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>The dairy sector reported a mixed quarter, with strong demand for value-added products but pressure from higher milk procurement costs and weather disruptions affecting overall profitability.</li>
<li>Dairy supports rural incomes and shapes food inflation. Rising input costs, climate risks and the fast expansion of value-added categories are influencing margins and future industry direction.</li>
<li>Near-Term earnings remain volatile, but the long-term shift toward organised, branded and value-added dairy products continues, making this quarter a useful test of procurement strength and strategy.</li>
</ul>


The dairy sector reported a mixed quarter, with strong demand for value-added products but pressure from higher milk procurement costs and weather disruptions affecting overall profitability.
Dairy supports rural incomes and shapes food inflation. Rising input costs, climate risks and the fast expansion of value-added categories are influencing margins and future industry direction.
Near-Term earnings remain volatile, but the long-term shift toward organised, branded and value-added dairy products continues, making this quarter a useful test of procurement strength and strategy.


Thematic Report- India’s Dairy Sector: A Volatile Quarter, A Stronger Future

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Milky Mist Dairy Food / Equity Capital Markets

<ul>
<li>Milky Mist Dairy launched India IPO to raise nearly INR 15.53B. The company is a packaged food company exclusively focused on value-added products within the dairy market.</li>
<li>Company intends to use the proceeds for repayment/ prepayment of certain outstanding borrowings, for expansion and modernisation of Perundurai manufacturing facility and for working capital purpose.</li>
<li>Milky Mist’s assertive aggressive growth initiatives alongside the market prospects make the valuation multiple it is seeking, seem reasonable.</li>
</ul>


Milky Mist Dairy launched India IPO to raise nearly INR 15.53B. The company is a packaged food company exclusively focused on value-added products within the dairy market.
Company intends to use the proceeds for repayment/ prepayment of certain outstanding borrowings, for expansion and modernisation of Perundurai manufacturing facility and for working capital purpose.
Milky Mist’s assertive aggressive growth initiatives alongside the market prospects make the valuation multiple it is seeking, seem reasonable.


Milky Mist Dairy IPO: Not Misty For Sure, Investors Can Expect A Milky Way To Growth

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

<ul>
<li>In this insight we discuss why <a href="https://www.smartkarma.com/entities/milky-mist-dairy-food-ltd" target="_blank" data-smartkarma-citation="entities:45619:1" rel="noopener">Milky Mist Dairy Food Ltd (1023949D IN)</a> is different from its peers.</li>
<li>We discuss contours of the IPO and compare its valuation with peers in the industry.</li>
<li>Finally, we conclude by sharing our view on this IPO.</li>
</ul>


In this insight we discuss why Milky Mist Dairy Food Ltd (1023949D IN) is different from its peers.
We discuss contours of the IPO and compare its valuation with peers in the industry.
Finally, we conclude by sharing our view on this IPO.


Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

The year 2020 was a wild swing for the capital markets; it was off in a flash but still won't be forgotten by many. It was a year marked by unpredictability, right from Covid-19 to the crashing of indices. It was a challenge to many, but still the year has uncovered several new, differentiated potholes for many companies on corporate governance, accounting engineering. We have provided critical views on few of the companies on these two aspects. 
Going forward we will continue to provide critical views on the companies especially in our core area of corporate governance and forensic research. Beginning 2021, we will be covering the same through our product 'AGE Analysis' (Accounting. Governance. Earnings). We also look to enhance our reach in macro coverage, along with event driven insights.

The year 2020 was a wild swing for the capital markets; it was off in a flash but still won't be forgotten by many. It was a year marked by unpredictability, right from Covid-19 to the crashing of indices. It was a challenge to many, but still the year has uncovered several new, differentiated potholes for many companies on corporate governance, accounting engineering. We have provided critical views on few of the companies on these two aspects. 
Going forward we will continue to provide critical views on the companies especially in our core area of corporate governance and forensic research. Beginning 2021, we will be covering the same through our product 'AGE Analysis' (Accounting. Governance. Earnings). We also look to enhance our reach in macro coverage, along with event driven insights.

