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>India's listed jewellers posted Q4 FY26 revenue growth of 46–102% YoY, beating expectations across Titan, Kalyan, P N Gadgil, and Senco.
</li>
<li>Buyer volumes returned at Titan after three flat quarters, studded outperformed plain gold across every player, confirming demand beyond price inflation.</li>
<li>Akshaya Tritiya advance bookings look strong, may full results will confirm whether revenue beats translated into margin delivery across names.</li>
</ul>


India's listed jewellers posted Q4 FY26 revenue growth of 46–102% YoY, beating expectations across Titan, Kalyan, P N Gadgil, and Senco.

Buyer volumes returned at Titan after three flat quarters, studded outperformed plain gold across every player, confirming demand beyond price inflation.
Akshaya Tritiya advance bookings look strong, may full results will confirm whether revenue beats translated into margin delivery across names.


Indian Organised Jewellery Sector: Analysing the Q4FY26 Business Updates and What Lies Next?

<ul>
<li>With gold up sharply YoY, retailers are nudging consumers toward studded (diamond/LGD) and lower-karat, light-weight gold.</li>
<li>This demand is looking structural in nature(even if gold cools off), given changes in business mix(focus on studded/LGD) and promotion across retailers.</li>
<li>Detailed analysis of all retailers on change in demand as well as new frontier of growth in LGD and Studded jewellery segment.</li>
</ul>


With gold up sharply YoY, retailers are nudging consumers toward studded (diamond/LGD) and lower-karat, light-weight gold.
This demand is looking structural in nature(even if gold cools off), given changes in business mix(focus on studded/LGD) and promotion across retailers.
Detailed analysis of all retailers on change in demand as well as new frontier of growth in LGD and Studded jewellery segment.


How Rising Gold Prices Are Driving Growth of Lab-Grown Diamond and Studded Jewellery in India?

<ul>
<li>Organised jewellery players delivered strong revenue growth despite a 30% YoY gold price spike, driven by festive demand, ticket-size expansion, and formalisation.</li>
<li>Q1 trends highlight a shift toward lightweight, low-carat designs reiterated by <a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a> , with digital channels and franchising gaining momentum across the board.</li>
<li>With retail expansion and working capital discipline in focus, the players like Sky Gold appears poised for multi-format growth, aided by regulatory tailwinds and rising consumer trust.</li>
</ul>


Organised jewellery players delivered strong revenue growth despite a 30% YoY gold price spike, driven by festive demand, ticket-size expansion, and formalisation.
Q1 trends highlight a shift toward lightweight, low-carat designs reiterated by Titan Co Ltd (TTAN IN) , with digital channels and franchising gaining momentum across the board.
With retail expansion and working capital discipline in focus, the players like Sky Gold appears poised for multi-format growth, aided by regulatory tailwinds and rising consumer trust.


Jewellery Q1FY26 Report: Winners and Themes Amidst ₹1 Lakh Gold

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Capital Markets

Lalithaa Jewellery Mart Ltd / Equity Capital Markets

Lalithaa Jewellery Mart Ltd (1607844D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lalithaa-jewellery-mart-ltd" target="_blank" data-smartkarma-citation="entities:45292:1" rel="noopener">Lalithaa Jewellery Mart Ltd (1607844D IN)</a>'s IPO issue of INR 17 billion is a combination of fresh issue of INR 12 billion and offer for sale of INR 5 billion.</li>
<li>In this insight we discuss about on ground feedback from our conversations with multiple vendors, peers and merchant in the Chennai Jewellery market where the company has sizeable presence.</li>
<li>We finally conclude our findings and present our view on the IPO.</li>
</ul>



Lalithaa Jewellery Mart Ltd (1607844D IN)'s IPO issue of INR 17 billion is a combination of fresh issue of INR 12 billion and offer for sale of INR 5 billion.
In this insight we discuss about on ground feedback from our conversations with multiple vendors, peers and merchant in the Chennai Jewellery market where the company has sizeable presence.
We finally conclude our findings and present our view on the IPO.


