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>Tech Mahindra delivered sequential revenue growth and a 100-bps margin expansion in Q2FY26, supported by Project Fortius, stronger deal wins, and early traction in AI initiatives.</li>
<li>Execution discipline, selective client focus, and rising AI investments indicate structural improvement in profitability and positioning, even as telecom softness and European weakness persist.</li>
<li>The turnaround is taking hold gradually. With a stronger operating base, Tech Mahindra is better placed for steady growth and sustainable margin expansion heading into FY27.</li>
</ul>


Tech Mahindra delivered sequential revenue growth and a 100-bps margin expansion in Q2FY26, supported by Project Fortius, stronger deal wins, and early traction in AI initiatives.
Execution discipline, selective client focus, and rising AI investments indicate structural improvement in profitability and positioning, even as telecom softness and European weakness persist.
The turnaround is taking hold gradually. With a stronger operating base, Tech Mahindra is better placed for steady growth and sustainable margin expansion heading into FY27.


Tech Mahindra Q2 Result: Stabilizing Core, Positioning for AI-Led Growth

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.</li>
<li>These are supposed to be "next-generation GST reforms" with a promise of implementing reforms as a "Diwali gift" for consumers.</li>
<li>Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the "G" Day - Day of GST Reform Announcements.</li>
</ul>


The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.
These are supposed to be "next-generation GST reforms" with a promise of implementing reforms as a "Diwali gift" for consumers.
Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the "G" Day - Day of GST Reform Announcements.


A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> pre-announces GST benefits, signaling consumer-first patriotism but raising questions on intent.</li>
<li>Dealer checks reveal heavy discounting despite festive demand hopes coupled with weak dispatches.</li>
<li>Possible margin risks emerge as MM tries to flush out inventory ahead of GST 2.0 and festive season.</li>
</ul>



Mahindra &amp; Mahindra (MM IN) pre-announces GST benefits, signaling consumer-first patriotism but raising questions on intent.
Dealer checks reveal heavy discounting despite festive demand hopes coupled with weak dispatches.
Possible margin risks emerge as MM tries to flush out inventory ahead of GST 2.0 and festive season.


Mahindra & Mahindra (MM IN) | Pricey Patriotism or Desperation?

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN) </a>is looking to raise around US$607m in its upcoming India IPO.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.</li>
</ul>



Meesho (1546271D IN) is looking to raise around US$607m in its upcoming India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.


Meesho Ltd IPO - Value-Led Play, Moderately Priced

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>
Strong Core Performance:<a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> delivered robust growth in Auto &amp;Farm segments in Q4FY25,with SUV volumes up 20% &amp;tractor volumes up 12%,alongside market share gains in both segments.</li>
<li>
Strategic Expansion &amp; Capital Allocation: The company outlined a clear roadmap for scaling EV and ICE capacities to 85K/month by FY27.</li>
<li>
Valuation Upside from Growth Platforms:With scalable and emerging "growth gems" across real estate, hospitality,renewables, and EVs, M&amp;M's Sum-of-the-Parts (SOTP) valuation pegs fair value at INR 3,437/share, including the EV business.</li>
</ul>



Strong Core Performance:Mahindra &amp; Mahindra (MM IN) delivered robust growth in Auto &amp;Farm segments in Q4FY25,with SUV volumes up 20% &amp;tractor volumes up 12%,alongside market share gains in both segments.

Strategic Expansion &amp; Capital Allocation: The company outlined a clear roadmap for scaling EV and ICE capacities to 85K/month by FY27.

Valuation Upside from Growth Platforms:With scalable and emerging "growth gems" across real estate, hospitality,renewables, and EVs, M&amp;M's Sum-of-the-Parts (SOTP) valuation pegs fair value at INR 3,437/share, including the EV business.


Mahindra & Mahindra (MM IN)  - Top 5 Takeaways from Q4FY25 Results

India

Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive components. The Company's automobile products include light, medium and heavy commercial vehicles, jeep type vehicles and passenger cars. Mahindra & Mahindra also manufactures agricultural tractors, agricultural implements, internal combustion engines, industrial petrol engines, spare parts and machine tools.

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Mahindra & Mahindra (MM IN)

Tech Mahindra Q2 Result: Stabilizing Core, Positioning for AI-Led Growth

Tech Mahindra sees revenue growth and margin expansion in Q2FY26, driven by Project Fortius, deal wins, and AI initiatives, positioning for steady...

Sudarshan Bhandari

A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Pranav Bhavsar