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>Currently, the share of natural gas in energy basket is just 6.7%, Which India is aiming for 15% by 2030.</li>
<li>Capex in Place- expanding the Dahej Plant, Petchem facility(20000Cr) will be operational in 4-5 years, Kochi utilization will improve</li>
<li>20% Volume Growth expected by Management, with a rising LNG portion in overall Gas Consumption in India.</li>
</ul>


Currently, the share of natural gas in energy basket is just 6.7%, Which India is aiming for 15% by 2030.
Capex in Place- expanding the Dahej Plant, Petchem facility(20000Cr) will be operational in 4-5 years, Kochi utilization will improve
20% Volume Growth expected by Management, with a rising LNG portion in overall Gas Consumption in India.


The Beat Ideas- Petronet LNG: Driving Growth in India's Natural Gas Sector

Thematic (Sector/Industry)

<ul>
<li>JLR to produce cars in India but for the first time</li>
<li>Reliance - Airtel may tussle on the African Markets after Indian Market</li>
<li>FII may show interest to Indian Markets to reap benefits of demographic dividends</li>
</ul>


JLR to produce cars in India but for the first time
Reliance - Airtel may tussle on the African Markets after Indian Market
FII may show interest to Indian Markets to reap benefits of demographic dividends


#1 India Insights : Tata Motors-JLR Strengthens Tie Ups, Reliance-Airtel Tussle and Macro Insights

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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.

<ul><li>Motilal Oswal's research report onIndian Oil Corporation IOCL’s 4QFY24 EBITDA of INR 104b (down 27% YoY) was 26% below our estimate of INR 141b due to weaker-than-estimated reported GRM (USD8.4/ bbl in 4QFY24 vs. our estimate of USD15.0/bbl).</li><li>The subdued result was also due to the continuing weak performance of the petrochemical division (EBIT loss of INR 4b).</li><li>Core GRM in 4QFY24 came in at USD10.6/bbl; for FY25-26, we are building in GRMs of USD9/bbl.</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.

Motilal Oswal's research report onIndian Oil Corporation IOCL’s 4QFY24 EBITDA of INR 104b (down 27% YoY) was 26% below our estimate of INR 141b due to weaker-than-estimated reported GRM (USD8.4/ bbl in 4QFY24 vs. our estimate of USD15.0/bbl).The subdued result was also due to the continuing weak performance of the petrochemical division (EBIT loss of INR 4b).Core GRM in 4QFY24 came in at USD10.6/bbl; for FY25-26, we are building in GRMs of USD9/bbl.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.

Iocl - Inventory Loss and Weak Petchem Lead to Earnings Miss

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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.

<ul><li>Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 145, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing margins</li><li>IOCL’s Q4FY24 reported EBITDA at INR 104bn (-32% YoY, -33% QoQ) and APAT at INR 48bn (-52% YoY, -40% QoQ) came in below our estimates</li><li>Earnings were impacted by weak performance from the petchem segment, lower refining margins, inventory loss and higher-than-expected expenses</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.

Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 145, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing marginsIOCL’s Q4FY24 reported EBITDA at INR 104bn (-32% YoY, -33% QoQ) and APAT at INR 48bn (-52% YoY, -40% QoQ) came in below our estimatesEarnings were impacted by weak performance from the petchem segment, lower refining margins, inventory loss and higher-than-expected expensesContent 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.

HSIE Results Daily: Indian Oil Corporation, Star Health and Allied Insurance

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There were a few rebalance announcements in the last week and the <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">SSE STAR50 (STAR50 INDEX)</a> and STAR100 Index rebalances were implemented at the close on Friday.</li>
<li>There are a lot of rebalances that will be implemented at the close on the coming Thursday and Friday.</li>
<li>Another big week of inflows for onshore China ETFs with Central Huijin likely behind the big flows to ETFs tracking the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">Shanghai Shenzhen CSI 300 Inde (SHSZ300 INDEX)</a>. </li>
</ul>


There were a few rebalance announcements in the last week and the SSE STAR50 (STAR50 INDEX) and STAR100 Index rebalances were implemented at the close on Friday.
There are a lot of rebalances that will be implemented at the close on the coming Thursday and Friday.
Another big week of inflows for onshore China ETFs with Central Huijin likely behind the big flows to ETFs tracking the Shanghai Shenzhen CSI 300 Inde (SHSZ300 INDEX). 


Index Rebalance & ETF Flow Recap: NKY, ASX, CSI300, A50, STTF, LowVol30, Value Up

India

Indian Oil Corporation Limited explores for and refines crude oil, in addition to manufacturing petroleum & petroleum products. The Company's products include lubricating oils, liquid petroleum gas, aviation turbine fuels, greases, wax, bitumen and asphalt. Indian Oil Corporation has retail outlets throughout India. The greatest majority shareholding in the Company is held by Indian Government.

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Indian Oil Corp (IOCL IN)

The Beat Ideas- Petronet LNG: Driving Growth in India's Natural Gas Sector

Petronet LNG: The Pure Play Natural Gas Player in India. Rising Energy Demand, Capex and upcoming Petchem project will drive the growth.

Sudarshan Bhandari

#1 India Insights : Tata Motors-JLR Strengthens Tie Ups, Reliance-Airtel Tussle and Macro Insights

Big Insights on India : JLR to begin car production in India, Reliance and Airtel may compete in African markets, and FIIs eye Indian markets for...

Sudarshan Bhandari

Iocl - Inventory Loss and Weak Petchem Lead to Earnings Miss

The subdued result was also due to the continuing weak performance of the petrochemical division (EBIT loss of INR 4b). Core GRM in 4QFY24 came in...

Motilal Oswal

HSIE Results Daily: Indian Oil Corporation, Star Health and Allied Insurance

Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 145, is premised on margin pressure due to increasing petchem...

HDFC Securities

Index Rebalance & ETF Flow Recap: NKY, ASX, CSI300, A50, STTF, LowVol30, Value Up

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas- Petronet LNG: Driving Growth in India's Natural Gas Sector

Petronet LNG: The Pure Play Natural Gas Player in India. Rising Energy Demand, Capex and upcoming Petchem project will drive the growth.

Sudarshan Bhandari

#1 India Insights : Tata Motors-JLR Strengthens Tie Ups, Reliance-Airtel Tussle and Macro Insights

​Big Insights on India : JLR to begin car production in India, Reliance and Airtel may compete in African markets, and FIIs eye Indian markets for...

Sudarshan Bhandari

Iocl - Inventory Loss and Weak Petchem Lead to Earnings Miss

The subdued result was also due to the continuing weak performance of the petrochemical division (EBIT loss of INR 4b). Core GRM in 4QFY24 came in...

Motilal Oswal

HSIE Results Daily: Indian Oil Corporation, Star Health and Allied Insurance

Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 145, is premised on margin pressure due to increasing petchem...

HDFC Securities

Index Rebalance & ETF Flow Recap: NKY, ASX, CSI300, A50, STTF, LowVol30, Value Up

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Big Insights on India : JLR to begin car production in India, Reliance and Airtel may compete in African markets, and FIIs eye Indian markets for...