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>
<a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a> Postpones <a href="https://www.smartkarma.com/entities/novelis-corporation" target="_blank" data-smartkarma-citation="entities:39969:1" rel="noopener">Novelis Corporation (0620365D US)</a> IPO Amid Market Considerations</li>
<li>
<a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a>'s Tata Motors Finance to Merge with Tata Capital</li>
<li>
<a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a> Sets World Record for Highest Number of Transactions in a Single Day</li>
</ul>



Hindalco Industries (HNDL IN) Postpones Novelis Corporation (0620365D US) IPO Amid Market Considerations

Tata Motors Ltd (TTMT IN)'s Tata Motors Finance to Merge with Tata Capital

National Stock Exchange (NSEIN IN) Sets World Record for Highest Number of Transactions in a Single Day


#8 India Insight: Novelis IPO Postponed, TMFL Merger, Angle One Client Growth, NSE World Record

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 robust performance.</li><li>Overall consolidated revenue stood largely inline (flat YoY, up 6% QoQ), while reported EBITDA grew by 24%/14% YoY/QoQ (10% beat vs. our estimates), led by strong upstream Aluminium and copper division.</li><li>NALCO reported a strong set of numbers with EBITDA beating ours and consensus estimates. </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.

Hindalco’s Indian operations delivered robust performance.Overall consolidated revenue stood largely inline (flat YoY, up 6% QoQ), while reported EBITDA grew by 24%/14% YoY/QoQ (10% beat vs. our estimates), led by strong upstream Aluminium and copper division.NALCO reported a strong set of numbers with EBITDA beating ours and consensus estimates. 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 Q4FY24

Equity Bottom-Up

<ul><li>Upstream Aluminium CoP: In Q4FY24, the CoP stood flat QoQ. In Q1FY25 the CoP is expected to come down by another ~1%-2% QoQ led by softness in coal prices.</li><li>Upstream Aluminium shipments and revenues improved by 4% and 5% YoY at 337kt and Rs 8,469 Cr, while EBITDA/t jumped up by 17%/21% YoY/QoQ to $967/t, led by lower input costs. </li><li>Aluminium downstream: EBITDA/t recovered QoQ at $174/t, up 14%/27% YoY/QoQ in-line with management guidance. </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 CoP: In Q4FY24, the CoP stood flat QoQ. In Q1FY25 the CoP is expected to come down by another ~1%-2% QoQ led by softness in coal prices.Upstream Aluminium shipments and revenues improved by 4% and 5% YoY at 337kt and Rs 8,469 Cr, while EBITDA/t jumped up by 17%/21% YoY/QoQ to $967/t, led by lower input costs. Aluminium downstream: EBITDA/t recovered QoQ at $174/t, up 14%/27% YoY/QoQ in-line with management guidance. 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 - Robust Q4 & Good Outlook, But Large Part of Value Is Priced In

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

Renesas Electronics / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/go-digit-general-insurance-l" target="_blank" data-smartkarma-citation="entities:36266:1" rel="noopener">Go Digit</a> managed to do well despite somewhat tepid subscription rates, while <a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> was looking to be the next hot listing in Korea.</li>
<li>On the placement front, <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a> mega-block kept the cross-shareholding unwind going.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Go Digit managed to do well despite somewhat tepid subscription rates, while Shift Up (462870 KS) was looking to be the next hot listing in Korea.
On the placement front, Renesas Electronics (6723 JP) mega-block kept the cross-shareholding unwind going.


ECM Weekly (27th May 2024) - Renesas, AUB, Modec, Tata Tech, MUFG, Shift Up, Novelis, Shulan

<ul><li>Valuation &amp; Recommendation: We continue to value the company using SoTP with a 12MF EV/EBITDA target of 6.0x/5.0x/6.0x FY26 EBITDA for Indian Aluminium, Copper, and Novelis operations respectively (from 6.0x/5.0x/5.5x; we raise Novelis multiple in response to strong Q4 results).</li><li>We add investments at market price and CWIP at 50% to arrive at our TP of Rs 720/share (from Rs 660).</li><li>Our TP implies an upside potential of 13% from the CMP. </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.

