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

Event-Driven

<ul>
<li>Bain Capital is acquiring a 41.7–46% stake in <a href="https://www.smartkarma.com/entities/manappuram-finance-ltd" target="_blank" data-smartkarma-citation="entities:12559:1" rel="noopener">Manappuram Finance (MGFL IN)</a>, marking a shift from a promoter-led to a professionally managed NBFC.</li>
<li>This deal injects INR 4,385 crore in fresh capital, strengthens governance, and positions Manappuram for growth beyond gold loans into microfinance, vehicle loans, and housing finance.</li>
<li>While execution risks remain, Bain’s track record in financial services suggests a long-term transformation, potentially closing Manappuram’s valuation gap with Muthoot Finance.</li>
</ul>


Bain Capital is acquiring a 41.7–46% stake in Manappuram Finance (MGFL IN), marking a shift from a promoter-led to a professionally managed NBFC.
This deal injects INR 4,385 crore in fresh capital, strengthens governance, and positions Manappuram for growth beyond gold loans into microfinance, vehicle loans, and housing finance.
While execution risks remain, Bain’s track record in financial services suggests a long-term transformation, potentially closing Manappuram’s valuation gap with Muthoot Finance.


Manappuram Finance: Bain Capital’s Entry Signals a New Chapter, But Challenges Remain

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Equity Bottom-Up

<ul>
<li>Manappuram Finance is a leading Indian NBFC specializing in gold loans, offering financial services to lower socio-economic backgrounds with 5,286 branches across India.</li>
<li>The RBI had barred the microfinance arm Aashirwad Micro Finance from sanctioning and disbursing loans due to non-compliance.  Company is planning for  IPO and intended to raise INR 1500 Crore.</li>
<li>Manappuram is committed to growing its secured lending portfolio, including gold loans and other secured assets and anticipates overall growth of 15%-18% in the consolidated loan book.</li>
</ul>


Manappuram Finance is a leading Indian NBFC specializing in gold loans, offering financial services to lower socio-economic backgrounds with 5,286 branches across India.
The RBI had barred the microfinance arm Aashirwad Micro Finance from sanctioning and disbursing loans due to non-compliance.  Company is planning for  IPO and intended to raise INR 1500 Crore.
Manappuram is committed to growing its secured lending portfolio, including gold loans and other secured assets and anticipates overall growth of 15%-18% in the consolidated loan book.


The Beat Ideas: Manappuram Finance: Gold Loan Growth, Ashirwad IPO Play

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Credit

<ul>
<li>We initiate our coverage on Health and Happiness International Holding Limited (H&amp;H)’s BTSDF 9.125% 24Jul2028.</li>
<li>H&amp;H has refinanced USD320m of 2026 notes with the new USD300m of 2028 notes at a 9.125% coupon. The new bonds help extend its debt maturity and lower financing cost.</li>
<li>The bonds offer diversification and a chance to invest back in China after the fallout in the property sector. We assign an OVERWEIGHT recommendation.</li>
</ul>


We initiate our coverage on Health and Happiness International Holding Limited (H&amp;H)’s BTSDF 9.125% 24Jul2028.
H&amp;H has refinanced USD320m of 2026 notes with the new USD300m of 2028 notes at a 9.125% coupon. The new bonds help extend its debt maturity and lower financing cost.
The bonds offer diversification and a chance to invest back in China after the fallout in the property sector. We assign an OVERWEIGHT recommendation.


Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<p>India’s non-banking finance company (NBFC), <a href="https://www.smartkarma.com/entities/15425" target="_blank" data-smartkarma-citation="entities:15425:1">Muthoot Finance (MUTH IN; "MTF")</a>, lends against gold, arguably the best collateral of all. Its gold jewelry kept as security is up from 147 tons to 166 tons, from December 2016 to December 2018. This may be one reason that the company’s bad loans are low, not only in an India context, but in Asia. Its stage three loans surged after demonetization peaking in December 2017 at INR21.5bn. Since then, figures have fallen sharply, to INR6.4bn as at December 2018. As a percentage of loans, stage three loans declined from 7.6% to 2.0% over this period. With credit costs and write-offs down 96% during 9M19 YoY, credit metrics appear healthy.</p>

India’s non-banking finance company (NBFC), Muthoot Finance (MUTH IN; "MTF"), lends against gold, arguably the best collateral of all. Its gold jewelry kept as security is up from 147 tons to 166 tons, from December 2016 to December 2018. This may be one reason that the company’s bad loans are low, not only in an India context, but in Asia. Its stage three loans surged after demonetization peaking in December 2017 at INR21.5bn. Since then, figures have fallen sharply, to INR6.4bn as at December 2018. As a percentage of loans, stage three loans declined from 7.6% to 2.0% over this period. With credit costs and write-offs down 96% during 9M19 YoY, credit metrics appear healthy.

