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

Edelweiss Financial Services / Equity Bottom-Up

<ul>
<li>Edelweiss plans a INR 1,500–2,000 crore IPO of EAAA and a 25–30% stake sale in its mutual fund arm to accelerate deleveraging.</li>
<li>These transactions could meaningfully reduce corporate debt from INR 6,325 crore, strengthen the balance sheet, and unlock shareholder value.</li>
<li>Successful execution improves capital efficiency, supports high-margin business growth, and enhances upside potential, reinforcing the 56% target price appreciation case.</li>
</ul>


Edelweiss plans a INR 1,500–2,000 crore IPO of EAAA and a 25–30% stake sale in its mutual fund arm to accelerate deleveraging.
These transactions could meaningfully reduce corporate debt from INR 6,325 crore, strengthen the balance sheet, and unlock shareholder value.
Successful execution improves capital efficiency, supports high-margin business growth, and enhances upside potential, reinforcing the 56% target price appreciation case.


The Beat Ideas: Edelweiss 2.0 - Unlocking Value Through Deleveraging and Strategic Listings

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> is launching a 3,395 crore IPO via a complete OFS, with a price band of INR 540–570 per share, open from July 14 to July 16.</li>
<li>Company is a fully integrated CRDMO with capabilities across drug discovery, development, and manufacturing for both small molecules and biologics, serving 550+ customers globally.</li>
<li>The company is undertaking a major capacity expansion, set to make its fermentation capacity over 6x larger than the second-largest Indian CRDMO player post-expansion.</li>
</ul>



Anthem Biosciences (1234D IN) is launching a 3,395 crore IPO via a complete OFS, with a price band of INR 540–570 per share, open from July 14 to July 16.
Company is a fully integrated CRDMO with capabilities across drug discovery, development, and manufacturing for both small molecules and biologics, serving 550+ customers globally.
The company is undertaking a major capacity expansion, set to make its fermentation capacity over 6x larger than the second-largest Indian CRDMO player post-expansion.


Anthem BioSciences IPO Analysis ~ The Fastest-Growing Indian CRDMO

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

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
In this note, we talk about the company’s historical performance.


Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

<ul>
<li>JM Financial has decadal experience of being the powerhouse of financial services giant. </li>
<li>The company has been a bad capital allocator for the years and hence could not participate in the mega bull run.  </li>
<li>What makes it interesting is a company is changing its strategy of capital allocation while cherry on the cake is attractive valuations and promoter buying.</li>
</ul>


JM Financial has decadal experience of being the powerhouse of financial services giant. 
The company has been a bad capital allocator for the years and hence could not participate in the mega bull run.  
What makes it interesting is a company is changing its strategy of capital allocation while cherry on the cake is attractive valuations and promoter buying.


JM Financial: An Undervalued Gem Poised for Breakout Growth

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>India's Credit Landscape has changed and is facing structural and regulatory challenges.</li>
<li>The Indian regulator (RBI), particularly in its oversight of underwriting practices and the behavior of Non-Banking Financial Companies (NBFCs), is commendably proactive, positioning it ahead of the curve.</li>
<li>We expect more such steps in other parts of the credit funnel. The recent crack down along with the stock underperformance is here to stay and possibility intensify. </li>
</ul>


India's Credit Landscape has changed and is facing structural and regulatory challenges.
The Indian regulator (RBI), particularly in its oversight of underwriting practices and the behavior of Non-Banking Financial Companies (NBFCs), is commendably proactive, positioning it ahead of the curve.
We expect more such steps in other parts of the credit funnel. The recent crack down along with the stock underperformance is here to stay and possibility intensify. 


Trouble in Paradise | India Credit Landscape & Wrath of the Regulator

India

JM Financial Limited is a holding company which has subsidiaries in all major financial services. The Company's services include investment banking, institutional and retail brokerage, asset management (MF & alternative assets), commodities and asset reconstruction.

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JM Financial (JM IN)

The Beat Ideas: Edelweiss 2.0 - Unlocking Value Through Deleveraging and Strategic Listings

Edelweiss plans IPO and stake sale to reduce debt, strengthen balance sheet, and unlock shareholder value, supporting high-margin business growth...

Sudarshan Bhandari

Anthem BioSciences IPO Analysis ~ The Fastest-Growing Indian CRDMO

Anthem Biosciences is launching a massive IPO to fund capacity expansion, positioning itself as a key player in the global CRDMO market.

Sudarshan Bhandari

JM Financial: An Undervalued Gem Poised for Breakout Growth

JM Financial, a financial services giant, is changing its capital allocation strategy after stressed years potentially leading to better returns...

Sudarshan Bhandari

Trouble in Paradise | India Credit Landscape & Wrath of the Regulator

India's credit landscape is evolving with regulatory challenges, but the RBI's proactive oversight of NBFCs sets it ahead of the curve, with more...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: Edelweiss 2.0 - Unlocking Value Through Deleveraging and Strategic Listings

​Edelweiss plans IPO and stake sale to reduce debt, strengthen balance sheet, and unlock shareholder value, supporting high-margin business growth...

Sudarshan Bhandari

Anthem BioSciences IPO Analysis ~ The Fastest-Growing Indian CRDMO

​Anthem Biosciences is launching a massive IPO to fund capacity expansion, positioning itself as a key player in the global CRDMO market.

Sudarshan Bhandari

Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Belrise Industries Limited is looking to raise about US$255m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

JM Financial: An Undervalued Gem Poised for Breakout Growth

​JM Financial, a financial services giant, is changing its capital allocation strategy after stressed years potentially leading to better returns...

Sudarshan Bhandari

Trouble in Paradise | India Credit Landscape & Wrath of the Regulator

​India's credit landscape is evolving with regulatory challenges, but the RBI's proactive oversight of NBFCs sets it ahead of the curve, with more...

Pranav Bhavsar

Edelweiss plans IPO and stake sale to reduce debt, strengthen balance sheet, and unlock shareholder value, supporting high-margin business growth...

Anthem Biosciences is launching a massive IPO to fund capacity expansion, positioning itself as a key player in the global CRDMO market.

JM Financial, a financial services giant, is changing its capital allocation strategy after stressed years potentially leading to better returns...

India's credit landscape is evolving with regulatory challenges, but the RBI's proactive oversight of NBFCs sets it ahead of the curve, with more...