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>The RBI did not extend the PIDF subsidy scheme beyond 2025, potentially causing a INR 200 crore annualized revenue loss for leading fintech giant <a href="https://www.smartkarma.com/entities/one-97-communications-limited-paytm" target="_blank" data-smartkarma-citation="entities:26149:1" rel="noopener">Paytm (PAYTM IN)</a> .</li>
<li>This withdrawal of state support acts as a competitive moat, reinforcing the existing duopoly by pricing out new players from challenging established incumbents.</li>
<li>
Companies are nowexpected to hike merchant device rentals by INR 10 monthly to offset the subsidy cliff and sustain their long-term growth.</li>
</ul>


The RBI did not extend the PIDF subsidy scheme beyond 2025, potentially causing a INR 200 crore annualized revenue loss for leading fintech giant Paytm (PAYTM IN) .
This withdrawal of state support acts as a competitive moat, reinforcing the existing duopoly by pricing out new players from challenging established incumbents.

Companies are nowexpected to hike merchant device rentals by INR 10 monthly to offset the subsidy cliff and sustain their long-term growth.


India Fintech: Who Survives the PIDF Subsidy Cliff?

<ul>
<li>RBI and NPCI are rolling out the Credit Line on UPI (CLOU), allowing instant digital credit within UPI apps- effectively merging payments and lending.</li>
<li>CLOU leverages India’s most trusted digital infrastructure to expand formal credit access, especially for new-to-credit consumers, and could be the foundation for a data-driven lending model.</li>
<li>By combining UPI Credit Lines with a forthcoming Digital Payment Score (DPS), India may transition from a payments-led to a credit-led digital economy- redefining financial inclusion and retail lending economics.</li>
</ul>


RBI and NPCI are rolling out the Credit Line on UPI (CLOU), allowing instant digital credit within UPI apps- effectively merging payments and lending.
CLOU leverages India’s most trusted digital infrastructure to expand formal credit access, especially for new-to-credit consumers, and could be the foundation for a data-driven lending model.
By combining UPI Credit Lines with a forthcoming Digital Payment Score (DPS), India may transition from a payments-led to a credit-led digital economy- redefining financial inclusion and retail lending economics.


UPI’s Next Act: How Credit Lines Could Reshape India’s Retail Lending Landscape

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

<ul>
<li>Mynt, the digital payments and consumer finance platform behind GCash, launched its PSE IPO to raise up to USD 1,279m. MS, JPM, and UBS are the joint global coordinators.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We look at the quality of the cornerstone investors and assess the risk-reward of the deal.</li>
</ul>


Mynt, the digital payments and consumer finance platform behind GCash, launched its PSE IPO to raise up to USD 1,279m. MS, JPM, and UBS are the joint global coordinators.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We look at the quality of the cornerstone investors and assess the risk-reward of the deal.


Mynt (GCash) IPO: Analysis of Deal Terms and Valuation

<ul>
<li>The United States has imposed a 50% reciprocal tariff on Indian exports, the highest among major Asian peers, significantly above China (30%) and Vietnam (20%).
</li>
<li>This could hamper 50-100 bps India’s GDP growth, strain sectors like textile, gems, and raise risks around FPI flows as US accounts for nearly 40% of India’s FPI assets.</li>
<li>While India retains buffers through domestic absorption, trade diversification, and potential monetary easing, the tariff shock deepens trade uncertainty and capital flow sensitivity, warranting close investor monitoring. </li>
</ul>


The United States has imposed a 50% reciprocal tariff on Indian exports, the highest among major Asian peers, significantly above China (30%) and Vietnam (20%).

This could hamper 50-100 bps India’s GDP growth, strain sectors like textile, gems, and raise risks around FPI flows as US accounts for nearly 40% of India’s FPI assets.
While India retains buffers through domestic absorption, trade diversification, and potential monetary easing, the tariff shock deepens trade uncertainty and capital flow sensitivity, warranting close investor monitoring. 


