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.

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Thematic (Sector/Industry)

<ul>
<li>India's $15.2 billion trade deficit with South Korea, triple the 2010 level  is now a formal negotiating flashpoint as CEPA renegotiations restart following PM Modi's April 2026 summit with President.</li>
<li>Korean chaebols executed a legally clean but strategically aggressive playbook: zero-duty imports, record pre-IPO dividends, royalty hikes, and all-OFS listings. India's capital markets funded Seoul's balance sheet.</li>
<li>CEPA 2.0 demands are substantive: local content mandates, services reciprocity, pharma access but translating them into a binding deal before 2026-27 target date requires Govt to match Korean negotiating precision.</li>
</ul>


India's $15.2 billion trade deficit with South Korea, triple the 2010 level  is now a formal negotiating flashpoint as CEPA renegotiations restart following PM Modi's April 2026 summit with President.
Korean chaebols executed a legally clean but strategically aggressive playbook: zero-duty imports, record pre-IPO dividends, royalty hikes, and all-OFS listings. India's capital markets funded Seoul's balance sheet.
CEPA 2.0 demands are substantive: local content mandates, services reciprocity, pharma access but translating them into a binding deal before 2026-27 target date requires Govt to match Korean negotiating precision.


How Korea Turned a Trade Deal Into a Cash Extraction Machine?

<ul>
<li>The Indian steel industry faced a highly disappointing 9MFY26 driven by multi-year low prices, persistent Chinese dumping, and severely delayed post-monsoon infrastructure restocking. </li>
<li>A robust Q4FY26 turnaround is now highly expected, driven by a sharp rebound in domestic realisations and condensed pent-up pre-monsoon project execution demand. </li>
<li>However, this bullish outlook faces significant downside risks post Q4FY26 from sequential coking coal inflation threatening margins and escalating geopolitical tensions disrupting global supply chains.</li>
</ul>


The Indian steel industry faced a highly disappointing 9MFY26 driven by multi-year low prices, persistent Chinese dumping, and severely delayed post-monsoon infrastructure restocking. 
A robust Q4FY26 turnaround is now highly expected, driven by a sharp rebound in domestic realisations and condensed pent-up pre-monsoon project execution demand. 
However, this bullish outlook faces significant downside risks post Q4FY26 from sequential coking coal inflation threatening margins and escalating geopolitical tensions disrupting global supply chains.


India Steel Industry: Should We Expect a Turnaround from Q4FY26?

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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<ul><li>Maintain positive outlook for the Indian steel sector: Continued healthy steel demand should support absorption of recent price increases, helping expand gross margins even after factoring in higher coking coal and iron ore costs.</li><li>We remain positive on the sector and have marginally reduced EBITDA estimates to reflect lower than expected margin expansion in Q4FY26.</li><li>We retain BUY ratings on Tata Steel, JSW Steel, and Jindal Steel, and ADD ratings on APAT and SAIL.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain positive outlook for the Indian steel sector: Continued healthy steel demand should support absorption of recent price increases, helping expand gross margins even after factoring in higher coking coal and iron ore costs.We remain positive on the sector and have marginally reduced EBITDA estimates to reflect lower than expected margin expansion in Q4FY26.We retain BUY ratings on Tata Steel, JSW Steel, and Jindal Steel, and ADD ratings on APAT and SAIL.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Metals (Q4FY26 Results Preview): Steel price recovery to drive margin uptick

Iron Ore, Copper, Equities, Mint Finance

Umang Agrawal

Iron Ore, Copper, Equities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>India’s steel demand is pulling ore inward, shrinking exports, while heavy reliance on China leaves external demand increasingly fragile.</li>
<li>India’s iron ore imports are surging on high-grade shortages, exposing JSW Steel to global price risks and rising input cost pressures. </li>
<li>Tata Steel’s record volumes, green steel push, and strategic capex signal stronger growth visibility with improving sustainability-led competitive advantage ahead. </li>
</ul>


India’s steel demand is pulling ore inward, shrinking exports, while heavy reliance on China leaves external demand increasingly fragile.
India’s iron ore imports are surging on high-grade shortages, exposing JSW Steel to global price risks and rising input cost pressures. 
Tata Steel’s record volumes, green steel push, and strategic capex signal stronger growth visibility with improving sustainability-led competitive advantage ahead. 


