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 has approved INR 1 lakh crore ($12.6 billion) for building military systems at home, focusing on self-reliance.</li>
<li>This move boosts India’s defense strength with 193 defence contracts (92% domestic) already signed in FY25.</li>
<li>India is combining local manufacturing with stronger global ties, especially with the U.S, to strengthen its defense capabilities.</li>
</ul>


India has approved INR 1 lakh crore ($12.6 billion) for building military systems at home, focusing on self-reliance.
This move boosts India’s defense strength with 193 defence contracts (92% domestic) already signed in FY25.
India is combining local manufacturing with stronger global ties, especially with the U.S, to strengthen its defense capabilities.


Atmanirbhar Bharat in Arms: India's Dual Strategy for Defense Dominance

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Surging DPSU order books ensure revenue visibility, supported by FY26's 9.5% budget increase and 75% capital outlay for domestic industry.   </li>
<li>The future outlook appears robust, driven by policy and a 20% production CAGR target, aiming for INR 5 lakh crore in exports by 2029.   </li>
<li>High valuations driven by P/E re-rating and heavy dependence on Ministry of Defence  as a single buyer are key sector risks.</li>
</ul>


Surging DPSU order books ensure revenue visibility, supported by FY26's 9.5% budget increase and 75% capital outlay for domestic industry.   
The future outlook appears robust, driven by policy and a 20% production CAGR target, aiming for INR 5 lakh crore in exports by 2029.   
High valuations driven by P/E re-rating and heavy dependence on Ministry of Defence  as a single buyer are key sector risks.


Indian Defence Sector: A Sustainable Boom Or A Trap?

<ul>
<li>GOI launches a 4.83% stake sale in Mazagon Dock at an 8% discount, causing a 6.4% stock dip.</li>
<li>SEBI may investigate <a href="https://www.smartkarma.com/entities/gensol-engineering-limited" target="_blank" data-smartkarma-citation="entities:44470:1" rel="noopener">Gensol Engineering (GENSOL IN)</a> over related-party EV leases and falsified debt servicing documents.</li>
<li>
<a href="https://www.smartkarma.com/entities/aditya-birla-fashion-and-retail-ltd" target="_blank" data-smartkarma-citation="entities:19048:1" rel="noopener">Aditya Birla Fashion and Retail Ltd (ABFRL IN)</a> shifts focus to organic growth with plans to double revenue and hit 70% ROCE in lifestyle brands which drives strong re-rating potential.</li>
</ul>


GOI launches a 4.83% stake sale in Mazagon Dock at an 8% discount, causing a 6.4% stock dip.
SEBI may investigate Gensol Engineering (GENSOL IN) over related-party EV leases and falsified debt servicing documents.

Aditya Birla Fashion and Retail Ltd (ABFRL IN) shifts focus to organic growth with plans to double revenue and hit 70% ROCE in lifestyle brands which drives strong re-rating potential.


#133 India Insight: GOI Trims 4.83% in Mazagon OFS, Gensol Faces SEBI Scrutiny, ABFRL’s 2x Rev Plan

<ul>
<li>
<a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a>  acquires Karkinos Healthcare for Rs. 375 crore, expanding its oncology services and strengthening its healthcare portfolio with technology-driven solutions</li>
<li>
<a href="https://www.smartkarma.com/entities/adani-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:245:1" rel="noopener">Adani Enterprises (ADE IN)</a>  exits its joint venture with Wilmar, raising $2 billion to invest in core infrastructure sectors.</li>
<li>Navi Mumbai International Airport (NMIA), a Rs 18,000 crore public-private partnership, is set to open on April 17th, 2025, boosting India's aviation landscape.</li>
</ul>



Reliance Industries (RIL IN)  acquires Karkinos Healthcare for Rs. 375 crore, expanding its oncology services and strengthening its healthcare portfolio with technology-driven solutions

Adani Enterprises (ADE IN)  exits its joint venture with Wilmar, raising $2 billion to invest in core infrastructure sectors.
Navi Mumbai International Airport (NMIA), a Rs 18,000 crore public-private partnership, is set to open on April 17th, 2025, boosting India's aviation landscape.


