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>KEC International regained Power Grid tender access on June 26, 2026, and soon after announced INR 1,754 crore of fresh orders, including its largest USA tower order.</li>
<li>The timing is important. PGCIL is expected to release nearly INR 6,000 crore of tenders, while KEC’s FY27 order intake has already crossed INR 4,000 crore.</li>
<li>The order pipeline has improved, but Q4 execution was weak. The next two quarters will show whether fresh access and order wins translate into margin recovery.</li>
</ul>


KEC International regained Power Grid tender access on June 26, 2026, and soon after announced INR 1,754 crore of fresh orders, including its largest USA tower order.
The timing is important. PGCIL is expected to release nearly INR 6,000 crore of tenders, while KEC’s FY27 order intake has already crossed INR 4,000 crore.
The order pipeline has improved, but Q4 execution was weak. The next two quarters will show whether fresh access and order wins translate into margin recovery.


KEC International: Power Grid Relief, US Order Win, and the FY27 Execution Test

<ul>
<li>Power Grid Corporation of India (PGCIL) has barred KEC from new tenders for nine months starting November 18, 2025, though ongoing Rs.39,000 crore plus projects is unaffected.</li>
<li>KEC's diverse orders limit PGCIL's impact, PGCIL's share in new orders is only 4% YTD, much lower than last year.</li>
<li>KEC's Q2 success counters the PGCIL ban. With strong Q2 results and 8% FY26 margin guidance, the focus is now on execution and cash flow from its global pipeline.</li>
</ul>


Power Grid Corporation of India (PGCIL) has barred KEC from new tenders for nine months starting November 18, 2025, though ongoing Rs.39,000 crore plus projects is unaffected.
KEC's diverse orders limit PGCIL's impact, PGCIL's share in new orders is only 4% YTD, much lower than last year.
KEC's Q2 success counters the PGCIL ban. With strong Q2 results and 8% FY26 margin guidance, the focus is now on execution and cash flow from its global pipeline.


Temporary Shock, Structural Strength: Why KEC’s Upcycle Still Holds

Thematic (Sector/Industry)

<ul>
<li>India's power equipment manufacturers are collectively committing roughly INR 32,000 crore to new factories and capacity upgrades, the largest manufacturing investment wave the sector has seen in decades.</li>
<li>Peak electricity demand hit a record 250 GW in FY25 and is heading toward 458 GW by 2032, creating an order environment that manufacturers cannot fulfill with existing infrastructure alone.</li>
<li>This is not a single big-ticket NTPC-style investment, but dozens of simultaneous factory expansions across the power value chain funded majorly by internal accrual shocasing their confidence.</li>
</ul>


India's power equipment manufacturers are collectively committing roughly INR 32,000 crore to new factories and capacity upgrades, the largest manufacturing investment wave the sector has seen in decades.
Peak electricity demand hit a record 250 GW in FY25 and is heading toward 458 GW by 2032, creating an order environment that manufacturers cannot fulfill with existing infrastructure alone.
This is not a single big-ticket NTPC-style investment, but dozens of simultaneous factory expansions across the power value chain funded majorly by internal accrual shocasing their confidence.


India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>India’s electricity demand is witnessing a structural boom driven by rising temperatures, AC sales, urbanization, and smart tariff reforms, not just seasonal summer spikes.</li>
<li>Cooling demand alone could drive one-third of peak load by 2030, stressing grids, accelerating coal use, and challenging India’s clean energy transition.</li>
<li>The power story is no longer about generation alone, transmission, storage, smart meters, and efficient cooling are the real investment and policy frontiers to watch.</li>
</ul>


India’s electricity demand is witnessing a structural boom driven by rising temperatures, AC sales, urbanization, and smart tariff reforms, not just seasonal summer spikes.
Cooling demand alone could drive one-third of peak load by 2030, stressing grids, accelerating coal use, and challenging India’s clean energy transition.
The power story is no longer about generation alone, transmission, storage, smart meters, and efficient cooling are the real investment and policy frontiers to watch.


India’s Power Surge: What Is Fueling the Demand Boom in 2025?

<ul>
<li>Japanese Investors Begin Pulling Out from India Midcap Funds, Yet Overall Inflows Stay Positive</li>
<li>Vedanta Prepares Rs 30,000-Crore War Chest for Deleveraging and Growth</li>
<li>Jio Financial Services Gains Approval to Raise Foreign Investment Cap to 49%</li>
</ul>


Japanese Investors Begin Pulling Out from India Midcap Funds, Yet Overall Inflows Stay Positive
Vedanta Prepares Rs 30,000-Crore War Chest for Deleveraging and Growth
Jio Financial Services Gains Approval to Raise Foreign Investment Cap to 49%


# 50 India Insight: Vedanta Deleveraging Strategy, JIO Foreign Investment, Hero Motors Files IPO

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)

KEC International: Power Grid Relief, US Order Win, and the FY27 Execution Test

KEC International regains Power Grid tender access, secures INR 1,754 crore orders, but Q4 execution weak. Margin recovery hinges on upcoming...

Sudarshan Bhandari

Temporary Shock, Structural Strength: Why KEC’s Upcycle Still Holds

PGCIL bars KEC from new tenders for 9 months, but ongoing projects unaffected. KEC's diverse orders limit impact, with strong Q2 results and focus...

Sudarshan Bhandari

India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain

India's power equipment manufacturers are investing INR 32,000 crore in new factories and upgrades to meet rising electricity demand, signaling a...

Sudarshan Bhandari

India’s Power Surge: What Is Fueling the Demand Boom in 2025?

India's electricity demand is rising due to various factors, including cooling needs, urbanization, and smart tariff reforms, posing challenges...

Nimish Maheshwari

# 50 India Insight: Vedanta Deleveraging Strategy, JIO Foreign Investment, Hero Motors Files IPO

Japanese investors are pulling out of midcap funds, but inflows are still positive. Vedanta seeks Rs 30,000 crore for growth, and Jio Financial...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KEC International: Power Grid Relief, US Order Win, and the FY27 Execution Test

​KEC International regains Power Grid tender access, secures INR 1,754 crore orders, but Q4 execution weak. Margin recovery hinges on upcoming...

Sudarshan Bhandari

Temporary Shock, Structural Strength: Why KEC’s Upcycle Still Holds

​PGCIL bars KEC from new tenders for 9 months, but ongoing projects unaffected. KEC's diverse orders limit impact, with strong Q2 results and focus...

Sudarshan Bhandari

India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain

​India's power equipment manufacturers are investing INR 32,000 crore in new factories and upgrades to meet rising electricity demand, signaling a...

Sudarshan Bhandari

India’s Power Surge: What Is Fueling the Demand Boom in 2025?

​India's electricity demand is rising due to various factors, including cooling needs, urbanization, and smart tariff reforms, posing challenges...

Nimish Maheshwari

# 50 India Insight: Vedanta Deleveraging Strategy, JIO Foreign Investment, Hero Motors Files IPO

Japanese investors are pulling out of midcap funds, but inflows are still positive. Vedanta seeks Rs 30,000 crore for growth, and Jio Financial...

Sudarshan Bhandari

KEC International regains Power Grid tender access, secures INR 1,754 crore orders, but Q4 execution weak. Margin recovery hinges on upcoming...

PGCIL bars KEC from new tenders for 9 months, but ongoing projects unaffected. KEC's diverse orders limit impact, with strong Q2 results and focus...

India's power equipment manufacturers are investing INR 32,000 crore in new factories and upgrades to meet rising electricity demand, signaling a...

India's electricity demand is rising due to various factors, including cooling needs, urbanization, and smart tariff reforms, posing challenges...