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

Event-Driven

Jubilant Agri and Consumer Products / Event-Driven

<ul>
<li>Separation of fertilizer division enables sharper valuation for adhesives, removing drag from losses and unlocking pure-play growth potential.</li>
<li>High growth with underpriced products; margin expansion likely as brand strength builds, closing gap with Pidilite and Jyoti Resins.</li>
<li>Once loss-making agri business now EBIT-positive; post-demerger focus may revive segment and surprise on valuations.</li>
</ul>


Separation of fertilizer division enables sharper valuation for adhesives, removing drag from losses and unlocking pure-play growth potential.
High growth with underpriced products; margin expansion likely as brand strength builds, closing gap with Pidilite and Jyoti Resins.
Once loss-making agri business now EBIT-positive; post-demerger focus may revive segment and surprise on valuations.


Event Driven: Jubilant Agri & Consumer Products Demerger- Next Value Creator from the Bhartia Group?

Mid-Small Cap specialist | Equities | India, Nurture Capital Advisory

Nurture Capital Advisory

Mid-Small Cap specialist | Equities | India

Buyside Outfit and Advisory Services

We are a Buyside outfit and also offer Advisory services. Most notes published here are written for our consumption. These notes offer readers a perspective of our approach to scanning sectors and distilling ideas to constructing a bottom-up Equity portfolio. Combining top down and bottom-up approaches to identifying themes/ value stocks at inflexion Sector agnostic | Value oriented - Inflexion approach | Bottom-Up Ideas Biased towards Sustainability, ESG Team is Wall Street Journal, ET Now - Star mine Lipper, Asia money rated.

Equity Bottom-Up

Crompton Greaves Consumer Electricals / Equity Bottom-Up

<ul>
<li>Era of the value stocks! Inflation feeds interest rates, raises cost of capital and risks equity multiples. Headwinds to earnings growth - risks sustenance of pricey valuations.  </li>
<li>Key risks: Stocks face material headwinds on cost pressure, competition, valuations </li>
<li>Stocks covered: Crompton Greaves, Stove Kraft, Lemon Tree, Jubilant Ingrevia</li>
</ul>


Era of the value stocks! Inflation feeds interest rates, raises cost of capital and risks equity multiples. Headwinds to earnings growth - risks sustenance of pricey valuations.  
Key risks: Stocks face material headwinds on cost pressure, competition, valuations 
Stocks covered: Crompton Greaves, Stove Kraft, Lemon Tree, Jubilant Ingrevia


Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Forensic Accounting

Jubilant group is a multi-billion-dollar conglomerate in India with a wide array of businesses across retail franchise (Domino's in India and some neighboring countries), pharma and life sciences, agrochemicals and performance polymers, retail dealership (Audi cars) as well as aviation consulting and oil &amp; gas offshore EPC services.
Its largest business, Domino's franchise, is listed through <a href="https://www.smartkarma.com/entities/jubilant-foodworks-ltd" target="_blank" data-smartkarma-citation="entities:986:1" rel="noopener">Jubilant Foodworks (JUBI IN)</a>. The pharma and life sciences business is conducted through listed entity <a href="https://www.smartkarma.com/entities/jubilant-life-sciences-ltd" target="_blank" data-smartkarma-citation="entities:6853:1" rel="noopener">Jubilant Life Sciences (JUBILANT IN)</a>. It also has another small listed entity, <a href="https://www.smartkarma.com/entities/jubilant-industries-ltd" target="_blank" data-smartkarma-citation="entities:2766:1" rel="noopener">Jubilant Industries (JIND IN)</a>, which is mainly into agrochemicals, IMFL (Indian made foreign liquor) and performance polymer business. Rest of the businesses like the Audi dealership, aviation consulting and offshore EPC services are conducted through private entities such as Jubilant MotorWorks, Jubilant Enpro, etc. that are owned by the promoters of Jubilant Group - Shyam Bhartia and Hari Bhartia.
Below we closely analyze the annual reports of Jubilant Life Sciences ("JLL") and Jubilant Industries and discuss certain related party transactions and accounting flags that are worth noting and probing further.

Jubilant group is a multi-billion-dollar conglomerate in India with a wide array of businesses across retail franchise (Domino's in India and some neighboring countries), pharma and life sciences, agrochemicals and performance polymers, retail dealership (Audi cars) as well as aviation consulting and oil &amp; gas offshore EPC services.
Its largest business, Domino's franchise, is listed through Jubilant Foodworks (JUBI IN). The pharma and life sciences business is conducted through listed entity Jubilant Life Sciences (JUBILANT IN). It also has another small listed entity, Jubilant Industries (JIND IN), which is mainly into agrochemicals, IMFL (Indian made foreign liquor) and performance polymer business. Rest of the businesses like the Audi dealership, aviation consulting and offshore EPC services are conducted through private entities such as Jubilant MotorWorks, Jubilant Enpro, etc. that are owned by the promoters of Jubilant Group - Shyam Bhartia and Hari Bhartia.
Below we closely analyze the annual reports of Jubilant Life Sciences ("JLL") and Jubilant Industries and discuss certain related party transactions and accounting flags that are worth noting and probing further. 

Jubilant Group: Related Party Transactions and Accounting Flags

India

Jubilant Industries Ltd. is a diversified company. The Company's diversified portfolio includes a wide range of crop nutrition, crop growth and crop protection agri products and performance polymers products comprising consumer products like adhesives, wood finishes; application polymers like emulsion polymers, food polymers and latex such as Vinyl Pyridine, SBR and NBR latex.

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Jubilant Industries (JIND IN)

Event Driven: Jubilant Agri & Consumer Products Demerger- Next Value Creator from the Bhartia Group?

Separating fertilizer division boosts valuation for adhesives, poised for growth and margin expansion to compete with industry leaders.

Nimish Maheshwari

Era of the Value Stocks

Era of the value stocks! Inflation feeds interest rates, raises cost of capital and risks equity multiples. Headwinds to earnings growth - risks...

Nurture Capital Advisory

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Event Driven: Jubilant Agri & Consumer Products Demerger- Next Value Creator from the Bhartia Group?

​Separating fertilizer division boosts valuation for adhesives, poised for growth and margin expansion to compete with industry leaders.

Nimish Maheshwari

Era of the Value Stocks

Era of the value stocks! Inflation feeds interest rates, raises cost of capital and risks equity multiples. Headwinds to earnings growth - risks...

Nurture Capital Advisory

Jubilant Group: Related Party Transactions and Accounting Flags

A forensic analysis of Jubilant Group (Promoter Group of Jubilant Foodworks & Jubilant Lifesciences) leads us to certain related party transactions...

Ankit Agrawal, CFA

Separating fertilizer division boosts valuation for adhesives, poised for growth and margin expansion to compete with industry leaders.