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>India-UK FTA negotiations officially concluded May 6, 2025, securing tariff-free UK market access for many Indian goods.</li>
<li>Eliminating UK duties boosts Indian textile competitiveness significantly and improves mobility for service professionals, driving trade growth.</li>
<li>Increases optimism for Indian textile, IT, and export-focused stocks as the FTA unlocks substantial new opportunities.</li>
</ul>


India-UK FTA negotiations officially concluded May 6, 2025, securing tariff-free UK market access for many Indian goods.
Eliminating UK duties boosts Indian textile competitiveness significantly and improves mobility for service professionals, driving trade growth.
Increases optimism for Indian textile, IT, and export-focused stocks as the FTA unlocks substantial new opportunities.


India-UK FTA: Early Thoughts on Trade and Opportunity

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Mahindra &amp; Mahindra: Mahindra &amp; Mahindra’s Q4FY25 standalone EBITDA margin at 14.9% was above our estimate of 14.1% and Bloomberg consensus estimate of 14.0%</li><li>The auto division’s EBIT margin at 9.2% was broadly in line with our estimate of 9.1%</li><li>Margin contracted 44bps QoQ as the company commenced contract manufacturing for its ePV subsidiary Mahindra Electric Automobile Ltd (MEAL)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mahindra &amp; Mahindra: Mahindra &amp; Mahindra’s Q4FY25 standalone EBITDA margin at 14.9% was above our estimate of 14.1% and Bloomberg consensus estimate of 14.0%The auto division’s EBIT margin at 9.2% was broadly in line with our estimate of 9.1%Margin contracted 44bps QoQ as the company commenced contract manufacturing for its ePV subsidiary Mahindra Electric Automobile Ltd (MEAL)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Mahindra & Mahindra, Indian Hotels, CDSL, V-MART Retail

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Apr’25 Wholesale Volumes: Domestic PV industry sales grew by 6-7% YoY, driven by strong volumes by Toyota, M&amp;M, JSW MG and Kia, while Hyundai/TaMo witnessed declines; and Maruti saw 4% YoY growth.</li><li>The domestic CV industry saw a degrowth of 1% YoY.</li><li>The domestic tractor industry registered 7% YoY volume growth, led by 69% and 8% YoY growth in VST Tillers and M&amp;M respectively. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apr’25 Wholesale Volumes: Domestic PV industry sales grew by 6-7% YoY, driven by strong volumes by Toyota, M&amp;M, JSW MG and Kia, while Hyundai/TaMo witnessed declines; and Maruti saw 4% YoY growth.The domestic CV industry saw a degrowth of 1% YoY.The domestic tractor industry registered 7% YoY volume growth, led by 69% and 8% YoY growth in VST Tillers and M&amp;M respectively. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

<ul>
<li>Since the last reshuffle (August 11), our Model Portfolio has appreciated 1.18%, against MXASJ's 0.92% advance. Since inception on May 15, 2025, our portfolio is up 44.9%, against MXASJ's 45.8%.</li>
<li>The main drivers of our portfolio were Korea (contributed 2.77% return) and Taiwan (0.34%). The returns were dragged down by China (-1.14%) and India (-0.66%).</li>
<li>We exclude Reliance Industries and include Hitachi Energy, reaffirming our preference for Indian industrials. Our overweight on HK/China, Korea, India and underweight on Taiwan (but preference for Taiwan technology) continues.</li>
</ul>


Since the last reshuffle (August 11), our Model Portfolio has appreciated 1.18%, against MXASJ's 0.92% advance. Since inception on May 15, 2025, our portfolio is up 44.9%, against MXASJ's 45.8%.
The main drivers of our portfolio were Korea (contributed 2.77% return) and Taiwan (0.34%). The returns were dragged down by China (-1.14%) and India (-0.66%).
We exclude Reliance Industries and include Hitachi Energy, reaffirming our preference for Indian industrials. Our overweight on HK/China, Korea, India and underweight on Taiwan (but preference for Taiwan technology) continues.


