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

Equity Bottom-Up

<ul>
<li>Poonawalla Fincorp is targeting a 5–6x AUM growth over five years, driven by new product launches, digital innovation, and branch expansion in the gold loan segment.</li>
<li>
Backed by the Cyrus Poonawalla Group and led by seasoned professionals, the company’s low cost of borrowing and tech-first approach enhances its competitive positioning in the NBFC space.</li>
<li>The shift toward secured lending, digital underwriting, and MSME focus suggests a more resilient and scalable growth model, improving visibility on profitability and asset quality.</li>
</ul>


Poonawalla Fincorp is targeting a 5–6x AUM growth over five years, driven by new product launches, digital innovation, and branch expansion in the gold loan segment.

Backed by the Cyrus Poonawalla Group and led by seasoned professionals, the company’s low cost of borrowing and tech-first approach enhances its competitive positioning in the NBFC space.
The shift toward secured lending, digital underwriting, and MSME focus suggests a more resilient and scalable growth model, improving visibility on profitability and asset quality.


The Beat Ideas: Poonawalla Fincorp Ltd.- Leading the Charge in Digital-First Financial Services

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

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

<ul>
<li>There could be 20 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 27 June.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 68.7% and that will result in a round-trip trade of INR 159bn (US$1.87bn).</li>
<li>Financials are expected to gain 9 index spots and Materials are expected to gain 3 spots. Consumer Discretionary could lose 5 spots and Information Technology could lose 4 spots.</li>
</ul>


There could be 20 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 27 June.
If all changes are on expected lines, one-way turnover is estimated at 68.7% and that will result in a round-trip trade of INR 159bn (US$1.87bn).
Financials are expected to gain 9 index spots and Materials are expected to gain 3 spots. Consumer Discretionary could lose 5 spots and Information Technology could lose 4 spots.


NIFTY200 Momentum30 Index Rebalance Preview: 69% One-Way Turnover & US$1.9bn Trade

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Rapid changes in US's tariff policies have driven sharp equity volatility. For instance, since March third week, HSI's forward PE declined from 11.1x to 9.1x and bounced back to 9.5x.</li>
<li>Such severe volatility has opened up interesting investment opportunities in Asia. Screening on strong EPS growth forecasts, high ROE, low PEG, and low debt-equity, we come up with 35 stocks.</li>
<li>Our stocks are from China (15), HK (8), Korea (4), India (4), Taiwan (2). Notably, TSMC, SK Hynix, Wuxi AppTec, Galaxy Entertainment, ZTO Express, M&amp;M Finance, Muthoot Finance, Muangthai Capital.</li>
</ul>


Rapid changes in US's tariff policies have driven sharp equity volatility. For instance, since March third week, HSI's forward PE declined from 11.1x to 9.1x and bounced back to 9.5x.
Such severe volatility has opened up interesting investment opportunities in Asia. Screening on strong EPS growth forecasts, high ROE, low PEG, and low debt-equity, we come up with 35 stocks.
Our stocks are from China (15), HK (8), Korea (4), India (4), Taiwan (2). Notably, TSMC, SK Hynix, Wuxi AppTec, Galaxy Entertainment, ZTO Express, M&amp;M Finance, Muthoot Finance, Muangthai Capital.


Asian Equities: Growth at Reasonable Price After This Dislocation

<ul>
<li>We currently forecast 10 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 9 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>There are multiple stocks among the AMFI changes that will be changes for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> and/or Nifty Midcap 150 Index in September.</li>
</ul>


We currently forecast 10 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 9 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
From the new listings, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
There are multiple stocks among the AMFI changes that will be changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) and/or Nifty Midcap 150 Index in September.


AMFI Stock Reclassification Preview (Jun 2025): Plenty of Change With More Likely

India

Muthoot Finance Ltd. is a gold financing company. The Company provides personal and business loans secured by gold jewellery, or Gold Loans primarily to individuals who possess gold jewelry but can't access formal credit lines.

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Muthoot Finance (MUTH IN)

The Beat Ideas: Poonawalla Fincorp Ltd.- Leading the Charge in Digital-First Financial Services

Poonawalla Fincorp aims for 5-6x AUM growth in 5 years with new products, digital innovation, and gold loan expansion. Tech-first approach and...

Sudarshan Bhandari

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

NIFTY200 Momentum30 Index Rebalance Preview: 69% One-Way Turnover & US$1.9bn Trade

We forecast 20 changes for the index in June. One-way turnover is estimated at 68.7% resulting in a round-trip trade of INR 159bn (US$1.87bn). The...

Brian Freitas

Asian Equities: Growth at Reasonable Price After This Dislocation

Severe volatility has created opportunities in Asia. We identify 35 stocks on strong EPS growth, high ROE, low PEG & low leverage. Notably, TSMC,...

Manishi Raychaudhuri

AMFI Stock Reclassification Preview (Jun 2025): Plenty of Change With More Likely

We currently forecast 40 migrations for the AMFI July reclassification. There are 2 new listings that could be added to MidCap. The forecast upward...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: Poonawalla Fincorp Ltd.- Leading the Charge in Digital-First Financial Services

​Poonawalla Fincorp aims for 5-6x AUM growth in 5 years with new products, digital innovation, and gold loan expansion. Tech-first approach and...

Sudarshan Bhandari

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

NIFTY200 Momentum30 Index Rebalance Preview: 69% One-Way Turnover & US$1.9bn Trade

We forecast 20 changes for the index in June. One-way turnover is estimated at 68.7% resulting in a round-trip trade of INR 159bn (US$1.87bn). The...

Brian Freitas

Asian Equities: Growth at Reasonable Price After This Dislocation

​Severe volatility has created opportunities in Asia. We identify 35 stocks on strong EPS growth, high ROE, low PEG & low leverage. Notably, TSMC,...

Manishi Raychaudhuri

AMFI Stock Reclassification Preview (Jun 2025): Plenty of Change With More Likely

We currently forecast 40 migrations for the AMFI July reclassification. There are 2 new listings that could be added to MidCap. The forecast upward...

Brian Freitas

Poonawalla Fincorp aims for 5-6x AUM growth in 5 years with new products, digital innovation, and gold loan expansion. Tech-first approach and...

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

Severe volatility has created opportunities in Asia. We identify 35 stocks on strong EPS growth, high ROE, low PEG & low leverage. Notably, TSMC,...