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>INR 10,000 cr+ of fresh capacity, led by Grasim’s Birla Opus will lift organised paint capacity ~70 % by FY26 even as FY24 industry revenue growth slowed to ~4 %.</li>
<li>Hyper-Competition has shifted the fight to dealer shelves: aggressive discounts, wider distribution and heavier ad-spend are squeezing incumbents’ volumes and have dragged sector EBITDA margins from ~20% to ~16 %.</li>
<li>Near-Term earnings for legacy leaders will stay under pressure and market share will churn, but 80 % organised share and structurally strong housing demand keep the medium-term growth story intact.</li>
</ul>


INR 10,000 cr+ of fresh capacity, led by Grasim’s Birla Opus will lift organised paint capacity ~70 % by FY26 even as FY24 industry revenue growth slowed to ~4 %.
Hyper-Competition has shifted the fight to dealer shelves: aggressive discounts, wider distribution and heavier ad-spend are squeezing incumbents’ volumes and have dragged sector EBITDA margins from ~20% to ~16 %.
Near-Term earnings for legacy leaders will stay under pressure and market share will churn, but 80 % organised share and structurally strong housing demand keep the medium-term growth story intact.


India’s Paints Sector: A Tale of Disruption and Transformation

<ul>
<li>Crude oil prices have dropped sharply, with WTI and Brent falling 3-4% due to OPEC+'s decision to increase oil output to 960,000 bpd, representing a 44% unwinding .  </li>
<li>This decline in oil prices could benefit India’s Oil Marketing Companies, paint, tyre, and aviation sectors, while negatively impacting upstream oil explorers and refineries.</li>
<li>Despite OPEC+'s move to ramp up production, global demand remains uncertain due to trade tensions, and oil prices are forecasted to stay low, affecting various sectors.</li>
</ul>


Crude oil prices have dropped sharply, with WTI and Brent falling 3-4% due to OPEC+'s decision to increase oil output to 960,000 bpd, representing a 44% unwinding .  
This decline in oil prices could benefit India’s Oil Marketing Companies, paint, tyre, and aviation sectors, while negatively impacting upstream oil explorers and refineries.
Despite OPEC+'s move to ramp up production, global demand remains uncertain due to trade tensions, and oil prices are forecasted to stay low, affecting various sectors.


OPEC+ Pushes for Market Share, How India Can Benefit?

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

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

Equity Bottom-Up

<ul>
<li>We interact with our dealer network representing <a href="https://www.smartkarma.com/entities/asian-paints-ltd" target="_blank" data-smartkarma-citation="entities:6354:1" rel="noopener">Asian Paints (APNT IN)</a>  and Birla Opus <a href="https://www.smartkarma.com/entities/grasim-industries-ltd" target="_blank" data-smartkarma-citation="entities:290:1" rel="noopener">Grasim Industries (GRASIM IN)</a> dealers with an objective to understand the current operating environment.</li>
<li>Aggression in a slow-moving market will result in short-term market share gains for players like Birla Opus.</li>
<li>While <a href="https://www.smartkarma.com/entities/asian-paints-ltd" target="_blank" data-smartkarma-citation="entities:6354:1" rel="noopener">Asian Paints (APNT IN)</a> may appear to lose market share, we believe this would be transient in nature.</li>
</ul>


We interact with our dealer network representing Asian Paints (APNT IN)  and Birla Opus Grasim Industries (GRASIM IN) dealers with an objective to understand the current operating environment.
Aggression in a slow-moving market will result in short-term market share gains for players like Birla Opus.
While Asian Paints (APNT IN) may appear to lose market share, we believe this would be transient in nature.


