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>Vikram Solar’s IPO launch with INR 1,500 crore fresh issue underscores its ambition to fund large-scale expansion, boosting installed capacity from 4.5 GW to 20.5 GW by FY27.</li>
<li>A robust 10.3 GW order book and Tier-1 global recognition reinforce demand visibility and credibility, positioning the company strongly amid India’s accelerating renewable transition.</li>
<li>Execution risks in new facilities, raw material price volatility, and premium valuations temper the growth story, requiring cautious optimism from investors.</li>
</ul>


Vikram Solar’s IPO launch with INR 1,500 crore fresh issue underscores its ambition to fund large-scale expansion, boosting installed capacity from 4.5 GW to 20.5 GW by FY27.
A robust 10.3 GW order book and Tier-1 global recognition reinforce demand visibility and credibility, positioning the company strongly amid India’s accelerating renewable transition.
Execution risks in new facilities, raw material price volatility, and premium valuations temper the growth story, requiring cautious optimism from investors.


Vikram Solar IPO - Riding India’s Renewable Energy Wave

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vikram-solar" target="_blank" data-smartkarma-citation="entities:36670:1" rel="noopener">Vikram Solar (0490158D IN)</a> is looking to raise about US$238m in its India IPO.</li>
<li>Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



Vikram Solar (0490158D IN) is looking to raise about US$238m in its India IPO.
Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Vikram Solar IPO - RHP Updates, Peer Comp and Thoughts on Valuations

JSW Cement Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-cement-limited" target="_blank" data-smartkarma-citation="entities:43870:1" rel="noopener">JSW Cement Limited (9858514Z IN)</a>  is looking to raise about US$480m in its upcoming India IPO.</li>
<li>JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



JSW Cement Limited (9858514Z IN)  is looking to raise about US$480m in its upcoming India IPO.
JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
In this note, we talk about the company’s historical performance.


JSW Cement Pre-IPO - Leveraging Synergies of the JSW Group but Has High Debt

Gujarat Industries Power Company / Equity Bottom-Up

Gujarat Industries Power Company (GIP IN)

<ul>
<li>GIPCL is executing a 2,375 MW renewable energy park at Khavda, marking a major shift from thermal to green energy. </li>
<li>This transition is expected to improve EBITDA margins through lower operating costs and recurring O&amp;M income. </li>
<li>The shift enhances long-term visibility and positions GIPCL as a key player in Gujarat’s clean energy future, boosting investor confidence.</li>
</ul>


GIPCL is executing a 2,375 MW renewable energy park at Khavda, marking a major shift from thermal to green energy. 
This transition is expected to improve EBITDA margins through lower operating costs and recurring O&amp;M income. 
The shift enhances long-term visibility and positions GIPCL as a key player in Gujarat’s clean energy future, boosting investor confidence.


The Beat Ideas: GIPCL's Strategic Shift - A New Dawn for Gujarat's Energy Sector

Aditya Infotech Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aditya-infotech-ltd" target="_blank" data-smartkarma-citation="entities:43994:1" rel="noopener">Aditya Infotech Ltd (6596564Z IN)</a> is looking to raise about US$151m in its India IPO.</li>
<li>Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Aditya Infotech Ltd (6596564Z IN) is looking to raise about US$151m in its India IPO.
Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Aditya Infotech IPO - RHP Updates & Thoughts on Peer Comp and Valuation

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)

Vikram Solar IPO - Riding India’s Renewable Energy Wave

Vikram Solar's IPO aims to raise INR 1,500 crore for massive expansion, with a strong order book and global recognition, but faces risks from raw...

Sudarshan Bhandari

Vikram Solar IPO - RHP Updates, Peer Comp and Thoughts on Valuations

Vikram Solar is looking to raise about US$238m in its India IPO. In this note, we talk about the RHP updates, peer comp and implied valuations in...

Akshat Shah

JSW Cement Pre-IPO - Leveraging Synergies of the JSW Group but Has High Debt

JSW Cement has launched a smaller IPO of up to INR 36bn (US$412m) in a INR139–147 range, with the primary component cut down to INR 16bn from INR...

Akshat Shah

The Beat Ideas: GIPCL's Strategic Shift - A New Dawn for Gujarat's Energy Sector

GIPCL shifts to green energy with 2,375 MW renewable energy park at Khavda, improving margins and boosting investor confidence.

Sudarshan Bhandari

Aditya Infotech IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Aditya Infotech is looking to raise about US$151m in its India IPO. We have looked at the company’s past performance previously. In this note, we...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Vikram Solar IPO - Riding India’s Renewable Energy Wave

​Vikram Solar's IPO aims to raise INR 1,500 crore for massive expansion, with a strong order book and global recognition, but faces risks from raw...

Sudarshan Bhandari

Vikram Solar IPO - RHP Updates, Peer Comp and Thoughts on Valuations

Vikram Solar is looking to raise about US$238m in its India IPO. In this note, we talk about the RHP updates, peer comp and implied valuations in...

Akshat Shah

JSW Cement Pre-IPO - Leveraging Synergies of the JSW Group but Has High Debt

JSW Cement has launched a smaller IPO of up to INR 36bn (US$412m) in a INR139–147 range, with the primary component cut down to INR 16bn from INR...

Akshat Shah

The Beat Ideas: GIPCL's Strategic Shift - A New Dawn for Gujarat's Energy Sector

​GIPCL shifts to green energy with 2,375 MW renewable energy park at Khavda, improving margins and boosting investor confidence.

Sudarshan Bhandari

Aditya Infotech IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Aditya Infotech is looking to raise about US$151m in its India IPO. We have looked at the company’s past performance previously. In this note, we...

Akshat Shah

Vikram Solar's IPO aims to raise INR 1,500 crore for massive expansion, with a strong order book and global recognition, but faces risks from raw...

GIPCL shifts to green energy with 2,375 MW renewable energy park at Khavda, improving margins and boosting investor confidence.