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.

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Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kanohar-electricals-limited" target="_blank" data-smartkarma-citation="entities:58632:1" rel="noopener">Kanohar Electricals (KANOHAR IN)</a> , a Meerut based transformer and EPC company, opens its INR 1,055.74 crore IPO on September 8, 2026, priced at INR 601–632 a share.</li>
<li>The company has grown revenue 2.4x in two years on the back of a 500 MVA, 400kV order from Power Grid, but customer concentration and capacity utilisation remain watch points.</li>
<li>IPO looks aggressively priced as compared to other listed company in similar space.</li>
</ul>



Kanohar Electricals (KANOHAR IN) , a Meerut based transformer and EPC company, opens its INR 1,055.74 crore IPO on September 8, 2026, priced at INR 601–632 a share.
The company has grown revenue 2.4x in two years on the back of a 500 MVA, 400kV order from Power Grid, but customer concentration and capacity utilisation remain watch points.
IPO looks aggressively priced as compared to other listed company in similar space.


External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

Thematic (Sector/Industry)

<ul><li>Tier-1 infrastructure developers are trading at ~16x 1-yr forward valuation.</li><li>The sector has witnessed re-rating as (1) ordering may remain strong with the emergence of new segments like water, railway, etc.</li><li>(2) asset monetisation is fructifying, (3) balance sheets are strong and NWC days are stable, and (4) cash flow generation is likely to be robust.</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.

Tier-1 infrastructure developers are trading at ~16x 1-yr forward valuation.The sector has witnessed re-rating as (1) ordering may remain strong with the emergence of new segments like water, railway, etc.(2) asset monetisation is fructifying, (3) balance sheets are strong and NWC days are stable, and (4) cash flow generation is likely to be robust.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.

Industrials (Q2FY25 Results Preview): Awaiting ordering revival

<ul><li>Budget a big signalling event, though we expect investment continuity: In the interim FY25 union budget, allocation towards capex saw an increase of 7% YoY, with Roads, Railways, Defence and Water as key beneficiaries</li><li>As the final FY25 union budget gets tabled in Jul-24, we expect continued investment in these segments</li><li>Whilst questions have emerged on cut in capex with the expectation of some allocation moving towards social infra, we believe that allocation may remain similar or marginally increase to high single-digit YoY growth</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.

Budget a big signalling event, though we expect investment continuity: In the interim FY25 union budget, allocation towards capex saw an increase of 7% YoY, with Roads, Railways, Defence and Water as key beneficiariesAs the final FY25 union budget gets tabled in Jul-24, we expect continued investment in these segmentsWhilst questions have emerged on cut in capex with the expectation of some allocation moving towards social infra, we believe that allocation may remain similar or marginally increase to high single-digit YoY growthContent 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.

Industrials (Q1FY25 Results Preview): All eyes on the budget

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>In Real-time market (RTM) Power volumes surged by 20% in June, reflecting the need for immediate power delivery during sudden high-demand periods.</li>
<li>Indian Govt has extended the blending period of imported coal to Jun-24 to meet the rising demand. </li>
<li>Rising Power demand will create a lot more opportunity across value chain including transformers, cables, smart meters etc.</li>
</ul>


In Real-time market (RTM) Power volumes surged by 20% in June, reflecting the need for immediate power delivery during sudden high-demand periods.
Indian Govt has extended the blending period of imported coal to Jun-24 to meet the rising demand. 
Rising Power demand will create a lot more opportunity across value chain including transformers, cables, smart meters etc.


Thematic Report- Indian Power at Peak: Value Chain Stocks

<ul><li>NHAI’s FY24 awarding activity is muted, expect pick-up from H2FY25: With minimal awarding activity in Q4FY24, the overall FY24 awarding activity remained muted</li><li>FY24 was a truncated year for ordering with ~INR 330bn worth of project awards (vs average INR 1.2trn for the previous year)</li><li>NHAI is re-modelling the award mix towards BOT toll with INR 2trn worth of projects being envisaged to be bid out under this model, which seems to be a tall ask</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.

NHAI’s FY24 awarding activity is muted, expect pick-up from H2FY25: With minimal awarding activity in Q4FY24, the overall FY24 awarding activity remained mutedFY24 was a truncated year for ordering with ~INR 330bn worth of project awards (vs average INR 1.2trn for the previous year)NHAI is re-modelling the award mix towards BOT toll with INR 2trn worth of projects being envisaged to be bid out under this model, which seems to be a tall askContent 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.

Industrials (Q4FY24 Results Preview): Strong Ordering Ex-Roads

India

Hitachi Energy India specializes in advanced power systems and grid solutions, serving utility, industry, and infrastructure customers with products, projects, and services across the energy value chain. The company manufactures and supplies systems, equipment, devices, and accessories such as transformers, high-voltage products, and grid automation solutions, playing a significant role in integrating renewable energy into the national grid and modernizing power transmission. It is headquartered in Bengaluru, India, and was incorporated on February 19, 2019, carrying a legacy of operations in India since 1949 through its predecessor entities.

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Hitachi Energy India (POWERIND IN)

Kanohar Electricals IPO Review

Kanohar Electricals IPO is one of the 5 companies which has certification for 500 MVA, 400 kV transformers. IPO is closing on 10th Sep raising...

Sudarshan Bhandari

Industrials (Q2FY25 Results Preview): Awaiting ordering revival

The sector has witnessed re-rating as (1) ordering may remain strong with the emergence of new segments like water, railway, etc.

HDFC Securities

Industrials (Q1FY25 Results Preview): All eyes on the budget

In the interim FY25 union budget, allocation towards capex saw an increase of 7% YoY, with Roads, Railways, Defence and Water as key beneficiaries

HDFC Securities

Thematic Report- Indian Power at Peak: Value Chain Stocks

Real-time market power volumes surged by 20% in June, highlighting the need for immediate power delivery. This is creating opportunities across...

Nimish Maheshwari

Industrials (Q4FY24 Results Preview): Strong Ordering Ex-Roads

NHAI’s FY24 awarding activity is muted, expect pick-up from H2FY25: With minimal awarding activity in Q4FY24, the overall FY24 awarding activity...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kanohar Electricals IPO Review

Kanohar Electricals IPO is one of the 5 companies which has certification for 500 MVA, 400 kV transformers. IPO is closing on 10th Sep raising...

Sudarshan Bhandari

Industrials (Q2FY25 Results Preview): Awaiting ordering revival

The sector has witnessed re-rating as (1) ordering may remain strong with the emergence of new segments like water, railway, etc.

HDFC Securities

Industrials (Q1FY25 Results Preview): All eyes on the budget

In the interim FY25 union budget, allocation towards capex saw an increase of 7% YoY, with Roads, Railways, Defence and Water as key beneficiaries

HDFC Securities

Thematic Report- Indian Power at Peak: Value Chain Stocks

​Real-time market power volumes surged by 20% in June, highlighting the need for immediate power delivery. This is creating opportunities across...

Nimish Maheshwari

Industrials (Q4FY24 Results Preview): Strong Ordering Ex-Roads

NHAI’s FY24 awarding activity is muted, expect pick-up from H2FY25: With minimal awarding activity in Q4FY24, the overall FY24 awarding activity...

HDFC Securities

Real-time market power volumes surged by 20% in June, highlighting the need for immediate power delivery. This is creating opportunities across...