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 RAC market is growing at 18–20% CAGR, but faces a critical compressor supply shortage due to capacity constraints and BIS-related import delays.</li>
<li>Short-Term risks around component supply, margins, and inventory exist, but structural demand drivers and PLI-driven localization present long-term tailwinds for OEMs and component makers.</li>
<li>Despite near-term volatility, AC sector remains a strong structural story; focus shifts to players with scale, backward integration, and policy-aligned manufacturing strategies.</li>
</ul>


India’s RAC market is growing at 18–20% CAGR, but faces a critical compressor supply shortage due to capacity constraints and BIS-related import delays.
Short-Term risks around component supply, margins, and inventory exist, but structural demand drivers and PLI-driven localization present long-term tailwinds for OEMs and component makers.
Despite near-term volatility, AC sector remains a strong structural story; focus shifts to players with scale, backward integration, and policy-aligned manufacturing strategies.


Thematic Report: Cooling India- Indian Air Conditioner (AC) Industry

Mid-Small Cap specialist | Equities | India, Nurture Capital Advisory

Nurture Capital Advisory

Mid-Small Cap specialist | Equities | India

Buyside Outfit and Advisory Services

We are a Buyside outfit and also offer Advisory services. Most notes published here are written for our consumption. These notes offer readers a perspective of our approach to scanning sectors and distilling ideas to constructing a bottom-up Equity portfolio. Combining top down and bottom-up approaches to identifying themes/ value stocks at inflexion Sector agnostic | Value oriented - Inflexion approach | Bottom-Up Ideas Biased towards Sustainability, ESG Team is Wall Street Journal, ET Now - Star mine Lipper, Asia money rated.

<ul>
<li>EMS – offers a four-fold opportunity over the medium term</li>
<li>Know the risks and challenges to attaining this strong growth</li>
<li>Read this note for opportunity, risks, incumbent positioning and valuations</li>
</ul>


EMS – offers a four-fold opportunity over the medium term
Know the risks and challenges to attaining this strong growth
Read this note for opportunity, risks, incumbent positioning and valuations


India Electronic Manufacturing Services - Growth, Risks and Valuations

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

Canara HSBC Life Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/canara-hsbc-life-insurance" target="_blank" data-smartkarma-citation="entities:45165:1" rel="noopener"></a><a href="https://www.smartkarma.com/entities/canara-hsbc-life-insurance" target="_blank" data-smartkarma-citation="entities:45165:1" rel="noopener">Canara HSBC Life Insurance (2908709Z IJ)</a> (CHLI) is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale.</li>
<li>CHLI is a private life insurer in India,  promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Limited, a member of the HSBC group. </li>
<li>It offers a comprehensive range of life insurance products tailored for both individual and group (i.e., companies, businesses or organizations) customers.</li>
</ul>



Canara HSBC Life Insurance (2908709Z IJ) (CHLI) is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale.
CHLI is a private life insurer in India,  promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Limited, a member of the HSBC group. 
It offers a comprehensive range of life insurance products tailored for both individual and group (i.e., companies, businesses or organizations) customers.


Canara HSBC Life Insurance IPO - Improving AUM but Dependent on Bancassurance Channels

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Equity Bottom-Up

<ul>
<li>PGEL cut FY26 guidance sharply, triggering ~30% share price fall. Valuations now near long-term medians, with EV/EBITDA at 26.8x and P/E at 54x.</li>
<li>Near-Term growth headwinds emerge, but Indian RAC market’s 18% CAGR outlook remains intact, supported by low penetration, rising incomes, and PLI-led domestic manufacturing push.</li>
<li>Correction offers fair-value entry. Long-term thesis intact with PGEL’s EMS leadership, backward integration, and exposure to fast-growing consumer durable categories.</li>
</ul>


PGEL cut FY26 guidance sharply, triggering ~30% share price fall. Valuations now near long-term medians, with EV/EBITDA at 26.8x and P/E at 54x.
Near-Term growth headwinds emerge, but Indian RAC market’s 18% CAGR outlook remains intact, supported by low penetration, rising incomes, and PLI-led domestic manufacturing push.
Correction offers fair-value entry. Long-term thesis intact with PGEL’s EMS leadership, backward integration, and exposure to fast-growing consumer durable categories.


