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>Listed Indian real estate developers reported a blockbuster H1FY26, with aggregate pre-sales soaring 47% YoY to INR 73,100 crore, led by giants like DLF and Prestige Estates.</li>
<li>This isn't a simple cyclical rally. It's a structural consolidation, as deleveraged balance sheets (five of 11 top players are net cash) allow organized players to seize market share.</li>
<li>The battleground has shifted from sales to execution. While pre-sales are strong, flat OCF highlights a critical lag, making 2H launch delivery and cash conversion the key metrics to watch.</li>
</ul>


Listed Indian real estate developers reported a blockbuster H1FY26, with aggregate pre-sales soaring 47% YoY to INR 73,100 crore, led by giants like DLF and Prestige Estates.
This isn't a simple cyclical rally. It's a structural consolidation, as deleveraged balance sheets (five of 11 top players are net cash) allow organized players to seize market share.
The battleground has shifted from sales to execution. While pre-sales are strong, flat OCF highlights a critical lag, making 2H launch delivery and cash conversion the key metrics to watch.


Thematic Report on Indian Realty: Why H1's Record Sales Mask a Deeper Cash Flow & Execution Test

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Real estate sector in India has come a long way over the past decade. From being a fragmented unorganized sector fraught with dealings in cash, the sector has been undergoing significant shifts since introduction of regulations like RERA and GST. At the same time, consumer preferences are shifting towards buying from branded and trusted developers. This is leading to favorable supply and demand shifts in the sector which is helping the organized sector.
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Post this thematic insight, we will follow up with a detailed thesis on our top investment idea in the space. 
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Real estate sector in India has come a long way over the past decade. From being a fragmented unorganized sector fraught with dealings in cash, the sector has been undergoing significant shifts since introduction of regulations like RERA and GST. At the same time, consumer preferences are shifting towards buying from branded and trusted developers. This is leading to favorable supply and demand shifts in the sector which is helping the organized sector.

Post this thematic insight, we will follow up with a detailed thesis on our top investment idea in the space. 


A Fat Theme | Organized Real Estate Developers in India - A Decadal Opportunity

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Equity Bottom-Up

Kolte Patil Developers / Equity Bottom-Up

<ul>
<li>Q1FY26 pre-sales came in weak led by delayed launches; however, <a href="https://www.smartkarma.com/entities/kolte-patil-developers-ltd" target="_blank" data-smartkarma-citation="entities:6819:1" rel="noopener">KPDL's</a> management has guided to do INR 3500cr+ (25% YoY growth) in pre-sales for the full-year FY26.</li>
<li>During Q1FY26, KPDL completed allotment of 14.3% equity stake to Blackstone bringing in INR 417cr of capital that is earmarked to be predominantly used as growth capital. </li>
<li>Due to ongoing transition phase with <a href="https://www.smartkarma.com/entities/blackstone-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone (BX US)</a> being added as a promoter, the business development activity has been slow. However, more clarity and visibility is expected post Q2.</li>
</ul>


Q1FY26 pre-sales came in weak led by delayed launches; however, KPDL's management has guided to do INR 3500cr+ (25% YoY growth) in pre-sales for the full-year FY26.
During Q1FY26, KPDL completed allotment of 14.3% equity stake to Blackstone bringing in INR 417cr of capital that is earmarked to be predominantly used as growth capital. 
Due to ongoing transition phase with Blackstone (BX US) being added as a promoter, the business development activity has been slow. However, more clarity and visibility is expected post Q2.


Kolte Patil (KPDL): Weak Q1FY26 Performance, However Medium-Term Potential Is Intact

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

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> is looking to raise about US$397m in its India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.</li>
</ul>



Anthem Biosciences (1234D IN) is looking to raise about US$397m in its India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.


Anthem Biosciences IPO - Thoughts on Peer Comp and Valuation

Travel Food Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travel-food-services-ltd" target="_blank" data-smartkarma-citation="entities:44175:1" rel="noopener">Travel Food Services Ltd (1450229D IN)</a> raised about US$233m in its India IPO.</li>
<li>Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Travel Food Services Ltd (1450229D IN) raised about US$233m in its India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Travel Food Services IPO Trading - Decent Anchor; Subdued Overall Demand

India

Kolte-Patil Developers Ltd. builds residential housing, commercial complexes, and mixed residential and commercial projects.

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Kolte Patil Developers (KPDL IN)

Thematic Report on Indian Realty: Why H1's Record Sales Mask a Deeper Cash Flow & Execution Test

Indian real estate developers see H1FY26 with pre-sales up 47% to INR 73,100 crore. Structural consolidation, not just cyclical rally, as players...

Nimish Maheshwari

A Fat Theme | Organized Real Estate Developers in India - A Decadal Opportunity

Real Estate sector in India is undergoing rapid shift to Organized from Unorganized. This is leading to asset light development opportunities for...

Ankit Agrawal, CFA

Kolte Patil (KPDL): Weak Q1FY26 Performance, However Medium-Term Potential Is Intact

Kolte Patil reported a weak Q1FY26, however it is going through a transition phase both in terms of operations (due to delay in approvals) and...

Ankit Agrawal, CFA

Anthem Biosciences IPO - Thoughts on Peer Comp and Valuation

Anthem Biosciences is looking to raise about US$397m in its India IPO. In this note, we will talk about the peer comp and IPO valuations.

Akshat Shah

Travel Food Services IPO Trading - Decent Anchor; Subdued Overall Demand

Travel Food Services (TFS) raised about US$233m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thematic Report on Indian Realty: Why H1's Record Sales Mask a Deeper Cash Flow & Execution Test

​Indian real estate developers see H1FY26 with pre-sales up 47% to INR 73,100 crore. Structural consolidation, not just cyclical rally, as players...

Nimish Maheshwari

A Fat Theme | Organized Real Estate Developers in India - A Decadal Opportunity

Real Estate sector in India is undergoing rapid shift to Organized from Unorganized. This is leading to asset light development opportunities for...

Ankit Agrawal, CFA

Kolte Patil (KPDL): Weak Q1FY26 Performance, However Medium-Term Potential Is Intact

Kolte Patil reported a weak Q1FY26, however it is going through a transition phase both in terms of operations (due to delay in approvals) and...

Ankit Agrawal, CFA

Anthem Biosciences IPO - Thoughts on Peer Comp and Valuation

Anthem Biosciences is looking to raise about US$397m in its India IPO. In this note, we will talk about the peer comp and IPO valuations.

Akshat Shah

Travel Food Services IPO Trading - Decent Anchor; Subdued Overall Demand

Travel Food Services (TFS) raised about US$233m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Indian real estate developers see H1FY26 with pre-sales up 47% to INR 73,100 crore. Structural consolidation, not just cyclical rally, as players...