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

Thematic (Sector/Industry)

<ul>
<li>India's corporate bond market hit a record Rs 53.6 lakh crore outstanding in March 2025, with fresh issuances of Rs 9.9 lakh crore in FY25 alone, the highest ever. </li>
<li>Credit rating agencies, unlike most financial services businesses, their competitive position is mandated by regulation, fortified by global parentage, and largely insulated from geopolitical shocks.</li>
<li>The SME formalization story, Rs 30 lakh crore credit gap, India's journey from bank-dominated to market-based credit delivery are structural tailwinds that barely register in consensus research on this sector.</li>
</ul>


India's corporate bond market hit a record Rs 53.6 lakh crore outstanding in March 2025, with fresh issuances of Rs 9.9 lakh crore in FY25 alone, the highest ever. 
Credit rating agencies, unlike most financial services businesses, their competitive position is mandated by regulation, fortified by global parentage, and largely insulated from geopolitical shocks.
The SME formalization story, Rs 30 lakh crore credit gap, India's journey from bank-dominated to market-based credit delivery are structural tailwinds that barely register in consensus research on this sector.


India's Rating Agencies: The Only Toll Booth on the Road to a $10 Trillion Economy

<ul>
<li>
Strong Growth Potential: CRAs are well-positioned to benefit from India’s credit cycle revival, with projected revenue growth of 13-15% CAGR through FY28, supported by rising corporate capex and regulatory demand.</li>
<li>
Evolving Business Model: Agencies are diversifying beyond traditional ratings into ESG assessments, risk analytics, and digital platforms, creating new, scalable revenue opportunities.</li>
<li>
Improved Credibility and Resilience: Post-IL&amp;FS reforms have enhanced governance and transparency, helping restore trust and reinforce CRAs' role as critical pillars of India’s financial system.</li>
</ul>



Strong Growth Potential: CRAs are well-positioned to benefit from India’s credit cycle revival, with projected revenue growth of 13-15% CAGR through FY28, supported by rising corporate capex and regulatory demand.

Evolving Business Model: Agencies are diversifying beyond traditional ratings into ESG assessments, risk analytics, and digital platforms, creating new, scalable revenue opportunities.

Improved Credibility and Resilience: Post-IL&amp;FS reforms have enhanced governance and transparency, helping restore trust and reinforce CRAs' role as critical pillars of India’s financial system.


Thematic Report: Credit Rating Agencies - Boring but Beautiful

Alpha-Centric ESG Research

Kyle Rudden

Life Insurance Corporation of India / ESG

Life Insurance Corporation of India (LICI IN)

<ul>
<li>Several months ago, I published two Insights addressing aspects of the impending IPO of <a href="https://www.smartkarma.com/entities/life-insurance-corp-of-india-lic" target="_blank" data-smartkarma-citation="entities:28829:1" rel="noopener">Life Insurance Corporation of India (1248Z IN)</a> from several specific ESG perspectives.</li>
<li>More specifically, they addressed: 1) LIC's pursuit of pre-IPO ESG ratings, and 2) the decidedly weak (almost non-existent) ESG messaging in the Draft Red Herring Prospectus.</li>
<li>I promised an update as the IPO drew closer. Unfortunately, no pre-IPO ESG ratings yet and the same generic pre-IPO message... but at this stage, none of that really matters.</li>
</ul>


Several months ago, I published two Insights addressing aspects of the impending IPO of Life Insurance Corporation of India (1248Z IN) from several specific ESG perspectives.
More specifically, they addressed: 1) LIC's pursuit of pre-IPO ESG ratings, and 2) the decidedly weak (almost non-existent) ESG messaging in the Draft Red Herring Prospectus.
I promised an update as the IPO drew closer. Unfortunately, no pre-IPO ESG ratings yet and the same generic pre-IPO message... but at this stage, none of that really matters.


Life Insurance Corporation of India: Update on LIC's Pre-IPO ESG Ratings and Message

<ul>
<li>Life Insurance Corporation of India's (LIC) imminent IPO is momentous in many ways foremost of which is the sheer magnitude... poised to become the largest IPO in India's history.</li>
<li>Momentous from an ESG perspective too. LIC's pursuit of pre-IPO ESG ratings is commendable, precedent-setting, and long-term positive for LIC as a company and India and a country.</li>
<li>Near-Term, pursuing pre-IPO ratings could backfire. Nothing major, but LIC could simply tell its ESG story to investors without (for now) ratings; the desired benefits without the risks.</li>
</ul>


Life Insurance Corporation of India's (LIC) imminent IPO is momentous in many ways foremost of which is the sheer magnitude... poised to become the largest IPO in India's history.
Momentous from an ESG perspective too. LIC's pursuit of pre-IPO ESG ratings is commendable, precedent-setting, and long-term positive for LIC as a company and India and a country.
Near-Term, pursuing pre-IPO ratings could backfire. Nothing major, but LIC could simply tell its ESG story to investors without (for now) ratings; the desired benefits without the risks.


