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>India’s auto sector ended FY26 strongly, with growth across segments: PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.</li>
<li>
Tractors outperformed PVs, driven by strong rural demand supported by GST cuts, healthy reservoir levels, and favorable seasonal factors like the Navratri period.</li>
<li>While 2W EVs grew 45% YoY, market share shifted toward established players. CV growth slowed meaningfully from February, indicating early signs of demand normalization.</li>
</ul>


India’s auto sector ended FY26 strongly, with growth across segments: PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.

Tractors outperformed PVs, driven by strong rural demand supported by GST cuts, healthy reservoir levels, and favorable seasonal factors like the Navratri period.
While 2W EVs grew 45% YoY, market share shifted toward established players. CV growth slowed meaningfully from February, indicating early signs of demand normalization.


Thematic Report on India Auto Sector: GST Cuts Drive Volume Growth Across Segments

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>India's central government has cleared a series of regulatory reforms, culminating in a fast-track cross-border merger route triggering a wave of reverse domiciliation by Indian unicorns from Singapore &amp; US.</li>
<li>Over a dozen unicorns, including Flipkart, Razorpay, Meesho, Zepto, and Groww, are redomiciling to India.</li>
<li>The regulatory arc is decisively favorable, but tax costs remain steep and Press Note 3 compliance adds a sovereign-risk layer for China-funded cap tables.</li>
</ul>


India's central government has cleared a series of regulatory reforms, culminating in a fast-track cross-border merger route triggering a wave of reverse domiciliation by Indian unicorns from Singapore &amp; US.
Over a dozen unicorns, including Flipkart, Razorpay, Meesho, Zepto, and Groww, are redomiciling to India.
The regulatory arc is decisively favorable, but tax costs remain steep and Press Note 3 compliance adds a sovereign-risk layer for China-funded cap tables.


Reverse Flip: Why Indian Startups Are Coming Back Home Again?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)</a> leads the 2W EV market with 26.14% share, followed by <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> at 19.56%, as legacy players overtakes early startups in late 2025. </li>
<li>TVS bets on reliability, Bajaj on metal heritage, Ather on tech maturity, Hero on rural distribution, and Ola on vertical cell manufacturing.</li>
<li>We expect market consolidation as operational efficiency and robust service networks favor established giants, while capital intensive rivals face significant quality and scalability hurdles.</li>
</ul>



TVS Motor (TVSL IN) leads the 2W EV market with 26.14% share, followed by Bajaj Auto Ltd (BJAUT IN) at 19.56%, as legacy players overtakes early startups in late 2025. 
TVS bets on reliability, Bajaj on metal heritage, Ather on tech maturity, Hero on rural distribution, and Ola on vertical cell manufacturing.
We expect market consolidation as operational efficiency and robust service networks favor established giants, while capital intensive rivals face significant quality and scalability hurdles.


EV(E2W) Market Share War: Who Will Gain From the Consolidating Market?

<ul>
<li>India is intensifying its electric mobility push to achieve 30% EV sales by 2030, focusing on mandates, financing, and targeted city-level saturation to accelerate adoption.</li>
<li>The EV transition will reduce oil imports, cut emissions, enhance renewable energy integration, and position India as a global clean mobility leader amid slow early progress.</li>
<li>A decisive shift from incentives to mandates, coupled with focused financing, R&amp;D, and urban pilot programs, can fast-track India’s electric mobility transformation over the next five years.</li>
</ul>


India is intensifying its electric mobility push to achieve 30% EV sales by 2030, focusing on mandates, financing, and targeted city-level saturation to accelerate adoption.
The EV transition will reduce oil imports, cut emissions, enhance renewable energy integration, and position India as a global clean mobility leader amid slow early progress.
A decisive shift from incentives to mandates, coupled with focused financing, R&amp;D, and urban pilot programs, can fast-track India’s electric mobility transformation over the next five years.


