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>Inox Air, India's largest integrated gases company with a 22.4% share in FY26. Company has 31.0% market share in merchant Gases, 17.8% in on site Gas Supply.</li>
<li>It turns free air into a 51.3% EBITDA margin and also out earns Linde India.</li>
<li>The company has the highest margins and leadership among the peer group. Full IPO is OFS, nothing is added as new capex.</li>
</ul>


Inox Air, India's largest integrated gases company with a 22.4% share in FY26. Company has 31.0% market share in merchant Gases, 17.8% in on site Gas Supply.
It turns free air into a 51.3% EBITDA margin and also out earns Linde India.
The company has the highest margins and leadership among the peer group. Full IPO is OFS, nothing is added as new capex.


Selling Air: INOX Air Products Limited IPO

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India.</li>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the December 2026 index rebal event.</li>
<li>As things stand, we see only one ADD/DEL but there are other names lurking close to the border.</li>
</ul>


BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India.
In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the December 2026 index rebal event.
As things stand, we see only one ADD/DEL but there are other names lurking close to the border.


Quiddity Leaderboard BSE ​​​​SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We will stay near-term bullish as long as crucial support levels of 6780-6824 on SPX and $141.50 on ACWI-US continue to hold.</li>
<li>We are not fighting the bullish trend with all the MSCI global indexes (MSCI ACWI, EAFE, ACWI ex-US, and EM) hitting multi-year highs, but we are monitoring potential concerns</li>
<li>The bulk of new buy ideas that we see continue to be within commodity Sectors (Energy, Materials, with Materials highlighted today) and defensives (Health Care, Telecomm, and Services highlighted today)</li>
</ul>


We will stay near-term bullish as long as crucial support levels of 6780-6824 on SPX and $141.50 on ACWI-US continue to hold.
We are not fighting the bullish trend with all the MSCI global indexes (MSCI ACWI, EAFE, ACWI ex-US, and EM) hitting multi-year highs, but we are monitoring potential concerns
The bulk of new buy ideas that we see continue to be within commodity Sectors (Energy, Materials, with Materials highlighted today) and defensives (Health Care, Telecomm, and Services highlighted today)


Can Strength Continue for Korea, Taiwan, and EM?; Remain Overweight But Be Prepared for Volatility

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>Premium hard-coking-coal averaged about USD 236/ton FOB Australia in Jan–July 2026, up 25% year on year, as Australian disruptions, Chinese supply losses and Middle East freight risks tightened the market.</li>
<li>India imports the overwhelming majority of metallurgical coking coal used by blast-furnace mills. Every USD 10/ton rise in coal can add roughly USD 7–9/ton to steelmaking costs.</li>
<li>The near-term earnings risk is concentrated in blast-furnace producers with weaker pricing power. Longer term, India’s capacity expansion deepens coking-coal exposure unless domestic washing and blending improve materially.</li>
</ul>


Premium hard-coking-coal averaged about USD 236/ton FOB Australia in Jan–July 2026, up 25% year on year, as Australian disruptions, Chinese supply losses and Middle East freight risks tightened the market.
India imports the overwhelming majority of metallurgical coking coal used by blast-furnace mills. Every USD 10/ton rise in coal can add roughly USD 7–9/ton to steelmaking costs.
The near-term earnings risk is concentrated in blast-furnace producers with weaker pricing power. Longer term, India’s capacity expansion deepens coking-coal exposure unless domestic washing and blending improve materially.


How Rising Coking Coal Prices Impacting Indian Steel Producers?

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

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>Despite the broad-based weakness in Indian equity market, insider buying in November 2025 was strong and broad-based.</li>
<li>We highlight large and small cap companies that experienced significant insider buying during November 2025, as reported on the stock exchanges.</li>
<li>We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
</ul>


Despite the broad-based weakness in Indian equity market, insider buying in November 2025 was strong and broad-based.
We highlight large and small cap companies that experienced significant insider buying during November 2025, as reported on the stock exchanges.
We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.


Insider Activity: Who Bought Their Own Stock in November?

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.

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Jindal Steel (JINDALST IN)

Selling Air: INOX Air Products Limited IPO

India's largest industrial gas firm, Inox Air Products held a 22.4% FY26 revenue share. Backed by 57 sites and massive infrastructure, it serves...

Sudarshan Bhandari

Quiddity Leaderboard BSE SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

Our expected ADD and DEL could have more than 8x ADV to trade. More importantly, the ranks can still change before the end of the reference period...

Janaghan Jeyakumar, CFA

Can Strength Continue for Korea, Taiwan, and EM?; Remain Overweight But Be Prepared for Volatility

Can Strength Continue for Korea $EWY, Taiwan $EWT, and EM $EEM?; Remain Overweight But Be Prepared for Volatility. Bulk of new buy ideas continue...

Vermilion Research

How Rising Coking Coal Prices Impacting Indian Steel Producers?

The headline is a 25% YoY rise in premium hard coking-coal prices during the first seven months of 2026. How this will impact the Indian steel...

Nimish Maheshwari

Insider Activity: Who Bought Their Own Stock in November?

Despite overall market weakness, insider buying in Indian equities was strong and widespread in November 2025, with significant activity in both...

Sreemant Dudhoria

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Selling Air: INOX Air Products Limited IPO

India's largest industrial gas firm, Inox Air Products held a 22.4% FY26 revenue share. Backed by 57 sites and massive infrastructure, it serves...

Sudarshan Bhandari

Quiddity Leaderboard BSE ​​​​SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

Our expected ADD and DEL could have more than 8x ADV to trade. More importantly, the ranks can still change before the end of the reference period...

Janaghan Jeyakumar, CFA

Can Strength Continue for Korea, Taiwan, and EM?; Remain Overweight But Be Prepared for Volatility

Can Strength Continue for Korea $EWY, Taiwan $EWT, and EM $EEM?; Remain Overweight But Be Prepared for Volatility. Bulk of new buy ideas continue...

Vermilion Research

How Rising Coking Coal Prices Impacting Indian Steel Producers?

The headline is a 25% YoY rise in premium hard coking-coal prices during the first seven months of 2026. How this will impact the Indian steel...

Nimish Maheshwari

Insider Activity: Who Bought Their Own Stock in November?

​Despite overall market weakness, insider buying in Indian equities was strong and widespread in November 2025, with significant activity in both...

Sreemant Dudhoria

Quiddity Leaderboard BSE SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

Despite overall market weakness, insider buying in Indian equities was strong and widespread in November 2025, with significant activity in both...