>.</li>
</ul>


China recently eliminated solar export rebates effective April 2026, marking a structural shift following a previous reduction from 13% to 9% in late 2024.

Global module prices are forecast to rise10–15% through 2026, effectively ending the era of subsidized dumping and establishing a higher global price floor
Market awaits a decisive, divergent repricing for heavyweights like Waaree Energies (WAAREEEN IN) , Premier Energies (PREMIERE IN) , Adani Enterprises (ADE IN) , and NTPC Green Energy (NTPCGREE IN).


Chinese Export Rebate Curbs: Indian Companies that Will Win When Dumping Ends?

Partner at Exencial Research, Exencial Research

Viral Kishorchandra Shah

Partner at Exencial Research

Exencial Research

<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

CEO, Helixtap

Farah Miller

Global Commodities Alternative Data and Insights

Helixtap

Helixtap collects, processes and distributes proprietary data, analyses and forecasts for the rubber, latex and automotive markets

Commodities

<ul><li>Birla tires to operationalize passenger car radial segment, focusing on EV tires  </li><li>JK Tyre to tap the growth in the auto industry, EV market  </li><li>Apollo makes a major step to achieve carbon neutrality by 2050</li></ul>

Birla tires to operationalize passenger car radial segment, focusing on EV tires  JK Tyre to tap the growth in the auto industry, EV market  Apollo makes a major step to achieve carbon neutrality by 2050

Indian Tire Makers Amidst Positive Tidings

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

India

Himadri Speciality Chemical Ltd. is a global specialty chemical company focused on research, development, innovation, and sustainability. The company primarily manufactures carbon materials and chemicals, including specialty carbon black, coal tar pitch, refined naphthalene, and new energy materials for lithium-ion batteries. Himadri Speciality Chemical Ltd. was established in 1987 and is headquartered in Kolkata, India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Himadri Speciality Chemical (HSCH IN)

India’s Battery-Chemicals Buildout: The Proxy Trade of BESS Gigafactories

India's demand for battery energy storage systems is rapidly increasing, with strategic bottlenecks shifting towards materials and components...

Nimish Maheshwari

Chinese Export Rebate Curbs: Indian Companies that Will Win When Dumping Ends?

China's elimination of solar export rebates in April 2026 signals a shift in market. Heavyweights like Waaree Energies, Premier Energies, Adani...

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

Indian Tire Makers Amidst Positive Tidings

The Indian tire makers are riding the crest of heartening waves, with Himadri-Dalmia Bharat resurrecting the defunct Birla Tires, while JK Tyre is...

Helixtap

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India’s Battery-Chemicals Buildout: The Proxy Trade of BESS Gigafactories

​India's demand for battery energy storage systems is rapidly increasing, with strategic bottlenecks shifting towards materials and components...

Nimish Maheshwari

Chinese Export Rebate Curbs: Indian Companies that Will Win When Dumping Ends?

​China's elimination of solar export rebates in April 2026 signals a shift in market. Heavyweights like Waaree Energies, Premier Energies, Adani...

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

Indian Tire Makers Amidst Positive Tidings

The Indian tire makers are riding the crest of heartening waves, with Himadri-Dalmia Bharat resurrecting the defunct Birla Tires, while JK Tyre is...

Helixtap

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

India's demand for battery energy storage systems is rapidly increasing, with strategic bottlenecks shifting towards materials and components...

China's elimination of solar export rebates in April 2026 signals a shift in market. Heavyweights like Waaree Energies, Premier Energies, Adani...

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

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