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

<ul>
<li>Jubilant Pharmova is investing over USD 285 million to expand its PET radiopharmacy sites, CDMO Sterile Injectables, and CRDMO capacity (FTEs from 1,000 to 4,000 by FY27). </li>
<li>
These segments, contributing over 80% of FY25 EBITDA, are positioned for faster growth and margin expansion, with Line 3 in Spokane expected to reach peak utilization in 3 years.</li>
<li>A pivot towards higher-margin businesses with targeted RoCE above 20% enhances confidence in achieving Vision 2030 goals of doubling revenue and reaching 23–25% EBITDA margins.</li>
</ul>


Jubilant Pharmova is investing over USD 285 million to expand its PET radiopharmacy sites, CDMO Sterile Injectables, and CRDMO capacity (FTEs from 1,000 to 4,000 by FY27). 

These segments, contributing over 80% of FY25 EBITDA, are positioned for faster growth and margin expansion, with Line 3 in Spokane expected to reach peak utilization in 3 years.
A pivot towards higher-margin businesses with targeted RoCE above 20% enhances confidence in achieving Vision 2030 goals of doubling revenue and reaching 23–25% EBITDA margins.


The Beat Ideas: Jubilant Pharmova - Turning Capex Into Catalysts for Long-Term Value

Thematic (Sector/Industry)

<ul>
<li>India’s 30 trillion Capex cycle is underway, with FY25 corporate Capex surpassing 11 lakh crore. FY26 will see Centre, States, and Corporates align for historic infrastructure investment.</li>
<li>This revival isn’t top-heavy. 157 companies launched $100 million+ projects in FY25 across diverse sectors - indicating India’s most widespread and bottom-up Capex momentum since FY12.</li>
<li>New-Age leaders like Adani Ports, Deepak Fertilizers, and Gokaldas Exports are investing for long-term gains boosting capacity, margins, and global competitiveness across energy, chemicals, defence, textiles, and manufacturing.</li>
</ul>


India’s 30 trillion Capex cycle is underway, with FY25 corporate Capex surpassing 11 lakh crore. FY26 will see Centre, States, and Corporates align for historic infrastructure investment.
This revival isn’t top-heavy. 157 companies launched $100 million+ projects in FY25 across diverse sectors - indicating India’s most widespread and bottom-up Capex momentum since FY12.
New-Age leaders like Adani Ports, Deepak Fertilizers, and Gokaldas Exports are investing for long-term gains boosting capacity, margins, and global competitiveness across energy, chemicals, defence, textiles, and manufacturing.


India’s Capex Supercycle: Capex Blasters – List of Companies Doing Capex

<ul>
<li>Jubilant Ingrevia has launched its "Pinnacle 3.4.5" strategy targeting 3x revenue and 4x EBITDA growth by FY30, signaling a focused shift toward higher-margin segments.</li>
<li>The company’s business mix is rapidly evolving, with Specialty Chemicals and Nutrition now contributing 62% of revenue, improving margin visibility and reducing cyclicality.</li>
<li>With increasing downstream integration, global CDMO expansion, and a robust R&amp;D pipeline, Jubilant Ingrevia is transitioning into a structurally higher-margin, innovation-driven player.</li>
</ul>


Jubilant Ingrevia has launched its "Pinnacle 3.4.5" strategy targeting 3x revenue and 4x EBITDA growth by FY30, signaling a focused shift toward higher-margin segments.
The company’s business mix is rapidly evolving, with Specialty Chemicals and Nutrition now contributing 62% of revenue, improving margin visibility and reducing cyclicality.
With increasing downstream integration, global CDMO expansion, and a robust R&amp;D pipeline, Jubilant Ingrevia is transitioning into a structurally higher-margin, innovation-driven player.


The Beat Ideas: Jubilant Ingrevia-Specialty Formula for Margin Expansion

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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?

