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

Thematic (Sector/Industry)

<ul>
<li>Hindalco's $10 Billion Expansion to Drive Aluminium and Copper Growth.</li>
<li>BC Jindal Group to Invest $2.5 Billion in India’s Renewable Energy Sector by 2029.</li>
<li>Cement Firms Plan Rs 1.5-Trillion Investment to Meet Growing Demand.</li>
</ul>


Hindalco's $10 Billion Expansion to Drive Aluminium and Copper Growth.
BC Jindal Group to Invest $2.5 Billion in India’s Renewable Energy Sector by 2029.
Cement Firms Plan Rs 1.5-Trillion Investment to Meet Growing Demand.


# 49 India Insight: Hindalco $ 10 Bn Expansion, BC Jindal RE, Cement Firms Plans

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>Hindalco’s Indian operations delivered a robust performance.</li><li>Overall consolidated revenue stood largely in line with consensus (up 8% YoY, 2% QoQ), while reported EBITDA grew by 31%/11% YoY/QoQ (6% and 11% beat vs. our estimates and consensus), led by strong upstream Aluminium and copper division.</li><li>Novelis Adjusted EBITDA/t stood at $525/t, up 10% YoY but down 3% QoQ, in line with sustainable guidance of $525/t.</li></ul><p><em>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.</em></p>

Hindalco’s Indian operations delivered a robust performance.Overall consolidated revenue stood largely in line with consensus (up 8% YoY, 2% QoQ), while reported EBITDA grew by 31%/11% YoY/QoQ (6% and 11% beat vs. our estimates and consensus), led by strong upstream Aluminium and copper division.Novelis Adjusted EBITDA/t stood at $525/t, up 10% YoY but down 3% QoQ, in line with sustainable guidance of $525/t.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.

Top Sector Ideas - Metals and Mining (Q1FY25)

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Supreme Court ruled that States can levy cesses on mining activities, distinguishing it from Union's authority over royalty.</li>
<li>Retrospective tax collection from 2005 could impose 1.5-2 lakh crore on the mining sector, heavily impacting co. like <a href="https://www.smartkarma.com/entities/tata-steel-ltd" target="_blank" data-smartkarma-citation="entities:20934:1" rel="noopener">Tata Steel Ltd (TATA IN)</a> and <a href="https://www.smartkarma.com/entities/coal-india-ltd" target="_blank" data-smartkarma-citation="entities:9117:1" rel="noopener">Coal India Ltd (COAL IN)</a>.</li>
<li>The ruling may exacerbate financial pressures on the mining industry, especially in high-tax states like Odisha and Jharkhand.</li>
</ul>


Supreme Court ruled that States can levy cesses on mining activities, distinguishing it from Union's authority over royalty.
Retrospective tax collection from 2005 could impose 1.5-2 lakh crore on the mining sector, heavily impacting co. like Tata Steel Ltd (TATA IN) and Coal India Ltd (COAL IN).
The ruling may exacerbate financial pressures on the mining industry, especially in high-tax states like Odisha and Jharkhand.


60-Year Mining Tax Battle: Supreme Court’s Final Word

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Hindalco Industries, Adani Enterprises, Grasim Industries, Reliance Industries, Axis Bank, ICICI Bank, HDFC Bank, Tata Motors Passenger Vehicles.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Hindalco Industries, Adani Enterprises, Grasim Industries, Reliance Industries, Axis Bank, ICICI Bank, HDFC Bank, Tata Motors Passenger Vehicles.


MS-India Index Earning Revision (Aug): Hindalco Industries, Adani Enterprises, Grasim Industries

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Hindalco Industries, Tata Steel, Tata Motors Passenger Vehicles, Adani Enterprises, Grasim Industries, State Bank of India, ITC.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Hindalco Industries, Tata Steel, Tata Motors Passenger Vehicles, Adani Enterprises, Grasim Industries, State Bank of India, ITC.


NIFTY Index Earning Revision (Aug): Hindalco Industries, Tata Steel, Tata Motors Passenger Vehicles

India

Hindalco Industries Limited is an Indian aluminium and copper manufacturing company, and a subsidiary of the Aditya Birla Group. It is a major producer of primary aluminium, flat-rolled products, extrusions, and foils, and also manufactures copper cathodes and continuous cast copper rods. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 1958.

Price Gauge
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Hindalco Industries (HNDL IN)

# 49 India Insight: Hindalco $ 10 Bn Expansion, BC Jindal RE, Cement Firms Plans

Major investments in the aluminium, copper, renewable energy, and cement sectors are set to drive growth and meet increasing demand in India.

Sudarshan Bhandari

Top Sector Ideas - Metals and Mining (Q1FY25)

Overall consolidated revenue stood largely in line with consensus (up 8% YoY, 2% QoQ), while reported EBITDA grew by 31%/11% YoY/QoQ

Axis Direct

60-Year Mining Tax Battle: Supreme Court’s Final Word

Supreme Court ruling allows States to levy cess on mining, potentially imposing hefty retrospective taxes on sector, impacting companies like Tata...

Nimish Maheshwari

MS-India Index Earning Revision (Aug): Hindalco Industries, Adani Enterprises, Grasim Industries

We analyzed MS-India's consensus for Aug 2026 and highlighted changes of EPS in Hindalco Industries (HNDL IN), Adani Enterprises (ADE/S IN), Grasim...

Ke Yan, CFA, FRM

NIFTY Index Earning Revision (Aug): Hindalco Industries, Tata Steel, Tata Motors Passenger Vehicles

We analyzed NIFTY's consensus for Aug 2026 and highlighted changes of EPS in Hindalco Industries (HNDL IN), Tata Steel (TATA IN), Tata Motors...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

# 49 India Insight: Hindalco $ 10 Bn Expansion, BC Jindal RE, Cement Firms Plans

​Major investments in the aluminium, copper, renewable energy, and cement sectors are set to drive growth and meet increasing demand in India.

Sudarshan Bhandari

Top Sector Ideas - Metals and Mining (Q1FY25)

Overall consolidated revenue stood largely in line with consensus (up 8% YoY, 2% QoQ), while reported EBITDA grew by 31%/11% YoY/QoQ

Axis Direct

60-Year Mining Tax Battle: Supreme Court’s Final Word

​Supreme Court ruling allows States to levy cess on mining, potentially imposing hefty retrospective taxes on sector, impacting companies like Tata...

Nimish Maheshwari

MS-India Index Earning Revision (Aug): Hindalco Industries, Adani Enterprises, Grasim Industries

We analyzed MS-India's consensus for Aug 2026 and highlighted changes of EPS in Hindalco Industries (HNDL IN), Adani Enterprises (ADE/S IN), Grasim...

Ke Yan, CFA, FRM

NIFTY Index Earning Revision (Aug): Hindalco Industries, Tata Steel, Tata Motors Passenger Vehicles

We analyzed NIFTY's consensus for Aug 2026 and highlighted changes of EPS in Hindalco Industries (HNDL IN), Tata Steel (TATA IN), Tata Motors...

Ke Yan, CFA, FRM

Major investments in the aluminium, copper, renewable energy, and cement sectors are set to drive growth and meet increasing demand in India.

Supreme Court ruling allows States to levy cess on mining, potentially imposing hefty retrospective taxes on sector, impacting companies like Tata...