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>On April 1, 2026, OMCs spiked ATF prices by 114%, but management cheered a government shield limiting domestic airline cost increases to just 25%.</li>
<li>This critical intervention saved <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> from the full market rate of INR 207 per litre, limiting their quarterly fuel cost increase.</li>
<li>While the policy provides a vital near-term lifeline, the long-term outlook depends on stabilizing crude prices and managing the persistent rupee depreciation headwinds.</li>
</ul>


On April 1, 2026, OMCs spiked ATF prices by 114%, but management cheered a government shield limiting domestic airline cost increases to just 25%.
This critical intervention saved InterGlobe Aviation Ltd (INDIGO IN) from the full market rate of INR 207 per litre, limiting their quarterly fuel cost increase.
While the policy provides a vital near-term lifeline, the long-term outlook depends on stabilizing crude prices and managing the persistent rupee depreciation headwinds.


Air Turbine Fuel(ATF): What New Fuel Rules Mean for Indian Airlines?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>The Indian Rupee’s decline to 95 per dollar is driven by a widening trade deficit, surging crude oil prices, and persistent foreign capital outflows</li>
<li>This depreciation triggers imported inflation across the economy, a substantial<strong> 3.7% to 5.2% EPS boost for top-tier IT services exporters</strong>.</li>
<li>Global exporters like <a href="https://www.smartkarma.com/entities/coforge-ltd" target="_blank" data-smartkarma-citation="entities:8639:1" rel="noopener">Coforge (COFORGE IN)</a> and <a href="https://www.smartkarma.com/entities/sagility-india-limited" target="_blank" data-smartkarma-citation="entities:43717:1" rel="noopener">Sagility India (SAGILITY IN)</a> emerge as primary beneficiaries, whereas import-dependent sectors like Aviation and Paints face severe and immediate margin contraction.</li>
</ul>


The Indian Rupee’s decline to 95 per dollar is driven by a widening trade deficit, surging crude oil prices, and persistent foreign capital outflows
This depreciation triggers imported inflation across the economy, a substantial 3.7% to 5.2% EPS boost for top-tier IT services exporters.
Global exporters like Coforge (COFORGE IN) and Sagility India (SAGILITY IN) emerge as primary beneficiaries, whereas import-dependent sectors like Aviation and Paints face severe and immediate margin contraction.


The Rupee at 95/$: Sectoral Winners and Losers

<ul>
<li>Brent crude has surged 78% in nine days from ~$67/bbl to above $110/bbl as the US-Israel-Iran war blocks Strait of Hormuz shipping, the first such disruption since 1980.</li>
<li>India, importing 85-90% of crude needs, faces a simultaneous hit to CPI (+55-80bp), GDP (-15 to -27bp), current account deficit (widening 0.5% of GDP per $10/bbl), a rupee (92/$). </li>
<li>Markets have begun pricing geopolitical risk but have not fully absorbed the macro cascade. With Nifty down 9% from peak and India VIX at 19+, the correction is incomplete.</li>
</ul>


Brent crude has surged 78% in nine days from ~$67/bbl to above $110/bbl as the US-Israel-Iran war blocks Strait of Hormuz shipping, the first such disruption since 1980.
India, importing 85-90% of crude needs, faces a simultaneous hit to CPI (+55-80bp), GDP (-15 to -27bp), current account deficit (widening 0.5% of GDP per $10/bbl), a rupee (92/$). 
Markets have begun pricing geopolitical risk but have not fully absorbed the macro cascade. With Nifty down 9% from peak and India VIX at 19+, the correction is incomplete.


Black Oil, Red Markets: How Rising Crude Prices Impacting Indian Economy & Markets

<ul>
<li>Regional conflict involving the US, Israel, and Iran has triggered unprecedented airspace closures across West Asia, forcing Indian carriers to cancel hundreds of flights and ground widebody fleets.</li>
<li>IndiGo faces a 19-20% total capacity hit; Air India faces 40%-plus disruption. With ATF forming 35-45% of costs, any crude spike compounds direct revenue losses.</li>
<li>The near-term pain is real but manageable for IndiGo, whose long-term thesis stays intact. SpiceJet, burdened by wet-lease obligations and a thin balance sheet, faces a structurally more dangerous squeeze.</li>
</ul>


Regional conflict involving the US, Israel, and Iran has triggered unprecedented airspace closures across West Asia, forcing Indian carriers to cancel hundreds of flights and ground widebody fleets.
IndiGo faces a 19-20% total capacity hit; Air India faces 40%-plus disruption. With ATF forming 35-45% of costs, any crude spike compounds direct revenue losses.
The near-term pain is real but manageable for IndiGo, whose long-term thesis stays intact. SpiceJet, burdened by wet-lease obligations and a thin balance sheet, faces a structurally more dangerous squeeze.


