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

Thematic (Sector/Industry)

<ul>
<li>The RBI's new policy introduces tiered LTV ratios, stricter collateral eligibility, and standardized gold valuation processes across banks, NBFCs, and co-operative banks.</li>
<li>This shift aims to enhance transparency, protect borrowers, reduce systemic risk, and formalize the gold loan market, promoting responsible lending and financial inclusion.</li>
<li>The policy significantly strengthens the gold loan ecosystem, ensuring greater trust and stability, while improving access to credit for underserved populations, especially in rural areas.</li>
</ul>


The RBI's new policy introduces tiered LTV ratios, stricter collateral eligibility, and standardized gold valuation processes across banks, NBFCs, and co-operative banks.
This shift aims to enhance transparency, protect borrowers, reduce systemic risk, and formalize the gold loan market, promoting responsible lending and financial inclusion.
The policy significantly strengthens the gold loan ecosystem, ensuring greater trust and stability, while improving access to credit for underserved populations, especially in rural areas.


Thematic Report on Gold Loan Revolution: Formalizing the Sector for a Transparent Future

<ul>
<li>Two senior executives at <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> , Reema Jain and Sameer Pande, resigned amid market challenges and leadership changes</li>
<li>
<a href="https://www.smartkarma.com/entities/allianz-se-0516b9dc-34b1-4a5b-adff-c1c95188b4ff" target="_blank" data-smartkarma-citation="entities:28601:1" rel="noopener">Allianz (AZSEY US)</a> plans a new insurance partnership with Jio Financial, following the end of its 24-year tie-up with Bajaj Group.</li>
<li>
<a href="https://www.smartkarma.com/entities/bain-capital-specialty-finan" target="_blank" data-smartkarma-citation="entities:28761:1" rel="noopener">Bain Capital Specialty Finan (BCSF US)</a> set to acquire 22% 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> , with plans to increase stake to 42%.</li>
</ul>


Two senior executives at Hero Motocorp (HMCL IN) , Reema Jain and Sameer Pande, resigned amid market challenges and leadership changes

Allianz (AZSEY US) plans a new insurance partnership with Jio Financial, following the end of its 24-year tie-up with Bajaj Group.

Bain Capital Specialty Finan (BCSF US) set to acquire 22% stake in Manappuram Finance (MGFL IN) , with plans to increase stake to 42%.


#123 India Insight: Hero MotoCorp Execs Resign, Allianz Partners Jio, Bain to Buy Manappuram Stake

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bain-capital-specialty-finan" target="_blank" data-smartkarma-citation="entities:28761:1" rel="noopener">Bain Capital Specialty Finan (BCSF US)</a> finalizes $1 billion deal to acquire a controlling stake in Manappuram Finance, India’s second-largest gold loan provider.  </li>
<li>India’s GCC sector sees rapid growth, with 24 centres crossing $1 billion in export revenue, contributing $43.6 billion.  </li>
<li>India bans production and export of drugs containing Tapentadol and Carisoprodol, citing unapproved combinations and regulatory concerns.</li>
</ul>



Bain Capital Specialty Finan (BCSF US) finalizes $1 billion deal to acquire a controlling stake in Manappuram Finance, India’s second-largest gold loan provider.  
India’s GCC sector sees rapid growth, with 24 centres crossing $1 billion in export revenue, contributing $43.6 billion.  
India bans production and export of drugs containing Tapentadol and Carisoprodol, citing unapproved combinations and regulatory concerns.


#109 India Insight: Bain Capital To Buy Stake in Manappuram, India’s GCC Hits $1B, Bans Drug Exports

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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.

Equity Bottom-Up

<ul><li>Manappuram Finance’s (MGFL) consol. PAT in 2QFY25 grew 2% YoY to INR5.7b (in line).</li><li>NII grew ~21% YoY to ~INR16.4b and PPoP rose ~19% YoY to ~INR10.3b.</li><li>1HFY25 PAT grew 7% YoY to INR11.3b and we expect 2HFY25 PAT to decline 8% YoY. </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.

Manappuram Finance’s (MGFL) consol. PAT in 2QFY25 grew 2% YoY to INR5.7b (in line).NII grew ~21% YoY to ~INR16.4b and PPoP rose ~19% YoY to ~INR10.3b.1HFY25 PAT grew 7% YoY to INR11.3b and we expect 2HFY25 PAT to decline 8% YoY. 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.