Birla Opus | Short Term Gain, Long Term Pain

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

Ajax Engineering Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ajax-engineering-limited" target="_blank" data-smartkarma-citation="entities:44026:1" rel="noopener">Ajax Engineering Limited (0896529D IN)</a> is looking to raise about US$145m in its upcoming India IPO.</li>
<li>Ajax Engineering Limited (AEL) is one of the leading concrete equipment manufacturers with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain.</li>
<li>In this note, we take a quick look at the company’s past performance and the IPO valuations.</li>
</ul>



Ajax Engineering Limited (0896529D IN) is looking to raise about US$145m in its upcoming India IPO.
Ajax Engineering Limited (AEL) is one of the leading concrete equipment manufacturers with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain.
In this note, we take a quick look at the company’s past performance and the IPO valuations.


Ajax Engineering IPO - Robust Growth Driven by a Comprehensive Dealer Network

<ul>
<li>The paint industry experienced significant challenges in Q2FY24, with most companies reporting subdued performance.</li>
<li>Asian Paints reported typical fluctuations in market share of 1-1.5%, while Berger Paints and AkzoNobel both reported gains in their respective market positions.</li>
<li>Asian Paints' current market share reduction and increased competitive pressure stem from its size and the slowing macro environment.</li>
</ul>


The paint industry experienced significant challenges in Q2FY24, with most companies reporting subdued performance.
Asian Paints reported typical fluctuations in market share of 1-1.5%, while Berger Paints and AkzoNobel both reported gains in their respective market positions.
Asian Paints' current market share reduction and increased competitive pressure stem from its size and the slowing macro environment.


Asian Paints (APNT IN) | Navigating Turbulence

India

Indigo Paints Limited manufactures paints. The Company supplies exterior and interior paints. Indigo Paints serves customers in India.

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Indigo Paints (INDIGOPN IN)

India’s Paints Sector: A Tale of Disruption and Transformation

Organised paint sector capacity set to surge by 70% by FY26, but hyper-competition squeezing margins and market share in the near-term. Strong...

Nimish Maheshwari

Birla Opus | Short Term Gain, Long Term Pain

In this Insight, we interact with Paint Dealers to understand market dynamics; Birla Opus may gain short-term market share, while Asian Paints...

Pranav Bhavsar

Ajax Engineering IPO - Robust Growth Driven by a Comprehensive Dealer Network

Ajax Engineering Limited is looking to raise about US$145m in its upcoming India IPO. In this note, we take a quick look at the company’s past...

Akshat Shah

Asian Paints (APNT IN) | Navigating Turbulence

Q2FY24 was tough for the paint industry, with Asian Paints facing market share reduction due to size and macroeconomic factors, while Berger...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India’s Paints Sector: A Tale of Disruption and Transformation

​Organised paint sector capacity set to surge by 70% by FY26, but hyper-competition squeezing margins and market share in the near-term. Strong...

Nimish Maheshwari

OPEC+ Pushes for Market Share, How India Can Benefit?

​OPEC+ decision to increase oil output leads to sharp drop in crude oil prices, benefiting some sectors in India but impacting others negatively,...

Nimish Maheshwari

Birla Opus | Short Term Gain, Long Term Pain

In this Insight, we interact with Paint Dealers to understand market dynamics; Birla Opus may gain short-term market share, while Asian Paints...

Pranav Bhavsar

Ajax Engineering IPO - Robust Growth Driven by a Comprehensive Dealer Network

Ajax Engineering Limited is looking to raise about US$145m in its upcoming India IPO. In this note, we take a quick look at the company’s past...

Akshat Shah

Asian Paints (APNT IN) | Navigating Turbulence

​Q2FY24 was tough for the paint industry, with Asian Paints facing market share reduction due to size and macroeconomic factors, while Berger...

Pranav Bhavsar

Organised paint sector capacity set to surge by 70% by FY26, but hyper-competition squeezing margins and market share in the near-term. Strong...

OPEC+ decision to increase oil output leads to sharp drop in crude oil prices, benefiting some sectors in India but impacting others negatively,...

Q2FY24 was tough for the paint industry, with Asian Paints facing market share reduction due to size and macroeconomic factors, while Berger...