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

Event-Driven

Onesource Specialty Pharma / Event-Driven

<ul>
<li>OneSource Specialty Pharma has approved a Composite Scheme of Arrangement to acquire Steriscience's EuropeanCDMO and Brooks Steriscience’s Indian anti-infective assets. 
</li>
<li>The transaction adds approximately $107 million in projected FY27 revenue, significantly diversifying the portfolio, reducing single-site risk, raising the consolidated FY28 revenue outlook to over $500 million.</li>
<li>While the acquisition multiples appear steep for subscale assets, if management successfully delivers on ambitious growth targets, the transaction could position OneSource among the most competitive players in CDMO landspace.</li>
</ul>


OneSource Specialty Pharma has approved a Composite Scheme of Arrangement to acquire Steriscience's EuropeanCDMO and Brooks Steriscience’s Indian anti-infective assets. 

The transaction adds approximately $107 million in projected FY27 revenue, significantly diversifying the portfolio, reducing single-site risk, raising the consolidated FY28 revenue outlook to over $500 million.
While the acquisition multiples appear steep for subscale assets, if management successfully delivers on ambitious growth targets, the transaction could position OneSource among the most competitive players in CDMO landspace.


Decoding OneSource Pharma’s Strategic Amalgamation: A Blueprint for a Global CDMO Powerhouse?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Equity Bottom-Up

Onesource Specialty Pharma / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/onesource-specialty-pharma-limited" target="_blank" data-smartkarma-citation="entities:44450:1" rel="noopener">Onesource Specialty Pharma (ONESOURC IN)</a> reported a solid Q1 FY26, with a 12% YoY revenue increase, accelerated capacity expansion, and momentum toward global growth through potential acquisitions.</li>
<li>The proposed acquisition of sterile injectable and carbapenem facilities, coupled with the company's existing biologics platform, positions OneSource to become a formidable, multi-modality CDMO.</li>
<li>This quarter marks a strategic inflection point for OneSource, signaling a confident transition from a focused CDMO to a globally competitive specialty pharma player with an eye on high-value segments.</li>
</ul>



Onesource Specialty Pharma (ONESOURC IN) reported a solid Q1 FY26, with a 12% YoY revenue increase, accelerated capacity expansion, and momentum toward global growth through potential acquisitions.
The proposed acquisition of sterile injectable and carbapenem facilities, coupled with the company's existing biologics platform, positions OneSource to become a formidable, multi-modality CDMO.
This quarter marks a strategic inflection point for OneSource, signaling a confident transition from a focused CDMO to a globally competitive specialty pharma player with an eye on high-value segments.


OneSource Specialty Pharma: Building a Global CDMO Champion from India

<ul>
<li>
<a href="https://www.smartkarma.com/entities/onesource-specialty-pharma-limited" target="_blank" data-smartkarma-citation="entities:44450:1" rel="noopener">Onesource Specialty Pharma (ONESOURC IN)</a> has transitioned from a niche player to a multi-modality CDMO powerhouse through strategic restructuring, rapid revenue expansion, and aggressive capacity building.</li>
<li>With a projected INR1,400 crore revenue in FY25 (INR173 crore in FY24) and shifting from MSA to CSA contracts, OS is stabilizing its revenue model, tapping into high-growth segments.</li>
<li>By leveraging a first-mover advantage in GLP-1, regulatory strength, and a $100 million capex plan, OS is positioning itself to become a billion-dollar global CDMO leader within the next 3-4Yrs.</li>
</ul>



Onesource Specialty Pharma (ONESOURC IN) has transitioned from a niche player to a multi-modality CDMO powerhouse through strategic restructuring, rapid revenue expansion, and aggressive capacity building.
With a projected INR1,400 crore revenue in FY25 (INR173 crore in FY24) and shifting from MSA to CSA contracts, OS is stabilizing its revenue model, tapping into high-growth segments.
By leveraging a first-mover advantage in GLP-1, regulatory strength, and a $100 million capex plan, OS is positioning itself to become a billion-dollar global CDMO leader within the next 3-4Yrs.


