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>India commissioned only 1.4 GWh, or 2.8%, of its original 50 GWh ACC PLI ambition by October 2025.</li>
<li>Agratas is pursuing licensed NMC cell manufacturing and proprietary LFP development in parallel, while AESC holds a 12% stake and supplies technology.</li>
<li>The differentiator is no longer announced capacity. It is technology absorption, yield ramp-up, domestic value addition and chemistry-level IP ownership.</li>
</ul>


India commissioned only 1.4 GWh, or 2.8%, of its original 50 GWh ACC PLI ambition by October 2025.
Agratas is pursuing licensed NMC cell manufacturing and proprietary LFP development in parallel, while AESC holds a 12% stake and supplies technology.
The differentiator is no longer announced capacity. It is technology absorption, yield ramp-up, domestic value addition and chemistry-level IP ownership.


Why India Need China for Battery Technology?

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Bottom-Up

<ul>
<li>JSW has shown strong growth in generation capacity, with plans to double it to 30GW by 2030. The company is also venturing into ancillaries like battery assembly and hydrogen production. </li>
<li>We conservatively estimate FY26 EBITDA at 10,000cr (11% below consensus) with 20% CAGR from capacity expansion (25% CAGR to 30GW) and improving utilisation (35% CAGR in generation).</li>
<li>We ascribe EV/EBITDA multiple of 8-12x to the thermal business and 12-16x multiple to renewables business to arrive at SOTP valuation of 550-770 by March 2027 vs CMP of 480.</li>
</ul>


JSW has shown strong growth in generation capacity, with plans to double it to 30GW by 2030. The company is also venturing into ancillaries like battery assembly and hydrogen production. 
We conservatively estimate FY26 EBITDA at 10,000cr (11% below consensus) with 20% CAGR from capacity expansion (25% CAGR to 30GW) and improving utilisation (35% CAGR in generation).
We ascribe EV/EBITDA multiple of 8-12x to the thermal business and 12-16x multiple to renewables business to arrive at SOTP valuation of 550-770 by March 2027 vs CMP of 480.


The Thermal Vs Renewable Debate: JSW Energy - 2026 High Conviction Idea

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>By mid-2026, major Indian groups shifted from local cell manufacturing to assembling Chinese cells- Reliance, Tata Agratas, Amara Raja and Exide still depend on Chinese-linked IP.</li>
<li>India’s storage, EV and renewable targets depend on batteries. Assembly-led models increase China dependence and limit Indian value capture to around 40% or less.</li>
<li>Without strong R&amp;D, licensing will keep India dependent. The correction window is narrowing as BESS margins compress and China tightens export controls.</li>
</ul>


By mid-2026, major Indian groups shifted from local cell manufacturing to assembling Chinese cells- Reliance, Tata Agratas, Amara Raja and Exide still depend on Chinese-linked IP.
India’s storage, EV and renewable targets depend on batteries. Assembly-led models increase China dependence and limit Indian value capture to around 40% or less.
Without strong R&amp;D, licensing will keep India dependent. The correction window is narrowing as BESS margins compress and China tightens export controls.


India’s Battery Reality Check: Just Assembler Not Maker!

<ul>
<li>India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.</li>
<li>The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.</li>
<li>If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.</li>
</ul>


India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.
The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.
If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.


Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

<ul>
<li>One search on Google Gemini or ChatGPT in terms of watts is 10 times more intensive than a plain Google search today.</li>
<li>AI is fueling energy demand, which currently accounts for just 1.5% of total demand, may outpace the growth of energy demand for all the sectors</li>
<li>AI, along with data centres, can also be utilised in effective use of energy</li>
</ul>


One search on Google Gemini or ChatGPT in terms of watts is 10 times more intensive than a plain Google search today.
AI is fueling energy demand, which currently accounts for just 1.5% of total demand, may outpace the growth of energy demand for all the sectors
AI, along with data centres, can also be utilised in effective use of energy


Charted Insight: How the Digital Boom Is Driving the Green Energy Revolution?

India

JSW Energy Limited is an Indian power company primarily engaged in power generation, transmission, and trading. The company operates a diversified portfolio of thermal, hydro, wind, and solar power assets, and is expanding into new energy frontiers like green hydrogen and battery energy storage systems. JSW Energy was founded in 1994 and is headquartered in Mumbai, Maharashtra, India.

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JSW Energy (JSW IN)

Why India Need China for Battery Technology?

China’s technology controls exposed the difference between announcing a gigafactory and mastering cell chemistry. Tata’s response: licensed NMC...

Nimish Maheshwari

The Thermal Vs Renewable Debate: JSW Energy - 2026 High Conviction Idea

JSW Energy is the better-placed utility in terms of growth visibility with healthy split of thermal and renewable capex underway. Its aggressive...

Himanshu Dugar

India’s Battery Reality Check: Just Assembler Not Maker!

Indian groups are shifting to assembling Chinese cells, limiting value capture and increasing dependence on China for batteries. R&D is crucial to...

Sudarshan Bhandari

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

Charted Insight: How the Digital Boom Is Driving the Green Energy Revolution?

AI-driven searches on Google Gemini or ChatGPT are 10x more energy-intensive than regular searches, highlighting the potential for AI to drive...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Why India Need China for Battery Technology?

China’s technology controls exposed the difference between announcing a gigafactory and mastering cell chemistry. Tata’s response: licensed NMC...

Nimish Maheshwari

The Thermal Vs Renewable Debate: JSW Energy - 2026 High Conviction Idea

​JSW Energy is the better-placed utility in terms of growth visibility with healthy split of thermal and renewable capex underway. Its aggressive...

Himanshu Dugar

India’s Battery Reality Check: Just Assembler Not Maker!

​Indian groups are shifting to assembling Chinese cells, limiting value capture and increasing dependence on China for batteries. R&D is crucial to...

Sudarshan Bhandari

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

​India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

Charted Insight: How the Digital Boom Is Driving the Green Energy Revolution?

​AI-driven searches on Google Gemini or ChatGPT are 10x more energy-intensive than regular searches, highlighting the potential for AI to drive...

Nimish Maheshwari

JSW Energy is the better-placed utility in terms of growth visibility with healthy split of thermal and renewable capex underway. Its aggressive...

Indian groups are shifting to assembling Chinese cells, limiting value capture and increasing dependence on China for batteries. R&D is crucial to...

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

AI-driven searches on Google Gemini or ChatGPT are 10x more energy-intensive than regular searches, highlighting the potential for AI to drive...