Will 50% Tariffs Break India’s Export Edge?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Grant Thornton's forensic review finds IndusInd Bank executives traded shares before public disclosure of accounting lapses, raising insider trading concerns.</li>
<li>
<a href="https://www.smartkarma.com/entities/dabur-india-ltd" target="_blank" data-smartkarma-citation="entities:242:1" rel="noopener">Dabur India Ltd (DABUR IN)</a> plans to streamline its portfolio, focus on e-commerce and quick-commerce, and explore M&amp;A in health and wellness.</li>
<li>Vijay Shekhar Sharma, <a href="https://www.smartkarma.com/entities/one-97-communications-limited-paytm" target="_blank" data-smartkarma-citation="entities:26149:1" rel="noopener">Paytm (PAYTM IN)</a> founder, banned for three years from receiving Esops; settles Sebi case with penalties.</li>
</ul>


Grant Thornton's forensic review finds IndusInd Bank executives traded shares before public disclosure of accounting lapses, raising insider trading concerns.

Dabur India Ltd (DABUR IN) plans to streamline its portfolio, focus on e-commerce and quick-commerce, and explore M&amp;A in health and wellness.
Vijay Shekhar Sharma, Paytm (PAYTM IN) founder, banned for three years from receiving Esops; settles Sebi case with penalties.


#144 India Insight: IndusInd Execs in Insider Trade Row, Dabur Eyes M&A, Paytm's Founder Banned

India

One97 Communications Ltd. is an Indian multinational technology company that provides digital payment and financial services to consumers and merchants. Its core offerings include payment services, lending, insurance, and wealth management, primarily through its flagship mobile wallet, Paytm. The company is headquartered in Noida, India, and was founded in 2000.

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Paytm (PAYTM IN)

India Fintech: Who Survives the PIDF Subsidy Cliff?

RBI's decision not to extend PIDF subsidy scheme leads to potential INR 200 crore annual revenue loss for Paytm, causing fintech stocks to tumble...

Nimish Maheshwari

UPI’s Next Act: How Credit Lines Could Reshape India’s Retail Lending Landscape

RBI and NPCI introduce Credit Line on UPI (CLOU) to merge payments and lending, expanding formal credit access and potentially transitioning India...

Nimish Maheshwari

Mynt (GCash) IPO: Analysis of Deal Terms and Valuation

We analyze Mynt's USD 1,279m Philippine IPO. We look at deal terms and the cornerstone investors, as well as its valuation. We would participate in...

Ke Yan, CFA, FRM

Will 50% Tariffs Break India’s Export Edge?

US imposes 50% tariff on Indian exports, highest in Asia, may slow GDP growth, strain sectors, and impact FPI flows. India has buffers but faces...

Nimish Maheshwari

#144 India Insight: IndusInd Execs in Insider Trade Row, Dabur Eyes M&A, Paytm's Founder Banned

Grant Thornton finds IndusInd Bank execs traded shares before accounting lapses disclosure; Dabur India plans portfolio streamlining, Paytm...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India Fintech: Who Survives the PIDF Subsidy Cliff?

​RBI's decision not to extend PIDF subsidy scheme leads to potential INR 200 crore annual revenue loss for Paytm, causing fintech stocks to tumble...

Nimish Maheshwari

UPI’s Next Act: How Credit Lines Could Reshape India’s Retail Lending Landscape

​RBI and NPCI introduce Credit Line on UPI (CLOU) to merge payments and lending, expanding formal credit access and potentially transitioning India...

Nimish Maheshwari

Mynt (GCash) IPO: Analysis of Deal Terms and Valuation

We analyze Mynt's USD 1,279m Philippine IPO. We look at deal terms and the cornerstone investors, as well as its valuation. We would participate in...

Ke Yan, CFA, FRM

Will 50% Tariffs Break India’s Export Edge?

​US imposes 50% tariff on Indian exports, highest in Asia, may slow GDP growth, strain sectors, and impact FPI flows. India has buffers but faces...

Nimish Maheshwari

#144 India Insight: IndusInd Execs in Insider Trade Row, Dabur Eyes M&A, Paytm's Founder Banned

​Grant Thornton finds IndusInd Bank execs traded shares before accounting lapses disclosure; Dabur India plans portfolio streamlining, Paytm...

Sudarshan Bhandari

RBI's decision not to extend PIDF subsidy scheme leads to potential INR 200 crore annual revenue loss for Paytm, causing fintech stocks to tumble...

RBI and NPCI introduce Credit Line on UPI (CLOU) to merge payments and lending, expanding formal credit access and potentially transitioning India...

US imposes 50% tariff on Indian exports, highest in Asia, may slow GDP growth, strain sectors, and impact FPI flows. India has buffers but faces...

Grant Thornton finds IndusInd Bank execs traded shares before accounting lapses disclosure; Dabur India plans portfolio streamlining, Paytm...