How Middle East Conflict Outting Pressure on Indian Airlines: Indigo, Air India, Spicejet and Akasa

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on SWIGGY, HDFC Bank, Axis Bank, Reliance Industries, Bharti Airtel, Hindustan Petroleum, Adani Enterprises, GMR Airports.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on SWIGGY, HDFC Bank, Axis Bank, Reliance Industries, Bharti Airtel, Hindustan Petroleum, Adani Enterprises, GMR Airports.


MS-India Index Earning Revision (Sep): SWIGGY, HDFC Bank, Axis Bank, Reliance Industries

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)

Air Turbine Fuel(ATF): What New Fuel Rules Mean for Indian Airlines?

OMCs spike ATF prices by 114%, but government shield limits domestic airline cost increases to 25%, saving InterGlobe Aviation Ltd from full...

Nimish Maheshwari

The Rupee at 95/$: Sectoral Winners and Losers

Indian Rupee's decline to 95 per dollar due to trade deficit, oil prices, and capital outflows leads to imported inflation but boosts EPS for IT...

Sudarshan Bhandari

Black Oil, Red Markets: How Rising Crude Prices Impacting Indian Economy & Markets

Brent crude surges due to US-Israel-Iran tensions, impacting India's economy and stock market. Markets not fully pricing in macro risks.

Sudarshan Bhandari

How Middle East Conflict Outting Pressure on Indian Airlines: Indigo, Air India, Spicejet and Akasa

US-Iran conflict leads to airspace closures in West Asia, impacting Indian carriers with flight cancellations and fleet grounding.

Sudarshan Bhandari

MS-India Index Earning Revision (Sep): SWIGGY, HDFC Bank, Axis Bank, Reliance Industries

We analyzed MS-India's consensus for Sep 2026 and highlighted changes of EPS in SWIGGY, HDFC Bank, Axis Bank, Reliance Industries, Bharti Airtel,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Air Turbine Fuel(ATF): What New Fuel Rules Mean for Indian Airlines?

​OMCs spike ATF prices by 114%, but government shield limits domestic airline cost increases to 25%, saving InterGlobe Aviation Ltd from full...

Nimish Maheshwari

The Rupee at 95/$: Sectoral Winners and Losers

​Indian Rupee's decline to 95 per dollar due to trade deficit, oil prices, and capital outflows leads to imported inflation but boosts EPS for IT...

Sudarshan Bhandari

Black Oil, Red Markets: How Rising Crude Prices Impacting Indian Economy & Markets

​Brent crude surges due to US-Israel-Iran tensions, impacting India's economy and stock market. Markets not fully pricing in macro risks.

Sudarshan Bhandari

How Middle East Conflict Outting Pressure on Indian Airlines: Indigo, Air India, Spicejet and Akasa

​US-Iran conflict leads to airspace closures in West Asia, impacting Indian carriers with flight cancellations and fleet grounding.

Sudarshan Bhandari

MS-India Index Earning Revision (Sep): SWIGGY, HDFC Bank, Axis Bank, Reliance Industries

We analyzed MS-India's consensus for Sep 2026 and highlighted changes of EPS in SWIGGY, HDFC Bank, Axis Bank, Reliance Industries, Bharti Airtel,...

Ke Yan, CFA, FRM

OMCs spike ATF prices by 114%, but government shield limits domestic airline cost increases to 25%, saving InterGlobe Aviation Ltd from full...

Indian Rupee's decline to 95 per dollar due to trade deficit, oil prices, and capital outflows leads to imported inflation but boosts EPS for IT...

Brent crude surges due to US-Israel-Iran tensions, impacting India's economy and stock market. Markets not fully pricing in macro risks.

US-Iran conflict leads to airspace closures in West Asia, impacting Indian carriers with flight cancellations and fleet grounding.