#77 India Insight: Reliance Targets Oncology, Adani’s $2 Bn Infrastructure Push, NMIA Opens 2025

Equity Bottom-Up

Garden Reach Shipbuilders & Engineers / Equity Bottom-Up

Garden Reach Shipbuilders & Engineers (GRSE IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/garden-reach-shipbuilders-engineers-limited" target="_blank" data-smartkarma-citation="entities:46406:1" rel="noopener">Garden Reach Shipbuilders &amp; Engineers (GRSE IN),</a> India's premier warship builder with 115 warships delivered, is a direct play on the country's accelerating naval modernisation and Aatmanirbhar Bharat shipbuilding mandate.</li>
<li>With NGC signing expected in FY26 and smaller incremental orders, the <strong>orderbook could reach</strong><strong>INR 40,000-50,000 cr by FY27 from current 18500 Cr,</strong> supporting a 22-26% revenue CAGR through FY28.</li>
<li>Key risks include NGC contract signing delays, fixed-price margin pressure on long-duration defence projects, and a potential revenue gap post-FY27 if new orders are not formalised in time.</li>
</ul>



Garden Reach Shipbuilders &amp; Engineers (GRSE IN), India's premier warship builder with 115 warships delivered, is a direct play on the country's accelerating naval modernisation and Aatmanirbhar Bharat shipbuilding mandate.
With NGC signing expected in FY26 and smaller incremental orders, the orderbook could reachINR 40,000-50,000 cr by FY27 from current 18500 Cr, supporting a 22-26% revenue CAGR through FY28.
Key risks include NGC contract signing delays, fixed-price margin pressure on long-duration defence projects, and a potential revenue gap post-FY27 if new orders are not formalised in time.


Garden Reach Shipbuilders: India's Warship Builder Enters Its Orderbook Supercycle

India

Mazagon Dock Shipbuilders Limited operates as a ship building company. The Company provides builds and repairs ships, barges, and off-shore drilling rigs, as well as offers submarines. Mazagon Dock Shipbuilders serves customers in India.

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Mazagon Dock Shipbuilders (MAZDOCKS IN)

Atmanirbhar Bharat in Arms: India's Dual Strategy for Defense Dominance

India approves $12.6 billion for building military systems at home, focusing on self-reliance and strengthening defense capabilities through local...

Nimish Maheshwari

Indian Defence Sector: A Sustainable Boom Or A Trap?

Defense PSUs benefit from strong order books and government support, but face risks from high valuations and reliance on a single buyer. Future...

Sudarshan Bhandari

#133 India Insight: GOI Trims 4.83% in Mazagon OFS, Gensol Faces SEBI Scrutiny, ABFRL’s 2x Rev Plan

GOI's stake sale in Mazagon Dock at a discount leads to stock dip; SEBI may probe Gensol Engineering; Aditya Birla Fashion aims for organic growth...

Sudarshan Bhandari

#77 India Insight: Reliance Targets Oncology, Adani’s $2 Bn Infrastructure Push, NMIA Opens 2025

Reliance Industries acquires Karkinos Healthcare, Adani Enterprises exits joint venture with Wilmar, Navi Mumbai International Airport set to open...

Sudarshan Bhandari

Garden Reach Shipbuilders: India's Warship Builder Enters Its Orderbook Supercycle

India's GRSE is a key player in naval modernization and Aatmanirbhar Bharat shipbuilding, with potential for significant revenue growth by FY27.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Atmanirbhar Bharat in Arms: India's Dual Strategy for Defense Dominance

​India approves $12.6 billion for building military systems at home, focusing on self-reliance and strengthening defense capabilities through local...

Nimish Maheshwari

Indian Defence Sector: A Sustainable Boom Or A Trap?

​Defense PSUs benefit from strong order books and government support, but face risks from high valuations and reliance on a single buyer. Future...

Sudarshan Bhandari

#133 India Insight: GOI Trims 4.83% in Mazagon OFS, Gensol Faces SEBI Scrutiny, ABFRL’s 2x Rev Plan

​GOI's stake sale in Mazagon Dock at a discount leads to stock dip; SEBI may probe Gensol Engineering; Aditya Birla Fashion aims for organic growth...

Sudarshan Bhandari

#77 India Insight: Reliance Targets Oncology, Adani’s $2 Bn Infrastructure Push, NMIA Opens 2025

​Reliance Industries acquires Karkinos Healthcare, Adani Enterprises exits joint venture with Wilmar, Navi Mumbai International Airport set to open...

Sudarshan Bhandari

Garden Reach Shipbuilders: India's Warship Builder Enters Its Orderbook Supercycle

​India's GRSE is a key player in naval modernization and Aatmanirbhar Bharat shipbuilding, with potential for significant revenue growth by FY27.

Sudarshan Bhandari

India approves $12.6 billion for building military systems at home, focusing on self-reliance and strengthening defense capabilities through local...

Defense PSUs benefit from strong order books and government support, but face risks from high valuations and reliance on a single buyer. Future...

GOI's stake sale in Mazagon Dock at a discount leads to stock dip; SEBI may probe Gensol Engineering; Aditya Birla Fashion aims for organic growth...

Reliance Industries acquires Karkinos Healthcare, Adani Enterprises exits joint venture with Wilmar, Navi Mumbai International Airport set to open...

India's GRSE is a key player in naval modernization and Aatmanirbhar Bharat shipbuilding, with potential for significant revenue growth by FY27.