Valuation &amp; Recommendation: We continue to value the company using SoTP with a 12MF EV/EBITDA target of 6.0x/5.0x/6.0x FY26 EBITDA for Indian Aluminium, Copper, and Novelis operations respectively (from 6.0x/5.0x/5.5x; we raise Novelis multiple in response to strong Q4 results).We add investments at market price and CWIP at 50% to arrive at our TP of Rs 720/share (from Rs 660).Our TP implies an upside potential of 13% from the CMP. 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 - Novelis Q4FY24: Delivers Robust EBITDA/T

India

Hindalco Industries Limited is an integrated aluminum manufacturer. The Company mines bauxite and refines it into alumina. The Company's other operations include the smelting of alumina into aluminum, the manufacture of semi-fabricated rolled and extruded products. The Company's products include aluminum ingots, steel rods and rolled flat steel products.

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

Hindalco Industries (HNDL IN)

#8 India Insight: Novelis IPO Postponed, TMFL Merger, Angle One Client Growth, NSE World Record

Hindalco Industries postpones Novelis Corporation IPO, Tata Motors Finance to merge with Tata Capital, NSE sets world record for transactions in a...

Sudarshan Bhandari

Top Sector Ideas - Metals and Mining Q4FY24

Overall consolidated revenue stood largely inline (flat YoY, up 6% QoQ), while reported EBITDA grew by 24%/14% YoY/QoQ (10% beat vs. our estimates)

Axis Direct

Hindalco Industries Ltd - Robust Q4 & Good Outlook, But Large Part of Value Is Priced In

Upstream Aluminium CoP: In Q4FY24, the CoP stood flat QoQ. In Q1FY25 the CoP is expected to come down by another ~1%-2% QoQ led by softness in coal...

Axis Direct

ECM Weekly (27th May 2024) - Renesas, AUB, Modec, Tata Tech, MUFG, Shift Up, Novelis, Shulan

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Hindalco Industries Ltd - Novelis Q4FY24: Delivers Robust EBITDA/T

Valuation & Recommendation: We continue to value the company using SoTP with a 12MF EV/EBITDA target of 6.0x/5.0x/6.0x FY26 EBITDA for Indian...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

#8 India Insight: Novelis IPO Postponed, TMFL Merger, Angle One Client Growth, NSE World Record

​Hindalco Industries postpones Novelis Corporation IPO, Tata Motors Finance to merge with Tata Capital, NSE sets world record for transactions in a...

Sudarshan Bhandari

Top Sector Ideas - Metals and Mining Q4FY24

Overall consolidated revenue stood largely inline (flat YoY, up 6% QoQ), while reported EBITDA grew by 24%/14% YoY/QoQ (10% beat vs. our estimates)

Axis Direct

Hindalco Industries Ltd - Robust Q4 & Good Outlook, But Large Part of Value Is Priced In

Upstream Aluminium CoP: In Q4FY24, the CoP stood flat QoQ. In Q1FY25 the CoP is expected to come down by another ~1%-2% QoQ led by softness in coal...

Axis Direct

ECM Weekly (27th May 2024) - Renesas, AUB, Modec, Tata Tech, MUFG, Shift Up, Novelis, Shulan

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Hindalco Industries Ltd - Novelis Q4FY24: Delivers Robust EBITDA/T

Valuation & Recommendation: We continue to value the company using SoTP with a 12MF EV/EBITDA target of 6.0x/5.0x/6.0x FY26 EBITDA for Indian...

Axis Direct

Hindalco Industries postpones Novelis Corporation IPO, Tata Motors Finance to merge with Tata Capital, NSE sets world record for transactions in a...