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 GST Council has approved rate cuts , lowering from 28-29% to 18% for 2Ws (&lt;350cc), 3Ws, CVs, tractors and small PVs, while larger cars move to 40% from 43-50%. 
</li>
<li>
Price cuts of 2–9% in mass-market vehicles could spur demand just as rural sentiment, interest rates, and fiscal transfers turn supportive, creating a multi-pronged recovery catalyst for OEMs and ancillaries.</li>
<li>The rationalization removes structural distortions, improves affordability, and positions the festive season as a turning point for sector volumes and improved margins, though premium bikes and fleet operators face headwinds.</li>
</ul>


The GST Council has approved rate cuts , lowering from 28-29% to 18% for 2Ws (&lt;350cc), 3Ws, CVs, tractors and small PVs, while larger cars move to 40% from 43-50%. 


Price cuts of 2–9% in mass-market vehicles could spur demand just as rural sentiment, interest rates, and fiscal transfers turn supportive, creating a multi-pronged recovery catalyst for OEMs and ancillaries.
The rationalization removes structural distortions, improves affordability, and positions the festive season as a turning point for sector volumes and improved margins, though premium bikes and fleet operators face headwinds.


GST Reform in Indian Auto Sector: Demand Revival Meets Margin Expansion Ahead of Festive Surge.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a> and <a href="https://www.smartkarma.com/entities/samvardhana-motherson-international-ltd" target="_blank" data-smartkarma-citation="entities:10662:1" rel="noopener">Samvardhana Motherson International Ltd (MOTHERSO IN)</a> have arranged to buy Honda's 69.7%-owned subsidiary <a href="https://www.smartkarma.com/entities/yutaka-giken-co-ltd" target="_blank" data-smartkarma-citation="entities:4033:1" rel="noopener">Yutaka Giken (7229 JP)</a> in a Tender Offer. </li>
<li>The transaction structure means Motherson buys Yutaka for less than net cash but even assuming Motherson pay minority TOB price for everything, TOB ex-net cash = 0.05x PBR, &lt;1x EBITDA.</li>
<li>But they are paying less. They are paying ¥12.4bn less than net cash, and getting the other ¥58bn of net assets (¥23bn inventory, the rest in hard assets) for free.</li>
</ul>



Honda Motor (7267 JP) and Samvardhana Motherson International Ltd (MOTHERSO IN) have arranged to buy Honda's 69.7%-owned subsidiary Yutaka Giken (7229 JP) in a Tender Offer. 
The transaction structure means Motherson buys Yutaka for less than net cash but even assuming Motherson pay minority TOB price for everything, TOB ex-net cash = 0.05x PBR, &lt;1x EBITDA.
But they are paying less. They are paying ¥12.4bn less than net cash, and getting the other ¥58bn of net assets (¥23bn inventory, the rest in hard assets) for free.


[Japan M&A] Yutaka Giken (7229 JP) TOB - Possibly the Most Offensively Low TOB Price I've Ever Seen

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>The aggregate performance of the Q1FY26 earnings season was steady as sequential improvement in YoY PAT growth continued in the current quarter</li><li>Aggregate revenue/PAT grew by 5%/10% YoY across the HSIE coverage (~246 stocks) in Q1FY26</li><li>Ex-OMCs, aggregate YoY revenue/earnings growth for the quarter was 6%/5%</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.

The aggregate performance of the Q1FY26 earnings season was steady as sequential improvement in YoY PAT growth continued in the current quarterAggregate revenue/PAT grew by 5%/10% YoY across the HSIE coverage (~246 stocks) in Q1FY26Ex-OMCs, aggregate YoY revenue/earnings growth for the quarter was 6%/5%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.

Quarterly Flipbook: Earnings growth and downgrade cycle bottoming-out

<ul>
<li>ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 220 as we expect slower ramp-up in oil &amp; gas production</li>
<li>Q1FY26 reported EBITDA at INR ~187bn (+0.2% YoY, -1.8% QoQ) and PAT at INR ~80bn (-10.2% YoY, +24.4% QoQ), both above our estimate due to higher-than-expected crude oil realization. Apollo Hospitals Enterprise: EBITDA (+20% YoY) was 6% ahead of consensus estimates, led by a 15% YoY sales growth</li>
<li>The hospital business grew 11% YoY (ARPP +9% YoY), HealthCo grew by 19% YoY (offline/online sales up 18%/26% YoY) and AHLL grew 19% 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.


ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 220 as we expect slower ramp-up in oil &amp; gas production
Q1FY26 reported EBITDA at INR ~187bn (+0.2% YoY, -1.8% QoQ) and PAT at INR ~80bn (-10.2% YoY, +24.4% QoQ), both above our estimate due to higher-than-expected crude oil realization. Apollo Hospitals Enterprise: EBITDA (+20% YoY) was 6% ahead of consensus estimates, led by a 15% YoY sales growth
The hospital business grew 11% YoY (ARPP +9% YoY), HealthCo grew by 19% YoY (offline/online sales up 18%/26% YoY) and AHLL grew 19% 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.

HSIE Results Daily: ONGC, Apollo Hospitals Enterprise, Jindal Steel..

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>There are 20 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 27 June. We had correctly forecast 39 of the 40 changes.</li>
<li>Estimated one-way turnover is 68.4% resulting in a round-trip trade of INR 160bn (US$1.9bn). There are 22 stocks with over 1x ADV to trade.</li>
<li>The Financials sector has 9 net inclusions to the index while the Information Technology and Consumer Discretionary sectors have 2 net deletions each.</li>
</ul>


There are 20 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 27 June. We had correctly forecast 39 of the 40 changes.
Estimated one-way turnover is 68.4% resulting in a round-trip trade of INR 160bn (US$1.9bn). There are 22 stocks with over 1x ADV to trade.
The Financials sector has 9 net inclusions to the index while the Information Technology and Consumer Discretionary sectors have 2 net deletions each.


NIFTY200 Momentum30 Index Rebalance: HUGE Turnover and Trade as Financials Shine

India

Samvardhana Motherson International Limited manufactures and distributes automotive parts. The Company offers products such as HVAC systems, air intake manifolds, highway vehicle cabins, air compressors, and pedal box assembly. Samvardhana Motherson International markets its products worldwide.

Samvardhana Motherson International Ltd (MOTHERSO IN)

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Samvardhana Motherson International Ltd (MOTHERSO IN)

GST Reform in Indian Auto Sector: Demand Revival Meets Margin Expansion Ahead of Festive Surge.

GST Council approves rate cuts, boosting demand for mass-market vehicles and creating a multi-pronged recovery catalyst for OEMs and ancillaries.

Sudarshan Bhandari

[Japan M&A] Yutaka Giken (7229 JP) TOB - Possibly the Most Offensively Low TOB Price I've Ever Seen

India's Motherson and Japan's Honda partner to force minorities out of Yutaka Giken at a tiny fraction of operational book value and EBITDA. Worst...

Travis Lundy

Quarterly Flipbook: Earnings growth and downgrade cycle bottoming-out

The aggregate performance of the Q1FY26 earnings season was steady as sequential improvement in YoY PAT growth continued in the current quarter

HDFC Securities

HSIE Results Daily: ONGC, Apollo Hospitals Enterprise, Jindal Steel..

ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 220 as we expect slower ramp-up in oil & gas production Q1FY26...

HDFC Securities

NIFTY200 Momentum30 Index Rebalance: HUGE Turnover and Trade as Financials Shine

The Nifty200 Momentum30 Index rebalances at the close tomorrow. Since announcement, the adds have outperformed the deletes (but only marginally)....

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GST Reform in Indian Auto Sector: Demand Revival Meets Margin Expansion Ahead of Festive Surge.

​GST Council approves rate cuts, boosting demand for mass-market vehicles and creating a multi-pronged recovery catalyst for OEMs and ancillaries.

Sudarshan Bhandari

[Japan M&A] Yutaka Giken (7229 JP) TOB - Possibly the Most Offensively Low TOB Price I've Ever Seen

India's Motherson and Japan's Honda partner to force minorities out of Yutaka Giken at a tiny fraction of operational book value and EBITDA. Worst...

Travis Lundy

Quarterly Flipbook: Earnings growth and downgrade cycle bottoming-out

The aggregate performance of the Q1FY26 earnings season was steady as sequential improvement in YoY PAT growth continued in the current quarter

HDFC Securities

HSIE Results Daily: ONGC, Apollo Hospitals Enterprise, Jindal Steel..

ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 220 as we expect slower ramp-up in oil & gas production Q1FY26...

HDFC Securities

NIFTY200 Momentum30 Index Rebalance: HUGE Turnover and Trade as Financials Shine

The Nifty200 Momentum30 Index rebalances at the close tomorrow. Since announcement, the adds have outperformed the deletes (but only marginally)....

Brian Freitas

GST Council approves rate cuts, boosting demand for mass-market vehicles and creating a multi-pronged recovery catalyst for OEMs and ancillaries.