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>In Real-time market (RTM) Power volumes surged by 20% in June, reflecting the need for immediate power delivery during sudden high-demand periods.</li>
<li>Indian Govt has extended the blending period of imported coal to Jun-24 to meet the rising demand. </li>
<li>Rising Power demand will create a lot more opportunity across value chain including transformers, cables, smart meters etc.</li>
</ul>


In Real-time market (RTM) Power volumes surged by 20% in June, reflecting the need for immediate power delivery during sudden high-demand periods.
Indian Govt has extended the blending period of imported coal to Jun-24 to meet the rising demand. 
Rising Power demand will create a lot more opportunity across value chain including transformers, cables, smart meters etc.


Thematic Report- Indian Power at Peak: Value Chain Stocks

Equity Bottom-Up

<ul>
<li>Q1 FY27 delivered record first quarter revenue, 60 bps EBITDA margin expansion and the company’s highest ever closing order book.</li>
<li>Backlog equals roughly 1.66 times FY26 revenue, offering multi year visibility as India and overseas markets accelerate grid investment.</li>
<li>The story has shifted from order acquisition to profitable conversion; cash flow and execution mix now matter more than headline wins.</li>
</ul>


Q1 FY27 delivered record first quarter revenue, 60 bps EBITDA margin expansion and the company’s highest ever closing order book.
Backlog equals roughly 1.66 times FY26 revenue, offering multi year visibility as India and overseas markets accelerate grid investment.
The story has shifted from order acquisition to profitable conversion; cash flow and execution mix now matter more than headline wins.


Skipper Limited: From Order Book To Earnings

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Lumino Industries opens its Rs.700 crore mainboard IPO , at a Rs.78 to Rs.82 band, listing on 3rd September on the BSE and NSE.</li>
<li>The Kolkata based conductor, cable and EPC player asking 15.6 times post-issue FY26 earnings against peers trading between 19 and 82 times, while remaining structurally dependent on government power utilities.</li>
<li>How a declining but still-material government revenue base, a near doubled order book and a Rs.337 crore debt paydown plan net out for prospective allottees.</li>
</ul>


Lumino Industries opens its Rs.700 crore mainboard IPO , at a Rs.78 to Rs.82 band, listing on 3rd September on the BSE and NSE.
The Kolkata based conductor, cable and EPC player asking 15.6 times post-issue FY26 earnings against peers trading between 19 and 82 times, while remaining structurally dependent on government power utilities.
How a declining but still-material government revenue base, a near doubled order book and a Rs.337 crore debt paydown plan net out for prospective allottees.


Lumino Industries IPO Review: Wire & Cables Manufacturing + EPC Play

Event-Driven

<ul>
<li>Indian Railways is moving toward four tracks across seven high-density routes spanning nearly 11,000 km.</li>
<li>Only 16% of the network carries about 41% of traffic, making capacity addition economically urgent.</li>
<li>RVNL and IRCON gain the clearest addressable pipeline; specialist systems firms benefit later and selectively.</li>
</ul>


Indian Railways is moving toward four tracks across seven high-density routes spanning nearly 11,000 km.
Only 16% of the network carries about 41% of traffic, making capacity addition economically urgent.
RVNL and IRCON gain the clearest addressable pipeline; specialist systems firms benefit later and selectively.


Who Captures Indian Railways’ Next Capacity Cycle of 11000 Km?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Our cautious outlook and expectation for continued downward consolidation for global equities remains intact. Broad global indexes (MSCI ACWI, ACWI ex-U.S., EAFE, and EM) are all trading within patterns of lower highs and lower lows, leading us to believe the most likely scenario is that this near-term bounce is likely nothing more than a countertrend rally before longer-term downtrends reassert themselves. The one bright spot is EM.  In this report we highlight a number of attractive set-ups within the Financial, Communication, Engineering &amp; Construction, and Transportation Sectors.</p>

Our cautious outlook and expectation for continued downward consolidation for global equities remains intact. Broad global indexes (MSCI ACWI, ACWI ex-U.S., EAFE, and EM) are all trading within patterns of lower highs and lower lows, leading us to believe the most likely scenario is that this near-term bounce is likely nothing more than a countertrend rally before longer-term downtrends reassert themselves. The one bright spot is EM.  In this report we highlight a number of attractive set-ups within the Financial, Communication, Engineering &amp; Construction, and Transportation Sectors.

Global Equity Strategy: Bearish with the Exception of EM.

India

KEC International is an Indian multinational company and a global Engineering, Procurement, and Construction (EPC) major. It specializes in power transmission and distribution, railways, civil, urban infrastructure, oil and gas pipelines, renewables, and cables. The company also manufactures electric power transmission towers and a range of power and special-purpose cables. KEC International is headquartered in Mumbai, India, and was founded on May 7, 1945.

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KEC International (KECI IN)

Thematic Report- Indian Power at Peak: Value Chain Stocks

Real-time market power volumes surged by 20% in June, highlighting the need for immediate power delivery. This is creating opportunities across...

Nimish Maheshwari

Skipper Limited: From Order Book To Earnings

Skipper’s growth story has shifted from order wins to execution. The current backlog of its Rs. 9,216.6 crore which shows growth in the upcoming...

Nimish Maheshwari

Lumino Industries IPO Review: Wire & Cables Manufacturing + EPC Play

Lumino Industries enters the market with a ₹700 crore IPO, backed by a ₹3,150 crore order book and strong profitability but debt, execution and...

Sudarshan Bhandari

Who Captures Indian Railways’ Next Capacity Cycle of 11000 Km?

The proposed four-tracking of India’s 11,000-km high-density rail network creates a multi-year EPC opportunity. RVNL, IRCON are the cleanest listed...

Nimish Maheshwari

Global Equity Strategy: Bearish with the Exception of EM.

Our cautious outlook and expectation for continued downward consolidation for global equities remains intact. Broad global indexes (MSCI ACWI, ACWI...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thematic Report- Indian Power at Peak: Value Chain Stocks

​Real-time market power volumes surged by 20% in June, highlighting the need for immediate power delivery. This is creating opportunities across...

Nimish Maheshwari

Skipper Limited: From Order Book To Earnings

Skipper’s growth story has shifted from order wins to execution. The current backlog of its Rs. 9,216.6 crore which shows growth in the upcoming...

Nimish Maheshwari

Lumino Industries IPO Review: Wire & Cables Manufacturing + EPC Play

Lumino Industries enters the market with a ₹700 crore IPO, backed by a ₹3,150 crore order book and strong profitability but debt, execution and...

Sudarshan Bhandari

Who Captures Indian Railways’ Next Capacity Cycle of 11000 Km?

The proposed four-tracking of India’s 11,000-km high-density rail network creates a multi-year EPC opportunity. RVNL, IRCON are the cleanest listed...

Nimish Maheshwari

Global Equity Strategy: Bearish with the Exception of EM.

Our cautious outlook and expectation for continued downward consolidation for global equities remains intact. Broad global indexes (MSCI ACWI, ACWI...

Vermilion Research

Real-time market power volumes surged by 20% in June, highlighting the need for immediate power delivery. This is creating opportunities across...