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Equity Bottom-Up

<ul>
<li>ADF Foods is shifting from an agency-based distribution model to a brand-led, in-house manufacturing approach, focusing on the U.S. frozen food segment to improve margins and supply control.</li>
<li>This strategic pivot enhances margin stability, mitigates raw material and geopolitical risks, and deepens market penetration in mainstream international retail, positioning ADF for sustainable long-term growth and profitability.</li>
<li>Market focus should move from export volatility to ADF’s brand premiumization and successful US greenfield execution, the key drivers of sustainable growth and long-term re-rating. 
</li>
</ul>


ADF Foods is shifting from an agency-based distribution model to a brand-led, in-house manufacturing approach, focusing on the U.S. frozen food segment to improve margins and supply control.
This strategic pivot enhances margin stability, mitigates raw material and geopolitical risks, and deepens market penetration in mainstream international retail, positioning ADF for sustainable long-term growth and profitability.
Market focus should move from export volatility to ADF’s brand premiumization and successful US greenfield execution, the key drivers of sustainable growth and long-term re-rating. 



The Beat Ideas: ADF Foods - Can an Export-Heavy Model Withstand Tariff Pressures?

India

Parag Milk Foods Ltd. is a leading Indian dairy fast-moving consumer goods (FMCG) and dairy ingredients company. It specializes in processing and marketing a diverse range of dairy products, including milk, butter, cheese, ghee, curd, paneer, and whey protein, sold under brands like Gowardhan, Go, Pride of Cows, and Topp Up. The company was founded in 1992 and is headquartered in Mumbai, Maharashtra, India.

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Parag Milk Foods (PARAG IN)

Thematic Report- India’s Dairy Sector: A Volatile Quarter, A Stronger Future

Dairy sector faces challenges from rising costs and weather disruptions, but strong demand for value-added products drives long-term shift towards...

Sudarshan Bhandari

Milky Mist Dairy IPO: Not Misty For Sure, Investors Can Expect A Milky Way To Growth

Milky Mist launches India IPO to raise INR 15.53B for expansion, modernization, focusing on value-added-dairy. Assertive aggressive growth...

Tina Banerjee

Milky Mist Dairy Food IPO - First Cut

Insight on Milky Mist Dairy Food Ltd's unique qualities, IPO details, valuation comparison with peers, and view on the IPO.

Sreemant Dudhoria

Review for the Year 2020

We review our entire cloud of insights covered in 2020, and give a snapshot of how did they pay out in the market, including future prospects.

Nitin Mangal

The Beat Ideas: ADF Foods - Can an Export-Heavy Model Withstand Tariff Pressures?

ADF Foods is transitioning to a brand-led manufacturing model in the US frozen food segment for improved margins and long-term growth.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thematic Report- India’s Dairy Sector: A Volatile Quarter, A Stronger Future

​Dairy sector faces challenges from rising costs and weather disruptions, but strong demand for value-added products drives long-term shift towards...

Sudarshan Bhandari

Milky Mist Dairy IPO: Not Misty For Sure, Investors Can Expect A Milky Way To Growth

​Milky Mist launches India IPO to raise INR 15.53B for expansion, modernization, focusing on value-added-dairy. Assertive aggressive growth...

Tina Banerjee

Milky Mist Dairy Food IPO - First Cut

​Insight on Milky Mist Dairy Food Ltd's unique qualities, IPO details, valuation comparison with peers, and view on the IPO.

Sreemant Dudhoria

Review for the Year 2020

We review our entire cloud of insights covered in 2020, and give a snapshot of how did they pay out in the market, including future prospects.

Nitin Mangal

The Beat Ideas: ADF Foods - Can an Export-Heavy Model Withstand Tariff Pressures?

​ADF Foods is transitioning to a brand-led manufacturing model in the US frozen food segment for improved margins and long-term growth.

Nimish Maheshwari

Dairy sector faces challenges from rising costs and weather disruptions, but strong demand for value-added products drives long-term shift towards...

Milky Mist launches India IPO to raise INR 15.53B for expansion, modernization, focusing on value-added-dairy. Assertive aggressive growth...

Insight on Milky Mist Dairy Food Ltd's unique qualities, IPO details, valuation comparison with peers, and view on the IPO.

ADF Foods is transitioning to a brand-led manufacturing model in the US frozen food segment for improved margins and long-term growth.