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>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a> reported record quarterly PAT and crossed $10 billion in annual revenue for the first time and recommended a dividend after five years.</li>
<li>Capacity significantly expanded in FY25 and plans continue, adding aircraft, routes, and widebodies for international growth. On consolidated basis, management guides early double digit growth in FY26.</li>
<li>Geopolitical events like India-Pak war caused booking dips and flight delays. </li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN) reported record quarterly PAT and crossed $10 billion in annual revenue for the first time and recommended a dividend after five years.
Capacity significantly expanded in FY25 and plans continue, adding aircraft, routes, and widebodies for international growth. On consolidated basis, management guides early double digit growth in FY26.
Geopolitical events like India-Pak war caused booking dips and flight delays. 


InterGlobe Aviation Limited Q4 FY25 Update: Record Quarter Driven by Demand and Strategic Expansion

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a>'s co-founder, Rakesh Gangwal, aims to raise around US$803m via selling around a 3.3% stake in Indigo.  </li>
<li>He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN)'s co-founder, Rakesh Gangwal, aims to raise around US$803m via selling around a 3.3% stake in Indigo.  
He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Interglobe Aviation (Indigo) Placement - Another US$800m+ Deal by Co-Founder

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN) </a>is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>In this note, we will talk about the IPO valuations.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
In this note, we will talk about the IPO valuations.


Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices in the September 2025 index rebal event.</li>
<li>We see two changes for NIFTY 50 and five changes for NIFTY 100.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices in the September 2025 index rebal event.
We see two changes for NIFTY 50 and five changes for NIFTY 100.


Quiddity Leaderboard NIFTY Sep25: Multiple Changes to Expectations

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN)</a> is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.


Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

India

InterGlobe Aviation Ltd. operates IndiGo, India's largest passenger airline by domestic market share, focusing on low fares, punctuality, and a hassle-free travel experience. The company provides air transportation services for passengers and cargo on scheduled flights, along with ancillary services like car rental, airport lounge access, and travel insurance. IndiGo is headquartered in Gurugram, Haryana, India, and was founded in 2004.

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IndiGo (INDIGO IN)

InterGlobe Aviation Limited Q4 FY25 Update: Record Quarter Driven by Demand and Strategic Expansion

InterGlobe Aviation Ltd (INDIGO IN) achieves record quarterly profit and surpasses $10 billion in annual revenue, recommending a dividend after...

Sudarshan Bhandari

Interglobe Aviation (Indigo) Placement - Another US$800m+ Deal by Co-Founder

InterGlobe Aviation (Indigo)’s co-founder, Rakesh Gangwal, aims to raise around US$803m via selling around 3.3% stake in Indigo.

Akshat Shah

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

Quiddity Leaderboard NIFTY Sep25: Multiple Changes to Expectations

We see US$886mn and US$391mn one-way flows, respectively, for the NIFTY 50 and NIFTY Next 50 September 2025 index rebalance events.

Janaghan Jeyakumar, CFA

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

InterGlobe Aviation Limited Q4 FY25 Update: Record Quarter Driven by Demand and Strategic Expansion

​InterGlobe Aviation Ltd (INDIGO IN) achieves record quarterly profit and surpasses $10 billion in annual revenue, recommending a dividend after...

Sudarshan Bhandari

Interglobe Aviation (Indigo) Placement - Another US$800m+ Deal by Co-Founder

InterGlobe Aviation (Indigo)’s co-founder, Rakesh Gangwal, aims to raise around US$803m via selling around 3.3% stake in Indigo.

Akshat Shah

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

Quiddity Leaderboard NIFTY Sep25: Multiple Changes to Expectations

We see US$886mn and US$391mn one-way flows, respectively, for the NIFTY 50 and NIFTY Next 50 September 2025 index rebalance events.

Janaghan Jeyakumar, CFA

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

InterGlobe Aviation Ltd (INDIGO IN) achieves record quarterly profit and surpasses $10 billion in annual revenue, recommending a dividend after...