Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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>Paper imports have doubled in four years, with FY-25 Chinese inflows up 33 %; domestic mills’ Q4 profits collapsed 50-70 %.</li>
<li>Predatory pricing is idling one-third of India’s capacity, derailing INR 30,000Crs expansion plans and jeopardising jobs in a sector crucial for plastic-free packaging demand.</li>
<li>Near-Term recovery hinges less on demand and more on policy; anti-dumping duties could swiftly restore utilisation and margins, making FY-26 a pivotal re-rating year.</li>
</ul>


Paper imports have doubled in four years, with FY-25 Chinese inflows up 33 %; domestic mills’ Q4 profits collapsed 50-70 %.
Predatory pricing is idling one-third of India’s capacity, derailing INR 30,000Crs expansion plans and jeopardising jobs in a sector crucial for plastic-free packaging demand.
Near-Term recovery hinges less on demand and more on policy; anti-dumping duties could swiftly restore utilisation and margins, making FY-26 a pivotal re-rating year.


Thematic Report: Indian Paper Sector - At the Bottom, Is It the Right Time?

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

Dr Agarwal's Health Care Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
In this note, we will talk about the lockup dynamics and possible placement.


Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>India’s paper imports hit a record 2.05 million tonnes in FY25, doubling over four years due to FTAs and zero-duty access for low-cost producers.</li>
<li>Domestic mills are shutting down as predatory imports undermine a sector vital to rural jobs, sustainability, and national development goals like Clean India and education. </li>
<li>With policy momentum building post-PAPEXPO 2025 and past success of anti-dumping duties, trade protection for paper now appears not just likely but urgent.</li>
</ul>


India’s paper imports hit a record 2.05 million tonnes in FY25, doubling over four years due to FTAs and zero-duty access for low-cost producers.
Domestic mills are shutting down as predatory imports undermine a sector vital to rural jobs, sustainability, and national development goals like Clean India and education. 
With policy momentum building post-PAPEXPO 2025 and past success of anti-dumping duties, trade protection for paper now appears not just likely but urgent.


India’s Paper Industry Under Siege: Why Urgent Anti-Dumping Action Is Critical to Save Jobs.

<ul>
<li>The paper industry is poised for gradual recovery by FY26, driven by strategic product diversification, integration, and acquisitions, with high-margin segments like tissue and packaging leading the way.</li>
<li>Despite cautious capex, companies focusing on inorganic growth and regional access via acquisitions, like ITC’s Century Pulp deal, will enhance market positioning.</li>
<li>As plantations mature, and anti-dumping measures take effect, the industry could stabilize by FY26, with integrated players gaining faster margin recovery.</li>
</ul>


The paper industry is poised for gradual recovery by FY26, driven by strategic product diversification, integration, and acquisitions, with high-margin segments like tissue and packaging leading the way.
Despite cautious capex, companies focusing on inorganic growth and regional access via acquisitions, like ITC’s Century Pulp deal, will enhance market positioning.
As plantations mature, and anti-dumping measures take effect, the industry could stabilize by FY26, with integrated players gaining faster margin recovery.


Thematic Report: Indian Paper Industry- Low Margin, China Dumping, Capex

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a> recently announced the strategic acquisition of Century Pulp and Paper (CPP) from AB Real Estate (ABREL) for INR 3,500 crore on a slump sale basis.  </li>
<li>This Business Transfer Agreement (BTA) occurs amid an industry downturn marked by surging input costs, subdued demand, and competition from low-priced imports.</li>
<li>This acquisition significantly expands ITC's paper segment capacity by 60%, targeting a 30-40% EBITDA per tonne improvement.</li>
</ul>



ITC Ltd (ITC IN) recently announced the strategic acquisition of Century Pulp and Paper (CPP) from AB Real Estate (ABREL) for INR 3,500 crore on a slump sale basis.  
This Business Transfer Agreement (BTA) occurs amid an industry downturn marked by surging input costs, subdued demand, and competition from low-priced imports.
This acquisition significantly expands ITC's paper segment capacity by 60%, targeting a 30-40% EBITDA per tonne improvement.


Event Driven: ITC Acquiring Aditya Birla Group's Paper Business

India

JK Paper Ltd. manufactures and distributes copier paper, color cards, cover papers, plain paper, white and color poster paper, and paper related products.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Jk Paper Ltd (CPM IN)

Thematic Report: Indian Paper Sector - At the Bottom, Is It the Right Time?

DGFT has tightened import rules for paper and paperboard products. From August 22, 2025, registration under the Paper Import Monitoring System...

Nimish Maheshwari

Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

Dr Agarwal’s Health Care (DAH) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.

Akshat Shah

India’s Paper Industry Under Siege: Why Urgent Anti-Dumping Action Is Critical to Save Jobs.

India's record paper imports threaten domestic mills, rural jobs, and national development goals, prompting urgent need for trade protection.

Sudarshan Bhandari

Thematic Report: Indian Paper Industry- Low Margin, China Dumping, Capex

The paper industry is expected to recover by FY26 through product diversification, acquisitions, and strategic growth, with high-margin segments...

Nimish Maheshwari

Event Driven: ITC Acquiring Aditya Birla Group's Paper Business

ITC Ltd acquires Century Pulp and Paper for INR 3,500 crore amid industry downturn, aiming to boost paper segment capacity by 60% and improve...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thematic Report: Indian Paper Sector - At the Bottom, Is It the Right Time?

DGFT has tightened import rules for paper and paperboard products. From August 22, 2025, registration under the Paper Import Monitoring System...

Nimish Maheshwari

Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

Dr Agarwal’s Health Care (DAH) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.

Akshat Shah

India’s Paper Industry Under Siege: Why Urgent Anti-Dumping Action Is Critical to Save Jobs.

​India's record paper imports threaten domestic mills, rural jobs, and national development goals, prompting urgent need for trade protection.

Sudarshan Bhandari

Thematic Report: Indian Paper Industry- Low Margin, China Dumping, Capex

​The paper industry is expected to recover by FY26 through product diversification, acquisitions, and strategic growth, with high-margin segments...

Nimish Maheshwari

Event Driven: ITC Acquiring Aditya Birla Group's Paper Business

​ITC Ltd acquires Century Pulp and Paper for INR 3,500 crore amid industry downturn, aiming to boost paper segment capacity by 60% and improve...

Nimish Maheshwari

India's record paper imports threaten domestic mills, rural jobs, and national development goals, prompting urgent need for trade protection.

The paper industry is expected to recover by FY26 through product diversification, acquisitions, and strategic growth, with high-margin segments...

ITC Ltd acquires Century Pulp and Paper for INR 3,500 crore amid industry downturn, aiming to boost paper segment capacity by 60% and improve...