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>Indian Gas Exchange, India’s only authorised national physical-delivery gas exchange, filed a 100% OFS for 1.671 crore shares, reducing IEX’s holding from 47.28% to 25%.</li>
<li>IGX combines monopoly status, asset-light debt-free economics, 35% PAT CAGR and 69.1% FY26 EBITDA margin, with CRISIL projecting 37% volume CAGR through FY30.</li>
<li>The IPO is price-sensitive: no growth capital enters IGX, while INR 340 implies nearly 60x FY26 earnings, liquidity, approvals and transaction-led growth must justify the premium.</li>
</ul>


Indian Gas Exchange, India’s only authorised national physical-delivery gas exchange, filed a 100% OFS for 1.671 crore shares, reducing IEX’s holding from 47.28% to 25%.
IGX combines monopoly status, asset-light debt-free economics, 35% PAT CAGR and 69.1% FY26 EBITDA margin, with CRISIL projecting 37% volume CAGR through FY30.
The IPO is price-sensitive: no growth capital enters IGX, while INR 340 implies nearly 60x FY26 earnings, liquidity, approvals and transaction-led growth must justify the premium.


IGX IPO: Can India’s Gas Market Shift from Bilateral Deals to Exchange Trading?

India

Indian Gas Exchange Limited (IGX) is India's first automated national-level Gas Exchange, gas trading across the country.

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Indian Gas Exchange (INDIANGAS IN)

IGX IPO: Can India’s Gas Market Shift from Bilateral Deals to Exchange Trading?

Indian Gas Exchange filed a 100% OFS reducing IEX's holding, with strong financials but a price-sensitive IPO at nearly 60x FY26 earnings.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IGX IPO: Can India’s Gas Market Shift from Bilateral Deals to Exchange Trading?

​Indian Gas Exchange filed a 100% OFS reducing IEX's holding, with strong financials but a price-sensitive IPO at nearly 60x FY26 earnings.

Sudarshan Bhandari

Indian Gas Exchange filed a 100% OFS reducing IEX's holding, with strong financials but a price-sensitive IPO at nearly 60x FY26 earnings.