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>The ongoing Middle East conflict is causing uncertainty for Indian industrial companies, particularly in project execution, workforce safety, and logistics.</li>
<li>
Disruptions to maritime routes and airspace could delay projects, increase costs, and impact delivery schedules, affecting companies like L&amp;T, KECI, and KPIL. </li>
<li>The situation remains uncertain. Short-term challenges will depend on conflict duration, maritime disruptions, and freight costs, while long-term opportunities in the region persist.</li>
</ul>


The ongoing Middle East conflict is causing uncertainty for Indian industrial companies, particularly in project execution, workforce safety, and logistics.

Disruptions to maritime routes and airspace could delay projects, increase costs, and impact delivery schedules, affecting companies like L&amp;T, KECI, and KPIL. 
The situation remains uncertain. Short-term challenges will depend on conflict duration, maritime disruptions, and freight costs, while long-term opportunities in the region persist.


Larsen & Toubro: Assessing the Impact of Middle East Geopolitical Risks on Project Execution

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

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN) </a>is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>In this note, we will talk about the IPO valuations.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
In this note, we will talk about the IPO valuations.


Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Event-Driven

<ul>
<li>UltraTech Cement, part of the Aditya Birla Group, is entering the 80,000+ crore wires &amp; cables market with INR 1,800 crore investment, targeting a December 2026 plant launch in Gujarat. 
</li>
<li>The sector is highly fragmented, with no dominant player exceeding 20% market share, creating an opportunity for UltraTech to disrupt with its financial strength, backward integration, and superior product quality.</li>
<li>This move positions UltraTech as a diversified building materials leader, leveraging synergies with Hindalco to offer cost-efficient, high-quality electrical solutions, reshaping competition in the industry.</li>
</ul>


UltraTech Cement, part of the Aditya Birla Group, is entering the 80,000+ crore wires &amp; cables market with INR 1,800 crore investment, targeting a December 2026 plant launch in Gujarat. 

The sector is highly fragmented, with no dominant player exceeding 20% market share, creating an opportunity for UltraTech to disrupt with its financial strength, backward integration, and superior product quality.
This move positions UltraTech as a diversified building materials leader, leveraging synergies with Hindalco to offer cost-efficient, high-quality electrical solutions, reshaping competition in the industry.


Event Driven: UltraTech’s Bold Foray into Wires & Cables 80,000+ Cr Market

Rosita Fernandes

Vikran Engineering Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vikran-engineering-limited" target="_blank" data-smartkarma-citation="entities:44015:1" rel="noopener">Vikran Engineering Limited (1635154D IN)</a> (VEL) is planning to raise about US$119m through its upcoming India IPO. </li>
<li>Vikran Engineering Limited (VEL) based in Mumbai, operates as an Engineering, Procurement &amp; Construction (EPC) firm, focusing on power, water, and railway infrastructure projects.</li>
<li>According to CRISIL Report, VEL has experienced fastest growth in profitability, with a 236.94% CAGR growth in PAT and a 130.02% CAGR growth in EBITDA between FY22 to FY24.</li>
</ul>



Vikran Engineering Limited (1635154D IN) (VEL) is planning to raise about US$119m through its upcoming India IPO. 
Vikran Engineering Limited (VEL) based in Mumbai, operates as an Engineering, Procurement &amp; Construction (EPC) firm, focusing on power, water, and railway infrastructure projects.
According to CRISIL Report, VEL has experienced fastest growth in profitability, with a 236.94% CAGR growth in PAT and a 130.02% CAGR growth in EBITDA between FY22 to FY24.


Vikran Engineering Limited Pre-IPO - Capitalizing On Core Competencies But With Concentration Risks

Clarence Chu

Afcons Infrastructure Limited / Equity Capital Markets

Afcons Infrastructure Limited (6595396Z IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/afcons-infrastructure-limited" target="_blank" data-smartkarma-citation="entities:41288:1" rel="noopener">Afcons Infrastructure Limited (6595396Z IN)</a> is looking to raise around US$650m in its India IPO.</li>
<li>Afcons Infrastructure Limited (Afcons) is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group.</li>
<li>In a previous note, we looked at the firm’s past performance. In this note, we look at the updates since, and discuss valuation.</li>
</ul>



Afcons Infrastructure Limited (6595396Z IN) is looking to raise around US$650m in its India IPO.
Afcons Infrastructure Limited (Afcons) is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group.
In a previous note, we looked at the firm’s past performance. In this note, we look at the updates since, and discuss valuation.


Afcons Infrastructure IPO - Decent Upside from the Price Range

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)

Larsen & Toubro: Assessing the Impact of Middle East Geopolitical Risks on Project Execution

Ongoing Middle East conflict causing uncertainty for Indian industrial companies, with disruptions to maritime routes and airspace potentially...

Sudarshan Bhandari

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

Event Driven: UltraTech’s Bold Foray into Wires & Cables 80,000+ Cr Market

UltraTech Cement is set to enter the wires & cables market with a significant investment, aiming for a plant launch in Gujarat by December 2026.

Nimish Maheshwari

Vikran Engineering Limited Pre-IPO - Capitalizing On Core Competencies But With Concentration Risks

Vikran Engineering Limited plans to raise $119m in India IPO, with fastest growth in profitability according to CRISIL Report.

Rosita Fernandes

Afcons Infrastructure IPO - Decent Upside from the Price Range

Afcons Infrastructure Limited (6595396Z IN) is looking to raise around US$650m in its India IPO. In this note, we look at the updates since, and...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Larsen & Toubro: Assessing the Impact of Middle East Geopolitical Risks on Project Execution

​Ongoing Middle East conflict causing uncertainty for Indian industrial companies, with disruptions to maritime routes and airspace potentially...

Sudarshan Bhandari

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

Event Driven: UltraTech’s Bold Foray into Wires & Cables 80,000+ Cr Market

​UltraTech Cement is set to enter the wires & cables market with a significant investment, aiming for a plant launch in Gujarat by December 2026.

Nimish Maheshwari

Vikran Engineering Limited Pre-IPO - Capitalizing On Core Competencies But With Concentration Risks

​Vikran Engineering Limited plans to raise $119m in India IPO, with fastest growth in profitability according to CRISIL Report.

Rosita Fernandes

Afcons Infrastructure IPO - Decent Upside from the Price Range

Afcons Infrastructure Limited (6595396Z IN) is looking to raise around US$650m in its India IPO. In this note, we look at the updates since, and...

Clarence Chu

Ongoing Middle East conflict causing uncertainty for Indian industrial companies, with disruptions to maritime routes and airspace potentially...

UltraTech Cement is set to enter the wires & cables market with a significant investment, aiming for a plant launch in Gujarat by December 2026.

Vikran Engineering Limited plans to raise $119m in India IPO, with fastest growth in profitability according to CRISIL Report.