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

Equity Bottom-Up

Mazagon Dock Shipbuilders  / Equity Bottom-Up

<ul>
<li>Mazagon Dock has completed a strong execution phase with successful delivery of destroyers, frigates and submarines while maintaining a zero-debt balance sheet.</li>
<li>The company’s existing order book provides near-term visibility, but long-term growth will depend on converting the large defence opportunity pipeline into new orders.</li>
<li>Future programmes in submarines, naval combat vessels, Coast Guard platforms and international maritime opportunities can become the next growth drivers.</li>
</ul>


Mazagon Dock has completed a strong execution phase with successful delivery of destroyers, frigates and submarines while maintaining a zero-debt balance sheet.
The company’s existing order book provides near-term visibility, but long-term growth will depend on converting the large defence opportunity pipeline into new orders.
Future programmes in submarines, naval combat vessels, Coast Guard platforms and international maritime opportunities can become the next growth drivers.


Mazagon Dock: The Next Order Cycle Could Be Much Bigger Than the Current Backlog

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Mazagon Dock Shipbuilders  / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mazagon-dock-shipbuilders-ltd" target="_blank" data-smartkarma-citation="entities:27022:1" rel="noopener">Mazagon Dock Shipbuilders (MAZDOCKS IN)</a> has announced an Offer for Sale of 4.01% of the Government holding in the stock. That is INR 41bn (US$481m) at the last close.</li>
<li>The increase in float brings the stock very close to inclusion in a global index at the May rebalance. However, that is dependent on how the stock performs from here.</li>
<li>Inclusion in the index will bring around US$222m/ 2x ADV of passive inflows and could help support the stock.</li>
</ul>



Mazagon Dock Shipbuilders (MAZDOCKS IN) has announced an Offer for Sale of 4.01% of the Government holding in the stock. That is INR 41bn (US$481m) at the last close.
The increase in float brings the stock very close to inclusion in a global index at the May rebalance. However, that is dependent on how the stock performs from here.
Inclusion in the index will bring around US$222m/ 2x ADV of passive inflows and could help support the stock.


Mazagon Dock Shipbuilders (MAZDOCKS IN): OFS & Potential Global Index Inclusion

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Thematic (Sector/Industry)

<ul>
<li>India’s INR 24,736 crore SBFAS has attracted 12 applications seeking incentives for vessels worth INR 5,812 crore, with greenfield and brownfield approvals gaining pace.</li>
<li>India spends nearly INR 6 lakh crore annually on foreign shipping, while Indian-flagged vessels carry under 5% of trade. The INR 69,725 crore package aims to reduce this leakage.</li>
<li>With BCSL’s 51-vessel fleet, expanding SBFAS pipeline, and active review of Titagarh and Swan Defence, execution speed will decide whether policy becomes industrial scale.</li>
</ul>


India’s INR 24,736 crore SBFAS has attracted 12 applications seeking incentives for vessels worth INR 5,812 crore, with greenfield and brownfield approvals gaining pace.
India spends nearly INR 6 lakh crore annually on foreign shipping, while Indian-flagged vessels carry under 5% of trade. The INR 69,725 crore package aims to reduce this leakage.
With BCSL’s 51-vessel fleet, expanding SBFAS pipeline, and active review of Titagarh and Swan Defence, execution speed will decide whether policy becomes industrial scale.


India’s Shipbuilding Push: Can Policy Turn Ambition Into Scale?

<ul>
<li>India's Union Budget FY27 allocates a record Rs. 7.85 lakh crore to defence, a 15.19% increase, the largest-ever outlay. </li>
<li>This is driven by a doctrinal shift: defence spending is no longer calibrated to threat cycles, it is now a permanent infrastructure of the Indian state.</li>
<li>With no political dialogue on Kashmir, the IWT suspended, and China backing Pakistan, India has accepted that a high-tension equilibrium is the new normal, and is funding accordingly.</li>
</ul>


India's Union Budget FY27 allocates a record Rs. 7.85 lakh crore to defence, a 15.19% increase, the largest-ever outlay. 
This is driven by a doctrinal shift: defence spending is no longer calibrated to threat cycles, it is now a permanent infrastructure of the Indian state.
With no political dialogue on Kashmir, the IWT suspended, and China backing Pakistan, India has accepted that a high-tension equilibrium is the new normal, and is funding accordingly.


Thematic Report- India: Defence Is No Longer a Choice, It's a Necessity!

<ul>
<li>India’s Defense Acquisition Council approved INR 2.38 lakh crore proposals on March 27, 2026, taking total FY26 approvals to ~INR 9.3 lakh crore across Army, Air Force, and Coast Guard.</li>
<li>The pace and scale of approvals reinforce a multi-year procurement cycle, with indigenization becoming structural, expanding opportunities for domestic defence PSUs and private sector players.</li>
<li>
Stronger order visibility led by BEL, improving execution clarity for HAL, BDL’s indigenization progress, and Astra Microwave’s restructuring position the sector for sustained growth momentum.</li>
</ul>


India’s Defense Acquisition Council approved INR 2.38 lakh crore proposals on March 27, 2026, taking total FY26 approvals to ~INR 9.3 lakh crore across Army, Air Force, and Coast Guard.
The pace and scale of approvals reinforce a multi-year procurement cycle, with indigenization becoming structural, expanding opportunities for domestic defence PSUs and private sector players.

Stronger order visibility led by BEL, improving execution clarity for HAL, BDL’s indigenization progress, and Astra Microwave’s restructuring position the sector for sustained growth momentum.


Thematic Report: India Defense Sector - Moving Into Growth Phase

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)

Mazagon Dock: The Next Order Cycle Could Be Much Bigger Than the Current Backlog

With a ₹18,218 crore order book, MDL is entering a key transition phase. From Kalvari submarines to P-75(I), P-17B and destroyers, MDL has a large...

Nimish Maheshwari