India’s Steel Surge Is Rewriting the Playbook: Is Tata Steel Poised for the Next Growth Phase?

<ul><li>While domestic demand growth moderated, India turned net exporter in Q3FY26: In Q3FY26, finished steel consumption moderated slightly to 6.5% YoY, compared with ~8.4% in H1FY26</li><li>October and November witnessed lower growth of ~4.5% YoY each, but demand firmed up in December 2025 to ~10%, as per the Ministry of Steel</li><li>Consumption remained flattish on a QoQ basis</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

While domestic demand growth moderated, India turned net exporter in Q3FY26: In Q3FY26, finished steel consumption moderated slightly to 6.5% YoY, compared with ~8.4% in H1FY26October and November witnessed lower growth of ~4.5% YoY each, but demand firmed up in December 2025 to ~10%, as per the Ministry of SteelConsumption remained flattish on a QoQ basisContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Metals (Q3FY26 Results Preview): Robust volume growth, prices firming up

India

JSW Steel Limited is an Indian multinational steel company. It manufactures and sells a wide range of steel products, including hot rolled, cold rolled, galvanized, and color-coated steel, as well as TMT bars, wire rods, and alloy steel products, serving various industries such as automotive, construction, and infrastructure. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 1982.

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JSW Steel (JSTL IN)

How Korea Turned a Trade Deal Into a Cash Extraction Machine?

India's $15.2 billion trade deficit with South Korea is a major concern as CEPA renegotiations begin, with demands for local content mandates and...

Nimish Maheshwari

India Steel Industry: Should We Expect a Turnaround from Q4FY26?

Indian steel industry had a tough 9MFY26 but is expected to see a turnaround in Q4FY26, though risks remain due to coking coal inflation and...

Nimish Maheshwari

Metals (Q4FY26 Results Preview): Steel price recovery to drive margin uptick

We remain positive on the sector and have marginally reduced EBITDA estimates to reflect lower than expected margin expansion in Q4FY26.

HDFC Securities

India’s Steel Surge Is Rewriting the Playbook: Is Tata Steel Poised for the Next Growth Phase?

India’s steel boom is locking in iron ore at home, squeezing exports and amplifying China risk, while Tata Steel looks built for this shift.

Mint Finance

Metals (Q3FY26 Results Preview): Robust volume growth, prices firming up

While domestic demand growth moderated, India turned net exporter in Q3FY26: In Q3FY26, finished steel consumption moderated slightly to 6.5% YoY,...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

How Korea Turned a Trade Deal Into a Cash Extraction Machine?

​India's $15.2 billion trade deficit with South Korea is a major concern as CEPA renegotiations begin, with demands for local content mandates and...

Nimish Maheshwari

India Steel Industry: Should We Expect a Turnaround from Q4FY26?

​Indian steel industry had a tough 9MFY26 but is expected to see a turnaround in Q4FY26, though risks remain due to coking coal inflation and...

Nimish Maheshwari

Metals (Q4FY26 Results Preview): Steel price recovery to drive margin uptick

We remain positive on the sector and have marginally reduced EBITDA estimates to reflect lower than expected margin expansion in Q4FY26.

HDFC Securities

India’s Steel Surge Is Rewriting the Playbook: Is Tata Steel Poised for the Next Growth Phase?

India’s steel boom is locking in iron ore at home, squeezing exports and amplifying China risk, while Tata Steel looks built for this shift.

Mint Finance

Metals (Q3FY26 Results Preview): Robust volume growth, prices firming up

While domestic demand growth moderated, India turned net exporter in Q3FY26: In Q3FY26, finished steel consumption moderated slightly to 6.5% YoY,...

HDFC Securities

India's $15.2 billion trade deficit with South Korea is a major concern as CEPA renegotiations begin, with demands for local content mandates and...

Indian steel industry had a tough 9MFY26 but is expected to see a turnaround in Q4FY26, though risks remain due to coking coal inflation and...