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/salzer-electronics-ltd" target="_blank" data-smartkarma-citation="entities:8103:1" rel="noopener">Salzer Electronics (SZE IN)</a> is aggressively scaling its smart meter business with INR 600–700 crore revenue targeted in FY26, aiming to sell up to 8 lakh units annually.</li>
<li>This diversification into B2B smart metering could double revenues, boost margins, and improve ROCE, transforming Salzer from a niche switchgear player to a full-stack energy solutions provider.</li>
<li>Salzer is no longer a slow-growing industrial supplier: it’s evolving into a high-growth, government-aligned, tech-driven player with strong export and R&amp;D-led optionality.</li>
</ul>



Salzer Electronics (SZE IN) is aggressively scaling its smart meter business with INR 600–700 crore revenue targeted in FY26, aiming to sell up to 8 lakh units annually.
This diversification into B2B smart metering could double revenues, boost margins, and improve ROCE, transforming Salzer from a niche switchgear player to a full-stack energy solutions provider.
Salzer is no longer a slow-growing industrial supplier: it’s evolving into a high-growth, government-aligned, tech-driven player with strong export and R&amp;D-led optionality.


The Beat Ideas: Salzer Electronics: Smart Meter Play, A Proxy to India’s Electrification Story

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>India’s power sector faced T&amp;D losses averaging 20% between FY11 and FY19, while the ideal range is 6-8%. This is one of the biggest opportunity in Power sector.</li>
<li>As per the National Smart Grid Mission, the central government aims to install 25 crore smart meters by the end of 2025.</li>
<li>Detailed analysis includes indian listed companies creating Smart Meter along with their order book and comparison. </li>
</ul>


India’s power sector faced T&amp;D losses averaging 20% between FY11 and FY19, while the ideal range is 6-8%. This is one of the biggest opportunity in Power sector.
As per the National Smart Grid Mission, the central government aims to install 25 crore smart meters by the end of 2025.
Detailed analysis includes indian listed companies creating Smart Meter along with their order book and comparison. 


Thematic Report: Smart Meters- Mega Trend

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

HPL Electric & Power / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hpl-electric-power-ltd" target="_blank" data-smartkarma-citation="entities:36893:1" rel="noopener">HPL Electric &amp; Power (HPLE IN)</a> is one of the key players in domestic electric meters market and domestic on-load, change-over switches market. The company also manufactures LED products.</li>
<li>Forensic overview of the company indicates poor capital allocation in the past, along with cash generation issues.</li>
<li>One must also keep a note of the inherent credit risk, as well as some interesting line items such as software and designs, on the balance sheet.</li>
</ul>



HPL Electric &amp; Power (HPLE IN) is one of the key players in domestic electric meters market and domestic on-load, change-over switches market. The company also manufactures LED products.
Forensic overview of the company indicates poor capital allocation in the past, along with cash generation issues.
One must also keep a note of the inherent credit risk, as well as some interesting line items such as software and designs, on the balance sheet.


HPL Electric and Power Ltd- Forensic Analysis

India

HPL Electric & Power Limited operates as a multi-product electric equipment company. The Company offers digital panel meters, power regulators, changeover switches, telephone cables, sockets, controllers, and connectors. HPL Electric & Power serves customers worldwide.

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HPL Electric & Power (HPLE IN)

The Beat Ideas: Salzer Electronics: Smart Meter Play, A Proxy to India’s Electrification Story

Salzer Electronics is aggressively expanding its smart meter business, targeting significant revenue growth by FY26 and transforming into a full...

Sudarshan Bhandari

Thematic Report: Smart Meters- Mega Trend

India's power sector has high T&D losses, creating a major opportunity for improvement. The government aims to install 25 crore smart meters by...

Nimish Maheshwari

HPL Electric and Power Ltd- Forensic Analysis

Forensic overview of the company indicates poor capital allocation in the past, along with cash generation issues, inherent credit risk, as well as...

Nitin Mangal

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52-week Range

Market Cap (USDm)

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The Beat Ideas: Salzer Electronics: Smart Meter Play, A Proxy to India’s Electrification Story

​Salzer Electronics is aggressively expanding its smart meter business, targeting significant revenue growth by FY26 and transforming into a full...

Sudarshan Bhandari

Thematic Report: Smart Meters- Mega Trend

​India's power sector has high T&D losses, creating a major opportunity for improvement. The government aims to install 25 crore smart meters by...

Nimish Maheshwari

HPL Electric and Power Ltd- Forensic Analysis

Forensic overview of the company indicates poor capital allocation in the past, along with cash generation issues, inherent credit risk, as well as...

Nitin Mangal

Salzer Electronics is aggressively expanding its smart meter business, targeting significant revenue growth by FY26 and transforming into a full...

India's power sector has high T&D losses, creating a major opportunity for improvement. The government aims to install 25 crore smart meters by...