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>The Lok Sabha passed the Online Gaming Bill, 2025, banning all RMG platforms and putting Nazara’s PokerBaazi investment at significant risk.</li>
<li>While Nazara has no direct RMG exposure, its INR 805 crore PokerBaazi bet could turn worthless, raising concerns over capital allocation and valuation pressure. </li>
<li>Core businesses remain strong, but regulatory uncertainty warrants caution. Near-term downside risks persist; long-term clarity hinges on execution and policy direction. </li>
</ul>


The Lok Sabha passed the Online Gaming Bill, 2025, banning all RMG platforms and putting Nazara’s PokerBaazi investment at significant risk.
While Nazara has no direct RMG exposure, its INR 805 crore PokerBaazi bet could turn worthless, raising concerns over capital allocation and valuation pressure. 
Core businesses remain strong, but regulatory uncertainty warrants caution. Near-term downside risks persist; long-term clarity hinges on execution and policy direction. 


Nazara Technologies in Turbulence: Temporary Setback or Lasting Damage?

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

SAI Life Sciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-life-sciences" target="_blank" data-smartkarma-citation="entities:43724:1" rel="noopener">SAI Life Sciences (SAILS12 IN)</a> raised around US$360m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



SAI Life Sciences (SAILS12 IN) raised around US$360m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.
Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
In this note, we will talk about the lockup dynamics and possible placement.


Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>The Lok Sabha has passed the "Promotion and Regulation of Online Gaming Bill, 2025," which imposes a blanket ban on all online games involving money, regardless of skill or chance.</li>
<li>This legislation, combined with the earlier 28% GST on the full face value, signals a clear stance against the RMG sector, A INR 2 lakh crore industry.</li>
<li>The regulatory and tax changes have put the future of India's real money gaming industry at a critical stage, forcing companies to pivot or face potential collapse.</li>
</ul>


The Lok Sabha has passed the "Promotion and Regulation of Online Gaming Bill, 2025," which imposes a blanket ban on all online games involving money, regardless of skill or chance.
This legislation, combined with the earlier 28% GST on the full face value, signals a clear stance against the RMG sector, A INR 2 lakh crore industry.
The regulatory and tax changes have put the future of India's real money gaming industry at a critical stage, forcing companies to pivot or face potential collapse.


GAME OVER: Inside India’s Real Money Gaming Ban

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN) </a>is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>In this note, we will talk about the IPO valuations.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
In this note, we will talk about the IPO valuations.


Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

<ul>
<li>Adani Group plans to enter the cables and wires segment, eyeing acquisitions worth $500-700 million.</li>
<li>
<a href="https://www.smartkarma.com/entities/piramal-pharma-limited" target="_blank" data-smartkarma-citation="entities:36631:1" rel="noopener">Piramal Pharma (PIRPHARM IN)</a> aims $2B revenue by FY30, betting on CDMO growth, complex generics scale-up, and expanding consumer brands portfolio.</li>
<li>World Bank to invest $500 million in India’s climate-resilient rural housing, supporting sustainability, innovation, and inclusive growth under PMAY-G.</li>
</ul>


Adani Group plans to enter the cables and wires segment, eyeing acquisitions worth $500-700 million.

Piramal Pharma (PIRPHARM IN) aims $2B revenue by FY30, betting on CDMO growth, complex generics scale-up, and expanding consumer brands portfolio.
World Bank to invest $500 million in India’s climate-resilient rural housing, supporting sustainability, innovation, and inclusive growth under PMAY-G.


#124 India Insight: Adani Eyes Cables, Piramal Targets $2B, World Bank Backs Rural Homes

India

Nazara Technologies Limited operates as a diversified gaming and sports media platform. The Company offers interactive learning, reporting, subscriptions, as well as kids, skill based, and sports simulation games. Nazara Technologies serves customers in India.

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Nazara Technologies (NAZARA IN)

Nazara Technologies in Turbulence: Temporary Setback or Lasting Damage?

The Lok Sabha passes Online Gaming Bill, putting Nazara's PokerBaazi investment at risk; regulatory uncertainty raises concerns over capital...

Sudarshan Bhandari

Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

TPG Asia has launched an INR26.4bn (US$302m) cleanup block (14.7% stake) in Sai Life Sciences at a floor price of INR860/share, a 5.2% discount to...

Akshat Shah

GAME OVER: Inside India’s Real Money Gaming Ban

The Lok Sabha passes bill banning online games involving money, threatening India's INR 2 lakh crore real money gaming industry.

Nimish Maheshwari

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

#124 India Insight: Adani Eyes Cables, Piramal Targets $2B, World Bank Backs Rural Homes

Adani Group eyes $500-700 million acquisitions in cables/wires, Piramal Pharma targets $2B revenue by FY30, World Bank invests $500 million in...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nazara Technologies in Turbulence: Temporary Setback or Lasting Damage?

​The Lok Sabha passes Online Gaming Bill, putting Nazara's PokerBaazi investment at risk; regulatory uncertainty raises concerns over capital...

Sudarshan Bhandari

Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

TPG Asia has launched an INR26.4bn (US$302m) cleanup block (14.7% stake) in Sai Life Sciences at a floor price of INR860/share, a 5.2% discount to...

Akshat Shah

GAME OVER: Inside India’s Real Money Gaming Ban

​The Lok Sabha passes bill banning online games involving money, threatening India's INR 2 lakh crore real money gaming industry.

Nimish Maheshwari

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

#124 India Insight: Adani Eyes Cables, Piramal Targets $2B, World Bank Backs Rural Homes

​Adani Group eyes $500-700 million acquisitions in cables/wires, Piramal Pharma targets $2B revenue by FY30, World Bank invests $500 million in...

Sudarshan Bhandari

The Lok Sabha passes Online Gaming Bill, putting Nazara's PokerBaazi investment at risk; regulatory uncertainty raises concerns over capital...

The Lok Sabha passes bill banning online games involving money, threatening India's INR 2 lakh crore real money gaming industry.

Adani Group eyes $500-700 million acquisitions in cables/wires, Piramal Pharma targets $2B revenue by FY30, World Bank invests $500 million in...