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

Forensic Accounting

<ul>
<li>Recent RBI and SEBI actions unveil irregularities in <a href="https://www.smartkarma.com/entities/jm-financial-ltd" target="_blank" data-smartkarma-citation="entities:7475:1" rel="noopener">JM Financial (JM IN)</a> Products IPO financing, exposing risks in NBFC-led subscriptions.</li>
<li>Ensuring market integrity and investor protection, regulatory scrutiny highlights governance lapses, urging transparency and accountability.</li>
<li>Prompts investor caution, demanding rigorous scrutiny of financial intermediaries, and reinforcing the need for robust regulatory oversight.</li>
</ul>


Recent RBI and SEBI actions unveil irregularities in JM Financial (JM IN) Products IPO financing, exposing risks in NBFC-led subscriptions.
Ensuring market integrity and investor protection, regulatory scrutiny highlights governance lapses, urging transparency and accountability.
Prompts investor caution, demanding rigorous scrutiny of financial intermediaries, and reinforcing the need for robust regulatory oversight.


Governance Under Scrutiny: RBI, SEBI Probe on JM Financial

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Piramal Finance (PIEL) completed its reverse merger with Piramal Enterprises, slated to be listed on stock exchanges from 7th November</li><li>With the corporate structure simplified, PIEL is on course to achieve steady-state profitability, having improved its operating performance considerably in H1FY26</li><li>The growth portfolio (Retail + Wholesale 2.0) witnessed healthy AUM growth (+37% YoY) and steady profitability (RoAUM of 1.7%) in Q2FY26, with levers for further improvement (cost of funds and efficiency gains)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Piramal Finance (PIEL) completed its reverse merger with Piramal Enterprises, slated to be listed on stock exchanges from 7th NovemberWith the corporate structure simplified, PIEL is on course to achieve steady-state profitability, having improved its operating performance considerably in H1FY26The growth portfolio (Retail + Wholesale 2.0) witnessed healthy AUM growth (+37% YoY) and steady profitability (RoAUM of 1.7%) in Q2FY26, with levers for further improvement (cost of funds and efficiency gains)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Piramal Finance: Corporate Structure Simplified, Legacy Drag Diminishing. Maintain ADD

Thematic (Sector/Industry)

<ul><li>Most corporate-sponsored NBFCs have struggled to deliver consistent value creation over the past decade, barring a few exceptions such as BAF and CIFC</li><li>This has been despite enjoying huge structural advantage (vs peers) like low cost of funds and liquidity backstop</li><li>In recent years, several corporates have either revived/restructured their NBFCs or acquired/set up new ones</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Most corporate-sponsored NBFCs have struggled to deliver consistent value creation over the past decade, barring a few exceptions such as BAF and CIFCThis has been despite enjoying huge structural advantage (vs peers) like low cost of funds and liquidity backstopIn recent years, several corporates have either revived/restructured their NBFCs or acquired/set up new onesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Diversified NBFCs: Corporate sponsored NBFCs: call option at formation lap

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>RBI finalized new provisioning norms for project finance (effective October 1, 2025), significantly softening earlier proposals. Provisioning for under-construction projects has been cut to 1–1.25% (from the proposed 5%).</li>
<li>The change reduces capital strain for lenders, preserves profitability metrics, and encourages fresh credit flow to infrastructure and commercial real estate (CRE) sectors.</li>
<li>Lenders must maintain or improve RoA/RoE while passing on marginal provisioning costs to borrowers. The credit environment for real estate and infrastructure segments could strengthen materially in FY26 and beyond</li>
</ul>


RBI finalized new provisioning norms for project finance (effective October 1, 2025), significantly softening earlier proposals. Provisioning for under-construction projects has been cut to 1–1.25% (from the proposed 5%).
The change reduces capital strain for lenders, preserves profitability metrics, and encourages fresh credit flow to infrastructure and commercial real estate (CRE) sectors.
Lenders must maintain or improve RoA/RoE while passing on marginal provisioning costs to borrowers. The credit environment for real estate and infrastructure segments could strengthen materially in FY26 and beyond


