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>
Strong recent credit off-take and a favorable interest rate environment for issuance are expected to drive a robust revenue quarter for CARE Ratings, building on its core debt rating services.</li>
<li>CareEdge's focus on expanding its non-rating services, especially in ESG and infrastructure ratings, offers significant growth potential. </li>
<li>The Indian credit rating sector remains a high-margin oligopoly; a Q2 beat could re-rate CARE if it signals improved pricing discipline and acceleration in its non-rating advisory vertical.</li>
</ul>



Strong recent credit off-take and a favorable interest rate environment for issuance are expected to drive a robust revenue quarter for CARE Ratings, building on its core debt rating services.
CareEdge's focus on expanding its non-rating services, especially in ESG and infrastructure ratings, offers significant growth potential. 
The Indian credit rating sector remains a high-margin oligopoly; a Q2 beat could re-rate CARE if it signals improved pricing discipline and acceleration in its non-rating advisory vertical.


CARE Rating’s Strategic Advantage in Q2: Navigating the Credit Boom

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

WeWork India Management Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> is looking to raise about US$407m in its upcoming India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



WeWork India Management Ltd (1690124D IN) is looking to raise about US$407m in its upcoming India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
In this note, we talk about the not-so-positive aspects of the deal.


WeWork India Pre-IPO - Lease Mismatch and Structural Strains

<ul>
<li>CARE Ratings has emerged stronger post-IL&amp;FS through board reconstitution, governance reforms, and renewed focus on ESG-linked services.</li>
<li>With India’s credit market entering a capex-led upcycle and ESG regulations tightening, CRAs like CARE are structurally well-placed to benefit.</li>
<li>Despite lagging CRISIL and ICRA in tech-enabled analytics, CARE’s high share of rating revenue (~90%) and clean balance sheet provide room for re-rating, supported by industry tailwinds.</li>
</ul>


CARE Ratings has emerged stronger post-IL&amp;FS through board reconstitution, governance reforms, and renewed focus on ESG-linked services.
With India’s credit market entering a capex-led upcycle and ESG regulations tightening, CRAs like CARE are structurally well-placed to benefit.
Despite lagging CRISIL and ICRA in tech-enabled analytics, CARE’s high share of rating revenue (~90%) and clean balance sheet provide room for re-rating, supported by industry tailwinds.


The Beat Ideas: CARE Ratings- India’s Only Homegrown CRA Reclaims Its Edge

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<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

<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

India

ICRA Limited provides investment information and credit rating services in India.

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Icra Ltd (ICRA IN)

CARE Rating’s Strategic Advantage in Q2: Navigating the Credit Boom

CARE Ratings poised for strong revenue quarter with recent credit off-take and focus on non-rating services like ESG and infrastructure ratings,...

Sudarshan Bhandari

WeWork India Pre-IPO - Lease Mismatch and Structural Strains

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

The Beat Ideas: CARE Ratings- India’s Only Homegrown CRA Reclaims Its Edge

CARE Ratings has strengthened with governance reforms and ESG focus, well-positioned to benefit from India's credit market upcycle and tightening...

Sudarshan Bhandari

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CARE Rating’s Strategic Advantage in Q2: Navigating the Credit Boom

​CARE Ratings poised for strong revenue quarter with recent credit off-take and focus on non-rating services like ESG and infrastructure ratings,...

Sudarshan Bhandari

WeWork India Pre-IPO - Lease Mismatch and Structural Strains

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

The Beat Ideas: CARE Ratings- India’s Only Homegrown CRA Reclaims Its Edge

​CARE Ratings has strengthened with governance reforms and ESG focus, well-positioned to benefit from India's credit market upcycle and tightening...

Sudarshan Bhandari

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

CARE Ratings poised for strong revenue quarter with recent credit off-take and focus on non-rating services like ESG and infrastructure ratings,...

CARE Ratings has strengthened with governance reforms and ESG focus, well-positioned to benefit from India's credit market upcycle and tightening...

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