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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-aluminium-co-ltd" target="_blank" data-smartkarma-citation="entities:1770:1" rel="noopener">National Aluminium (NACL IN)</a> has announced a significant INR 30,000 crore capex over the next five years, its largest in recent history, to expand its core smelting, power generation capabilities.</li>
<li>Targeting an almost doubling of its smelting capacity and securing long-term power supply. This is crucial for NALCO to enhance its competitiveness and achieve the coveted "Maharatna" status by 2030.</li>
<li>This expansion, funded by a mix of internal accruals and debt, positions NALCO for an earnings inflection point, contingent on disciplined execution and favorable long-term commodity cycles.</li>
</ul>



National Aluminium (NACL IN) has announced a significant INR 30,000 crore capex over the next five years, its largest in recent history, to expand its core smelting, power generation capabilities.
Targeting an almost doubling of its smelting capacity and securing long-term power supply. This is crucial for NALCO to enhance its competitiveness and achieve the coveted "Maharatna" status by 2030.
This expansion, funded by a mix of internal accruals and debt, positions NALCO for an earnings inflection point, contingent on disciplined execution and favorable long-term commodity cycles.


The Beat Ideas: Nalco's ₹30,000 Crore Expansion

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Jiaxin International Resources Investment / Equity Capital Markets

Jiaxin International Resources Investment (3858 HK)

Jiaxin International Resources Investment

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiaxin-international-resources-investment-limited" target="_blank" data-smartkarma-citation="entities:45065:1" rel="noopener">Jiaxin International Resources Investment Limited</a>(JIRI) raised around US$153m in its Hong Kong IPO.</li>
<li>Jiaxin International owns exclusive rights to a globally significant tungsten asset, supported by Jiangxi Copper. Commercial production began in April 2025, with full ramp-up expected by 2027</li>
<li>We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.</li>
</ul>



Jiaxin International Resources Investment Limited(JIRI) raised around US$153m in its Hong Kong IPO.
Jiaxin International owns exclusive rights to a globally significant tungsten asset, supported by Jiangxi Copper. Commercial production began in April 2025, with full ramp-up expected by 2027
We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.


Jiaxin International Resources Investment IPO Trading - Decent Demand, Despite Lack of Track Record

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiaxin-international-resources-investment-limited" target="_blank" data-smartkarma-citation="entities:45065:1" rel="noopener">Jiaxin International Resources Investment Limited</a> (JIRI) is looking to raise around US$153m in its upcoming Hong Kong IPO.</li>
<li>Jiaxin International owns exclusive rights to a globally significant tungsten asset, supported by Jiangxi Copper. Commercial production began in April 2025, with full ramp-up expected by 2027.</li>
<li>We have looked at the company’s background in our earlier note, in this note we talk about the deal pricing.</li>
</ul>



Jiaxin International Resources Investment Limited (JIRI) is looking to raise around US$153m in its upcoming Hong Kong IPO.
Jiaxin International owns exclusive rights to a globally significant tungsten asset, supported by Jiangxi Copper. Commercial production began in April 2025, with full ramp-up expected by 2027.
We have looked at the company’s background in our earlier note, in this note we talk about the deal pricing.


Jiaxin International Resources Investment IPO - No Track Record, Government Supported

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>Upstream Aluminium resilient: Upstream EBITDA/t grew by 15% YoY (down 13% QoQ) to $1,467/t, despite lower LME Aluminium (averaged at $2,444/t, down 3%/7% YoY/QoQ) and third-party shipments at 219 kt, down 6%/9% YoY/QoQ.</li><li>This was driven by lower CoP, which fell by 3% QoQ in Q1FY26 due to higher linkage coal usage (63% in fuel mix).</li><li>Q2FY26 CoP is expected to rise 3% QoQ on monsoon impact and higher CP Coke prices.</li></ul>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.

Upstream Aluminium resilient: Upstream EBITDA/t grew by 15% YoY (down 13% QoQ) to $1,467/t, despite lower LME Aluminium (averaged at $2,444/t, down 3%/7% YoY/QoQ) and third-party shipments at 219 kt, down 6%/9% YoY/QoQ.This was driven by lower CoP, which fell by 3% QoQ in Q1FY26 due to higher linkage coal usage (63% in fuel mix).Q2FY26 CoP is expected to rise 3% QoQ on monsoon impact and higher CP Coke prices.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.

Hindalco Industries Ltd - Indian Operations Continue to Outperform

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

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)

The Beat Ideas: Nalco's ₹30,000 Crore Expansion

National Aluminium (NACL IN) plans INR 30,000 crore capex to double smelting capacity and secure long-term power supply, aiming for "Maharatna"...

Sudarshan Bhandari

Jiaxin International Resources Investment IPO Trading - Decent Demand, Despite Lack of Track Record

Jiaxin International Resources Investment Limited(JIRI) raised around US$153m in its Hong Kong IPO. In this note, we talk about the deal dynamics.

Sumeet Singh

Jiaxin International Resources Investment IPO - No Track Record, Government Supported

Jiaxin International Resources Investment Limited (JIRI) is looking to raise around US$153m in its upcoming Hong Kong IPO. In this note, we talk...

Sumeet Singh

Hindalco Industries Ltd - Indian Operations Continue to Outperform

Upstream Aluminium resilient: Upstream EBITDA/t grew by 15% YoY (down 13% QoQ) to $1,467/t, despite lower LME Aluminium (averaged at $2,444/t, down...

Axis Direct

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

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52-week Range

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The Beat Ideas: Nalco's ₹30,000 Crore Expansion

​National Aluminium (NACL IN) plans INR 30,000 crore capex to double smelting capacity and secure long-term power supply, aiming for "Maharatna"...

Sudarshan Bhandari

Jiaxin International Resources Investment IPO Trading - Decent Demand, Despite Lack of Track Record

Jiaxin International Resources Investment Limited(JIRI) raised around US$153m in its Hong Kong IPO. In this note, we talk about the deal dynamics.

Sumeet Singh

Jiaxin International Resources Investment IPO - No Track Record, Government Supported

Jiaxin International Resources Investment Limited (JIRI) is looking to raise around US$153m in its upcoming Hong Kong IPO. In this note, we talk...

Sumeet Singh

Hindalco Industries Ltd - Indian Operations Continue to Outperform

Upstream Aluminium resilient: Upstream EBITDA/t grew by 15% YoY (down 13% QoQ) to $1,467/t, despite lower LME Aluminium (averaged at $2,444/t, down...

Axis Direct

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

National Aluminium (NACL IN) plans INR 30,000 crore capex to double smelting capacity and secure long-term power supply, aiming for "Maharatna"...

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