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

Thematic (Sector/Industry)

<ul>
<li>Several Indian sectors have demonstrated a robust recovery in operating margins on a Year-over-Year (YoY) basis as of March 2025 (Q4 FY25)</li>
<li>This broad-based improvement is primarily attributed to a confluence of industry-wide factors, predominantly the easing of input costs driven by moderating inflation.</li>
<li>Sectors like Telecom, Metals, Cement, Consumer Durables, Capital Goods, Automobile, Healthcare, EMS are seeing uptick in margins</li>
</ul>


Several Indian sectors have demonstrated a robust recovery in operating margins on a Year-over-Year (YoY) basis as of March 2025 (Q4 FY25)
This broad-based improvement is primarily attributed to a confluence of industry-wide factors, predominantly the easing of input costs driven by moderating inflation.
Sectors like Telecom, Metals, Cement, Consumer Durables, Capital Goods, Automobile, Healthcare, EMS are seeing uptick in margins


Charted Insights : Sectors Seeing Margin Uptick as Inflation Cools Down in India

<ul>
<li>
<a href="https://www.smartkarma.com/entities/quess-corp-ltd" target="_blank" data-smartkarma-citation="entities:26937:1" rel="noopener">Quess Corp Ltd (QUESS IN)</a>'s restructuring into three entities aims for targeted growth, disciplined capital allocation, and international expansion in emerging sectors.</li>
<li>India and the US are negotiating an interim trade deal by June 25, aiming for tariff exemptions and increased trade.</li>
<li>
<a href="https://www.smartkarma.com/entities/vst-tillers-tractors-ltd" target="_blank" data-smartkarma-citation="entities:20060:1" rel="noopener">VST Tillers Tractors (VSTT IN)</a> to launch fully electric power tiller and weeder, expanding into the electric farm machinery sector.</li>
</ul>



Quess Corp Ltd (QUESS IN)'s restructuring into three entities aims for targeted growth, disciplined capital allocation, and international expansion in emerging sectors.
India and the US are negotiating an interim trade deal by June 25, aiming for tariff exemptions and increased trade.

VST Tillers Tractors (VSTT IN) to launch fully electric power tiller and weeder, expanding into the electric farm machinery sector.


#155 India Insights: Quess Restructures, India-US Eye Trade Deal, VST Enters Electric Farm Tech

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

Niva Bupa Health Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/niva-bupa-health-insurance" target="_blank" data-smartkarma-citation="entities:43716:1" rel="noopener">Niva Bupa Health Insurance (1226871D IN)</a> (Niva Bupa) raised around US$260m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Niva Bupa is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Niva Bupa Health Insurance (1226871D IN) (Niva Bupa) raised around US$260m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Niva Bupa is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

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> raised about US$400m in its India IPO. </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>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) raised about US$400m in its India IPO. 
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.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Schloss Bangalore IPO Trading - Decent Anchor; Muted Overall Demand

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>The Ministry of Road Transport &amp; Highways(MoRTH) has revised bidding norms for central government road projects, <strong>effective April 30, 2025</strong>, removing the APS cap and lowering the trigger.</li>
<li>The EPC sector faced intense competition and aggressive underbidding from less stringent standards, causing project delays and quality issues. </li>
<li>These changes aim to deter unsustainable bids, prevent margin erosion, filter speculative players, ease competition, and improve project execution and quality.</li>
</ul>


The Ministry of Road Transport &amp; Highways(MoRTH) has revised bidding norms for central government road projects, effective April 30, 2025, removing the APS cap and lowering the trigger.
The EPC sector faced intense competition and aggressive underbidding from less stringent standards, causing project delays and quality issues. 
These changes aim to deter unsustainable bids, prevent margin erosion, filter speculative players, ease competition, and improve project execution and quality.


How MoRTH's New Bidding Norm Can Change the Competitive EPC Sector?

India

Larsen & Toubro Ltd manufactures engineering equipment, undertakes large scale engineering projects, and acts as the Indian representative for a number of overseas manufacturers of heavy machinery. The Company's products include bulldozers, road rollers, dairy machinery, chemical and pharmaceutical plants, switchgears, food processing machinery and feed milling plants.

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Larsen & Toubro (LT IN)

Charted Insights : Sectors Seeing Margin Uptick as Inflation Cools Down in India

Indian sectors show strong recovery in operating margins in Q4 FY25 due to lower input costs driven by easing inflation.

Sudarshan Bhandari

#155 India Insights: Quess Restructures, India-US Eye Trade Deal, VST Enters Electric Farm Tech

Quess Corp Ltd restructures for growth, India-US trade deal negotiations ongoing, VST Tillers Tractors to launch electric farm machinery.

Sudarshan Bhandari

Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

PE fund True North (via Fettle Tone) and Niva Bupa's MD and CEO, Krishnan Ramachandran have launched a INR10.8bn (US$126m) block of 132m shares or...

Akshat Shah

Schloss Bangalore IPO Trading - Decent Anchor; Muted Overall Demand

Schloss Bangalore Ltd (SBL) raised about US$400m in its India IPO. In this note, we talk about the demand and trading dynamics.

Akshat Shah

How MoRTH's New Bidding Norm Can Change the Competitive EPC Sector?

MoRTH revises bidding norms for road projects, effective April 30, 2025, to prevent underbidding and improve project quality.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Charted Insights : Sectors Seeing Margin Uptick as Inflation Cools Down in India

​Indian sectors show strong recovery in operating margins in Q4 FY25 due to lower input costs driven by easing inflation.

Sudarshan Bhandari

#155 India Insights: Quess Restructures, India-US Eye Trade Deal, VST Enters Electric Farm Tech

​Quess Corp Ltd restructures for growth, India-US trade deal negotiations ongoing, VST Tillers Tractors to launch electric farm machinery.

Sudarshan Bhandari

Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

PE fund True North (via Fettle Tone) and Niva Bupa's MD and CEO, Krishnan Ramachandran have launched a INR10.8bn (US$126m) block of 132m shares or...

Akshat Shah

Schloss Bangalore IPO Trading - Decent Anchor; Muted Overall Demand

Schloss Bangalore Ltd (SBL) raised about US$400m in its India IPO. In this note, we talk about the demand and trading dynamics.

Akshat Shah

How MoRTH's New Bidding Norm Can Change the Competitive EPC Sector?

​MoRTH revises bidding norms for road projects, effective April 30, 2025, to prevent underbidding and improve project quality.

Nimish Maheshwari

Indian sectors show strong recovery in operating margins in Q4 FY25 due to lower input costs driven by easing inflation.

Quess Corp Ltd restructures for growth, India-US trade deal negotiations ongoing, VST Tillers Tractors to launch electric farm machinery.

MoRTH revises bidding norms for road projects, effective April 30, 2025, to prevent underbidding and improve project quality.