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>PhonePe has reported Rs. 7,115 crores in FY25 revenue (up 40%) and achieved positive Adjusted EBIT for the first time. Recent secondary transactions valued the entity at approximately $14.5 billion.</li>
<li>With a 49% UPI market share, PhonePe faces a critical "regulatory ceiling" by December 31, 2026, forcing an aggressive pivot toward high-margin lending, insurance, and wealth management.</li>
<li>While its scale is unmatched, the upcoming IPO's success hinges on proving that its "Growth Flywheel" can convert massive traffic into sustainable, diversified bottom-line profits beyond zero-margin UPI.</li>
</ul>


PhonePe has reported Rs. 7,115 crores in FY25 revenue (up 40%) and achieved positive Adjusted EBIT for the first time. Recent secondary transactions valued the entity at approximately $14.5 billion.
With a 49% UPI market share, PhonePe faces a critical "regulatory ceiling" by December 31, 2026, forcing an aggressive pivot toward high-margin lending, insurance, and wealth management.
While its scale is unmatched, the upcoming IPO's success hinges on proving that its "Growth Flywheel" can convert massive traffic into sustainable, diversified bottom-line profits beyond zero-margin UPI.


PhonePe: A $15 Billion Flywheel Gearing Up for India’s Second-Largest Fintech IPO

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

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> (AIL) raised around US$151m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>AIL is a CCTV/video surveillance provider company 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>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Aditya Infotech Ltd (6596564Z IN) (AIL) raised around US$151m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.
AIL is a CCTV/video surveillance provider company offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Aditya Infotech IPO Lockup Expiry- Has Continued Its Good Run, Dixon Tech Could Book Gains

<ul>
<li>
<a href="https://www.smartkarma.com/entities/one-mobikwik-systems-ltd" target="_blank" data-smartkarma-citation="entities:33952:1" rel="noopener">One Mobikwik Systems (1235487D IN)</a> is India's leading digital wallet platform, serving over 183 million users and 4.7 million merchants through integrated payments, digital credit, and investment solutions. </li>
<li>The company shifted from small-ticket Zip loans to large-ticket Zip EMI products to improve credit book quality and ensure more stable long-term unit economics. </li>
<li>Management expects an EBITDA break-even by Q3 FY26 or Q4FY26, supported by disciplined cost management, 30% loan book expansion, and normalized gross lending margins of 40%.</li>
</ul>



One Mobikwik Systems (1235487D IN) is India's leading digital wallet platform, serving over 183 million users and 4.7 million merchants through integrated payments, digital credit, and investment solutions. 
The company shifted from small-ticket Zip loans to large-ticket Zip EMI products to improve credit book quality and ensure more stable long-term unit economics. 
Management expects an EBITDA break-even by Q3 FY26 or Q4FY26, supported by disciplined cost management, 30% loan book expansion, and normalized gross lending margins of 40%.


One Mobikwik Systems Ltd ~The Next Paytm?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.</li>
<li>Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network</li>
<li>In this note, we will talk about the deal dynamics and possible placement.</li>
</ul>



Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.
Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network
In this note, we will talk about the deal dynamics and possible placement.


Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

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

DZT Research

DZT 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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of M-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Adani Enterprises, Shriram Finance, Bharat Petroleum, One 97 Communications, State Bank of India, GMR Airports, Fortis Healthcare, Oil India, Shriram Finance, Oil India.</li>
</ul>


We analysed the earning revision of component stocks of M-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Adani Enterprises, Shriram Finance, Bharat Petroleum, One 97 Communications, State Bank of India, GMR Airports, Fortis Healthcare, Oil India, Shriram Finance, Oil India.


M-India Index Earning Revision (Nov): Adani Enterprises, Shriram Finance, Bharat Petroleum

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)

PhonePe: A $15 Billion Flywheel Gearing Up for India’s Second-Largest Fintech IPO

PhonePe's revenue grows 40% to Rs. 7,115 crores, achieves positive EBIT for first time, valued $14.5 billion. Facing regulatory ceiling, pivots...

Sudarshan Bhandari

Aequitas: Aditya Infotech IPO Lockup Expiry- Has Continued Its Good Run, Dixon Tech Could Book Gains

Aditya Infotech (AIL) raised around US$151m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.

Akshat Shah

One Mobikwik Systems Ltd ~The Next Paytm?

India's leading digital wallet platform, One Mobikwik Systems, is transitioning to large-ticket Zip EMI products to enhance credit quality and...

Sudarshan Bhandari

Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

Swiggy received its shareholders approval for the fund raising last night. The deal is likely to be launched today or later in the week.

Sumeet Singh

M-India Index Earning Revision (Nov): Adani Enterprises, Shriram Finance, Bharat Petroleum

We analyzed M-India's consensus for Nov 2025 and highlighted changes of EPS in Adani Enterprises (ADE/S IN), Shriram Finance (SHFL IN), Bharat...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PhonePe: A $15 Billion Flywheel Gearing Up for India’s Second-Largest Fintech IPO

​PhonePe's revenue grows 40% to Rs. 7,115 crores, achieves positive EBIT for first time, valued $14.5 billion. Facing regulatory ceiling, pivots...

Sudarshan Bhandari

Aequitas: Aditya Infotech IPO Lockup Expiry- Has Continued Its Good Run, Dixon Tech Could Book Gains

Aditya Infotech (AIL) raised around US$151m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.

Akshat Shah

One Mobikwik Systems Ltd ~The Next Paytm?

​India's leading digital wallet platform, One Mobikwik Systems, is transitioning to large-ticket Zip EMI products to enhance credit quality and...

Sudarshan Bhandari

Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

Swiggy received its shareholders approval for the fund raising last night. The deal is likely to be launched today or later in the week.

Sumeet Singh

M-India Index Earning Revision (Nov): Adani Enterprises, Shriram Finance, Bharat Petroleum

We analyzed M-India's consensus for Nov 2025 and highlighted changes of EPS in Adani Enterprises (ADE/S IN), Shriram Finance (SHFL IN), Bharat...

Ke Yan, CFA, FRM

PhonePe's revenue grows 40% to Rs. 7,115 crores, achieves positive EBIT for first time, valued $14.5 billion. Facing regulatory ceiling, pivots...

India's leading digital wallet platform, One Mobikwik Systems, is transitioning to large-ticket Zip EMI products to enhance credit quality and...