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>Indian REITs returned ~29.7% in CY2025, outperforming the Nifty 50 TRI (11.4%) amid broad equity turbulence driven by FII exodus, tariff shocks, and rupee depreciation.</li>
<li>With beta of just 0.25 and correlation below 25% to equities, REITs and InvITs offer rare predictable income in world where geopolitics, trade wars are repricing risk across asset class.</li>
<li>The sector's AUM is poised to triple by 2030, rate tailwinds persist, and cumulatively over Rs.26,500 crore has been distributed since 2019.</li>
</ul>


Indian REITs returned ~29.7% in CY2025, outperforming the Nifty 50 TRI (11.4%) amid broad equity turbulence driven by FII exodus, tariff shocks, and rupee depreciation.
With beta of just 0.25 and correlation below 25% to equities, REITs and InvITs offer rare predictable income in world where geopolitics, trade wars are repricing risk across asset class.
The sector's AUM is poised to triple by 2030, rate tailwinds persist, and cumulatively over Rs.26,500 crore has been distributed since 2019.


Anchors in the Storm: How Indian REITs and InvITs Can Stabilize Your Portfolio?

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

Knowledge Realty Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowledge-realty-trust" target="_blank" data-smartkarma-citation="entities:44486:1" rel="noopener">Knowledge Realty Trust (KRT IN)</a> raised about US$550m in its India IPO in Aug 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>KRT is India's largest office REIT by gross asset value, owning and operating a portfolio of premium Grade-A office parks leased primarily to multinational tenants across key Indian office markets.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Knowledge Realty Trust (KRT IN) raised about US$550m in its India IPO in Aug 2025. The lockup on its pre-IPO investors is set to expire soon.
KRT is India's largest office REIT by gross asset value, owning and operating a portfolio of premium Grade-A office parks leased primarily to multinational tenants across key Indian office markets.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Knowledge Realty Trust IPO Lockup Expiry - US$4bn+ Lockup Release

Kajal Jain

Horizon Industrial Parks Limited / Equity Capital Markets

Horizon Industrial Parks Limited (1327105D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-industrial-parks-limited" target="_blank" data-smartkarma-citation="entities:46260:1" rel="noopener">Horizon Industrial Parks Limited (1327105D IN)</a> (HIPL) raised around US$272m in its upcoming India IPO.</li>
<li>HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Horizon Industrial Parks Limited (1327105D IN) (HIPL) raised around US$272m in its upcoming India IPO.
HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Horizon Industrial Parks Limited IPO Trading - Weak Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-industrial-parks-limited" target="_blank" data-smartkarma-citation="entities:46260:1" rel="noopener">Horizon Industrial Parks Limited (1327105D IN)</a>  (HIPL) is looking to raise up to US$272m in its upcoming India IPO.</li>
<li>HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.</li>
</ul>



Horizon Industrial Parks Limited (1327105D IN)  (HIPL) is looking to raise up to US$272m in its upcoming India IPO.
HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.


Aequitas: Horizon India Ltd IPO - RHP Updates, Peer Comp and Thoughts on Valuation

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>We forecast 7 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 15 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 4 stocks are expected to be added to Large Cap, 8 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>SEBI has reclassified Real Estate Investment Trusts (REIT) as equity related instruments and REITs will be added to the AMFI classification from the upcoming review.</li>
</ul>


We forecast 7 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 15 stocks from MidCap to SmallCap.
From the new listings, 4 stocks are expected to be added to Large Cap, 8 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
SEBI has reclassified Real Estate Investment Trusts (REIT) as equity related instruments and REITs will be added to the AMFI classification from the upcoming review.


AMFI Stock Reclassification Preview (Dec 2025): New Listings and REIT Inclusion Drive Changes

India

Nexus Select Trust (NST) is a REIT with a portfolio of 17 Grade A urban consumption centers. Its diverse portfolio covers retail malls with a total leasable area of 9.8msf, three office assets (1.3msf), two hospitality assets and a renewable power plant.

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Nexus Select Trust (NST IN)

Anchors in the Storm: How Indian REITs and InvITs Can Stabilize Your Portfolio?

Indian REITs outperformed Nifty 50 in 2025 amid market turbulence, offering predictable income and poised for growth with AUM set to triple by 2030.

Nimish Maheshwari

Aequitas: Knowledge Realty Trust IPO Lockup Expiry - US$4bn+ Lockup Release

Blackstone is offering to sell part of its stake in KRT, up to 25.03% for ~INR119.88bn (~US$1.26bn), at a floor price of INR108/unit. The deal...

Akshat Shah

Aequitas: Horizon Industrial Parks Limited IPO Trading - Weak Demand

Horizon Industrial Parks raised around US$272m in its upcoming India IPO. It is India’s largest industrial & logistics infrastructure developer,...

Kajal Jain

Aequitas: Horizon India Ltd IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Horizon Industrial Parks (HIPL) is looking to raise up to US$272m in its India IPO. It is India’s largest industrial & logistics infrastructure...

Kajal Jain

AMFI Stock Reclassification Preview (Dec 2025): New Listings and REIT Inclusion Drive Changes

36 stocks could see size reclassification in Jan. 12 new stocks could be added to Large and Mid-cap. REITs will be added to the AMFI classification...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Anchors in the Storm: How Indian REITs and InvITs Can Stabilize Your Portfolio?

​Indian REITs outperformed Nifty 50 in 2025 amid market turbulence, offering predictable income and poised for growth with AUM set to triple by 2030.

Nimish Maheshwari

Aequitas: Knowledge Realty Trust IPO Lockup Expiry - US$4bn+ Lockup Release

Blackstone is offering to sell part of its stake in KRT, up to 25.03% for ~INR119.88bn (~US$1.26bn), at a floor price of INR108/unit. The deal...

Akshat Shah

Aequitas: Horizon Industrial Parks Limited IPO Trading - Weak Demand

Horizon Industrial Parks raised around US$272m in its upcoming India IPO. It is India’s largest industrial & logistics infrastructure developer,...

Kajal Jain

Aequitas: Horizon India Ltd IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Horizon Industrial Parks (HIPL) is looking to raise up to US$272m in its India IPO. It is India’s largest industrial & logistics infrastructure...

Kajal Jain

AMFI Stock Reclassification Preview (Dec 2025): New Listings and REIT Inclusion Drive Changes

36 stocks could see size reclassification in Jan. 12 new stocks could be added to Large and Mid-cap. REITs will be added to the AMFI classification...

Brian Freitas

Indian REITs outperformed Nifty 50 in 2025 amid market turbulence, offering predictable income and poised for growth with AUM set to triple by 2030.