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/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL (NSDL IN)</a>'s IPO is an OFS priced at INR 760-800 per share, targeting an issue size of INR 3,810-4,011 crore</li>
<li>As India's pioneering SEBI-registered MII, company is the largest depository, serving 79,773 issuers as of March 2025, driven by market growth and innovation.</li>
<li>Valuation indicators suggest a fair assessment relative to industry peers, underscored by a robust issuer base and inherent financial stability.</li>
</ul>



NSDL (NSDL IN)'s IPO is an OFS priced at INR 760-800 per share, targeting an issue size of INR 3,810-4,011 crore
As India's pioneering SEBI-registered MII, company is the largest depository, serving 79,773 issuers as of March 2025, driven by market growth and innovation.
Valuation indicators suggest a fair assessment relative to industry peers, underscored by a robust issuer base and inherent financial stability.


NSDL IPO Analysis: India's First & Largest Depository

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>Increased free float should result in passives buying <a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> and lower foreign room should lead to passives selling <a href="https://www.smartkarma.com/entities/eternal-limited" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Eternal (ETERNAL IN)</a> at the end of August.</li>
<li>The increased free float should also result in passive buying for <a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> in September.</li>
<li>
<a href="https://www.smartkarma.com/entities/eternal-limited" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Eternal</a> has outperformed <a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy</a> last week following strong earnings. <a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy</a> announces earnings later this week and that could be a short-term catalyst for a narrowing of the spread.</li>
</ul>


Increased free float should result in passives buying Swiggy (SWIGGY IN) and lower foreign room should lead to passives selling Eternal (ETERNAL IN) at the end of August.
The increased free float should also result in passive buying for Swiggy (SWIGGY IN) in September.

Eternal has outperformed Swiggy last week following strong earnings. Swiggy announces earnings later this week and that could be a short-term catalyst for a narrowing of the spread.


Swiggy/Eternal: Free Float Increase & Foreign Room Decrease 'Delivering' BIG Passive Flows

<ul>
<li>An increase in the stock price and free float should result in <a href="https://www.smartkarma.com/entities/vishal-mega-mart-limited" target="_blank" data-smartkarma-citation="entities:44041:1" rel="noopener">Vishal Mega Mart (VMM IN)</a>'s inclusion in a global index in August.</li>
<li>Estimated passive buying is 191m shares (US$312m; 5.8x ADV; 15.4x delivery volume) at the close of trading on 26 August.</li>
<li>The index inclusion could take the stock higher in the short-term but buyers in the June placement could be looking for an exit.</li>
</ul>


An increase in the stock price and free float should result in Vishal Mega Mart (VMM IN)'s inclusion in a global index in August.
Estimated passive buying is 191m shares (US$312m; 5.8x ADV; 15.4x delivery volume) at the close of trading on 26 August.
The index inclusion could take the stock higher in the short-term but buyers in the June placement could be looking for an exit.


Vishal Mega Mart (VMM IN): Increased Float & Global Index Inclusion

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>
<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 looking to raise up to US$1bn 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>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Pine Labs is looking to raise up to US$1bn 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.
In this note, we talk about the not-so-positive aspects of the deal.


Pine Labs Pre-IPO - The Negatives - ...some Segments Slowing, Lots Unexplained

<ul>
<li>An increase in the stock price and free float should result in <a href="https://www.smartkarma.com/entities/waaree-energies-limited-6098abe5-9b91-4859-8170-b98fda2cf7ab" target="_blank" data-smartkarma-citation="entities:44031:1" rel="noopener">Waaree Energies (WAAREEEN IN)</a> being included in a global index in August.</li>
<li>Estimated passive buying is 8.2m shares (US$295m; 3x ADV; 10.8x delivery volume) at the close of trading on 26 August.</li>
<li>
<a href="https://www.smartkarma.com/entities/waaree-energies-limited-6098abe5-9b91-4859-8170-b98fda2cf7ab" target="_blank" data-smartkarma-citation="entities:44031:1" rel="noopener">Waaree Energies (WAAREEEN IN)</a> has outperformed <a href="https://www.smartkarma.com/entities/premier-energies-limited" target="_blank" data-smartkarma-citation="entities:42190:1" rel="noopener">Premier Energies (PREMIERE IN)</a> over the last 3 months but still trades at a lower forward PE.</li>
</ul>


An increase in the stock price and free float should result in Waaree Energies (WAAREEEN IN) being included in a global index in August.
Estimated passive buying is 8.2m shares (US$295m; 3x ADV; 10.8x delivery volume) at the close of trading on 26 August.

Waaree Energies (WAAREEEN IN) has outperformed Premier Energies (PREMIERE IN) over the last 3 months but still trades at a lower forward PE.


Waaree Energies (WAAREEEN IN): Increased Float & Global Index Inclusion

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)

NSDL IPO Analysis: India's First & Largest Depository

NSDL's IPO targets INR 3,810-4,011 crore, reflecting its leading position as India's largest depository with strong financial stability and market...

Sudarshan Bhandari

Swiggy/Eternal: Free Float Increase & Foreign Room Decrease 'Delivering' BIG Passive Flows

Strong earnings have led to Eternal outperforming Swiggy last week. Higher float should result in passives buying Swiggy in Aug. Lower foreign room...

Brian Freitas

Vishal Mega Mart (VMM IN): Increased Float & Global Index Inclusion

The placement in June results in a significantly higher float and VMM could be added to a global index in August. Flow and impact is big but some...

Brian Freitas

Pine Labs Pre-IPO - The Negatives - ...some Segments Slowing, Lots Unexplained

Pine Labs is looking to raise up to US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Waaree Energies (WAAREEEN IN): Increased Float & Global Index Inclusion

An increase in the stock price and free float should result in Waaree Energies being added to a global index in August. Passives need to buy over...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NSDL IPO Analysis: India's First & Largest Depository

​NSDL's IPO targets INR 3,810-4,011 crore, reflecting its leading position as India's largest depository with strong financial stability and market...

Sudarshan Bhandari

Swiggy/Eternal: Free Float Increase & Foreign Room Decrease 'Delivering' BIG Passive Flows

Strong earnings have led to Eternal outperforming Swiggy last week. Higher float should result in passives buying Swiggy in Aug. Lower foreign room...

Brian Freitas

Vishal Mega Mart (VMM IN): Increased Float & Global Index Inclusion

The placement in June results in a significantly higher float and VMM could be added to a global index in August. Flow and impact is big but some...

Brian Freitas

Pine Labs Pre-IPO - The Negatives - ...some Segments Slowing, Lots Unexplained

Pine Labs is looking to raise up to US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Waaree Energies (WAAREEEN IN): Increased Float & Global Index Inclusion

An increase in the stock price and free float should result in Waaree Energies being added to a global index in August. Passives need to buy over...

Brian Freitas

NSDL's IPO targets INR 3,810-4,011 crore, reflecting its leading position as India's largest depository with strong financial stability and market...