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

InterGlobe Aviation Ltd / 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>’s 2,000+ flight cancellations expose internal planning failures, triggering regulatory scrutiny and a fall of more than 15% in the stock price. </li>
<li>The crisis mandates permanent higher crew costs, challenging the core cost moat, but regulatory dependence shields its 63%+ dominance. </li>
<li>Short-Term volatility will persist, yet the long-term outlook remains bullish, supported by unmatched scale and a consolidated market structure.</li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN)’s 2,000+ flight cancellations expose internal planning failures, triggering regulatory scrutiny and a fall of more than 15% in the stock price. 
The crisis mandates permanent higher crew costs, challenging the core cost moat, but regulatory dependence shields its 63%+ dominance. 
Short-Term volatility will persist, yet the long-term outlook remains bullish, supported by unmatched scale and a consolidated market structure.


2026 High Conviction Ideas: Does the IndiGo Crisis Offer an Entry Point, or Confirms Caution?

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

InterGlobe Aviation Ltd / Index Rebalance

<ul>
<li>As forecast, <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> will replace <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors (TTMT IN)</a> in the <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index (SENSEX INDEX)</a> after the close on 19 December.</li>
<li>Passive trackers will need to trade between 3.6-7.7x ADV in the stocks and that increases significantly to 7.1-12x delivery volume.</li>
<li>There are indications that positioning has built up in both stocks over the last few weeks. However, in both cases, positioning is expected to be smaller than the passive selling.</li>
</ul>


As forecast, InterGlobe Aviation Ltd (INDIGO IN) will replace Tata Motors (TTMT IN) in the S&amp;P BSE SENSEX Index (SENSEX INDEX) after the close on 19 December.
Passive trackers will need to trade between 3.6-7.7x ADV in the stocks and that increases significantly to 7.1-12x delivery volume.
There are indications that positioning has built up in both stocks over the last few weeks. However, in both cases, positioning is expected to be smaller than the passive selling.


SENSEX Index Rebalance: InterGlobe Aviation to Replace Tata Motors PV

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.</li>
<li>In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.</li>
<li>The official index changes could be announced publicly in the next few days.</li>
</ul>


BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.
The official index changes could be announced publicly in the next few days.


Quiddity Leaderboard BSE ​​​​SENSEX Dec25: Final Expectations; Announcement Soon

<ul>
<li>IndiGo’s Q2FY26 performance is expected to disappoint, with higher fuel prices, weak demand, and rupee depreciation sharply eroding margins and reversing the profitability momentum of recent quarters.</li>
<li>Cost pressures are intensifying while yields weaken amid overcapacity and strong competition. The company’s cost advantage is narrowing, raising concerns about margin sustainability and near-term earnings visibility.</li>
<li>With rising costs, currency headwinds, and pricing pressure, IndiGo’s profitability outlook appears challenging. Short-term recovery looks uncertain despite its strong balance sheet and scale advantages.</li>
</ul>


IndiGo’s Q2FY26 performance is expected to disappoint, with higher fuel prices, weak demand, and rupee depreciation sharply eroding margins and reversing the profitability momentum of recent quarters.
Cost pressures are intensifying while yields weaken amid overcapacity and strong competition. The company’s cost advantage is narrowing, raising concerns about margin sustainability and near-term earnings visibility.
With rising costs, currency headwinds, and pricing pressure, IndiGo’s profitability outlook appears challenging. Short-term recovery looks uncertain despite its strong balance sheet and scale advantages.


IndiGo Q2FY26 Preview: High Fuel Prices, Currency Pressure, and Weak Seasonal Demand

<ul>
<li>BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.</li>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX Index in the December 2025 index rebal event.</li>
<li>As things stand, there will be no index changes for the BSE SENSEX index.</li>
</ul>


BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.
In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX Index in the December 2025 index rebal event.
As things stand, there will be no index changes for the BSE SENSEX index.


Quiddity Leaderboard BSE ​​​​SENSEX Dec25: Tech Mahindra Likely to Escape Sensex Deletion

India

InterGlobe Aviation Limited provides passenger airlines services. The Company offers ground management, air transportation, terminal maintenance, and other services. InterGlobe Aviation conducts its business globally.

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InterGlobe Aviation Ltd (INDIGO IN)

2026 High Conviction Ideas: Does the IndiGo Crisis Offer an Entry Point, or Confirms Caution?

InterGlobe Aviation Ltd faces regulatory scrutiny and stock price drop due to 2,000+ flight cancellations, but long-term outlook remains bullish...

Sudarshan Bhandari

SENSEX Index Rebalance: InterGlobe Aviation to Replace Tata Motors PV

Interglobe Aviation (INDIGO) replaces Tata Motors PV in the Sensex at the close on 19 Dec. Impact/flow is big, and positioning appears to be...

Brian Freitas

Quiddity Leaderboard BSE SENSEX Dec25: Final Expectations; Announcement Soon

InterGlobe Aviation Ltd (INDIGO IN) and Grasim Industries (GRASIM IN) have been our top choices for Sensex addition since August 2025. One of these...

Janaghan Jeyakumar, CFA

IndiGo Q2FY26 Preview: High Fuel Prices, Currency Pressure, and Weak Seasonal Demand

IndiGo's Q2FY26 performance is expected to disappoint due to higher fuel prices, weak demand, and rupee depreciation, raising concerns about...

Sudarshan Bhandari

Quiddity Leaderboard BSE SENSEX Dec25: Tech Mahindra Likely to Escape Sensex Deletion

We continue to expect zero changes for the SENSEX index in December 2025 based on the latest ranks. InterGlobe Aviation continues to be the leading...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2026 High Conviction Ideas: Does the IndiGo Crisis Offer an Entry Point, or Confirms Caution?

​InterGlobe Aviation Ltd faces regulatory scrutiny and stock price drop due to 2,000+ flight cancellations, but long-term outlook remains bullish...

Sudarshan Bhandari

SENSEX Index Rebalance: InterGlobe Aviation to Replace Tata Motors PV

Interglobe Aviation (INDIGO) replaces Tata Motors PV in the Sensex at the close on 19 Dec. Impact/flow is big, and positioning appears to be...

Brian Freitas

Quiddity Leaderboard BSE ​​​​SENSEX Dec25: Final Expectations; Announcement Soon

InterGlobe Aviation Ltd (INDIGO IN) and Grasim Industries (GRASIM IN) have been our top choices for Sensex addition since August 2025. One of these...

Janaghan Jeyakumar, CFA

IndiGo Q2FY26 Preview: High Fuel Prices, Currency Pressure, and Weak Seasonal Demand

​IndiGo's Q2FY26 performance is expected to disappoint due to higher fuel prices, weak demand, and rupee depreciation, raising concerns about...

Sudarshan Bhandari

Quiddity Leaderboard BSE ​​​​SENSEX Dec25: Tech Mahindra Likely to Escape Sensex Deletion

We continue to expect zero changes for the SENSEX index in December 2025 based on the latest ranks. InterGlobe Aviation continues to be the leading...

Janaghan Jeyakumar, CFA

InterGlobe Aviation Ltd faces regulatory scrutiny and stock price drop due to 2,000+ flight cancellations, but long-term outlook remains bullish...

Quiddity Leaderboard BSE SENSEX Dec25: Final Expectations; Announcement Soon

IndiGo's Q2FY26 performance is expected to disappoint due to higher fuel prices, weak demand, and rupee depreciation, raising concerns about...

Quiddity Leaderboard BSE SENSEX Dec25: Tech Mahindra Likely to Escape Sensex Deletion