Post Demerger Outlook: OneSource Specialty Pharma- India’s First Multi-Modality CDMO

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

Mazagon Dock Shipbuilders  / Index Rebalance

<ul>
<li>We forecast 10 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 10 stocks from SmallCap to MidCap, and 13 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 1 stock is expected to be added to Large cap, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>There are multiple stocks among the AMFI changes that will be changes for global indices, <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index</a> and/or Nifty Midcap 150 Index in September.</li>
</ul>


We forecast 10 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 10 stocks from SmallCap to MidCap, and 13 stocks from MidCap to SmallCap.
From the new listings, 1 stock is expected to be added to Large cap, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
There are multiple stocks among the AMFI changes that will be changes for global indices, NIFTY Index, NSE Nifty Next 50 Index and/or Nifty Midcap 150 Index in September.


AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows

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/biocon-ltd" target="_blank" data-smartkarma-citation="entities:398:1" rel="noopener">Biocon Ltd (BIOS IN)</a> Biocon Ltd is looking to raise up to US$522m in its qualified institutional placement (QIP).</li>
<li>The deal is well flagged, having gone through rounds of board/shareholder approvals. The QIP has also been covered by domestic media reports.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Biocon Ltd (BIOS IN) Biocon Ltd is looking to raise up to US$522m in its qualified institutional placement (QIP).
The deal is well flagged, having gone through rounds of board/shareholder approvals. The QIP has also been covered by domestic media reports.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Biocon Ltd QIP - Well Flagged US$522m QIP; Largely Towards Clearing Debt

India

Onesource Specialty Pharma Limited operates as a pharmaceutical company. The Company offers end-to-end development and manufacturing of drug-device combinations and drug substances, soft gelatin capsules, complex injectables, and oral technologies. Onesource Specialty Pharma serves customers in India.

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Onesource Specialty Pharma (ONESOURC IN)

Decoding OneSource Pharma’s Strategic Amalgamation: A Blueprint for a Global CDMO Powerhouse?

OneSource Specialty Pharma to acquire Steriscience's European CDMO and Brooks Steriscience's Indian anti-infective assets positioning as a...

Nimish Maheshwari

OneSource Specialty Pharma: Building a Global CDMO Champion from India

Onesource sees strong Q1 FY26 with revenue growth, capacity expansion, and global growth potential through acquisitions, positioning them as a...

Sudarshan Bhandari

Post Demerger Outlook: OneSource Specialty Pharma- India’s First Multi-Modality CDMO

Onesource Specialty Pharma is transforming into a leading CDMO with rapid revenue growth, strategic restructuring, and aggressive capacity...

Nimish Maheshwari

AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows

We currently forecast 44 migrations for the AMFI July reclassification. Some IPOs could be added to Large/Mid cap. The forecast upward migrations...

Brian Freitas

Biocon Ltd QIP - Well Flagged US$522m QIP; Largely Towards Clearing Debt

Biocon Ltd is looking to raise around US$520m in its QIP at a floor price of INR 323.2/share, implying a 9.5% discount to the last close.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Decoding OneSource Pharma’s Strategic Amalgamation: A Blueprint for a Global CDMO Powerhouse?

​OneSource Specialty Pharma to acquire Steriscience's European CDMO and Brooks Steriscience's Indian anti-infective assets positioning as a...

Nimish Maheshwari

OneSource Specialty Pharma: Building a Global CDMO Champion from India

​Onesource sees strong Q1 FY26 with revenue growth, capacity expansion, and global growth potential through acquisitions, positioning them as a...

Sudarshan Bhandari

Post Demerger Outlook: OneSource Specialty Pharma- India’s First Multi-Modality CDMO

​Onesource Specialty Pharma is transforming into a leading CDMO with rapid revenue growth, strategic restructuring, and aggressive capacity...

Nimish Maheshwari

AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows

We currently forecast 44 migrations for the AMFI July reclassification. Some IPOs could be added to Large/Mid cap. The forecast upward migrations...

Brian Freitas

Biocon Ltd QIP - Well Flagged US$522m QIP; Largely Towards Clearing Debt

Biocon Ltd is looking to raise around US$520m in its QIP at a floor price of INR 323.2/share, implying a 9.5% discount to the last close.

Akshat Shah

OneSource Specialty Pharma to acquire Steriscience's European CDMO and Brooks Steriscience's Indian anti-infective assets positioning as a...

Onesource sees strong Q1 FY26 with revenue growth, capacity expansion, and global growth potential through acquisitions, positioning them as a...

Onesource Specialty Pharma is transforming into a leading CDMO with rapid revenue growth, strategic restructuring, and aggressive capacity...