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>IGL is set for a significant margin boost from a VAT reduction on Gujarat-sourced gas, the new PNGRB two-zone tariff, and lower crude-linked input costs</li>
<li>The reduced VAT, new tariff structure, and falling oil prices position IGL for significant margin growth, potentially boosting PAT by 8-15% in the coming years.</li>
<li>Favorable regulatory changes and reduced raw material costs create a clear pathway for IGL to achieve its higher EBITDA per SCM guidance and sustain robust volume growth.</li>
</ul>


IGL is set for a significant margin boost from a VAT reduction on Gujarat-sourced gas, the new PNGRB two-zone tariff, and lower crude-linked input costs
The reduced VAT, new tariff structure, and falling oil prices position IGL for significant margin growth, potentially boosting PAT by 8-15% in the coming years.
Favorable regulatory changes and reduced raw material costs create a clear pathway for IGL to achieve its higher EBITDA per SCM guidance and sustain robust volume growth.


IGL: Strategic Advantages in Tax and Crude Price Lead to Higher Profit Growth

Thematic (Sector/Industry)

<ul>
<li>India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.</li>
<li>The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.</li>
<li>If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.</li>
</ul>


India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.
The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.
If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.


Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

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

Mazagon Dock Shipbuilders  / Index Rebalance

<ul>
<li>We forecast 10 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 10 stocks from SmallCap to MidCap, and 13 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 1 stock is expected to be added to Large cap, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>There are multiple stocks among the AMFI changes that will be changes for global indices, <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index</a> and/or Nifty Midcap 150 Index in September.</li>
</ul>


We forecast 10 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 10 stocks from SmallCap to MidCap, and 13 stocks from MidCap to SmallCap.
From the new listings, 1 stock is expected to be added to Large cap, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
There are multiple stocks among the AMFI changes that will be changes for global indices, NIFTY Index, NSE Nifty Next 50 Index and/or Nifty Midcap 150 Index in September.


AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 indices in the June 2025 index rebal event.</li>
<li>As things stand, there could be two index changes for the SENSEX index.</li>
<li>There could be three ADDs/DELs for the BSE 100 index and eight ADDs/DELs for the BSE 200 index.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 indices in the June 2025 index rebal event.
As things stand, there could be two index changes for the SENSEX index.
There could be three ADDs/DELs for the BSE 100 index and eight ADDs/DELs for the BSE 200 index.


Quiddity Leaderboard BSE/​​​​SENSEX Jun25: Pair Trade Delivers Strong Alpha; More Pair Trade Ideas

<ul>
<li>Chinese exporters use fake labels and rerouting to dodge Trump tariffs, straining Asian trade hubs and triggering global customs crackdowns.</li>
<li>Brookfield-Backed Avaada plans INR 4,000–5,000 crore IPO for its solar module arm, expanding India’s green energy manufacturing ambitions.</li>
<li>
<a href="https://www.smartkarma.com/entities/indraprastha-gas-ltd" target="_blank" data-smartkarma-citation="entities:6969:1" rel="noopener">Indraprastha Gas (IGL IN)</a> hikes CNG prices for the second time in a month, targeting 33% higher realisations and stronger margins by FY26.</li>
</ul>


Chinese exporters use fake labels and rerouting to dodge Trump tariffs, straining Asian trade hubs and triggering global customs crackdowns.
Brookfield-Backed Avaada plans INR 4,000–5,000 crore IPO for its solar module arm, expanding India’s green energy manufacturing ambitions.

Indraprastha Gas (IGL IN) hikes CNG prices for the second time in a month, targeting 33% higher realisations and stronger margins by FY26.


#142 India Insight: Tariff Dodging, Avaada’s IPO Push, and CNG Hikes Reshape Asia’s Trade, Energy

India

Indraprastha Gas Limited processes and distributes compressed natural gas and liquefied petroleum gas. The Company has been jointly promoted by Bharat Petroleum Corporation and Gas Authority of India.

Price Gauge
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Indraprastha Gas (IGL IN)

IGL: Strategic Advantages in Tax and Crude Price Lead to Higher Profit Growth

IGL poised for margin growth with VAT reduction, new tariff structure, and lower input costs, potentially boosting PAT by 8-15% in coming years.

Sudarshan Bhandari

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows

We currently forecast 44 migrations for the AMFI July reclassification. Some IPOs could be added to Large/Mid cap. The forecast upward migrations...

Brian Freitas

Quiddity Leaderboard BSE/SENSEX Jun25: Pair Trade Delivers Strong Alpha; More Pair Trade Ideas

The reference period for selection ranks ended on 30th April 2025. The only change in expectations since this insight is that we no longer see...

Janaghan Jeyakumar, CFA

#142 India Insight: Tariff Dodging, Avaada’s IPO Push, and CNG Hikes Reshape Asia’s Trade, Energy

Chinese exporters evade Trump tariffs with fake labels, Avaada plans massive IPO for solar arm in India, Indraprastha Gas raises CNG prices for...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IGL: Strategic Advantages in Tax and Crude Price Lead to Higher Profit Growth

​IGL poised for margin growth with VAT reduction, new tariff structure, and lower input costs, potentially boosting PAT by 8-15% in coming years.

Sudarshan Bhandari

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

​India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows

We currently forecast 44 migrations for the AMFI July reclassification. Some IPOs could be added to Large/Mid cap. The forecast upward migrations...

Brian Freitas

Quiddity Leaderboard BSE/​​​​SENSEX Jun25: Pair Trade Delivers Strong Alpha; More Pair Trade Ideas

The reference period for selection ranks ended on 30th April 2025. The only change in expectations since this insight is that we no longer see...

Janaghan Jeyakumar, CFA

#142 India Insight: Tariff Dodging, Avaada’s IPO Push, and CNG Hikes Reshape Asia’s Trade, Energy

​Chinese exporters evade Trump tariffs with fake labels, Avaada plans massive IPO for solar arm in India, Indraprastha Gas raises CNG prices for...

Sudarshan Bhandari

IGL poised for margin growth with VAT reduction, new tariff structure, and lower input costs, potentially boosting PAT by 8-15% in coming years.

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Quiddity Leaderboard BSE/SENSEX Jun25: Pair Trade Delivers Strong Alpha; More Pair Trade Ideas

Chinese exporters evade Trump tariffs with fake labels, Avaada plans massive IPO for solar arm in India, Indraprastha Gas raises CNG prices for...