Lalitha Jewellery IPO - On Ground Feedback From Chennai

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>Lalitha Jewellery is a south India focused gold jewellery retailer. It is particularly popular for operating large format stores and avoiding any celebrity endorsements.</li>
<li>A bottom-up peer analysis outlines how the jeweller stands out vs similar-sized/region-focused peers while lagging its diamond jewellery-focused Pan-India peers</li>
<li>The IPO seems favorably priced for a pop, but low free-float limits follow-on institutional upside.</li>
</ul>


Lalitha Jewellery is a south India focused gold jewellery retailer. It is particularly popular for operating large format stores and avoiding any celebrity endorsements.
A bottom-up peer analysis outlines how the jeweller stands out vs similar-sized/region-focused peers while lagging its diamond jewellery-focused Pan-India peers
The IPO seems favorably priced for a pop, but low free-float limits follow-on institutional upside.


Lalitha Jewellery IPO Review: Glittering Enough?

India

P N Gadgil Jewellers Limited is a prominent Indian heritage jewelry brand, specializing in the retail sale and manufacture of gold, silver, platinum, and diamond-studded jewelry, including traditional and modern designs. The company offers a diverse range of products, from wedding and bridal wear to daily wear and investment-focused purchases, through its retail stores and online platforms. Founded in 1832 in Sangli, the company is headquartered in Pune, Maharashtra, India.

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P N Gadgil Jewellers (PNGJL IN)

Indian Organised Jewellery Sector: Analysing the Q4FY26 Business Updates and What Lies Next?

Indian jewellers Titan, Kalyan, P N Gadgil, and Senco exceed revenue expectations in Q4 FY26, with strong demand for studded jewelry and potential...

Nimish Maheshwari

How Rising Gold Prices Are Driving Growth of Lab-Grown Diamond and Studded Jewellery in India?

Retailers are steering consumers towards studded and lower-karat gold jewelry as demand shifts, even as gold prices rise.

Nimish Maheshwari

Jewellery Q1FY26 Report: Winners and Themes Amidst ₹1 Lakh Gold

Organised jewellery players see strong revenue growth despite gold price spike, focusing on lightweight designs and digital channels for future...

Nimish Maheshwari

Lalitha Jewellery IPO - On Ground Feedback From Chennai

Insight on Lalitha Jewellery IPO - Discusses about channel feedback from multiple vendors, competitors in Chennai and Tamil Nadu - one of the key...

Sreemant Dudhoria

Lalitha Jewellery IPO Review: Glittering Enough?

Lalitha Jewellery is a successful south India gold retailer known for large stores and no celebrity endorsements. Is IPO attractive enough for a...

Himanshu Dugar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Indian Organised Jewellery Sector: Analysing the Q4FY26 Business Updates and What Lies Next?

​Indian jewellers Titan, Kalyan, P N Gadgil, and Senco exceed revenue expectations in Q4 FY26, with strong demand for studded jewelry and potential...

Nimish Maheshwari

How Rising Gold Prices Are Driving Growth of Lab-Grown Diamond and Studded Jewellery in India?

​Retailers are steering consumers towards studded and lower-karat gold jewelry as demand shifts, even as gold prices rise.

Nimish Maheshwari

Jewellery Q1FY26 Report: Winners and Themes Amidst ₹1 Lakh Gold

​Organised jewellery players see strong revenue growth despite gold price spike, focusing on lightweight designs and digital channels for future...

Nimish Maheshwari

Lalitha Jewellery IPO - On Ground Feedback From Chennai

Insight on Lalitha Jewellery IPO - Discusses about channel feedback from multiple vendors, competitors in Chennai and Tamil Nadu - one of the key...

Sreemant Dudhoria

Lalitha Jewellery IPO Review: Glittering Enough?

​Lalitha Jewellery is a successful south India gold retailer known for large stores and no celebrity endorsements. Is IPO attractive enough for a...

Himanshu Dugar

Indian jewellers Titan, Kalyan, P N Gadgil, and Senco exceed revenue expectations in Q4 FY26, with strong demand for studded jewelry and potential...

Retailers are steering consumers towards studded and lower-karat gold jewelry as demand shifts, even as gold prices rise.

Organised jewellery players see strong revenue growth despite gold price spike, focusing on lightweight designs and digital channels for future...

Lalitha Jewellery is a successful south India gold retailer known for large stores and no celebrity endorsements. Is IPO attractive enough for a...