PG Electroplast: Guidance Cut Tempers Near-Term Outlook, Valuation Back in Check?

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pg-electroplast-ltd" target="_blank" data-smartkarma-citation="entities:17782:1" rel="noopener">PG Electroplast (PGEL IN)</a> is under limelight after the management cut its revenue guidance from 33% to 21-23%, within a single quarter.</li>
<li>The management has also flagged concerns regarding RAC demand which has affected performance.</li>
<li>Additionally, between Feb–Jun 2025, relatives of the CFO sold ~INR 376 mn worth of shares, mostly in June, shortly before the guidance cut, raising potential governance concerns.</li>
</ul>



PG Electroplast (PGEL IN) is under limelight after the management cut its revenue guidance from 33% to 21-23%, within a single quarter.
The management has also flagged concerns regarding RAC demand which has affected performance.
Additionally, between Feb–Jun 2025, relatives of the CFO sold ~INR 376 mn worth of shares, mostly in June, shortly before the guidance cut, raising potential governance concerns.


PG Electroplast: KMP Selling and Lowering Guidance

India

PG Electroplast Limited is a prominent Indian Electronic Manufacturing Services (EMS) and plastic injection moulding company. It provides comprehensive Original Design Manufacturing (ODM) and Original Equipment Manufacturing (OEM) solutions for consumer durables and electronic products, including air conditioners, washing machines, and LED televisions. The company, part of the PG Group, was formally established in 2003 and is headquartered in Greater Noida, India, with the PG Group's operations beginning in 1977.

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PG Electroplast (PGEL IN)

Thematic Report: Cooling India- Indian Air Conditioner (AC) Industry

India's RAC market faces compressor supply shortage and import delays, but long-term growth potential remains strong with PLI-driven localization.

Nimish Maheshwari

India Electronic Manufacturing Services - Growth, Risks and Valuations

India EMS - opportunity, risks, valuations - strong earnings growth phase can't be built into perpetuity, valuations, therefore should be based on...

Nurture Capital Advisory

Canara HSBC Life Insurance IPO - Improving AUM but Dependent on Bancassurance Channels

Canara HSBC Life Insurance is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale. In this note, we talk...

Akshat Shah

PG Electroplast: Guidance Cut Tempers Near-Term Outlook, Valuation Back in Check?

PGEL's sharp guidance cut leads to 30% share price drop, but long-term growth potential in Indian RAC market remains strong. Fair-value entry...

Sudarshan Bhandari

PG Electroplast: KMP Selling and Lowering Guidance

PG Electroplast faces scrutiny as revenue guidance is slashed from 33% to 21-23% in one quarter, CFO's relatives sold INR 376 mn shares before...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thematic Report: Cooling India- Indian Air Conditioner (AC) Industry

​India's RAC market faces compressor supply shortage and import delays, but long-term growth potential remains strong with PLI-driven localization.

Nimish Maheshwari

India Electronic Manufacturing Services - Growth, Risks and Valuations

India EMS - opportunity, risks, valuations - strong earnings growth phase can't be built into perpetuity, valuations, therefore should be based on...

Nurture Capital Advisory

Canara HSBC Life Insurance IPO - Improving AUM but Dependent on Bancassurance Channels

Canara HSBC Life Insurance is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale. In this note, we talk...

Akshat Shah

PG Electroplast: Guidance Cut Tempers Near-Term Outlook, Valuation Back in Check?

​PGEL's sharp guidance cut leads to 30% share price drop, but long-term growth potential in Indian RAC market remains strong. Fair-value entry...

Sudarshan Bhandari

PG Electroplast: KMP Selling and Lowering Guidance

​PG Electroplast faces scrutiny as revenue guidance is slashed from 33% to 21-23% in one quarter, CFO's relatives sold INR 376 mn shares before...

Nitin Mangal

India's RAC market faces compressor supply shortage and import delays, but long-term growth potential remains strong with PLI-driven localization.

PGEL's sharp guidance cut leads to 30% share price drop, but long-term growth potential in Indian RAC market remains strong. Fair-value entry...

PG Electroplast faces scrutiny as revenue guidance is slashed from 33% to 21-23% in one quarter, CFO's relatives sold INR 376 mn shares before...