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

Equity Bottom-Up

<ul>
<li>Patanjali Ayurved (holding company of <a href="https://www.smartkarma.com/entities/patanjali-foods-ltd" target="_blank" data-smartkarma-citation="entities:12707:1" rel="noopener">Patanjali Foods (PATANJAL IN)</a>) acquired a 73.555% majority stake in Magma General Insurance for approximately INR 4,500 crore.</li>
<li>Patanjali seeks to diversify, leveraging its brand and distribution network to tap India's underpenetrated insurance market, aligning with IRDAI's "Insurance for All by 2047" vision.</li>
<li>Magma General brings established operations, a 26% GWP CAGR, and a network of 18,000 agents, providing an immediate platform for market expansion and growth.</li>
</ul>


Patanjali Ayurved (holding company of Patanjali Foods (PATANJAL IN)) acquired a 73.555% majority stake in Magma General Insurance for approximately INR 4,500 crore.
Patanjali seeks to diversify, leveraging its brand and distribution network to tap India's underpenetrated insurance market, aligning with IRDAI's "Insurance for All by 2047" vision.
Magma General brings established operations, a 26% GWP CAGR, and a network of 18,000 agents, providing an immediate platform for market expansion and growth.


Can Patanjali’s Foray Into the Underpenetrated Insurance Market Drive Growth Via This Acquisition?

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

Orkla India Ltd. / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orkla-india-ltd" target="_blank" data-smartkarma-citation="entities:45300:1" rel="noopener">Orkla India Ltd. (0752506D IN)</a> is looking to raise about US$300m in its upcoming India IPO.</li>
<li>Orkla India is a multi-category food company offering a diverse range of spices and convenience food products, catering to every meal occasion across breakfast, lunch, dinner, snacks, beverages and desserts.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Orkla India Ltd. (0752506D IN) is looking to raise about US$300m in its upcoming India IPO.
Orkla India is a multi-category food company offering a diverse range of spices and convenience food products, catering to every meal occasion across breakfast, lunch, dinner, snacks, beverages and desserts.
In this note, we talk about the company’s historical performance.


Orkla India Pre-IPO - Strong Market Presence, Growth Yet to Catch Up

Thematic (Sector/Industry)

<ul>
<li>Imports are swinging sharply between palm, soy, and even canola, while refinery utilization remains weak and farmer incentives are misaligned.</li>
<li>This leaves India exposed to global volatility, undercuts the self-sufficiency agenda, and pressures margins across refiners and FMCG players.</li>
<li>Duty cuts buy time, but unless farmer economics tilt back toward oilseeds, India’s edible-oil puzzle will remain unresolved.</li>
</ul>


Imports are swinging sharply between palm, soy, and even canola, while refinery utilization remains weak and farmer incentives are misaligned.
This leaves India exposed to global volatility, undercuts the self-sufficiency agenda, and pressures margins across refiners and FMCG players.
Duty cuts buy time, but unless farmer economics tilt back toward oilseeds, India’s edible-oil puzzle will remain unresolved.


Thematic Report: India’s Cooking-Oil Industry

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Gem Aromatics, a specialty ingredients manufacturer, opened its INR 450 crore IPO (Aug 19–21) at a INR 309–INR 325 price band. </li>
<li>The company supplies sticky, specification-heavy ingredients (mint derivatives, aroma chemicals) to marquee FMCG and F&amp;F players—segments benefiting from “China+1” and premiumisation in India.</li>
<li>Quality of customers and process capabilities are positives, but concentration, raw-material cycles and a pending land litigation temper enthusiasm, execution on citral scale-up is key.</li>
</ul>


Gem Aromatics, a specialty ingredients manufacturer, opened its INR 450 crore IPO (Aug 19–21) at a INR 309–INR 325 price band. 
The company supplies sticky, specification-heavy ingredients (mint derivatives, aroma chemicals) to marquee FMCG and F&amp;F players—segments benefiting from “China+1” and premiumisation in India.
Quality of customers and process capabilities are positives, but concentration, raw-material cycles and a pending land litigation temper enthusiasm, execution on citral scale-up is key.


