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

Thematic (Sector/Industry)

<ul>
<li>Overall, the introduction of the price-linked tick size mechanism by the NSE is a positive development as it leads to improving market efficiency and enhancing price discovery. </li>
<li>This move is likely to benefit investors by reducing slippage costs and improving liquidity, especially for small-cap and mid-cap stocks. </li>
<li>The move is also evidence of intense competition between NSE and BSE. BSE earlier was the only exchange to offer reduced tick size.</li>
</ul>


Overall, the introduction of the price-linked tick size mechanism by the NSE is a positive development as it leads to improving market efficiency and enhancing price discovery. 
This move is likely to benefit investors by reducing slippage costs and improving liquidity, especially for small-cap and mid-cap stocks. 
The move is also evidence of intense competition between NSE and BSE. BSE earlier was the only exchange to offer reduced tick size.


India's Largest Exchange Took Major Move To Improve Price Efficiency

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/indo-mim-ltd" target="_blank" data-smartkarma-citation="entities:45956:1" rel="noopener">Indo-MIM Ltd (1666551D IN)</a> raised about US$395m in its India IPO. IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding (MIM) technology. </li>
<li>IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.</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>



Indo-MIM Ltd (1666551D IN) raised about US$395m in its India IPO. IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding (MIM) technology. 
IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Indo-MIM IPO Trading - Strong Overall Demand

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the September 2026 index rebal event.</li>
<li>We see one change for NIFTY 50 and five changes for NIFTY 100.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names
In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the September 2026 index rebal event.
We see one change for NIFTY 50 and five changes for NIFTY 100.


Quiddity Leaderboard NIFTY Sep26: Many Changes Likely; ~US$950mn Collective One-Way Flows

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>Groww is India's largest stockbroker with 13mn active users. It is progressing towards a full-stack investment platform, expecting to cross-sell multiple financial products to over 18mn users on its platform.</li>
<li>It is aggressively expanding into lending (MTF, LAS) and has recently acquired 'Fisdom' to offer premiumised wealth solutions (AIF, insurance, tax-filing). It also owns Groww AMC, offering debt/equity/Fixed income products.</li>
<li>At 33 times FY25 earnings, IPO is priced reasonably considering its deep penetration in the market (customers from 98% Pincodes) and strong ARPU and profitability supported by decent retention metrics.</li>
</ul>


Groww is India's largest stockbroker with 13mn active users. It is progressing towards a full-stack investment platform, expecting to cross-sell multiple financial products to over 18mn users on its platform.
It is aggressively expanding into lending (MTF, LAS) and has recently acquired 'Fisdom' to offer premiumised wealth solutions (AIF, insurance, tax-filing). It also owns Groww AMC, offering debt/equity/Fixed income products.
At 33 times FY25 earnings, IPO is priced reasonably considering its deep penetration in the market (customers from 98% Pincodes) and strong ARPU and profitability supported by decent retention metrics.


Groww IPO Review – India’s Largest & Fastest Growing Broker / Investment Platform.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nextbillion-technology-pvt-ltd-groww" target="_blank" data-smartkarma-citation="entities:34787:1" rel="noopener">Groww (1573648D IN)</a> is looking to raise around US$747m in its India IPO.Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.</li>
<li>With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.</li>
</ul>



Groww (1573648D IN) is looking to raise around US$747m in its India IPO.Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.


Groww IPO - Peer Comp and Thoughts on Valuation

India

Nuvama Wealth Management Limited is an Indian multinational wealth management company offering services in wealth management, asset management, asset servicing, and capital markets, catering to affluent, HNI, and UHNI clients. The company provides solutions across various asset classes including equities, fixed income, mutual funds, and alternative investments. Headquartered in Mumbai, India, it was established in 1993.

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Nuvama Wealth Management (NUVAMA IN)

India's Largest Exchange Took Major Move To Improve Price Efficiency

The NSE's introduction of reduced tick size mechanism improves market efficiency, benefits investors by reducing slippage costs, and shows...

Sudarshan Bhandari

Aequitas: Indo-MIM IPO Trading - Strong Overall Demand

Indo-MIM Ltd (IML) raised about US$395m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Quiddity Leaderboard NIFTY Sep26: Many Changes Likely; ~US$950mn Collective One-Way Flows

The NIFTY 50 expected ADD/DEL could trigger US$640mn in one-way flows. There could be more changes for NIFTY 100 which could collectively trigger...

Janaghan Jeyakumar, CFA

Groww IPO Review – India’s Largest & Fastest Growing Broker / Investment Platform.

Groww, India's largest stockbroker by user base, is evolving into a complete investment platform with lending and wealth solutions. Is the IPO...

Himanshu Dugar

Groww IPO - Peer Comp and Thoughts on Valuation

Groww is looking to raise around US$747m in its India IPO. In this note, we talk about the peer comp and implied valuations in the price range.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India's Largest Exchange Took Major Move To Improve Price Efficiency

​The NSE's introduction of reduced tick size mechanism improves market efficiency, benefits investors by reducing slippage costs, and shows...

Sudarshan Bhandari

Aequitas: Indo-MIM IPO Trading - Strong Overall Demand

Indo-MIM Ltd (IML) raised about US$395m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Quiddity Leaderboard NIFTY Sep26: Many Changes Likely; ~US$950mn Collective One-Way Flows

The NIFTY 50 expected ADD/DEL could trigger US$640mn in one-way flows. There could be more changes for NIFTY 100 which could collectively trigger...

Janaghan Jeyakumar, CFA

Groww IPO Review – India’s Largest & Fastest Growing Broker / Investment Platform.

​Groww, India's largest stockbroker by user base, is evolving into a complete investment platform with lending and wealth solutions. Is the IPO...

Himanshu Dugar

Groww IPO - Peer Comp and Thoughts on Valuation

Groww is looking to raise around US$747m in its India IPO. In this note, we talk about the peer comp and implied valuations in the price range.

Akshat Shah

The NSE's introduction of reduced tick size mechanism improves market efficiency, benefits investors by reducing slippage costs, and shows...

Groww, India's largest stockbroker by user base, is evolving into a complete investment platform with lending and wealth solutions. Is the IPO...