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

Jain Resource Recycling / Equity Bottom-Up

<ul>
<li>
Jain Resource Recycling, a metal recycling company, crossed INR 9,543 crore FY26 revenue, up 48% YoY, with copper at ~55% mix and its first copper-anode furnace commissioned.</li>
<li>Copper recycling offers higher realisations and margins than lead. Jain’s early copper focus differentiates it from lead-heavy peers like Gravita, Nile, and Pondy Oxides.</li>
<li>Phase I forward integration into cathode and wire rod, with INR 95 crore capex, could lift EBITDA/tonne. Execution will drive the margin re-rating.</li>
</ul>



Jain Resource Recycling, a metal recycling company, crossed INR 9,543 crore FY26 revenue, up 48% YoY, with copper at ~55% mix and its first copper-anode furnace commissioned.
Copper recycling offers higher realisations and margins than lead. Jain’s early copper focus differentiates it from lead-heavy peers like Gravita, Nile, and Pondy Oxides.
Phase I forward integration into cathode and wire rod, with INR 95 crore capex, could lift EBITDA/tonne. Execution will drive the margin re-rating.


Jain Resource Recycling: What Makes It Different From Other Metal Recyclers ?

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Jain Resource is now aggressively pivoting toward high-margin value addition in copper and has already established itself as one of only two Indian recyclers with LME-registered lead brands.</li>
<li>The strategic deployment of INR 375 crore in IPO proceeds to repay debt will slash gearing to below 0.7x, significantly boosting net margins.</li>
<li>The shift from 61% import reliance to domestic scrap yard acquisitions aligns with India’s Critical Mineral Recycling Policy, effectively shortening the working capital cycle and shield from global logistics volatility.</li>
</ul>


Jain Resource is now aggressively pivoting toward high-margin value addition in copper and has already established itself as one of only two Indian recyclers with LME-registered lead brands.
The strategic deployment of INR 375 crore in IPO proceeds to repay debt will slash gearing to below 0.7x, significantly boosting net margins.
The shift from 61% import reliance to domestic scrap yard acquisitions aligns with India’s Critical Mineral Recycling Policy, effectively shortening the working capital cycle and shield from global logistics volatility.


The Post-IPO Play: Deleveraging and Diversification at Jain Resource Recycling

CMR Green Technologies / Equity Bottom-Up

<ul>
<li>CMR Green Technologies is raising INR 631 crore through a pure OFS IPO at a INR 182–192 price band, marking the first major mainboard IPO since May 2026.</li>
<li>CGTL holds around 42–45% share in cast-alloy automotive aluminium and has 4x the capacity of its nearest rival, supported by 11–13% sector CAGR till FY30.</li>
<li>Margin expansion, Hindalco contract visibility, and the shift toward wrought aluminium make CGTL a differentiated aluminium recycling play that needs deeper due diligence.</li>
</ul>


CMR Green Technologies is raising INR 631 crore through a pure OFS IPO at a INR 182–192 price band, marking the first major mainboard IPO since May 2026.
CGTL holds around 42–45% share in cast-alloy automotive aluminium and has 4x the capacity of its nearest rival, supported by 11–13% sector CAGR till FY30.
Margin expansion, Hindalco contract visibility, and the shift toward wrought aluminium make CGTL a differentiated aluminium recycling play that needs deeper due diligence.


CMR Green IPO: India’s Aluminium Recycling Leader Comes to Market

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

<ul>
<li>We forecast 7 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 15 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 4 stocks are expected to be added to Large Cap, 8 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>SEBI has reclassified Real Estate Investment Trusts (REIT) as equity related instruments and REITs will be added to the AMFI classification from the upcoming review.</li>
</ul>


We forecast 7 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 15 stocks from MidCap to SmallCap.
From the new listings, 4 stocks are expected to be added to Large Cap, 8 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
SEBI has reclassified Real Estate Investment Trusts (REIT) as equity related instruments and REITs will be added to the AMFI classification from the upcoming review.


AMFI Stock Reclassification Preview (Dec 2025): New Listings and REIT Inclusion Drive Changes

<ul>
<li>We forecast 7 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 13 stocks are expected to be added to Large Cap, 5 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>With the review period nearing completion, there could still be more outperformance given the momentum, but we would look to take profit on the stocks as the divergence gets wider.</li>
</ul>


We forecast 7 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
From the new listings, 13 stocks are expected to be added to Large Cap, 5 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
With the review period nearing completion, there could still be more outperformance given the momentum, but we would look to take profit on the stocks as the divergence gets wider.


AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

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Jain Resource Recycling (2300699D IN)

Jain Resource Recycling: What Makes It Different From Other Metal Recyclers ?

Jain Resource Recycling sees significant revenue growth fueled by copper focus and forward integration plans, setting it apart from lead-heavy peers.

Sudarshan Bhandari

The Post-IPO Play: Deleveraging and Diversification at Jain Resource Recycling

Jain Resource shifts focus to high-margin value addition in copper, repays debt to boost net margins, and aligns with India's Critical Mineral...

Nimish Maheshwari

CMR Green IPO: India’s Aluminium Recycling Leader Comes to Market

CMR Green Technologies is set to raise INR 631 crore through a pure OFS IPO, offering a unique opportunity in the aluminium recycling sector with...

Sudarshan Bhandari

AMFI Stock Reclassification Preview (Dec 2025): New Listings and REIT Inclusion Drive Changes

36 stocks could see size reclassification in Jan. 12 new stocks could be added to Large and Mid-cap. REITs will be added to the AMFI classification...

Brian Freitas

AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

We currently forecast 31 migrations for the AMFI December reclassification. Many IPOs could be added to Large/Mid cap. The forecast upward...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jain Resource Recycling: What Makes It Different From Other Metal Recyclers ?

​Jain Resource Recycling sees significant revenue growth fueled by copper focus and forward integration plans, setting it apart from lead-heavy peers.

Sudarshan Bhandari

The Post-IPO Play: Deleveraging and Diversification at Jain Resource Recycling

​Jain Resource shifts focus to high-margin value addition in copper, repays debt to boost net margins, and aligns with India's Critical Mineral...

Nimish Maheshwari

CMR Green IPO: India’s Aluminium Recycling Leader Comes to Market

​CMR Green Technologies is set to raise INR 631 crore through a pure OFS IPO, offering a unique opportunity in the aluminium recycling sector with...

Sudarshan Bhandari

AMFI Stock Reclassification Preview (Dec 2025): New Listings and REIT Inclusion Drive Changes

36 stocks could see size reclassification in Jan. 12 new stocks could be added to Large and Mid-cap. REITs will be added to the AMFI classification...

Brian Freitas

AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

We currently forecast 31 migrations for the AMFI December reclassification. Many IPOs could be added to Large/Mid cap. The forecast upward...

Brian Freitas

Jain Resource Recycling sees significant revenue growth fueled by copper focus and forward integration plans, setting it apart from lead-heavy peers.

Jain Resource shifts focus to high-margin value addition in copper, repays debt to boost net margins, and aligns with India's Critical Mineral...

CMR Green Technologies is set to raise INR 631 crore through a pure OFS IPO, offering a unique opportunity in the aluminium recycling sector with...