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.

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Thematic (Sector/Industry)

<ul>
<li>In FY25, India Inc. showed strong resilience despite global challenges, with a sharp earnings rebound in Q4 offsetting earlier softness. </li>
<li>A standout trend was the clear earnings outperformance of mid- and small-cap (SMID) companies, which led in 15 out of 19 sectors. </li>
<li>Sectors like consumer durables, capital goods, and chemicals led SMID gains, and their momentum is expected to sustain in FY26 amid steady capex and demand.</li>
</ul>


In FY25, India Inc. showed strong resilience despite global challenges, with a sharp earnings rebound in Q4 offsetting earlier softness. 
A standout trend was the clear earnings outperformance of mid- and small-cap (SMID) companies, which led in 15 out of 19 sectors. 
Sectors like consumer durables, capital goods, and chemicals led SMID gains, and their momentum is expected to sustain in FY26 amid steady capex and demand.


Thematic Report : FY25 Earnings Report: Sector Leaders and What’s Shaping FY26

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Corporate India’s capex momentum is showing a healthy revival, marking a significant shift from the risk-averse investment behavior seen post-COVID.</li>
<li>Based on FY25 data from 1,393 listed companies (excluding banks and NBFCs), total gross fixed assets rose 7.6% year-on-year to ₹28.5 lakh crore - the strongest expansion in recent years.</li>
<li>This increase signals renewed investment intent across infrastructure, manufacturing, and select consumption-facing sectors</li>
</ul>


Corporate India’s capex momentum is showing a healthy revival, marking a significant shift from the risk-averse investment behavior seen post-COVID.
Based on FY25 data from 1,393 listed companies (excluding banks and NBFCs), total gross fixed assets rose 7.6% year-on-year to ₹28.5 lakh crore - the strongest expansion in recent years.
This increase signals renewed investment intent across infrastructure, manufacturing, and select consumption-facing sectors


Charted Insights: Capex Revival in India Inc; Which Sectors Are Leading the Investment Cycle?

<ul>
<li>India's private consumption expenditure, experienced a significant slowdown in FY24, a three-year low growth rate of 5.6% and its share in real GDP reducing to a five-year low of 56.1%</li>
<li>This deceleration, which mirrors a pre-pandemic trend, is primarily attributed to stagnant income levels, elevated inflation, and a notable surge in household debt.</li>
<li>There are nascent signs of recovery in FY25, particularly with easing inflation and a slight uptick in rural wages,</li>
</ul>


India's private consumption expenditure, experienced a significant slowdown in FY24, a three-year low growth rate of 5.6% and its share in real GDP reducing to a five-year low of 56.1%
This deceleration, which mirrors a pre-pandemic trend, is primarily attributed to stagnant income levels, elevated inflation, and a notable surge in household debt.
There are nascent signs of recovery in FY25, particularly with easing inflation and a slight uptick in rural wages,


Decoding Consumption Slowdown and Its Potential for Revival in India

<ul>
<li>Reduction of personal income tax can lead to an additional aggregate income of INR 1 Lakh crores, which can create additional consumption of INR 5 lakh crores; uplifting GDP.</li>
<li>USA and China are the good cases studies where such kind of consumption boom happened</li>
<li>With India at inflection point of $2000 GDP, discretionary consumption set for boom.</li>
</ul>


Reduction of personal income tax can lead to an additional aggregate income of INR 1 Lakh crores, which can create additional consumption of INR 5 lakh crores; uplifting GDP.
USA and China are the good cases studies where such kind of consumption boom happened
With India at inflection point of $2000 GDP, discretionary consumption set for boom.


Thematic Report: Cut in Personal Taxes Can Lead to Surge in Consumption & GDP Growth

<ul>
<li>Economic growth leads to increased discretionary consumption, with higher income levels driving demand for a broader and more sophisticated range of consumer goods. </li>
<li>This pattern suggests opportunities for businesses to innovate and expand their offerings as economies develop.</li>
<li>With economic progress and higher incomes (US$ 5,000 and beyond), consumers begin to spend more on mobility and durable goods.</li>
</ul>


Economic growth leads to increased discretionary consumption, with higher income levels driving demand for a broader and more sophisticated range of consumer goods. 
This pattern suggests opportunities for businesses to innovate and expand their offerings as economies develop.
With economic progress and higher incomes (US$ 5,000 and beyond), consumers begin to spend more on mobility and durable goods.


Charted Insights: How Rising Per Capita Incomes Shape Discretionary Consumption in India?

India

Nifty Consumption Index: designed to reflect the behaviour & performance of a diversified portfolio of companies representing the domestic consumption sector which includes sectors like Consumer Non- durables, Healthcare, Auto, Telecom Services, Phar maceuticals, Hotels, Media & Entertainment, etc

Nifty Consumption Index (NSECON INDEX)

Thematic Report : FY25 Earnings Report: Sector Leaders and What’s Shaping FY26

India Inc. displayed strong resilience in FY25, with mid- and small-cap companies leading in earnings outperformance across various sectors,...

Sudarshan Bhandari

Charted Insights: Capex Revival in India Inc; Which Sectors Are Leading the Investment Cycle?

Corporate India is seeing a strong revival in capex momentum post-COVID, with total gross fixed assets rising 7.6% year-on-year to ₹28.5 lakh crore.

Nimish Maheshwari

Decoding Consumption Slowdown and Its Potential for Revival in India

Private consumption expenditure slowed in FY24 due to stagnant income, high inflation, and increased household debt, but shows signs of recovery in...

Nimish Maheshwari

Thematic Report: Cut in Personal Taxes Can Lead to Surge in Consumption & GDP Growth

Reduction in personal income tax can potentially boost India's GDP by creating additional consumption and following the examples of USA and China.

Nimish Maheshwari

Charted Insights: How Rising Per Capita Incomes Shape Discretionary Consumption in India?

Economic growth spurs higher income levels, leading to increased demand for a wider variety of consumer goods and opportunities for businesses to...

Nimish Maheshwari

Thematic Report : FY25 Earnings Report: Sector Leaders and What’s Shaping FY26

​India Inc. displayed strong resilience in FY25, with mid- and small-cap companies leading in earnings outperformance across various sectors,...

Sudarshan Bhandari

Charted Insights: Capex Revival in India Inc; Which Sectors Are Leading the Investment Cycle?

​Corporate India is seeing a strong revival in capex momentum post-COVID, with total gross fixed assets rising 7.6% year-on-year to ₹28.5 lakh crore.

Nimish Maheshwari

Decoding Consumption Slowdown and Its Potential for Revival in India

Private consumption expenditure slowed in FY24 due to stagnant income, high inflation, and increased household debt, but shows signs of recovery in...

Nimish Maheshwari

Thematic Report: Cut in Personal Taxes Can Lead to Surge in Consumption & GDP Growth

​Reduction in personal income tax can potentially boost India's GDP by creating additional consumption and following the examples of USA and China.

Nimish Maheshwari

Charted Insights: How Rising Per Capita Incomes Shape Discretionary Consumption in India?

​Economic growth spurs higher income levels, leading to increased demand for a wider variety of consumer goods and opportunities for businesses to...

Nimish Maheshwari

India Inc. displayed strong resilience in FY25, with mid- and small-cap companies leading in earnings outperformance across various sectors,...

Corporate India is seeing a strong revival in capex momentum post-COVID, with total gross fixed assets rising 7.6% year-on-year to ₹28.5 lakh crore.

Reduction in personal income tax can potentially boost India's GDP by creating additional consumption and following the examples of USA and China.

Economic growth spurs higher income levels, leading to increased demand for a wider variety of consumer goods and opportunities for businesses to...