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

Forensic Accounting

<ul>
<li>A foreign short seller has released its short thesis note on Vedanta Group, labelling the group as a Ponzi scheme. </li>
<li>The report’s central assertion is ‘to repay the debt of holding company Vedanta Resources, Vedanta Limited paid aggressive dividends leading to depletion of financial &amp; operational strength of Vedanta</li>
<li>Dividend &amp; delisting along with share purchases funded through debt, unreconciled interest, and depleting asset base, stagnancy in expansion plans.</li>
</ul>


A foreign short seller has released its short thesis note on Vedanta Group, labelling the group as a Ponzi scheme. 
The report’s central assertion is ‘to repay the debt of holding company Vedanta Resources, Vedanta Limited paid aggressive dividends leading to depletion of financial &amp; operational strength of Vedanta
Dividend &amp; delisting along with share purchases funded through debt, unreconciled interest, and depleting asset base, stagnancy in expansion plans.


Is Vedanta Running a Ponzi Scheme? Deep Dive into Findings of Shortseller Report

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

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Novelis posted $1.8B EBITDA on 3.76Mt volume, with weakness in North America offset by aerospace and packaging recovery in Europe and Asia.</li>
<li>Management withheld guidance citing demand uncertainty; Bay Minette capex rose to $4.1B with commissioning now in 2H FY26.</li>
<li>Scrap supply tightness and tariff pressures may hit margins; company expects prolonged impact despite mitigation efforts underway.</li>
</ul>


Novelis posted $1.8B EBITDA on 3.76Mt volume, with weakness in North America offset by aerospace and packaging recovery in Europe and Asia.
Management withheld guidance citing demand uncertainty; Bay Minette capex rose to $4.1B with commissioning now in 2H FY26.
Scrap supply tightness and tariff pressures may hit margins; company expects prolonged impact despite mitigation efforts underway.


Novelis: Cautious Outlook Amid Heavy U.S. Capex and Scrap Volatility

<ul>
<li>Hindalco provided details of its ongoing expansion plans of about US$9.1b (US$1.7b spent). </li>
<li>We note near-term headwinds from a) likely weakness in aluminium prices driven by cheaper alumina b) scrap market tightness c) sharp contraction in copper Tc/Rc's</li>
<li>Valuations: Hindalco trades at about 6.8x EV/EBITDA FY26e which is inline with historic multiples. A lower multiple is warranted to factor impending headwinds.</li>
</ul>


Hindalco provided details of its ongoing expansion plans of about US$9.1b (US$1.7b spent). 
We note near-term headwinds from a) likely weakness in aluminium prices driven by cheaper alumina b) scrap market tightness c) sharp contraction in copper Tc/Rc's
Valuations: Hindalco trades at about 6.8x EV/EBITDA FY26e which is inline with historic multiples. A lower multiple is warranted to factor impending headwinds.


Hindalco (HNDL IN): Investor Day Reaffirms Strategic Growth Plans

<ul>
<li>Play on rising aluminium demand. Aluminium demand has outpaced supply with strong Chinese demand. </li>
<li>Management has guided better margins at Novelis which faced a temporary drop in margins due to scrap shortages.</li>
<li>Hindalco's Indian operations are fully integrated with captive bauxite, alumina and to certain extent for energy. Trades at a 20%+ discount to its historic PE multiples.</li>
</ul>


Play on rising aluminium demand. Aluminium demand has outpaced supply with strong Chinese demand. 
Management has guided better margins at Novelis which faced a temporary drop in margins due to scrap shortages.
Hindalco's Indian operations are fully integrated with captive bauxite, alumina and to certain extent for energy. Trades at a 20%+ discount to its historic PE multiples.


Hindalco (HNDL IN): Several Positive Triggers

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.

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Hindalco Industries (HNDL IN)

Is Vedanta Running a Ponzi Scheme? Deep Dive into Findings of Shortseller Report

Foreign short seller accuses Vedanta Group of being a Ponzi scheme, citing aggressive dividends, debt-funded activities, and stagnancy in...

Nimish Maheshwari

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

Novelis: Cautious Outlook Amid Heavy U.S. Capex and Scrap Volatility

Novelis reports strong EBITDA but faces uncertainty and challenges ahead due to demand fluctuations, capex increase, and potential margin pressures.

Rahul Jain

Hindalco (HNDL IN): Investor Day Reaffirms Strategic Growth Plans

Hindalco reveals $9.1b expansion plans, faces near-term challenges from aluminum price weakness and copper Tc/Rc contraction. Lower valuations...

Rahul Jain

Hindalco (HNDL IN): Several Positive Triggers

Rising aluminium demand, particularly in China, is driving opportunities for companies like Hindalco with fully integrated operations and...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Is Vedanta Running a Ponzi Scheme? Deep Dive into Findings of Shortseller Report

​Foreign short seller accuses Vedanta Group of being a Ponzi scheme, citing aggressive dividends, debt-funded activities, and stagnancy in...

Nimish Maheshwari

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

Novelis: Cautious Outlook Amid Heavy U.S. Capex and Scrap Volatility

​Novelis reports strong EBITDA but faces uncertainty and challenges ahead due to demand fluctuations, capex increase, and potential margin pressures.

Rahul Jain

Hindalco (HNDL IN): Investor Day Reaffirms Strategic Growth Plans

​Hindalco reveals $9.1b expansion plans, faces near-term challenges from aluminum price weakness and copper Tc/Rc contraction. Lower valuations...

Rahul Jain

Hindalco (HNDL IN): Several Positive Triggers

​Rising aluminium demand, particularly in China, is driving opportunities for companies like Hindalco with fully integrated operations and...

Rahul Jain

Foreign short seller accuses Vedanta Group of being a Ponzi scheme, citing aggressive dividends, debt-funded activities, and stagnancy in...

Novelis reports strong EBITDA but faces uncertainty and challenges ahead due to demand fluctuations, capex increase, and potential margin pressures.

Hindalco reveals $9.1b expansion plans, faces near-term challenges from aluminum price weakness and copper Tc/Rc contraction. Lower valuations...

Rising aluminium demand, particularly in China, is driving opportunities for companies like Hindalco with fully integrated operations and...