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

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pepsico-inc" target="_blank" data-smartkarma-citation="entities:4967:1" rel="noopener">Pepsico Inc (PEP US)</a> plans to scale its snacks and food business in India by customizing products for regional tastes and promoting innovation.</li>
<li>India is projected to become the world’s third-largest economy by 2028, driven by reforms, consumption, and infrastructure growth.</li>
<li>India finalizes a $7.6 billion deal for 26 Rafale M jets, boosting naval air power and strengthening Indo-Pacific deterrence..</li>
</ul>



Pepsico Inc (PEP US) plans to scale its snacks and food business in India by customizing products for regional tastes and promoting innovation.
India is projected to become the world’s third-largest economy by 2028, driven by reforms, consumption, and infrastructure growth.
India finalizes a $7.6 billion deal for 26 Rafale M jets, boosting naval air power and strengthening Indo-Pacific deterrence..


#121 India Insight: PepsiCo Expands, Rafale Boost for Navy, India to Be 3rd Largest Economy

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>On March 19, 2025, India's Directorate General of Trade Remedies (DGTR) recommended a 12% provisional safeguard duty on imports of certain steel products for 200 days.</li>
<li>Past measures have produced mixed results but given the massive expansion plans of most large steel majors they have been aggressively lobbying for its implementation.</li>
<li>Outperformance to continue? <a href="https://www.smartkarma.com/entities/jsw-steel-ltd" target="_blank" data-smartkarma-citation="entities:18561:1" rel="noopener">JSW Steel Ltd (JSTL IN)</a>,<a href="https://www.smartkarma.com/entities/tata-steel-ltd" target="_blank" data-smartkarma-citation="entities:20934:1" rel="noopener">Tata Steel Ltd (TATA IN)</a> ,<a href="https://www.smartkarma.com/entities/jindal-steel-power-ltd" target="_blank" data-smartkarma-citation="entities:6614:1" rel="noopener">Jindal Steel &amp; Power (JSP IN)</a>have significantly outperformed benchmark Nifty over the last 6 months despite weak earnings.</li>
</ul>


On March 19, 2025, India's Directorate General of Trade Remedies (DGTR) recommended a 12% provisional safeguard duty on imports of certain steel products for 200 days.
Past measures have produced mixed results but given the massive expansion plans of most large steel majors they have been aggressively lobbying for its implementation.
Outperformance to continue? JSW Steel Ltd (JSTL IN),Tata Steel Ltd (TATA IN) ,Jindal Steel &amp; Power (JSP IN)have significantly outperformed benchmark Nifty over the last 6 months despite weak earnings.


Steel: New Safeguard Measures Imply Outperformance Could Continue.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/arcelormittal-sa-8b816bb6-eb73-416f-a30a-56f93d1deb03" target="_blank" data-smartkarma-citation="entities:38577:1" rel="noopener">ArcelorMittal (MT US)</a> reported an EBITDA decline for the third year in a row to US$7b in CY24. Targets $0.4b/0.6b of $1.9bn of planned strategic EBITDA growth in 2025/2026.</li>
<li>Management has guided a slightly positive apparent global demand growth 2.5-3.5% ex China. Expects restocking demand in Europe. </li>
<li>Trades at 0.5x P/B vs 2-3x P/B for Indian steel mills <a href="https://www.smartkarma.com/entities/jsw-steel-ltd" target="_blank" data-smartkarma-citation="entities:18561:1" rel="noopener">JSW Steel Ltd (JSTL IN)</a> , <a href="https://www.smartkarma.com/entities/tata-steel-ltd" target="_blank" data-smartkarma-citation="entities:20934:1" rel="noopener">Tata Steel Ltd (TATA IN)</a> , <a href="https://www.smartkarma.com/entities/jindal-steel-power-ltd" target="_blank" data-smartkarma-citation="entities:6614:1" rel="noopener">Jindal Steel &amp; Power (JSP IN)</a> </li>
</ul>



ArcelorMittal (MT US) reported an EBITDA decline for the third year in a row to US$7b in CY24. Targets $0.4b/0.6b of $1.9bn of planned strategic EBITDA growth in 2025/2026.
Management has guided a slightly positive apparent global demand growth 2.5-3.5% ex China. Expects restocking demand in Europe. 
Trades at 0.5x P/B vs 2-3x P/B for Indian steel mills JSW Steel Ltd (JSTL IN) , Tata Steel Ltd (TATA IN) , Jindal Steel &amp; Power (JSP IN) 


ArcelorMittal (MT US) Is Deep Discount to Indian Mills Warranted?