Gem Aromatics IPO Analysis: A Niche Aroma Player

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Since late-February (2/25/25 Compass and 2/27/25 Int'l Compass) we had been expecting an 8-10% pullback to provide a buying opportunity.</li>
<li>However, after getting the 10%+ pullback, we discussed in 4/1/25 and 4/3/25 reports how we no longer saw it as a buying opportunity, and we downgraded our outlook to bearish/cautious</li>
<li>While it is possible that the lows are in, we now are looking for the ACWI-US rally to fizzle, either here at $113.50-$115 or the 200-day MA (~$118).</li>
</ul>


Since late-February (2/25/25 Compass and 2/27/25 Int'l Compass) we had been expecting an 8-10% pullback to provide a buying opportunity.
However, after getting the 10%+ pullback, we discussed in 4/1/25 and 4/3/25 reports how we no longer saw it as a buying opportunity, and we downgraded our outlook to bearish/cautious
While it is possible that the lows are in, we now are looking for the ACWI-US rally to fizzle, either here at $113.50-$115 or the 200-day MA (~$118).


Still Bearish/Cautious; Stick With Defensives; Emerging Market Opportunities

India

Ruchi Soya Industries Limited manufactures soybean oil, vanaspati vegetable fat, texturized soya protein, soya flour and other soya products.  The Group has also developed Palm stearin and Palm olein cooking oils.

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Patanjali Foods (PATANJAL IN)

Can Patanjali’s Foray Into the Underpenetrated Insurance Market Drive Growth Via This Acquisition?

Patanjali Ayurved acquires majority stake in Magma General Insurance to tap into India's underpenetrated insurance market and align with IRDAI's...

Nimish Maheshwari

Orkla India Pre-IPO - Strong Market Presence, Growth Yet to Catch Up

Orkla India has launched a smaller IPO of up to INR 16.6bn (US$190m) in a INR695–730 range. Anchor books open on 28th October, with the rest of the...

Akshat Shah

Thematic Report: India’s Cooking-Oil Industry

India's edible oil industry faces volatility due to shifting imports and weak refinery utilization, highlighting the need for aligned farmer...

Nimish Maheshwari

Gem Aromatics IPO Analysis: A Niche Aroma Player

Gem Aromatics opens INR 450 crore IPO, supplying specialty ingredients to FMCG and F&F players, facing challenges with concentration and raw...

Sudarshan Bhandari

Still Bearish/Cautious; Stick With Defensives; Emerging Market Opportunities

Still Bearish/Cautious; Stick With Defensives; Emerging Market Opportunities. Looking for the $ACWI rally to fizzle, either here at $113.50-$115 or...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Can Patanjali’s Foray Into the Underpenetrated Insurance Market Drive Growth Via This Acquisition?

​Patanjali Ayurved acquires majority stake in Magma General Insurance to tap into India's underpenetrated insurance market and align with IRDAI's...

Nimish Maheshwari

Orkla India Pre-IPO - Strong Market Presence, Growth Yet to Catch Up

Orkla India has launched a smaller IPO of up to INR 16.6bn (US$190m) in a INR695–730 range. Anchor books open on 28th October, with the rest of the...

Akshat Shah

Thematic Report: India’s Cooking-Oil Industry

​India's edible oil industry faces volatility due to shifting imports and weak refinery utilization, highlighting the need for aligned farmer...

Nimish Maheshwari

Gem Aromatics IPO Analysis: A Niche Aroma Player

​Gem Aromatics opens INR 450 crore IPO, supplying specialty ingredients to FMCG and F&F players, facing challenges with concentration and raw...

Sudarshan Bhandari

Still Bearish/Cautious; Stick With Defensives; Emerging Market Opportunities

Still Bearish/Cautious; Stick With Defensives; Emerging Market Opportunities. Looking for the $ACWI rally to fizzle, either here at $113.50-$115 or...

Vermilion Research

Patanjali Ayurved acquires majority stake in Magma General Insurance to tap into India's underpenetrated insurance market and align with IRDAI's...

India's edible oil industry faces volatility due to shifting imports and weak refinery utilization, highlighting the need for aligned farmer...

Gem Aromatics opens INR 450 crore IPO, supplying specialty ingredients to FMCG and F&F players, facing challenges with concentration and raw...