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>
<a href="https://www.smartkarma.com/entities/narayana-hrudayalaya-ltd" target="_blank" data-smartkarma-citation="entities:26939:1" rel="noopener">Narayana Hrudayalaya Ltd (NARH IN)</a> is a prominent player in the Indian healthcare sector, distinguished by its commitment to providing affordable, high-quality medical services.</li>
<li>The company established its first international hospital in the Cayman Islands in 2014, targeting patients from the Americas and Caribbean regions by offering competitively priced medical services</li>
<li>Management has outlined a capex guidance of around INR 4,000 crores over the next 3 to 4 years, funded by healthy cash flows and stable operating margins.</li>
</ul>



Narayana Hrudayalaya Ltd (NARH IN) is a prominent player in the Indian healthcare sector, distinguished by its commitment to providing affordable, high-quality medical services.
The company established its first international hospital in the Cayman Islands in 2014, targeting patients from the Americas and Caribbean regions by offering competitively priced medical services
Management has outlined a capex guidance of around INR 4,000 crores over the next 3 to 4 years, funded by healthy cash flows and stable operating margins.


The Beat Ideas: Narayana Hrudayalaya Ltd (NHL) ~ Driving Growth from India to Cayman Islands

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Dr Agarwal's Health Care Ltd / Equity Capital Markets

Dr Agarwal's Health Care Ltd (8140044Z IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> raised around US$350m in its India IPO.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Dr Agarwal’s Healthcare IPO Trading - Decent Anchor Demand but Subdued Overall Coverage

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> is looking to raise about US$350m in its India IPO. The deal is downsized from an earlier reported size of around US$480m.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>Previously, we have looked at the company’s past performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) is looking to raise about US$350m in its India IPO. The deal is downsized from an earlier reported size of around US$480m.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
Previously, we have looked at the company’s past performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.


Dr Agarwal’s Healthcare IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Dr Agarwal's Health Care is looking to raise ~$350M from its upcoming India IPO, which is a combination of fresh issue and OFS. The IPO price band is INR382–402.</li>
<li>The company intends to utilize INR1.95B out of the fresh issue proceeds to repay its debts, which stand at INR3.61B as of December 31, 2024.</li>
<li>The company's proven capability to scale up the operation amid cut-throat competition and profitable business operation enhance our conviction on the long-term growth prospect of the company.</li>
</ul>


Dr Agarwal's Health Care is looking to raise ~$350M from its upcoming India IPO, which is a combination of fresh issue and OFS. The IPO price band is INR382–402.
The company intends to utilize INR1.95B out of the fresh issue proceeds to repay its debts, which stand at INR3.61B as of December 31, 2024.
The company's proven capability to scale up the operation amid cut-throat competition and profitable business operation enhance our conviction on the long-term growth prospect of the company.


Dr Agarwal's Health Care IPO: Profitable Business Expansion Amid Favorable Demand to Drive Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> is looking to raise about US$480m in its upcoming India IPO.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) is looking to raise about US$480m in its upcoming India IPO.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
In this note, we talk about the company’s historical performance.


Dr Agarwal’s Healthcare Pre-IPO - Strong Revenue Growth Led by Expanding Network of Facilities

India

Narayana Hrudayalaya Ltd. operates a network of multi-specialty and tertiary healthcare facilities, providing advanced medical care across specialties such as cardiac sciences, oncology, neurosciences, and renal sciences. The company manages hospitals and heart centers, offering services including medical, surgical, and diagnostic support. It is headquartered in Bengaluru, India, and was founded in 2000.

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Narayana Health (NARH IN)

The Beat Ideas: Narayana Hrudayalaya Ltd (NHL) ~ Driving Growth from India to Cayman Islands

Narayana Hrudayalaya Ltd is a leading player in Indian healthcare, known for affordable high-quality services. Expanding internationally and...

Sudarshan Bhandari

Dr Agarwal’s Healthcare IPO Trading - Decent Anchor Demand but Subdued Overall Coverage

Dr Agarwal’s Healthcare raised around US$350m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Dr Agarwal’s Healthcare IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

Dr Agarwal’s Healthcare is looking to raise about US$350m in its India IPO. In this note, we provide a summary of its RHP updates and share our...

Akshat Shah

Dr Agarwal's Health Care IPO: Profitable Business Expansion Amid Favorable Demand to Drive Growth

Dr Agarwal's Health Care plans to raise $350M in India IPO, which is a combination of fresh issue and OFS. The IPO price band is INR382–402....

Tina Banerjee

Dr Agarwal’s Healthcare Pre-IPO - Strong Revenue Growth Led by Expanding Network of Facilities

Dr Agarwal’s Healthcare is looking to raise about US$480m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: Narayana Hrudayalaya Ltd (NHL) ~ Driving Growth from India to Cayman Islands

​Narayana Hrudayalaya Ltd is a leading player in Indian healthcare, known for affordable high-quality services. Expanding internationally and...

Sudarshan Bhandari

Dr Agarwal’s Healthcare IPO Trading - Decent Anchor Demand but Subdued Overall Coverage

Dr Agarwal’s Healthcare raised around US$350m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Dr Agarwal’s Healthcare IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

Dr Agarwal’s Healthcare is looking to raise about US$350m in its India IPO. In this note, we provide a summary of its RHP updates and share our...

Akshat Shah

Dr Agarwal's Health Care IPO: Profitable Business Expansion Amid Favorable Demand to Drive Growth

​Dr Agarwal's Health Care plans to raise $350M in India IPO, which is a combination of fresh issue and OFS. The IPO price band is INR382–402....

Tina Banerjee

Dr Agarwal’s Healthcare Pre-IPO - Strong Revenue Growth Led by Expanding Network of Facilities

Dr Agarwal’s Healthcare is looking to raise about US$480m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Narayana Hrudayalaya Ltd is a leading player in Indian healthcare, known for affordable high-quality services. Expanding internationally and...

Dr Agarwal's Health Care plans to raise $350M in India IPO, which is a combination of fresh issue and OFS. The IPO price band is INR382–402....