Thematic Report: India’s EV Curve Is Accelerating into Untapped Segments

<ul>
<li>India’s ambitious growth trajectory aims for 8-10% of global GDP by 2040, driven by strategic investments in 18 high-growth sectors, blending national priorities and global opportunities. </li>
<li>
Key sectors identified span technology, manufacturing, and sustainability, with a projected $1.7-2 trillion in revenue by 2030, shaping India’s global economic leadership. </li>
<li>Collaborative action and policy support are essential for unlocking sectoral potential, positioning India to capitalize on its capabilities and become a key player in the global economy.</li>
</ul>


India’s ambitious growth trajectory aims for 8-10% of global GDP by 2040, driven by strategic investments in 18 high-growth sectors, blending national priorities and global opportunities. 

Key sectors identified span technology, manufacturing, and sustainability, with a projected $1.7-2 trillion in revenue by 2030, shaping India’s global economic leadership. 
Collaborative action and policy support are essential for unlocking sectoral potential, positioning India to capitalize on its capabilities and become a key player in the global economy.


Thematic Report on Sectors of the Future: India’s Path to Global Economic Leadership

India

Ola Electric is an Indian electric vehicle manufacturer that designs and manufactures electric two-wheelers, including the Ola S1 series, and produces battery cells. The company also offers charging solutions and energy storage products. Ola Electric is headquartered in Bengaluru, India, and was founded in 2017.

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Ola Electric (OLAELEC IN)

Thematic Report on India Auto Sector: GST Cuts Drive Volume Growth Across Segments

India's auto sector saw strong growth in FY26, with PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.

Sudarshan Bhandari

Reverse Flip: Why Indian Startups Are Coming Back Home Again?

Indian unicorns are moving back to India from Singapore and the US due to regulatory reforms, but tax costs and compliance issues remain.

Nimish Maheshwari

Thematic Report: India’s EV Curve Is Accelerating into Untapped Segments

India aims for 30% EV sales by 2030 to reduce oil imports, cut emissions, and position as a global clean mobility leader through mandates,...

Sudarshan Bhandari

Thematic Report on Sectors of the Future: India’s Path to Global Economic Leadership

India aims for 8-10% of global GDP by 2040 through strategic investments in key sectors, projecting $1.7-2 trillion in revenue by 2030 and...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thematic Report on India Auto Sector: GST Cuts Drive Volume Growth Across Segments

​India's auto sector saw strong growth in FY26, with PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.

Sudarshan Bhandari

Reverse Flip: Why Indian Startups Are Coming Back Home Again?

​Indian unicorns are moving back to India from Singapore and the US due to regulatory reforms, but tax costs and compliance issues remain.

Nimish Maheshwari

EV(E2W) Market Share War: Who Will Gain From the Consolidating Market?

​TVS Motor leads 2W EV market, followed by Bajaj Auto, as legacy players overtake startups in late 2025. Expect market consolidation favoring...

Nimish Maheshwari

Thematic Report: India’s EV Curve Is Accelerating into Untapped Segments

​India aims for 30% EV sales by 2030 to reduce oil imports, cut emissions, and position as a global clean mobility leader through mandates,...

Sudarshan Bhandari

Thematic Report on Sectors of the Future: India’s Path to Global Economic Leadership

​India aims for 8-10% of global GDP by 2040 through strategic investments in key sectors, projecting $1.7-2 trillion in revenue by 2030 and...

Sudarshan Bhandari

India's auto sector saw strong growth in FY26, with PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.

Indian unicorns are moving back to India from Singapore and the US due to regulatory reforms, but tax costs and compliance issues remain.

TVS Motor leads 2W EV market, followed by Bajaj Auto, as legacy players overtake startups in late 2025. Expect market consolidation favoring...

India aims for 30% EV sales by 2030 to reduce oil imports, cut emissions, and position as a global clean mobility leader through mandates,...

India aims for 8-10% of global GDP by 2040 through strategic investments in key sectors, projecting $1.7-2 trillion in revenue by 2030 and...