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>Jindal Steel International, part of the Naveen Jindal group, has offered over €2 billion (approx. INR 21,000 crore) to acquire thyssenkrupp Steel Europe, supporting its vital decarbonization projects.</li>
<li>The deal strengthens Jindal’s position in Europe’s high-grade steel market, helps bypass EU carbon tariffs under CBAM, and secures access to the region’s key automotive supply chain.</li>
<li>A high-stakes move, success depends on tackling EU regulations, integrating complex operations, and managing pension liabilities, while navigating subdued global steel demand.</li>
</ul>


Jindal Steel International, part of the Naveen Jindal group, has offered over €2 billion (approx. INR 21,000 crore) to acquire thyssenkrupp Steel Europe, supporting its vital decarbonization projects.
The deal strengthens Jindal’s position in Europe’s high-grade steel market, helps bypass EU carbon tariffs under CBAM, and secures access to the region’s key automotive supply chain.
A high-stakes move, success depends on tackling EU regulations, integrating complex operations, and managing pension liabilities, while navigating subdued global steel demand.


Jindal’s €2 Billion Bet: Can Green Steel Reshape Thyssenkrupp’s Future?

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Funding not a hurdle: Promoter strength provides comfort despite past negative precedents.</li>
<li>Valuation undemanding: Entry at ~US$440–475/t is below replacement cost and past cycle-peak deals.</li>
<li>Execution heavy: Success depends on managing restructuring, integration, and EU policy commitments.</li>
</ul>


Funding not a hurdle: Promoter strength provides comfort despite past negative precedents.
Valuation undemanding: Entry at ~US$440–475/t is below replacement cost and past cycle-peak deals.
Execution heavy: Success depends on managing restructuring, integration, and EU policy commitments.


Naveen Jindal’s Bid for Thyssenkrupp Steel Europe – Sensible Valuation, Execution Critical

Focused on the Climate–Nature Nexus., Carbon Tracker Initiative

Carbon Tracker Initiative

Focused on the Climate–Nature Nexus.

Carbon Tracker and Planet Tracker - part of the Tracker Group - are award-winning, non-profit financial think tanks focused on the climate–nature nexus.

<ul>
<li>This is the third report in our series analysing the state and outlook for Indian steel majors in their ambition to expand capacity while meeting decarbonisation goals.</li>
<li>Following our reports on JSW Steel and Tata Steel, this edition focuses on Jindal Steel.</li>
<li>Jindal Steel has set a net zero emissions target for 2047, 23 years ahead of India’s national goal.</li>
</ul>


This is the third report in our series analysing the state and outlook for Indian steel majors in their ambition to expand capacity while meeting decarbonisation goals.
Following our reports on JSW Steel and Tata Steel, this edition focuses on Jindal Steel.
Jindal Steel has set a net zero emissions target for 2047, 23 years ahead of India’s national goal.


<ul>
<li>Q1 FY26 saw stable production but weaker volumes, with EBITDA/t surging 35% QoQ to ₹15,680 on coal savings and higher VAS mix.</li>
<li>Capacity ramp-up to 15.9 MT by FY27, coupled with &gt;70% VAS share, drives a strong ~40% PAT CAGR through FY29.</li>
<li>Trades at 16.2× P/E and 9.2× EV/EBITDA (FY26E), offering upside potential versus JSW’s premium multiples.</li>
</ul>


Q1 FY26 saw stable production but weaker volumes, with EBITDA/t surging 35% QoQ to ₹15,680 on coal savings and higher VAS mix.
Capacity ramp-up to 15.9 MT by FY27, coupled with &gt;70% VAS share, drives a strong ~40% PAT CAGR through FY29.
Trades at 16.2× P/E and 9.2× EV/EBITDA (FY26E), offering upside potential versus JSW’s premium multiples.


