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>India notified a new and increased excise duty on cigarettes, effective Feb 1, 2026, alongside a 40% GST regime.</li>
<li>On January 1, 2026, tobacco stocks sold off sharply. ITC fell about 9%, Godfrey Phillips India around 15–17%, and VST Industries about 4%.</li>
<li>Total tax per cigarette rises more than expected, raising risks to volumes and accelerating illicit trade.</li>
</ul>


India notified a new and increased excise duty on cigarettes, effective Feb 1, 2026, alongside a 40% GST regime.
On January 1, 2026, tobacco stocks sold off sharply. ITC fell about 9%, Godfrey Phillips India around 15–17%, and VST Industries about 4%.
Total tax per cigarette rises more than expected, raising risks to volumes and accelerating illicit trade.


ITC: Tobacco Volumes to Be Impacted by Increased Taxes; Uncertainty Ahead

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.

Index Rebalance

National Stock Exchange of India / Index Rebalance

National Stock Exchange of India (NSE IN)

<ul>
<li>NSE listed on BSE on 24 Sep 2026. It would rank 11th by full market cap among the Nifty 50 members.</li>
<li>In this note, we analyze its path into the Nifty 50 under the NIFTY methodology.</li>
<li>We cover its IWF and FF estimates, F&amp;O entry, the timeline to Nifty 50 entry, and the SEBI permission NSE needs to trade on NSE.</li>
</ul>


NSE listed on BSE on 24 Sep 2026. It would rank 11th by full market cap among the Nifty 50 members.
In this note, we analyze its path into the Nifty 50 under the NIFTY methodology.
We cover its IWF and FF estimates, F&amp;O entry, the timeline to Nifty 50 entry, and the SEBI permission NSE needs to trade on NSE.


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

Avaada Electro Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avaada-electro-limited" target="_blank" data-smartkarma-citation="entities:58612:1" rel="noopener">Avaada Electro Limited (2596819D IN)</a> is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.</li>
<li>Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Avaada Electro Limited (2596819D IN) is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.
Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.
In this note, we look at the firm’s past performance.


Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>The ongoing US–Israel–Iran conflict has disrupted Middle East aviation hubs, increasing travel costs and reducing inbound tourist flows to India especially high-spending Western travelers.</li>
<li>Luxury hotel operators like EIH Ltd and Indian Hotels Company Limited face near-term pressure on ARR, RevPAR, and MICE revenues due to their reliance on international guests.</li>
<li>Despite inbound weakness, India’s domestic tourism supercycle (corporate travel, weddings, pilgrimage) provides a strong demand floor benefiting domestic-focused players like Lemon Tree Hotels Ltd and SAMHI Hotels Ltd.</li>
</ul>


The ongoing US–Israel–Iran conflict has disrupted Middle East aviation hubs, increasing travel costs and reducing inbound tourist flows to India especially high-spending Western travelers.
Luxury hotel operators like EIH Ltd and Indian Hotels Company Limited face near-term pressure on ARR, RevPAR, and MICE revenues due to their reliance on international guests.
Despite inbound weakness, India’s domestic tourism supercycle (corporate travel, weddings, pilgrimage) provides a strong demand floor benefiting domestic-focused players like Lemon Tree Hotels Ltd and SAMHI Hotels Ltd.


How the Middle East War Is Reshaping Indian Hospitality?

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of NIFTY 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 Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank, Adani Enterprises, Shriram Finance.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY 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 Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank, Adani Enterprises, Shriram Finance.


NIFTY Index Earning Revision (Sep): Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank

India

ITC Limited, a member of BAT Group of UK, is a holding company, which has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers, Packaging, Agri Business, Packaged Foods & Confectionery, Branded Apparel, Greeting Cards and other FMCG products.

Price Gauge
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ITC Ltd (ITC IN)

ITC: Tobacco Volumes to Be Impacted by Increased Taxes; Uncertainty Ahead

India raises excise duty on cigarettes, causing tobacco stocks to plummet and raising concerns about increased illicit trade due to higher taxes.

Sudarshan Bhandari

NSE: From Nifty 500 to Nifty 50

NSE listed on BSE on 24 Sep 2026 and is the 12th largest Indian listed company by full market cap. NIFTY entry needs trading on NSE, and so SEBI...

Ke Yan, CFA, FRM

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

How the Middle East War Is Reshaping Indian Hospitality?

US-Israel-Iran conflict disrupts Middle East aviation, impacting luxury hotels in India with reliance on international guests, while domestic...

Nimish Maheshwari

NIFTY Index Earning Revision (Sep): Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank

We analyzed NIFTY's consensus for Sep 2026 and highlighted changes of EPS in Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank, Adani...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ITC: Tobacco Volumes to Be Impacted by Increased Taxes; Uncertainty Ahead

​India raises excise duty on cigarettes, causing tobacco stocks to plummet and raising concerns about increased illicit trade due to higher taxes.

Sudarshan Bhandari

NSE: From Nifty 500 to Nifty 50

NSE listed on BSE on 24 Sep 2026 and is the 12th largest Indian listed company by full market cap. NIFTY entry needs trading on NSE, and so SEBI...

Ke Yan, CFA, FRM

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

How the Middle East War Is Reshaping Indian Hospitality?

​US-Israel-Iran conflict disrupts Middle East aviation, impacting luxury hotels in India with reliance on international guests, while domestic...

Nimish Maheshwari

NIFTY Index Earning Revision (Sep): Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank

We analyzed NIFTY's consensus for Sep 2026 and highlighted changes of EPS in Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank, Adani...

Ke Yan, CFA, FRM

India raises excise duty on cigarettes, causing tobacco stocks to plummet and raising concerns about increased illicit trade due to higher taxes.

US-Israel-Iran conflict disrupts Middle East aviation, impacting luxury hotels in India with reliance on international guests, while domestic...