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’s steel sector faced severe margin compression and trade imbalances due to a surge in low-cost imports and collapsing exports.</li>
<li>To combat structural stress, the Government of India imposed a 12% safeguard duty and expanded quality norms to shield domestic producers.</li>
<li>While short-term recovery is visible, the long-term outlook depends on global oversupply resolution and India's shift from curbs to core reforms.</li>
</ul>


India’s steel sector faced severe margin compression and trade imbalances due to a surge in low-cost imports and collapsing exports.
To combat structural stress, the Government of India imposed a 12% safeguard duty and expanded quality norms to shield domestic producers.
While short-term recovery is visible, the long-term outlook depends on global oversupply resolution and India's shift from curbs to core reforms.


Thematic Report: India’s Steel Industry ~ GOI Initiatives Enough to Stabilize The Structural Stress?

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

Kalpataru Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kalpataru-limited" target="_blank" data-smartkarma-citation="entities:43866:1" rel="noopener">Kalpataru Limited (KTARU IN)</a> is looking to raise about US$184m in its upcoming India IPO.</li>
<li>Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.</li>
<li>In this note, we take a quick look at the company’s past performance and the IPO valuations.</li>
</ul>



Kalpataru Limited (KTARU IN) is looking to raise about US$184m in its upcoming India IPO.
Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.
In this note, we take a quick look at the company’s past performance and the IPO valuations.


Kalpataru Ltd IPO - Cemented by Debt Repayment

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>JFE Holdings rebounded from COVID-era losses to deliver peak earnings in FY22, followed by a gradual normalization through FY25, with stable steel volumes but declining margins amid weak domestic demand.</li>
<li>The group is investing ¥970B (~$6.5B) through FY2030 across decarbonization, product upgrades (e.g., electrical steel, galvanizing), and overseas downstream expansion to sustain competitiveness.</li>
<li>Adjusting for its ₹910B (~¥1.7T) JSW stake, ~30% of EV, JFE trades at just 2.7x EV/EBITDA—deeply discounted vs peers like Nippon Steel and POSCO.</li>
</ul>


JFE Holdings rebounded from COVID-era losses to deliver peak earnings in FY22, followed by a gradual normalization through FY25, with stable steel volumes but declining margins amid weak domestic demand.
The group is investing ¥970B (~$6.5B) through FY2030 across decarbonization, product upgrades (e.g., electrical steel, galvanizing), and overseas downstream expansion to sustain competitiveness.
Adjusting for its ₹910B (~¥1.7T) JSW stake, ~30% of EV, JFE trades at just 2.7x EV/EBITDA—deeply discounted vs peers like Nippon Steel and POSCO.


JFE Holdings (5411 JP) – Stable Core, Strategic JSW Stake, and Deep-Value Opportunity

Nippon Steel Corporation / Equity Bottom-Up

<ul>
<li>Nippon paid full price despite governance restrictions; with no credible rival, rejecting the golden share risked collapsing the deal.</li>
<li>Historical golden share precedents imply 10–20% valuation discounts, yet Nippon accepted late-stage constraints without renegotiation.</li>
<li>Funding mix includes bridge loans, hybrids, and asset sales, but proposed equity issuance near 40% below book risks EPS dilution and undermines capital discipline messaging.</li>
</ul>


Nippon paid full price despite governance restrictions; with no credible rival, rejecting the golden share risked collapsing the deal.
Historical golden share precedents imply 10–20% valuation discounts, yet Nippon accepted late-stage constraints without renegotiation.
Funding mix includes bridge loans, hybrids, and asset sales, but proposed equity issuance near 40% below book risks EPS dilution and undermines capital discipline messaging.


Nippon Steel (5401 JP) – No Rival, No Discount, Limited Control

Knowledge Realty Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowledge-realty-trust" target="_blank" data-smartkarma-citation="entities:44486:1" rel="noopener">Knowledge Realty Trust (258259D IN)</a> is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.</li>
<li>Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between FY16-9M24, as per the CBRE report.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Knowledge Realty Trust (258259D IN) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.
Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between FY16-9M24, as per the CBRE report.
In this note, we talk about the not-so-positive aspects of the deal.


Knowledge Realty Trust Pre-IPO - The Negatives - Not All Assets Have Been Doing Well

India

JSW Steel Limited is an integrated steel producer with manufacturing facilities in Karnataka, Tamil Nadu and the western state of Maharashtra. The Company produces products including hot rolled coils, cold rolled coils, wire rods, galvanized coils and sheets.

Price Gauge
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JSW Steel Ltd (JSTL IN)

Thematic Report: India’s Steel Industry ~ GOI Initiatives Enough to Stabilize The Structural Stress?

India's steel sector struggles with margin compression and trade imbalances, prompting government intervention to protect domestic producers and...

Nimish Maheshwari

Kalpataru Ltd IPO - Cemented by Debt Repayment

Kalpataru Limited (KL) is looking to raise about US$184m in its upcoming India IPO. In this note, we take a quick look at the company’s past...

Akshat Shah

JFE Holdings (5411 JP) – Stable Core, Strategic JSW Stake, and Deep-Value Opportunity

JFE Holdings sees peak earnings in FY22, plans investments in decarbonization and product upgrades to sustain competitiveness, trading at a...

Rahul Jain

Nippon Steel (5401 JP) – No Rival, No Discount, Limited Control

Nippon paid full price for deal despite governance restrictions, risking collapse without credible rival. Funding mix includes bridge loans and...

Rahul Jain

Knowledge Realty Trust Pre-IPO - The Negatives - Not All Assets Have Been Doing Well

Knowledge Realty Trust (KRT) is planning to raise about US$558m through its upcoming India IPO. In this note, we talk about the not-so-positive...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thematic Report: India’s Steel Industry ~ GOI Initiatives Enough to Stabilize The Structural Stress?

​India's steel sector struggles with margin compression and trade imbalances, prompting government intervention to protect domestic producers and...

Nimish Maheshwari

Kalpataru Ltd IPO - Cemented by Debt Repayment

Kalpataru Limited (KL) is looking to raise about US$184m in its upcoming India IPO. In this note, we take a quick look at the company’s past...

Akshat Shah

JFE Holdings (5411 JP) – Stable Core, Strategic JSW Stake, and Deep-Value Opportunity

​JFE Holdings sees peak earnings in FY22, plans investments in decarbonization and product upgrades to sustain competitiveness, trading at a...

Rahul Jain

Nippon Steel (5401 JP) – No Rival, No Discount, Limited Control

​Nippon paid full price for deal despite governance restrictions, risking collapse without credible rival. Funding mix includes bridge loans and...

Rahul Jain

Knowledge Realty Trust Pre-IPO - The Negatives - Not All Assets Have Been Doing Well

Knowledge Realty Trust (KRT) is planning to raise about US$558m through its upcoming India IPO. In this note, we talk about the not-so-positive...

Akshat Shah

India's steel sector struggles with margin compression and trade imbalances, prompting government intervention to protect domestic producers and...

JFE Holdings sees peak earnings in FY22, plans investments in decarbonization and product upgrades to sustain competitiveness, trading at a...

Nippon paid full price for deal despite governance restrictions, risking collapse without credible rival. Funding mix includes bridge loans and...