Jindal Steel Ltd (JINDALSTEL IN): Margin Resilience Amid Volume Softness; Capex-Fueled Growth Intact

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>Insider buying spanned across 40+ stocks in June 2025, highlighting continued conviction among promoters, directors, and trusts.</li>
<li>While, there were fewer companies with market cap above USD 1 bn which saw insider buying, this number was significantly higher (35 count) in smaller names.</li>
<li>Companies which have zoomed after the insider purchases include - <a href="https://www.smartkarma.com/entities/lt-foods-ltd" target="_blank" data-smartkarma-citation="entities:20784:1" rel="noopener">LT Foods Ltd (LTFO IN)</a> (+10%), Valor Estate (+11%). In smaller names - <a href="https://www.smartkarma.com/entities/man-industries-india-ltd" target="_blank" data-smartkarma-citation="entities:20233:1" rel="noopener">Man Industries (India) (MAN IN)</a> (+88%)</li>
</ul>


Insider buying spanned across 40+ stocks in June 2025, highlighting continued conviction among promoters, directors, and trusts.
While, there were fewer companies with market cap above USD 1 bn which saw insider buying, this number was significantly higher (35 count) in smaller names.
Companies which have zoomed after the insider purchases include - LT Foods Ltd (LTFO IN) (+10%), Valor Estate (+11%). In smaller names - Man Industries (India) (MAN IN) (+88%)


India Insider Buying – June '25: Strong Activity in Small Caps, Limited Participation in Large Caps.

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)

Jindal’s €2 Billion Bet: Can Green Steel Reshape Thyssenkrupp’s Future?

Jindal Steel offers €2 billion for thyssenkrupp Steel Europe, aiming to strengthen position in Europe's high-grade steel market and navigate EU...

Sudarshan Bhandari

Naveen Jindal’s Bid for Thyssenkrupp Steel Europe – Sensible Valuation, Execution Critical

Despite past negative precedents, strong promoters and undemanding valuation make funding not a hurdle for entry at US$440-475/t. Success hinges...

Rahul Jain

Jindal Steel - Transition Analysis

This is the third report in our series analysing the state and outlook for Indian steel majors in their ambition to expand capacity while meeting...

Carbon Tracker Initiative

Jindal Steel Ltd (JINDALSTEL IN): Margin Resilience Amid Volume Softness; Capex-Fueled Growth Intact

Q1 FY26 showed stable production but weaker volumes, EBITDA/t surged 35% QoQ to ₹15,680 on coal savings and higher VAS mix. Capacity ramp-up to...

Rahul Jain

India Insider Buying – June '25: Strong Activity in Small Caps, Limited Participation in Large Caps.

India Insider buying spanned across 40+ stocks in June 2025. Strong activity seen in small cap companies and few companies in large cap.

Sreemant Dudhoria,CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jindal’s €2 Billion Bet: Can Green Steel Reshape Thyssenkrupp’s Future?

​Jindal Steel offers €2 billion for thyssenkrupp Steel Europe, aiming to strengthen position in Europe's high-grade steel market and navigate EU...

Sudarshan Bhandari

Naveen Jindal’s Bid for Thyssenkrupp Steel Europe – Sensible Valuation, Execution Critical

​Despite past negative precedents, strong promoters and undemanding valuation make funding not a hurdle for entry at US$440-475/t. Success hinges...

Rahul Jain

Jindal Steel - Transition Analysis

This is the third report in our series analysing the state and outlook for Indian steel majors in their ambition to expand capacity while meeting...

Carbon Tracker Initiative

Jindal Steel Ltd (JINDALSTEL IN): Margin Resilience Amid Volume Softness; Capex-Fueled Growth Intact

​Q1 FY26 showed stable production but weaker volumes, EBITDA/t surged 35% QoQ to ₹15,680 on coal savings and higher VAS mix. Capacity ramp-up to...

Rahul Jain

India Insider Buying – June '25: Strong Activity in Small Caps, Limited Participation in Large Caps.

India Insider buying spanned across 40+ stocks in June 2025. Strong activity seen in small cap companies and few companies in large cap.

Sreemant Dudhoria,CFA

Jindal Steel offers €2 billion for thyssenkrupp Steel Europe, aiming to strengthen position in Europe's high-grade steel market and navigate EU...

Despite past negative precedents, strong promoters and undemanding valuation make funding not a hurdle for entry at US$440-475/t. Success hinges...

Q1 FY26 showed stable production but weaker volumes, EBITDA/t surged 35% QoQ to ₹15,680 on coal savings and higher VAS mix. Capacity ramp-up to...