Muthoot Finance – Top ROA Lender, with 116 Tons of Gold!

Thematic (Sector/Industry)

<ul>
<li>Demand outside gold remains soft; co‑funding costs show early easing; asset quality stress is shifting, with vehicle finance and micro‑LAP emerging as pain points.</li>
<li>The divergence across NBFC subsegments (gold, affordable housing, vehicle finance, micro-LAP) is widening, making sector-level staging less helpful - selective bets will matter more.</li>
<li>We remain biased toward affordable HFCs, gold financiers (to ride momentum), and select diversified NBFCs. Vigilance is needed to combat NIM pressure and rising unsecured stress.</li>
</ul>


Demand outside gold remains soft; co‑funding costs show early easing; asset quality stress is shifting, with vehicle finance and micro‑LAP emerging as pain points.
The divergence across NBFC subsegments (gold, affordable housing, vehicle finance, micro-LAP) is widening, making sector-level staging less helpful - selective bets will matter more.
We remain biased toward affordable HFCs, gold financiers (to ride momentum), and select diversified NBFCs. Vigilance is needed to combat NIM pressure and rising unsecured stress.


NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

India

Manappuram Finance Ltd. is a non-banking finance company. The Company offers loans against gold collateral, business loans, vehicle loans, foreign exchange and money transfer services; and sells gold coins.

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Manappuram Finance (MGFL IN)

Manappuram Finance: Bain Capital’s Entry Signals a New Chapter, But Challenges Remain

Bain Capital's acquisition of stake in Manappuram Finance signals shift to professionally managed NBFC, injecting fresh capital and positioning...

Nimish Maheshwari

The Beat Ideas: Manappuram Finance: Gold Loan Growth, Ashirwad IPO Play

Manappuram Finance, a leading Indian NBFC specializing in gold loans, faces challenges with its microfinance arm but plans for IPO and aims for...

Sudarshan Bhandari

Health & Happiness: On Deleveraging Path

Coverage initiated on H&H's new 9.125% 2028 bonds, offering diversification and a chance to invest in China post-property sector fallout....

Bondcritic

Muthoot Finance – Top ROA Lender, with 116 Tons of Gold!

Muthoot Finance lends based on gold collateral, with gold prices so much higher now than in the past, there is far less likelihood of defaults. The...

Daniel Tabbush

NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

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Manappuram Finance: Bain Capital’s Entry Signals a New Chapter, But Challenges Remain

​Bain Capital's acquisition of stake in Manappuram Finance signals shift to professionally managed NBFC, injecting fresh capital and positioning...

Nimish Maheshwari

The Beat Ideas: Manappuram Finance: Gold Loan Growth, Ashirwad IPO Play

​Manappuram Finance, a leading Indian NBFC specializing in gold loans, faces challenges with its microfinance arm but plans for IPO and aims for...

Sudarshan Bhandari

Health & Happiness: On Deleveraging Path

​Coverage initiated on H&H's new 9.125% 2028 bonds, offering diversification and a chance to invest in China post-property sector fallout....

Bondcritic

Muthoot Finance – Top ROA Lender, with 116 Tons of Gold!

Muthoot Finance lends based on gold collateral, with gold prices so much higher now than in the past, there is far less likelihood of defaults. The...

Daniel Tabbush

NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

​Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...

Sudarshan Bhandari

Bain Capital's acquisition of stake in Manappuram Finance signals shift to professionally managed NBFC, injecting fresh capital and positioning...

Manappuram Finance, a leading Indian NBFC specializing in gold loans, faces challenges with its microfinance arm but plans for IPO and aims for...

Coverage initiated on H&H's new 9.125% 2028 bonds, offering diversification and a chance to invest in China post-property sector fallout....

Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...