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Australia has recommended against the approval of Eisai Alzheimer’s disease drug Leqembi. Daiichi Sankyo’s Enhertu received conditional approval in China for the treatment of non-small cell lung cancer.</li>
<li>Nihon Kohden has revised its financial forecasts for H1FY25. Shanghai Junshi Biosciences’ toripalimab has been approved for marketing in India for treatment of recurrent or metastatic nasopharyngeal carcinoma.</li>
<li>Akeso Biopharma raised ~$250M, for funding its R&amp;D activities. Celltrion has filed phase 3 clinical trial application in Europe for Cosentyx biosimilar in patients with moderate to severe plaque psoriasis.</li>
</ul>


Australia has recommended against the approval of Eisai Alzheimer’s disease drug Leqembi. Daiichi Sankyo’s Enhertu received conditional approval in China for the treatment of non-small cell lung cancer.
Nihon Kohden has revised its financial forecasts for H1FY25. Shanghai Junshi Biosciences’ toripalimab has been approved for marketing in India for treatment of recurrent or metastatic nasopharyngeal carcinoma.
Akeso Biopharma raised ~$250M, for funding its R&amp;D activities. Celltrion has filed phase 3 clinical trial application in Europe for Cosentyx biosimilar in patients with moderate to severe plaque psoriasis.


APAC Healthcare Weekly (Oct 20)- Eisai, Daiichi Sankyo, Junshi Bioscience, Akeso, Celltrion, Neuren

India

Jubilant Pharmova Limited operates as a pharmaceuticals company. The Company offers products and services across the pharma value chain that includes manufacturing and supply of radiopharmaceuticals, developing therapies, and drug discovery and development services. Jubilant Pharmova serves customers worldwide.

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Jubilant Pharmova (JUBLPHAR IN)

The Beat Ideas: Jubilant Pharmova - Turning Capex Into Catalysts for Long-Term Value

Jubilant Pharmova is investing in expanding PET radiopharmacy sites and other segments to drive faster growth and margin expansion, aiming for...

Sudarshan Bhandari

India’s Capex Supercycle: Capex Blasters – List of Companies Doing Capex

India's historic Capex cycle underway with diverse sectors and bottom-up momentum, led by companies like Adani Ports and Deepak Fertilizers for...

Sudarshan Bhandari

The Beat Ideas: Jubilant Ingrevia-Specialty Formula for Margin Expansion

Jubilant Ingrevia aims for 3x revenue and 4x EBITDA growth by FY30 with a focus on higher-margin segments like Specialty Chemicals and Nutrition,...

Sudarshan Bhandari

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

APAC Healthcare Weekly (Oct 20)- Eisai, Daiichi Sankyo, Junshi Bioscience, Akeso, Celltrion, Neuren

This insight collates key news in APAC healthcare last week. With the earnings season beginning to unfold along with major pharma and healthcare...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: Jubilant Pharmova - Turning Capex Into Catalysts for Long-Term Value

​Jubilant Pharmova is investing in expanding PET radiopharmacy sites and other segments to drive faster growth and margin expansion, aiming for...

Sudarshan Bhandari

India’s Capex Supercycle: Capex Blasters – List of Companies Doing Capex

​India's historic Capex cycle underway with diverse sectors and bottom-up momentum, led by companies like Adani Ports and Deepak Fertilizers for...

Sudarshan Bhandari

The Beat Ideas: Jubilant Ingrevia-Specialty Formula for Margin Expansion

​Jubilant Ingrevia aims for 3x revenue and 4x EBITDA growth by FY30 with a focus on higher-margin segments like Specialty Chemicals and Nutrition,...

Sudarshan Bhandari

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

APAC Healthcare Weekly (Oct 20)- Eisai, Daiichi Sankyo, Junshi Bioscience, Akeso, Celltrion, Neuren

This insight collates key news in APAC healthcare last week. With the earnings season beginning to unfold along with major pharma and healthcare...

Tina Banerjee

Jubilant Pharmova is investing in expanding PET radiopharmacy sites and other segments to drive faster growth and margin expansion, aiming for...

India's historic Capex cycle underway with diverse sectors and bottom-up momentum, led by companies like Adani Ports and Deepak Fertilizers for...

Jubilant Ingrevia aims for 3x revenue and 4x EBITDA growth by FY30 with a focus on higher-margin segments like Specialty Chemicals and Nutrition,...

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