Manappuram Finance - Healthy Gold Loan Growth; MFI Business Remains Key Monitorable

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>Corrective actions taken in MFI subsidiary: Post the imposition of restrictions on the microfinance subsidiary, the company has intensified its collection efforts and implemented advanced tracking systems to improve recoveries.</li><li>Asirvad has added ~5,000 loan officers mainly for collections, especially in geographies that continue to exhibit stress.</li><li>To ensure compliance with the deficiencies found by the regulator, the company has also reduced its interest rates from ~24% to the best in the industry levels. </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.

Corrective actions taken in MFI subsidiary: Post the imposition of restrictions on the microfinance subsidiary, the company has intensified its collection efforts and implemented advanced tracking systems to improve recoveries.Asirvad has added ~5,000 loan officers mainly for collections, especially in geographies that continue to exhibit stress.To ensure compliance with the deficiencies found by the regulator, the company has also reduced its interest rates from ~24% to the best in the industry levels. 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.

Manappuram Finance Ltd. - Near-Term Underperformance to Continue, Maintain HOLD!

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)

Thematic Report on Gold Loan Revolution: Formalizing the Sector for a Transparent Future

RBI's new policy on gold loans aims to enhance transparency, protect borrowers, and formalize the market, promoting responsible lending and...

Sudarshan Bhandari

#123 India Insight: Hero MotoCorp Execs Resign, Allianz Partners Jio, Bain to Buy Manappuram Stake

Executives resign at Hero Motocorp, Allianz forms new partnership with Jio Financial, Bain Capital to acquire stake in Manappuram Finance.

Sudarshan Bhandari

#109 India Insight: Bain Capital To Buy Stake in Manappuram, India’s GCC Hits $1B, Bans Drug Exports

Bain Capital Specialty Finan acquires controlling stake in Manappuram Finance, India's second-largest gold loan provider, as India's GCC sector...

Sudarshan Bhandari

Manappuram Finance - Healthy Gold Loan Growth; MFI Business Remains Key Monitorable

Manappuram Finance’s (MGFL) consol. PAT in 2QFY25 grew 2% YoY to INR5.7b (in line). NII grew ~21% YoY to ~INR16.4b and PPoP rose ~19% YoY to...

Motilal Oswal

Manappuram Finance Ltd. - Near-Term Underperformance to Continue, Maintain HOLD!

Post the imposition of restrictions on the microfinance subsidiary, the company has intensified its collection efforts and implemented advanced...

Axis Direct

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52-week Range

Market Cap (USDm)

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Thematic Report on Gold Loan Revolution: Formalizing the Sector for a Transparent Future

​RBI's new policy on gold loans aims to enhance transparency, protect borrowers, and formalize the market, promoting responsible lending and...

Sudarshan Bhandari

#123 India Insight: Hero MotoCorp Execs Resign, Allianz Partners Jio, Bain to Buy Manappuram Stake

​Executives resign at Hero Motocorp, Allianz forms new partnership with Jio Financial, Bain Capital to acquire stake in Manappuram Finance.

Sudarshan Bhandari

#109 India Insight: Bain Capital To Buy Stake in Manappuram, India’s GCC Hits $1B, Bans Drug Exports

​Bain Capital Specialty Finan acquires controlling stake in Manappuram Finance, India's second-largest gold loan provider, as India's GCC sector...

Sudarshan Bhandari

Manappuram Finance - Healthy Gold Loan Growth; MFI Business Remains Key Monitorable

Manappuram Finance’s (MGFL) consol. PAT in 2QFY25 grew 2% YoY to INR5.7b (in line). NII grew ~21% YoY to ~INR16.4b and PPoP rose ~19% YoY to...

Motilal Oswal

Manappuram Finance Ltd. - Near-Term Underperformance to Continue, Maintain HOLD!

Post the imposition of restrictions on the microfinance subsidiary, the company has intensified its collection efforts and implemented advanced...

Axis Direct

RBI's new policy on gold loans aims to enhance transparency, protect borrowers, and formalize the market, promoting responsible lending and...

Executives resign at Hero Motocorp, Allianz forms new partnership with Jio Financial, Bain Capital to acquire stake in Manappuram Finance.

Bain Capital Specialty Finan acquires controlling stake in Manappuram Finance, India's second-largest gold loan provider, as India's GCC sector...