Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Thematic (Sector/Industry)

<ul>
<li>India's central government has cleared a series of regulatory reforms, culminating in a fast-track cross-border merger route triggering a wave of reverse domiciliation by Indian unicorns from Singapore &amp; US.</li>
<li>Over a dozen unicorns, including Flipkart, Razorpay, Meesho, Zepto, and Groww, are redomiciling to India.</li>
<li>The regulatory arc is decisively favorable, but tax costs remain steep and Press Note 3 compliance adds a sovereign-risk layer for China-funded cap tables.</li>
</ul>


India's central government has cleared a series of regulatory reforms, culminating in a fast-track cross-border merger route triggering a wave of reverse domiciliation by Indian unicorns from Singapore &amp; US.
Over a dozen unicorns, including Flipkart, Razorpay, Meesho, Zepto, and Groww, are redomiciling to India.
The regulatory arc is decisively favorable, but tax costs remain steep and Press Note 3 compliance adds a sovereign-risk layer for China-funded cap tables.


Reverse Flip: Why Indian Startups Are Coming Back Home Again?

<ul>
<li>India's depository duopoly shows strong growth, with <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> leading in institutional assets and <a href="https://www.smartkarma.com/entities/central-depository-services" target="_blank" data-smartkarma-citation="entities:27902:1" rel="noopener">Central Depository Services (CDSL IN)</a> dominating the expanding retail investor base.</li>
<li>Financially, CDSL shows superior growth (37% revenue CAGR) and higher profitability margins, while NSDL has grown revenue at a 23% CAGR.</li>
<li>NSDL’s settlement value market share has declined to 66% from 82% in FY19, as competitor CDSL gains ground by partnering with high-volume, new-age retail brokers.</li>
</ul>


India's depository duopoly shows strong growth, with NSDL (NSDL IN) leading in institutional assets and Central Depository Services (CDSL IN) dominating the expanding retail investor base.
Financially, CDSL shows superior growth (37% revenue CAGR) and higher profitability margins, while NSDL has grown revenue at a 23% CAGR.
NSDL’s settlement value market share has declined to 66% from 82% in FY19, as competitor CDSL gains ground by partnering with high-volume, new-age retail brokers.


NSDL Vs. CDSL: Who Can Drive More Growth Ahead in This Duopoly?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>SEBI investigates <a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a>'s delayed disclosures on derivatives accounting lapses, insider trading violations, and potential violations of LODR regulations.</li>
<li>
<a href="https://www.smartkarma.com/entities/dixon-technologies-india-ltd" target="_blank" data-smartkarma-citation="entities:25486:1" rel="noopener">Dixon Technologies India Ltd (DIXON IN)</a> Sunil Vachani discusses India's progress in electronics manufacturing, aiming for global leadership but requiring time and patience.</li>
<li>NSE is close to receiving Sebi’s approval for its IPO, with ongoing discussions on disclosures or an out-of-court settlement.</li>
</ul>


SEBI investigates Indusind Bank (IIB IN)'s delayed disclosures on derivatives accounting lapses, insider trading violations, and potential violations of LODR regulations.

Dixon Technologies India Ltd (DIXON IN) Sunil Vachani discusses India's progress in electronics manufacturing, aiming for global leadership but requiring time and patience.
NSE is close to receiving Sebi’s approval for its IPO, with ongoing discussions on disclosures or an out-of-court settlement.


#153 India Insight: SEBI Probes IndusInd Bank, DIXON Chief on Electronics, NSE IPO Nears Nod.

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.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/physicswallah-limited" target="_blank" data-smartkarma-citation="entities:45792:1" rel="noopener">Physicswallah</a> raised around US$430m in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Physicswallah raised around US$430m in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.
Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Physicswallah Lockup Expiry - US$2.2bn Lockup Release with Everyone Well in the Money

Equity Capital Markets

Zhongji Innolight   / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/metis-techbio-co-ltd" target="_blank" data-smartkarma-citation="entities:48022:1" rel="noopener">Metis TechBio</a> appears to be ticking the right boxes to be doing well.</li>
<li>On the placement front, there were selldowns in <a href="https://www.smartkarma.com/entities/doosan-robotics-inc" target="_blank" data-smartkarma-citation="entities:36816:1" rel="noopener">Doosan Robotics (454910 KS)</a> and <a href="https://www.smartkarma.com/entities/lenskart-solutions-limited" target="_blank" data-smartkarma-citation="entities:45634:1" rel="noopener">Lenskart Solutions (LENSKART IN)</a>.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Metis TechBio appears to be ticking the right boxes to be doing well.
On the placement front, there were selldowns in Doosan Robotics (454910 KS) and Lenskart Solutions (LENSKART IN).


Aequitas ECM Weekly (11 May 2026)- TFC Optical, Tinci, Dajin Heavy, Metis, LDRobot, Lenskart, Pine

India

Nextbillion Technology Private Limited, doing business as Groww, operates as an online investment platform. The Company offers mutual funds, tax planning, investment management, and financial information services. Groww serves customers in India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Groww (1573648D IN)

Reverse Flip: Why Indian Startups Are Coming Back Home Again?

Indian unicorns are moving back to India from Singapore and the US due to regulatory reforms, but tax costs and compliance issues remain.

Nimish Maheshwari

NSDL Vs. CDSL: Who Can Drive More Growth Ahead in This Duopoly?

India's depository duopoly sees NSDL leading in institutional assets, while CDSL dominates retail investors with superior growth and profitability.

Nimish Maheshwari

#153 India Insight: SEBI Probes IndusInd Bank, DIXON Chief on Electronics, NSE IPO Nears Nod.

SEBI investigates Indusind Bank for accounting lapses and insider trading, Dixon Technologies aims for global leadership in electronics...

Sudarshan Bhandari

Aequitas: Physicswallah Lockup Expiry - US$2.2bn Lockup Release with Everyone Well in the Money

Physicswallah raised around US$430m in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Aequitas ECM Weekly (11 May 2026)- TFC Optical, Tinci, Dajin Heavy, Metis, LDRobot, Lenskart, Pine

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Reverse Flip: Why Indian Startups Are Coming Back Home Again?

​Indian unicorns are moving back to India from Singapore and the US due to regulatory reforms, but tax costs and compliance issues remain.

Nimish Maheshwari

NSDL Vs. CDSL: Who Can Drive More Growth Ahead in This Duopoly?

​India's depository duopoly sees NSDL leading in institutional assets, while CDSL dominates retail investors with superior growth and profitability.

Nimish Maheshwari

#153 India Insight: SEBI Probes IndusInd Bank, DIXON Chief on Electronics, NSE IPO Nears Nod.

​SEBI investigates Indusind Bank for accounting lapses and insider trading, Dixon Technologies aims for global leadership in electronics...

Sudarshan Bhandari

Aequitas: Physicswallah Lockup Expiry - US$2.2bn Lockup Release with Everyone Well in the Money

Physicswallah raised around US$430m in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Aequitas ECM Weekly (11 May 2026)- TFC Optical, Tinci, Dajin Heavy, Metis, LDRobot, Lenskart, Pine

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Indian unicorns are moving back to India from Singapore and the US due to regulatory reforms, but tax costs and compliance issues remain.

India's depository duopoly sees NSDL leading in institutional assets, while CDSL dominates retail investors with superior growth and profitability.

SEBI investigates Indusind Bank for accounting lapses and insider trading, Dixon Technologies aims for global leadership in electronics...