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>NTPC, India’s largest power generator, added 6,615 MW in 10M FY26 - its fastest-ever capacity addition, while 9M FY26 group PAT rose 5.45% YoY to INR 16,931 crore.</li>
<li>The company is scaling both thermal brownfield projects and renewables, with a 60 GW green energy target by 2032, creating a diversified PSU power growth story.</li>
<li>NTPC’s cost-plus regulated model supports stable earnings, while NGEL’s renewable expansion and nuclear opportunities could become key long-term re-rating triggers.</li>
</ul>


NTPC, India’s largest power generator, added 6,615 MW in 10M FY26 - its fastest-ever capacity addition, while 9M FY26 group PAT rose 5.45% YoY to INR 16,931 crore.
The company is scaling both thermal brownfield projects and renewables, with a 60 GW green energy target by 2032, creating a diversified PSU power growth story.
NTPC’s cost-plus regulated model supports stable earnings, while NGEL’s renewable expansion and nuclear opportunities could become key long-term re-rating triggers.


NTPC Ltd.: India's Leading Power Generator Enters a New Phase of Growth

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

Orkla India Ltd. / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orkla-india-ltd" target="_blank" data-smartkarma-citation="entities:45300:1" rel="noopener">Orkla India Ltd. (0752506D IN)</a> raised about US$190m in its India IPO in Nov 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.</li>
<li>Orkla India Limited (OIL) is a multi-category Indian food company offering a diverse range of spices and convenience food products catering to every meal occasion.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Orkla India Ltd. (0752506D IN) raised about US$190m in its India IPO in Nov 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.
Orkla India Limited (OIL) is a multi-category Indian food company offering a diverse range of spices and convenience food products catering to every meal occasion.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Orkla India IPO Lockup - Shares Have Traded Below IPO Price but PE Owner Well in The Money

Raajmarg Infra Investment Trust / Equity Capital Markets

Raajmarg Infra Investment Trust (RIIT IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raajmarg-infra-investment-trust" target="_blank" data-smartkarma-citation="entities:47598:1" rel="noopener">Raajmarg Infra Investment Trust (RIIT IN)</a> raised around US$650m in its India IPO.</li>
<li>RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Raajmarg Infra Investment Trust (RIIT IN) raised around US$650m in its India IPO.
RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Aequitas: Raajmarg Infra InvIT IPO Trading - Decent Demand; Leads Past REIT Listings

Central Mine Planning Design Institute Ltd (CMPDIL) / Equity Capital Markets

Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN)

Central Mine Planning Design Institute Ltd (CMPDIL)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/central-mine-planning-design-institute-ltd-cmpdil" target="_blank" data-smartkarma-citation="entities:45267:1" rel="noopener">Central Mine Planning Design Institute Ltd (CMPDI) (0180301D IN)</a> is looking to raise around US$200m in its all-secondary India IPO.</li>
<li>CMPDI is a Coal India subsidiary, providing consultancy and support services across the full range of coal and mineral exploration, mine planning and design, covering the entire mining operations lifecycle.</li>
<li>In this note, we talk about the company’s historical performance and IPO valuations.</li>
</ul>



Central Mine Planning Design Institute Ltd (CMPDI) (0180301D IN) is looking to raise around US$200m in its all-secondary India IPO.
CMPDI is a Coal India subsidiary, providing consultancy and support services across the full range of coal and mineral exploration, mine planning and design, covering the entire mining operations lifecycle.
In this note, we talk about the company’s historical performance and IPO valuations.


Aequitas: CMPDI Ltd IPO - Asset-Light Mining Consultancy with Strong Parentage, Priced In Line

Clean Max Enviro Energy Solutions / Equity Capital Markets

Clean Max Enviro Energy Solutions (CLEANMAX IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cleanmax-enviro-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:45702:1" rel="noopener">CleanMax Enviro Energy Solutions Ltd (8382406Z IN)</a> (CEESL) raised around US$342m in its India IPO. </li>
<li>CEESL is a provider of commercial and industrial renewable energy, which specializes in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.</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>



CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) raised around US$342m in its India IPO. 
CEESL is a provider of commercial and industrial renewable energy, which specializes in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas : CleanMax Enviro Energy Solutions IPO Trading - Decent Anchor but IPO Undersubscribed

India

NTPC Green Energy Limited is a subsidiary of NTPC Limited, specializing in renewable energy generation in India. The company focuses on developing, owning, and operating large-scale solar and wind power projects, alongside emerging technologies like green hydrogen and battery energy storage systems. It was incorporated on April 7, 2022, and is headquartered in New Delhi, India.

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NTPC Green Energy (NTPCGREE IN)

NTPC Ltd.: India's Leading Power Generator Enters a New Phase of Growth

NTPC, India's largest power generator, achieves record capacity addition and profit growth in FY26, with focus on renewables and a 60 GW green...

Sudarshan Bhandari

Aequitas: Orkla India IPO Lockup - Shares Have Traded Below IPO Price but PE Owner Well in The Money

Orkla India raised about US$190m in its India IPO in Nov 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.

Akshat Shah

Aequitas: Raajmarg Infra InvIT IPO Trading - Decent Demand; Leads Past REIT Listings

Raajmarg Infra Investment Trust (RIIT) raised around US$650m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Aequitas: CMPDI Ltd IPO - Asset-Light Mining Consultancy with Strong Parentage, Priced In Line

Central Mine Planning Design Institute Ltd (CMPDI) is looking to raise around US$200m in its all-secondary India IPO. In this note, we talk about...

Akshat Shah

Aequitas : CleanMax Enviro Energy Solutions IPO Trading - Decent Anchor but IPO Undersubscribed

CleanMax Enviro Energy Solutions Limited (CEESL) raised around US$342m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NTPC Ltd.: India's Leading Power Generator Enters a New Phase of Growth

​NTPC, India's largest power generator, achieves record capacity addition and profit growth in FY26, with focus on renewables and a 60 GW green...

Sudarshan Bhandari

Aequitas: Orkla India IPO Lockup - Shares Have Traded Below IPO Price but PE Owner Well in The Money

Orkla India raised about US$190m in its India IPO in Nov 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.

Akshat Shah

Aequitas: Raajmarg Infra InvIT IPO Trading - Decent Demand; Leads Past REIT Listings

Raajmarg Infra Investment Trust (RIIT) raised around US$650m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Aequitas: CMPDI Ltd IPO - Asset-Light Mining Consultancy with Strong Parentage, Priced In Line

Central Mine Planning Design Institute Ltd (CMPDI) is looking to raise around US$200m in its all-secondary India IPO. In this note, we talk about...

Akshat Shah

Aequitas : CleanMax Enviro Energy Solutions IPO Trading - Decent Anchor but IPO Undersubscribed

CleanMax Enviro Energy Solutions Limited (CEESL) raised around US$342m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

NTPC, India's largest power generator, achieves record capacity addition and profit growth in FY26, with focus on renewables and a 60 GW green...