Asian Equities: Model Portfolio Outperformed Marginally; Focus More on Indian Industrials

Cross Asset Strategy

<ul>
<li>Indian equity's recent spike overlooks near-term risks - possible cuts in consensus EPS estimates, risks arising from reciprocal tariffs and another bout of likely INR depreciation. Valuations are again expensive.</li>
<li>Our analysis of sector fundamentals foretells earnings estimate cuts in most sectors. Financials, and to a lesser extent, consumer discretionary could see upgrades. Expanding trade deficit could drive INR decline.</li>
<li>In the near term we are cautious about India. For country-dedicated investors we recommend increasing exposure to financials (particularly large cap private banks), select consumer discretionary, and defensives like utilities.</li>
</ul>


Indian equity's recent spike overlooks near-term risks - possible cuts in consensus EPS estimates, risks arising from reciprocal tariffs and another bout of likely INR depreciation. Valuations are again expensive.
Our analysis of sector fundamentals foretells earnings estimate cuts in most sectors. Financials, and to a lesser extent, consumer discretionary could see upgrades. Expanding trade deficit could drive INR decline.
In the near term we are cautious about India. For country-dedicated investors we recommend increasing exposure to financials (particularly large cap private banks), select consumer discretionary, and defensives like utilities.


Asian Equities: India – Brace for Another Leg Down in the Near Term

India

Mahindra & Mahindra is a prominent Indian multinational manufacturing corporation. It is a leading global manufacturer of tractors and a major producer of SUVs, commercial vehicles, and two-wheelers. Headquartered in Mumbai, India, the company was founded on October 2, 1945.

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Mahindra & Mahindra (MM IN)

India-UK FTA: Early Thoughts on Trade and Opportunity

India and UK finalize FTA, granting tariff-free access for Indian goods, boosting textile and service sectors, and sparking optimism for export...

Nimish Maheshwari

HSIE Results Daily: Mahindra & Mahindra, Indian Hotels, CDSL, V-MART Retail

Mahindra & Mahindra’s Q4FY25 standalone EBITDA margin at 14.9% was above our estimate of 14.1% and Bloomberg consensus estimate of 14.0%

HDFC Securities

Auto Monthly Sales Volume - April 2025

Domestic PV industry sales grew by 6-7% YoY, driven by strong volumes by Toyota, M&M, JSW MG and Kia, while Hyundai/TaMo witnessed declines; and...

Axis Direct

Asian Equities: Model Portfolio Outperformed Marginally; Focus More on Indian Industrials

Since last reshuffle Portfolio is up 1.18% vs MXASJ's 0.92%. Since inception it's up 44.9% vs MXASJ's 45.8%. Excluded Reliance Ind, included...

Manishi Raychaudhuri

Asian Equities: India – Brace for Another Leg Down in the Near Term

India's recent spike overlooks potential EPS cuts, reciprocal tariff shock & likely INR drop. Our sector fundamental analysis suggests EPS est cut...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India-UK FTA: Early Thoughts on Trade and Opportunity

​India and UK finalize FTA, granting tariff-free access for Indian goods, boosting textile and service sectors, and sparking optimism for export...

Nimish Maheshwari

HSIE Results Daily: Mahindra & Mahindra, Indian Hotels, CDSL, V-MART Retail

Mahindra & Mahindra’s Q4FY25 standalone EBITDA margin at 14.9% was above our estimate of 14.1% and Bloomberg consensus estimate of 14.0%

HDFC Securities

Auto Monthly Sales Volume - April 2025

Domestic PV industry sales grew by 6-7% YoY, driven by strong volumes by Toyota, M&M, JSW MG and Kia, while Hyundai/TaMo witnessed declines; and...

Axis Direct

Asian Equities: Model Portfolio Outperformed Marginally; Focus More on Indian Industrials

Since last reshuffle Portfolio is up 1.18% vs MXASJ's 0.92%. Since inception it's up 44.9% vs MXASJ's 45.8%. Excluded Reliance Ind, included...

Manishi Raychaudhuri

Asian Equities: India – Brace for Another Leg Down in the Near Term

​India's recent spike overlooks potential EPS cuts, reciprocal tariff shock & likely INR drop. Our sector fundamental analysis suggests EPS est cut...

Manishi Raychaudhuri

India and UK finalize FTA, granting tariff-free access for Indian goods, boosting textile and service sectors, and sparking optimism for export...

India's recent spike overlooks potential EPS cuts, reciprocal tariff shock & likely INR drop. Our sector fundamental analysis suggests EPS est cut...