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

Forensic Accounting

Man Industries (India) / Forensic Accounting

<ul>
<li>SEBI barred Man Industries and three key executives from the securities market for 2Yrs, imposing 1 crore penalty on the company and officials for alleged "deliberate misstatement".</li>
<li>The order fundamentally questions the quality and credibility of past reported earnings, especially the non-consolidation of the loss-making subsidiary, Merino Shelters, and the alleged round-tripping of funds.</li>
<li>While MIIL cites its strong ₹4,700 crore order book and minimal operational impact, the significant governance discount will persist until the SAT appeal is settled.</li>
</ul>


SEBI barred Man Industries and three key executives from the securities market for 2Yrs, imposing 1 crore penalty on the company and officials for alleged "deliberate misstatement".
The order fundamentally questions the quality and credibility of past reported earnings, especially the non-consolidation of the loss-making subsidiary, Merino Shelters, and the alleged round-tripping of funds.
While MIIL cites its strong ₹4,700 crore order book and minimal operational impact, the significant governance discount will persist until the SAT appeal is settled.


SEBI Bars Man Industries and Key Management: Misstatement & Fund Diversion

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

WeWork India Management Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> is looking to raise about US$338m in its India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.</li>
</ul>



WeWork India Management Ltd (1690124D IN) is looking to raise about US$338m in its India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.


WeWork India IPO - Thoughts on Peer Comp and Valuation

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

Equity Bottom-Up

<ul>
<li>Insider buying spanned across 40+ stocks in June 2025, highlighting continued conviction among promoters, directors, and trusts.</li>
<li>While, there were fewer companies with market cap above USD 1 bn which saw insider buying, this number was significantly higher (35 count) in smaller names.</li>
<li>Companies which have zoomed after the insider purchases include - <a href="https://www.smartkarma.com/entities/lt-foods-ltd" target="_blank" data-smartkarma-citation="entities:20784:1" rel="noopener">LT Foods Ltd (LTFO IN)</a> (+10%), Valor Estate (+11%). In smaller names - <a href="https://www.smartkarma.com/entities/man-industries-india-ltd" target="_blank" data-smartkarma-citation="entities:20233:1" rel="noopener">Man Industries (India) (MAN IN)</a> (+88%)</li>
</ul>


Insider buying spanned across 40+ stocks in June 2025, highlighting continued conviction among promoters, directors, and trusts.
While, there were fewer companies with market cap above USD 1 bn which saw insider buying, this number was significantly higher (35 count) in smaller names.
Companies which have zoomed after the insider purchases include - LT Foods Ltd (LTFO IN) (+10%), Valor Estate (+11%). In smaller names - Man Industries (India) (MAN IN) (+88%)


India Insider Buying – June '25: Strong Activity in Small Caps, Limited Participation in Large Caps.

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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.

Man Industries (India) / Equity Bottom-Up

<ul><li>Man Industries has announced that it has received an export order worth Rs18.5bn for a mega offshore oil &amp; gas project.</li><li>This is the largest single order in the company’s history.</li><li>The order is expected to be executed in the next 12- 18 months.</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.

Man Industries has announced that it has received an export order worth Rs18.5bn for a mega offshore oil &amp; gas project.This is the largest single order in the company’s history.The order is expected to be executed in the next 12- 18 months.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.

Man Industries - Large Order of Rs18.5bn Reaffirms Our Conviction on the Stock

<ul><li>Man Industries has announced that it has received an export order worth Rs18.5bn for a mega offshore oil &amp; gas project.</li><li>This is the largest single order in the company’s history. The order is expected to be executed in the next 12- 18 months.</li><li>We see the news as headline positive for the stock, though it is unlikely to change our revenue estimates meaningfully, as we are already baking in 43% revenue uplift in FY26E over the FY24 base. </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.

Man Industries has announced that it has received an export order worth Rs18.5bn for a mega offshore oil &amp; gas project.This is the largest single order in the company’s history. The order is expected to be executed in the next 12- 18 months.We see the news as headline positive for the stock, though it is unlikely to change our revenue estimates meaningfully, as we are already baking in 43% revenue uplift in FY26E over the FY24 base. 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.

Man Industries - Positioning to Deliver; Initiate with BUY

India

Man Industries (India) Ltd. primarily operates through two divisions: Pipe Division and Aluminum Division. The Company's pipe division supplies SAW line pipes and coating systems for high pressure applications like Gas Utilities, Oil Refiners, Water Utilities and other petroleum products. Man Industries also manufactures aluminum and aluminum products.

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Man Industries (India) (MAN IN)

SEBI Bars Man Industries and Key Management: Misstatement & Fund Diversion

SEBI bars Man Industries and executives for 2yrs, imposes 1 crore penalty for alleged misstatement, raising questions on past earnings quality and...

Nimish Maheshwari

WeWork India IPO - Thoughts on Peer Comp and Valuation

WeWork India Management Ltd is looking to raise about US$338m in its India IPO. In this note, we talk about the peer comp and implied valuations in...

Akshat Shah

India Insider Buying – June '25: Strong Activity in Small Caps, Limited Participation in Large Caps.

India Insider buying spanned across 40+ stocks in June 2025. Strong activity seen in small cap companies and few companies in large cap.

Sreemant Dudhoria,CFA

Man Industries - Large Order of Rs18.5bn Reaffirms Our Conviction on the Stock

Man Industries has announced that it has received an export order worth Rs18.5bn for a mega offshore oil & gas project.

Emkay

Man Industries - Positioning to Deliver; Initiate with BUY

Man Industries has announced that it has received an export order worth Rs18.5bn for a mega offshore oil & gas project. This is the largest single...

Emkay

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SEBI Bars Man Industries and Key Management: Misstatement & Fund Diversion

​SEBI bars Man Industries and executives for 2yrs, imposes 1 crore penalty for alleged misstatement, raising questions on past earnings quality and...

Nimish Maheshwari

WeWork India IPO - Thoughts on Peer Comp and Valuation

WeWork India Management Ltd is looking to raise about US$338m in its India IPO. In this note, we talk about the peer comp and implied valuations in...

Akshat Shah

India Insider Buying – June '25: Strong Activity in Small Caps, Limited Participation in Large Caps.

India Insider buying spanned across 40+ stocks in June 2025. Strong activity seen in small cap companies and few companies in large cap.

Sreemant Dudhoria,CFA

Man Industries - Large Order of Rs18.5bn Reaffirms Our Conviction on the Stock

Man Industries has announced that it has received an export order worth Rs18.5bn for a mega offshore oil & gas project.

Emkay

Man Industries - Positioning to Deliver; Initiate with BUY

Man Industries has announced that it has received an export order worth Rs18.5bn for a mega offshore oil & gas project. This is the largest single...

Emkay

SEBI bars Man Industries and executives for 2yrs, imposes 1 crore penalty for alleged misstatement, raising questions on past earnings quality and...