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

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<li>
Kiri Industries has signed a deal to sell its 37.6% stake in DyStar Global to Zhejiang Longsheng for US$697 million (~INR 5,800 crore), concluding a decade-long Singapore court battle.</li>
<li>The payout is multiple times Kiri’s current market cap and marks one of the strongest minority shareholder wins globally.</li>
<li>The DyStar exit removes litigation overhang and hands Kiri a war chest. Now, execution of the copper and fertilizer project will define the future of the company.</li>
</ul>



Kiri Industries has signed a deal to sell its 37.6% stake in DyStar Global to Zhejiang Longsheng for US$697 million (~INR 5,800 crore), concluding a decade-long Singapore court battle.
The payout is multiple times Kiri’s current market cap and marks one of the strongest minority shareholder wins globally.
The DyStar exit removes litigation overhang and hands Kiri a war chest. Now, execution of the copper and fertilizer project will define the future of the company.


Kiri’s $700 Million Exit From DyStar – What Next?

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>Dyes and pigments player Kiri Industries is set to realise $580mn post-taxes for its 37% stake in Singapore based DyStar Global; ~50% above its current marketcap of $370mn.</li>
<li>Adjusting for Debt repayment, we estimate that once proceeds have been recieived and pending warrants have been converted, cash in books will stand at INR ~600/share vs CMP: 570</li>
<li>The company's core dyes business, its 40% stake in Lonsen Kiri Chemicals India and its copper investments could be worth 300+share taking SOTP to ~900</li>
</ul>


Dyes and pigments player Kiri Industries is set to realise $580mn post-taxes for its 37% stake in Singapore based DyStar Global; ~50% above its current marketcap of $370mn.
Adjusting for Debt repayment, we estimate that once proceeds have been recieived and pending warrants have been converted, cash in books will stand at INR ~600/share vs CMP: 570
The company's core dyes business, its 40% stake in Lonsen Kiri Chemicals India and its copper investments could be worth 300+share taking SOTP to ~900


Kiri Industries (KIRI IN): Heads I Make 50%; Tails I Don’t Lose Much

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/kiri-industries-ltd" target="_blank" data-smartkarma-citation="entities:13909:1" rel="noopener">Kiri Industries (KIRI IN)</a> ’s Q3/9M FY25 results show revenue growth, operational enhancements, and a legal victory in the DyStar case, alongside a strategic shift in joint venture accounting.</li>
<li>The legal win and growth in high-margin segments signal improved profitability and future revenue potential, bolstered by a robust copper project on track for 2028.</li>
<li>The new copper unit: Company investing close to 8000Cr in the new copper business, In first phase co will invest near to 1100Crs.</li>
</ul>



Kiri Industries (KIRI IN) ’s Q3/9M FY25 results show revenue growth, operational enhancements, and a legal victory in the DyStar case, alongside a strategic shift in joint venture accounting.
The legal win and growth in high-margin segments signal improved profitability and future revenue potential, bolstered by a robust copper project on track for 2028.
The new copper unit: Company investing close to 8000Cr in the new copper business, In first phase co will invest near to 1100Crs.


Kiri Industries Q3FY25 Update: Legal Case Win & Copper Project

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<li>
<a href="https://www.smartkarma.com/entities/kiri-industries-ltd" target="_blank" data-smartkarma-citation="entities:13909:1" rel="noopener">Kiri Industries (KIRI IN)</a> won a court ruling for a $603.8 million buyout of its DyStar stake by end-2025.</li>
<li>Clear timeline and promoter fund infusion signal potential for transformation, despite past performance and management skepticism.</li>
<li>Positive catalysts and growing promoter stake could elevate long-term value; cautious optimism remains due to capital allocation concerns.</li>
</ul>



Kiri Industries (KIRI IN) won a court ruling for a $603.8 million buyout of its DyStar stake by end-2025.
Clear timeline and promoter fund infusion signal potential for transformation, despite past performance and management skepticism.
Positive catalysts and growing promoter stake could elevate long-term value; cautious optimism remains due to capital allocation concerns.


The Beat Ideas: Kiri Industries: A Mega Turnaround Story from India

India

Kiri Industries Limited manufactures synthetic dyes. The Company's dyes are used by textile, leather, paint, and printing-ink manufacturers.

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Kiri Industries (KIRI IN)

Kiri’s $700 Million Exit From DyStar – What Next?

Kiri Industries sells stake in DyStar Global for $697 million, marking a major win for minority shareholders and providing a financial boost for...

Nimish Maheshwari