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

National Stock Exchange / Equity Bottom-Up

<ul>
<li>NSE dominates market as it maintains a near-monopoly (∼90% share) in equity cash and dominates the booming derivatives segment.</li>
<li>NSE's Revenue and PAT are 5-9x larger than BSE's, with a much higher PAT margin (68% vs. 44%).</li>
<li>NSE Holds appreciating, strategic minority stakes in high-potential financial infrastructure companies which can be seen as hidden value for NSE.</li>
</ul>


NSE dominates market as it maintains a near-monopoly (∼90% share) in equity cash and dominates the booming derivatives segment.
NSE's Revenue and PAT are 5-9x larger than BSE's, with a much higher PAT margin (68% vs. 44%).
NSE Holds appreciating, strategic minority stakes in high-potential financial infrastructure companies which can be seen as hidden value for NSE.


NSE India: Not Just an Exchange, but a Strategic Holding Company.

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Event-Driven

<ul>
<li>Starting September 1, 2025, BSE will shift its weekly expiry to Thursday, while NSE's weekly expiry will move to Tuesday, reducing overlap between the two major exchanges. </li>
<li>The move aims to streamline operations, reduce volatility, and increase uniformity across exchanges, aligning with global standards and institutional preferences. </li>
<li>
BSE's shift to Thursday expiry could benefit its market share, but NSE’s Tuesday expiry may help it regain some of the ground lost in recent months, intensifying competition.</li>
</ul>


Starting September 1, 2025, BSE will shift its weekly expiry to Thursday, while NSE's weekly expiry will move to Tuesday, reducing overlap between the two major exchanges. 
The move aims to streamline operations, reduce volatility, and increase uniformity across exchanges, aligning with global standards and institutional preferences. 

BSE's shift to Thursday expiry could benefit its market share, but NSE’s Tuesday expiry may help it regain some of the ground lost in recent months, intensifying competition.


How SEBI's Expiry Day Overhaul Impacts NSE & BSE ?

<ul>
<li>SEBI has asked BSE to pay regulatory fees on options trading based on notional turnover instead of premium turnover</li>
<li>The impact of this would 10-20% on earnings in short term</li>
<li>The bigger question lies ahead what BSE will do to offset the impact and grow its market share in derivative trading</li>
</ul>


SEBI has asked BSE to pay regulatory fees on options trading based on notional turnover instead of premium turnover
The impact of this would 10-20% on earnings in short term
The bigger question lies ahead what BSE will do to offset the impact and grow its market share in derivative trading


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>Pine Labs raised around US$450m in its India IPO. Overall demand was weak.</li>
<li>Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>


Pine Labs raised around US$450m in its India IPO. Overall demand was weak.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/pine-labs-pvt-ltd" target="_blank" data-smartkarma-citation="entities:33472:1" rel="noopener">Pine Labs</a> is now looking to raise up to US$450m in its upcoming India IPO.</li>
<li>Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note we talk about the RHP updates and provide our thoughts on valuations.</li>
</ul>



Pine Labs is now looking to raise up to US$450m in its upcoming India IPO.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
We have looked at the company’s past performance in our earlier notes. In this note we talk about the RHP updates and provide our thoughts on valuations.


Pine Labs IPO - RHP Updates and Thoughts on Valuation

India

National Stock Exchange of India Ltd. operates as a stock exchange that provides automated screen-based trading system. The Company offers a range of products and services for various markets, including equities, indices, mutual and exchange traded funds, initial public offerings, security lending scheme, and institutional placement programs. ... More

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National Stock Exchange (NSEIN IN)

NSE India: Not Just an Exchange, but a Strategic Holding Company.

NSE's near-monopoly dominance in the market, high revenue and PAT compared to BSE, and strategic minority stakes in financial infrastructure...

Sudarshan Bhandari

How SEBI's Expiry Day Overhaul Impacts NSE & BSE ?

Starting Sept 1, 2025, BSE will move weekly expiry to Thursday, NSE to Tuesday, reducing overlap and aligning with global standards, potentially...

Nimish Maheshwari

BSE - A Regulatory Accident?

BSE - Regulatory Fee Hike Impact Is a Short-Term Overhang In Long-Term Multifold Growth. Impact on future business strategies and treatment of this...

Sudarshan Bhandari

Pine Labs IPO Trading - Low/No Demand

Pine Labs raised around US$450m in its India IPO. Overall demand was weak. In this note we talk about the trading dynamics.

Sumeet Singh

Pine Labs IPO - RHP Updates and Thoughts on Valuation

Pine Labs is now looking to raise up to US$450m in its upcoming India IPO. In this note, we talk about the RHP updates and valuations.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NSE India: Not Just an Exchange, but a Strategic Holding Company.

​NSE's near-monopoly dominance in the market, high revenue and PAT compared to BSE, and strategic minority stakes in financial infrastructure...

Sudarshan Bhandari

How SEBI's Expiry Day Overhaul Impacts NSE & BSE ?

​Starting Sept 1, 2025, BSE will move weekly expiry to Thursday, NSE to Tuesday, reducing overlap and aligning with global standards, potentially...

Nimish Maheshwari

BSE - A Regulatory Accident?

BSE - Regulatory Fee Hike Impact Is a Short-Term Overhang In Long-Term Multifold Growth. Impact on future business strategies and treatment of this...

Sudarshan Bhandari

Pine Labs IPO Trading - Low/No Demand

Pine Labs raised around US$450m in its India IPO. Overall demand was weak. In this note we talk about the trading dynamics.

Sumeet Singh

Pine Labs IPO - RHP Updates and Thoughts on Valuation

Pine Labs is now looking to raise up to US$450m in its upcoming India IPO. In this note, we talk about the RHP updates and valuations.

Sumeet Singh

NSE's near-monopoly dominance in the market, high revenue and PAT compared to BSE, and strategic minority stakes in financial infrastructure...

Starting Sept 1, 2025, BSE will move weekly expiry to Thursday, NSE to Tuesday, reducing overlap and aligning with global standards, potentially...