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>Listed Indian real estate developers reported a blockbuster H1FY26, with aggregate pre-sales soaring 47% YoY to INR 73,100 crore, led by giants like DLF and Prestige Estates.</li>
<li>This isn't a simple cyclical rally. It's a structural consolidation, as deleveraged balance sheets (five of 11 top players are net cash) allow organized players to seize market share.</li>
<li>The battleground has shifted from sales to execution. While pre-sales are strong, flat OCF highlights a critical lag, making 2H launch delivery and cash conversion the key metrics to watch.</li>
</ul>


Listed Indian real estate developers reported a blockbuster H1FY26, with aggregate pre-sales soaring 47% YoY to INR 73,100 crore, led by giants like DLF and Prestige Estates.
This isn't a simple cyclical rally. It's a structural consolidation, as deleveraged balance sheets (five of 11 top players are net cash) allow organized players to seize market share.
The battleground has shifted from sales to execution. While pre-sales are strong, flat OCF highlights a critical lag, making 2H launch delivery and cash conversion the key metrics to watch.


Thematic Report on Indian Realty: Why H1's Record Sales Mask a Deeper Cash Flow & Execution Test

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

Kalpataru Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kalpataru-limited" target="_blank" data-smartkarma-citation="entities:43866:1" rel="noopener">Kalpataru Limited (KTARU IN)</a> raised about US$184m in its India IPO.</li>
<li>Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.</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>



Kalpataru Limited (KTARU IN) raised about US$184m in its India IPO.
Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.
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.


Kalpataru IPO Trading - Decent Anchor; Muted Overall Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kalpataru-limited" target="_blank" data-smartkarma-citation="entities:43866:1" rel="noopener">Kalpataru Limited (KTARU IN)</a> is looking to raise about US$184m in its upcoming India IPO.</li>
<li>Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.</li>
<li>In this note, we take a quick look at the company’s past performance and the IPO valuations.</li>
</ul>



Kalpataru Limited (KTARU IN) is looking to raise about US$184m in its upcoming India IPO.
Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.
In this note, we take a quick look at the company’s past performance and the IPO valuations.


Kalpataru Ltd IPO - Cemented by Debt Repayment

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>Real Estate exposure among active Emerging Market funds is rebounding after a decade-long bear market from 2012-2022.</li>
<li>Average weights are at their highest levels in 10 years. Despite this recovery, Real Estate remains a "non-essential" sector, with 23% of funds avoiding exposure entirely.</li>
<li>Country-Level trends highlight a rotation from China into the U.A.E, driven by record-high fund ownership in names like <a href="https://www.smartkarma.com/entities/emaar-properties-pjsc-004c637d-b17a-4c9b-849b-0c89d3b1f6b4" target="_blank" data-smartkarma-citation="entities:25955:1" rel="noopener">Emaar Properties Pjsc (EMAAR UH)</a> and <a href="https://www.smartkarma.com/entities/aldar-properties-pjsc" target="_blank" data-smartkarma-citation="entities:27654:1" rel="noopener">Aldar Properties PJSC (ALDAR UH)</a>
</li>
</ul>


Real Estate exposure among active Emerging Market funds is rebounding after a decade-long bear market from 2012-2022.
Average weights are at their highest levels in 10 years. Despite this recovery, Real Estate remains a "non-essential" sector, with 23% of funds avoiding exposure entirely.
Country-Level trends highlight a rotation from China into the U.A.E, driven by record-high fund ownership in names like Emaar Properties Pjsc (EMAAR UH) and Aldar Properties PJSC (ALDAR UH)



Real Estate:  Recovery Among Active GEM Funds

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>There are 19 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 30 December. All names are exactly in line with our forecast.</li>
<li>Estimated one-way turnover is 64.9% resulting in a one-way trade of INR 72.7bn (US$857m). There are 18 stocks with over 1x ADV to trade.</li>
<li>The adds have continued to outperform the deletes even after the end of the review period. There could be further upside heading into year-end and implementation of the changes.</li>
</ul>


There are 19 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 30 December. All names are exactly in line with our forecast.
Estimated one-way turnover is 64.9% resulting in a one-way trade of INR 72.7bn (US$857m). There are 18 stocks with over 1x ADV to trade.
The adds have continued to outperform the deletes even after the end of the review period. There could be further upside heading into year-end and implementation of the changes.


NIFTY200 Momentum30 Index Rebalance: 38 Changes; 65% Turnover; US$1.7bn Trade

India

Oberoi Realty LTD., is a real estate development company operating in Mumbai, focused on premium developments. The Company's main focus is residential projects but they also have a diversified portfolio of projects covering segments of the real estate market, which target the upper end of the respective income or market segment.

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Oberoi Realty (OBER IN)

Thematic Report on Indian Realty: Why H1's Record Sales Mask a Deeper Cash Flow & Execution Test

Indian real estate developers see H1FY26 with pre-sales up 47% to INR 73,100 crore. Structural consolidation, not just cyclical rally, as players...

Nimish Maheshwari

Kalpataru IPO Trading - Decent Anchor; Muted Overall Demand

Kalpataru Limited (KL) raised about US$184m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Kalpataru Ltd IPO - Cemented by Debt Repayment

Kalpataru Limited (KL) is looking to raise about US$184m in its upcoming India IPO. In this note, we take a quick look at the company’s past...

Akshat Shah

Real Estate: Recovery Among Active GEM Funds

Real Estate exposure among active Emerging Market funds is rebounding after a decade-long bear market from 2012-2022, with the U.A.E leading the...

Steven Holden

NIFTY200 Momentum30 Index Rebalance: 38 Changes; 65% Turnover; US$1.7bn Trade

There are 19 changes a side and all names are in line with our forecast. Estimated one-way turnover is 64.9% resulting in a one-way trade of INR...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thematic Report on Indian Realty: Why H1's Record Sales Mask a Deeper Cash Flow & Execution Test

​Indian real estate developers see H1FY26 with pre-sales up 47% to INR 73,100 crore. Structural consolidation, not just cyclical rally, as players...

Nimish Maheshwari

Kalpataru IPO Trading - Decent Anchor; Muted Overall Demand

Kalpataru Limited (KL) raised about US$184m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Kalpataru Ltd IPO - Cemented by Debt Repayment

Kalpataru Limited (KL) is looking to raise about US$184m in its upcoming India IPO. In this note, we take a quick look at the company’s past...

Akshat Shah

Real Estate: Recovery Among Active GEM Funds

Real Estate exposure among active Emerging Market funds is rebounding after a decade-long bear market from 2012-2022, with the U.A.E leading the...

Steven Holden

NIFTY200 Momentum30 Index Rebalance: 38 Changes; 65% Turnover; US$1.7bn Trade

There are 19 changes a side and all names are in line with our forecast. Estimated one-way turnover is 64.9% resulting in a one-way trade of INR...

Brian Freitas

Indian real estate developers see H1FY26 with pre-sales up 47% to INR 73,100 crore. Structural consolidation, not just cyclical rally, as players...