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

Apeejay Surrendra Park Hotel / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/apeejay-surrendra-park-hotel" target="_blank" data-smartkarma-citation="entities:40871:1" rel="noopener">Apeejay Surrendra Park Hotel (PARK IN)</a>, With a sharp pivot post-IPO, it has deleveraged, scaled Flurys to 100 outlets, and launched ARR-led palace properties, all while staying asset-light and cash-smart.  </li>
<li>F&amp;B now contributes nearly half of revenues, ARRs are climbing, and legacy land is being monetised to fund INR 500 crore of capex without debt. </li>
<li>Earlier seen as a traditional hotel chain, Park now to be looked as a brand with strong visibility, smart capital use, and fresh retail momentum.</li>
</ul>



Apeejay Surrendra Park Hotel (PARK IN), With a sharp pivot post-IPO, it has deleveraged, scaled Flurys to 100 outlets, and launched ARR-led palace properties, all while staying asset-light and cash-smart.  
F&amp;B now contributes nearly half of revenues, ARRs are climbing, and legacy land is being monetised to fund INR 500 crore of capex without debt. 
Earlier seen as a traditional hotel chain, Park now to be looked as a brand with strong visibility, smart capital use, and fresh retail momentum.


The Beat Ideas: Park Hotels: Serving Long-Term Value

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>India’s economy is facing a temporary slowdown but there is one sector which ditched the slowdown trend </li>
<li>The leader of sector just said their upcoming quarter Q4FY25 will be similar to Q3FY25.</li>
<li>The hotel sector is slowly turning into a non-cyclical sector from a cyclical sector.</li>
</ul>


India’s economy is facing a temporary slowdown but there is one sector which ditched the slowdown trend 
The leader of sector just said their upcoming quarter Q4FY25 will be similar to Q3FY25.
The hotel sector is slowly turning into a non-cyclical sector from a cyclical sector.


Thematic Report: How Indian Hotel Sector Is Bucking the Trend of Slowdown?

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a> Hotels demerger aims to unlock the intrinsic value of the hotels business and enable a sharper focus on growth.</li>
<li>ITC Hotels is aiming to reach a portfolio of 200+ hotels with 18,000+ keys by 2030 from a robust pipeline of 140 Hotels with about 13000 Keys in 2024.</li>
<li>ITC Hotels inheriting a strong balance sheet with zero debt and cash reserves may list around 113-170 per share.</li>
</ul>



ITC Ltd (ITC IN) Hotels demerger aims to unlock the intrinsic value of the hotels business and enable a sharper focus on growth.
ITC Hotels is aiming to reach a portfolio of 200+ hotels with 18,000+ keys by 2030 from a robust pipeline of 140 Hotels with about 13000 Keys in 2024.
ITC Hotels inheriting a strong balance sheet with zero debt and cash reserves may list around 113-170 per share.


ITC Hotels Demerger: An Emerging Behemoth & Hospitality Play

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

Ventive Hospitality Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ventive-hospitality-ltd" target="_blank" data-smartkarma-citation="entities:43933:1" rel="noopener">Ventive Hospitality Ltd (0807075D IN)</a> is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares, is downsized from an earlier size of ~US$240m.</li>
<li>Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Ventive Hospitality Ltd (0807075D IN) is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares, is downsized from an earlier size of ~US$240m.
Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Ventive Hospitality IPO - Quick Thoughts on Peer Comp and Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ventive-hospitality-ltd" target="_blank" data-smartkarma-citation="entities:43933:1" rel="noopener">Ventive Hospitality Ltd (0807075D IN)</a> is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares is downsized from an earlier target of ~US$240m.</li>
<li>Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Ventive Hospitality Ltd (0807075D IN) is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares is downsized from an earlier target of ~US$240m.
Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.
In this note, we talk about the company’s historical performance.


Ventive Hospitality Pre-IPO - Leveraging Expanded Portfolio to Drive Growth

India

Lemon Tree Hotels Limited owns and operates a chain of hotels and resorts. The Company offers room accommodations, resorts, transportation, swimming pools, on-site restaurants, meeting rooms, fitness gym, and spa facilities. Lemon Tree Hotels serves customers in India.

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Lemon Tree Hotels Ltd (LEMONTRE IN)

The Beat Ideas: Park Hotels: Serving Long-Term Value

Apeejay Surrendra Park Hotel (PARK IN) undergoes successful post-IPO pivot, focusing on F&B, ARRs, and asset-light strategy to drive growth and...

Sudarshan Bhandari

Thematic Report: How Indian Hotel Sector Is Bucking the Trend of Slowdown?

Despite India's temporary economic slowdown, the hotel sector remains resilient and is transitioning into a non-cyclical industry.

Nimish Maheshwari

ITC Hotels Demerger: An Emerging Behemoth & Hospitality Play

ITC Hotels Limited(ITCHL) has informed us today that ITCHL has received approval from the NSE and BSE for listing and trading of its equity shares...

Nimish Maheshwari

Ventive Hospitality IPO - Quick Thoughts on Peer Comp and Valuation

Ventive Hospitality is looking to raise about US$188m in its India IPO. In this note, we will undertake a quick peer comparison and talk about the...

Akshat Shah

Ventive Hospitality Pre-IPO - Leveraging Expanded Portfolio to Drive Growth

Ventive Hospitality is looking to raise about US$188m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: Park Hotels: Serving Long-Term Value

​Apeejay Surrendra Park Hotel (PARK IN) undergoes successful post-IPO pivot, focusing on F&B, ARRs, and asset-light strategy to drive growth and...

Sudarshan Bhandari

Thematic Report: How Indian Hotel Sector Is Bucking the Trend of Slowdown?

​Despite India's temporary economic slowdown, the hotel sector remains resilient and is transitioning into a non-cyclical industry.

Nimish Maheshwari

ITC Hotels Demerger: An Emerging Behemoth & Hospitality Play

ITC Hotels Limited(ITCHL) has informed us today that ITCHL has received approval from the NSE and BSE for listing and trading of its equity shares...

Nimish Maheshwari

Ventive Hospitality IPO - Quick Thoughts on Peer Comp and Valuation

Ventive Hospitality is looking to raise about US$188m in its India IPO. In this note, we will undertake a quick peer comparison and talk about the...

Akshat Shah

Ventive Hospitality Pre-IPO - Leveraging Expanded Portfolio to Drive Growth

Ventive Hospitality is looking to raise about US$188m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Apeejay Surrendra Park Hotel (PARK IN) undergoes successful post-IPO pivot, focusing on F&B, ARRs, and asset-light strategy to drive growth and...

Despite India's temporary economic slowdown, the hotel sector remains resilient and is transitioning into a non-cyclical industry.