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>Following our mid-month insider-buying report from last week, number of buying transactions has increased further. This is Part-3 of the series,providing an update on insider-buying activity from just last week.</li>
<li>Given this sharp decline in mid and small-cap Indian listed stocks, there has been a notable increase in insider buying activity in recent weeks.</li>
<li>As there are many companies with insider-buying this week (50 in total), we have divided this update into two parts for ease of reading.</li>
</ul>


Following our mid-month insider-buying report from last week, number of buying transactions has increased further. This is Part-3 of the series,providing an update on insider-buying activity from just last week.
Given this sharp decline in mid and small-cap Indian listed stocks, there has been a notable increase in insider buying activity in recent weeks.
As there are many companies with insider-buying this week (50 in total), we have divided this update into two parts for ease of reading.


Prices Drop, Eyes Pop: Mid-Month Insider Buying Activity Update – Part 3

<ul>
<li>While we have been sharing monthly updates on insider buying activity in India,this time,we have taken a detour to publish it mid-month.The reason - steep decline in Indian equity market.</li>
<li>Given this sharp decline in mid and small-cap stocks, there has been a notable increase in insider buying activity in recent weeks.</li>
<li>As there are many companies (34 in total), we have divided this update into two parts for ease of reading. This is part 1 of the update.</li>
</ul>


While we have been sharing monthly updates on insider buying activity in India,this time,we have taken a detour to publish it mid-month.The reason - steep decline in Indian equity market.
Given this sharp decline in mid and small-cap stocks, there has been a notable increase in insider buying activity in recent weeks.
As there are many companies (34 in total), we have divided this update into two parts for ease of reading. This is part 1 of the update.


Prices Drop, Eyes Pop: Mid-Month Insider Buying Activity Update – Part 1

India

Jindal Steel Limited manufactures steel products. The Company offers steel rails, parallel flange beams and columns, angles and channels, plates, and coils, as well as engages in the power, mining, manufacturing, and infrastructure construction businesses. Jindal Steel serves customers worldwide.

Price Gauge
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Jindal Steel (JINDALST IN)

#121 India Insight: PepsiCo Expands, Rafale Boost for Navy, India to Be 3rd Largest Economy

Pepsico Inc aims to expand in India by tailoring products to local preferences and focusing on innovation, as the country's economy grows and...

Sudarshan Bhandari

Steel: New Safeguard Measures Imply Outperformance Could Continue.

India's DGTR recommends 12% safeguard duty on steel imports, large steel companies lobbying for it, JSW Steel, Tata Steel, and Jindal Steel have...

Rahul Jain

ArcelorMittal (MT US) Is Deep Discount to Indian Mills Warranted?

ArcelorMittal reports EBITDA decline for third year, targets strategic growth in 2025/2026. Expects positive global demand growth and trades at...

Rahul Jain

Prices Drop, Eyes Pop: Mid-Month Insider Buying Activity Update – Part 3

Insider buying activity in mid and small-cap Indian listed stocks has increased, with 50 companies reporting transactions this week.

Sreemant Dudhoria,CFA

Prices Drop, Eyes Pop: Mid-Month Insider Buying Activity Update – Part 1

Insider buying activity in Indian mid and small-cap stocks has increased due to steep decline in equity market, prompting a mid-month update.

Sreemant Dudhoria,CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

#121 India Insight: PepsiCo Expands, Rafale Boost for Navy, India to Be 3rd Largest Economy

​Pepsico Inc aims to expand in India by tailoring products to local preferences and focusing on innovation, as the country's economy grows and...

Sudarshan Bhandari

Steel: New Safeguard Measures Imply Outperformance Could Continue.

​India's DGTR recommends 12% safeguard duty on steel imports, large steel companies lobbying for it, JSW Steel, Tata Steel, and Jindal Steel have...

Rahul Jain

ArcelorMittal (MT US) Is Deep Discount to Indian Mills Warranted?

​ArcelorMittal reports EBITDA decline for third year, targets strategic growth in 2025/2026. Expects positive global demand growth and trades at...

Rahul Jain

Prices Drop, Eyes Pop: Mid-Month Insider Buying Activity Update – Part 3

​Insider buying activity in mid and small-cap Indian listed stocks has increased, with 50 companies reporting transactions this week.

Sreemant Dudhoria,CFA

Prices Drop, Eyes Pop: Mid-Month Insider Buying Activity Update – Part 1

​Insider buying activity in Indian mid and small-cap stocks has increased due to steep decline in equity market, prompting a mid-month update.

Sreemant Dudhoria,CFA

Pepsico Inc aims to expand in India by tailoring products to local preferences and focusing on innovation, as the country's economy grows and...

India's DGTR recommends 12% safeguard duty on steel imports, large steel companies lobbying for it, JSW Steel, Tata Steel, and Jindal Steel have...

ArcelorMittal reports EBITDA decline for third year, targets strategic growth in 2025/2026. Expects positive global demand growth and trades at...

Insider buying activity in mid and small-cap Indian listed stocks has increased, with 50 companies reporting transactions this week.

Insider buying activity in Indian mid and small-cap stocks has increased due to steep decline in equity market, prompting a mid-month update.