Life Insurance Corporation of India's Pursuit of Pre-IPO ESG Ratings Is Positive, But With Some Risk

<ul>
<li>In a recent Insight, <a href="https://www.smartkarma.com/insights/regulating-esg-ratings-in-india-outline-of-sebi-s-proposed-regulatory-framework" target="_blank" data-smartkarma-citation="insights:64468" rel="noopener">Regulating ESG Ratings in India: Outline of SEBI's Proposed Regulatory Framework</a>, I summarised SEBI's proposed regulatory framework for ESG ratings in India. </li>
<li>This Insight goes a bit further, looking at implications of regulation on stocks of ESG ratings providers (ERPs), especially Credit Rating Agencies (CRAs) and Research Analysts (RAs).</li>
<li>Downside risk are minimal for ERPs, but a few scenarios and stipulations related to conflicts of interest and compensation (how ERPs are paid, and by whom) could have an impact.</li>
</ul>


In a recent Insight, Regulating ESG Ratings in India: Outline of SEBI's Proposed Regulatory Framework, I summarised SEBI's proposed regulatory framework for ESG ratings in India. 
This Insight goes a bit further, looking at implications of regulation on stocks of ESG ratings providers (ERPs), especially Credit Rating Agencies (CRAs) and Research Analysts (RAs).
Downside risk are minimal for ERPs, but a few scenarios and stipulations related to conflicts of interest and compensation (how ERPs are paid, and by whom) could have an impact.


Credit Rating Agency Stocks Most Impacted by SEBI Regulation of ESG Ratings in India

India

ICRA Limited is an Indian independent investment information and credit rating agency. It offers credit ratings, research, analytics, ESG assessments, risk solutions, and technology-led offerings. The company is headquartered in Gurugram, Haryana, and was established in 1991.

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ICRA (ICRA IN)

India's Rating Agencies: The Only Toll Booth on the Road to a $10 Trillion Economy

A sector that is not impacted by War: Credit rating agencies maintain strong competitive position due to regulation and parentage, while SME...

Nimish Maheshwari

Thematic Report: Credit Rating Agencies - Boring but Beautiful

Analysis of Indian credit rating agencies in terms of credit and non-rating businesses, Growth triggers, issues and valuations.

Nimish Maheshwari

Life Insurance Corporation of India: Update on LIC's Pre-IPO ESG Ratings and Message

Several months ago, I discussed ESG aspects of the LIC IPO and promised an updated as the date drew closer, so here it is. Alas, no pre-IPO ESG...

Kyle Rudden

Life Insurance Corporation of India's Pursuit of Pre-IPO ESG Ratings Is Positive, But With Some Risk

LIC is proactively pursuing ESG ratings ahead of its IPO. It's an ESG-first, commendable, and positive long-term. But near-term, it could backfire...

Kyle Rudden

Credit Rating Agency Stocks Most Impacted by SEBI Regulation of ESG Ratings in India

The potential impacts of SEBI's proposed framework for regulating ESG ratings are unclear at this stage, but a few things (related to conflicts of...

Kyle Rudden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India's Rating Agencies: The Only Toll Booth on the Road to a $10 Trillion Economy

A sector that is not impacted by War: Credit rating agencies maintain strong competitive position due to regulation and parentage, while SME...

Nimish Maheshwari

Thematic Report: Credit Rating Agencies - Boring but Beautiful

Analysis of ​Indian credit rating agencies in terms of credit and non-rating businesses, Growth triggers, issues and valuations.

Nimish Maheshwari

Life Insurance Corporation of India: Update on LIC's Pre-IPO ESG Ratings and Message

Several months ago, I discussed ESG aspects of the LIC IPO and promised an updated as the date drew closer, so here it is. Alas, no pre-IPO ESG...

Kyle Rudden

Life Insurance Corporation of India's Pursuit of Pre-IPO ESG Ratings Is Positive, But With Some Risk

LIC is proactively pursuing ESG ratings ahead of its IPO. It's an ESG-first, commendable, and positive long-term. But near-term, it could backfire...

Kyle Rudden

Credit Rating Agency Stocks Most Impacted by SEBI Regulation of ESG Ratings in India

The potential impacts of SEBI's proposed framework for regulating ESG ratings are unclear at this stage, but a few things (related to conflicts of...

Kyle Rudden

Analysis of Indian credit rating agencies in terms of credit and non-rating businesses, Growth triggers, issues and valuations.