RBI’s Relief Push: How Easier Infra & Realty Credit Norms Could Impact Banks & NBFCs

Event-Driven

<ul>
<li>All active Vedanta F&amp;O contracts expire compulsorily on April 29, 2026. Fresh contracts on the restructured Vedanta Ltd resume April 30 at 10:00 AM IST.</li>
<li>The four demerged entities have no derivatives access for at least six months post-listing.</li>
<li>Open interest holders face forced settlement and mark-to-market crystallisation at a structurally adjusted price. </li>
</ul>


All active Vedanta F&amp;O contracts expire compulsorily on April 29, 2026. Fresh contracts on the restructured Vedanta Ltd resume April 30 at 10:00 AM IST.
The four demerged entities have no derivatives access for at least six months post-listing.
Open interest holders face forced settlement and mark-to-market crystallisation at a structurally adjusted price. 


Vedanta's F&O Reset: What Happens to Your Contracts When One Company Becomes Five

India

Piramal Enterprises Limited provides diversified commercial services. The Company offers pharmaceutical production and distribution, real estate, healthcare insights and analysis, and financial services. Piramal Enterprises serves customers globally.

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Piramal Enterprises (PIEL IN)

Governance Under Scrutiny: RBI, SEBI Probe on JM Financial

Recent RBI & SEBI's regulatory actions reveal irregularities in JM Financials' IPO financing, NCD subscription & Governance issues.

Nimish Maheshwari

Piramal Finance: Corporate Structure Simplified, Legacy Drag Diminishing. Maintain ADD

Piramal Finance (PIEL) completed its reverse merger with Piramal Enterprises, slated to be listed on stock exchanges from 7th November

HDFC Securities

Diversified NBFCs: Corporate sponsored NBFCs: call option at formation lap

Most corporate-sponsored NBFCs have struggled to deliver consistent value creation over the past decade, barring a few exceptions such as BAF and CIFC

HDFC Securities

RBI’s Relief Push: How Easier Infra & Realty Credit Norms Could Impact Banks & NBFCs

RBI eases project finance provisioning norms, boosting credit flow to infrastructure and real estate sectors while reducing capital strain for...

Sudarshan Bhandari

Vedanta's F&O Reset: What Happens to Your Contracts When One Company Becomes Five

Vedanta F&O contracts to expire on April 29, 2026, with new contracts on restructured Vedanta Ltd starting April 30. Demerged entities have no...

Nimish Maheshwari

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52-week Range

Market Cap (USDm)

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Governance Under Scrutiny: RBI, SEBI Probe on JM Financial

​Recent RBI & SEBI's regulatory actions reveal irregularities in JM Financials' IPO financing, NCD subscription & Governance issues.

Nimish Maheshwari

Piramal Finance: Corporate Structure Simplified, Legacy Drag Diminishing. Maintain ADD

Piramal Finance (PIEL) completed its reverse merger with Piramal Enterprises, slated to be listed on stock exchanges from 7th November

HDFC Securities

Diversified NBFCs: Corporate sponsored NBFCs: call option at formation lap

Most corporate-sponsored NBFCs have struggled to deliver consistent value creation over the past decade, barring a few exceptions such as BAF and CIFC

HDFC Securities

RBI’s Relief Push: How Easier Infra & Realty Credit Norms Could Impact Banks & NBFCs

​RBI eases project finance provisioning norms, boosting credit flow to infrastructure and real estate sectors while reducing capital strain for...

Sudarshan Bhandari

Vedanta's F&O Reset: What Happens to Your Contracts When One Company Becomes Five

​Vedanta F&O contracts to expire on April 29, 2026, with new contracts on restructured Vedanta Ltd starting April 30. Demerged entities have no...

Nimish Maheshwari

Recent RBI & SEBI's regulatory actions reveal irregularities in JM Financials' IPO financing, NCD subscription & Governance issues.

RBI eases project finance provisioning norms, boosting credit flow to infrastructure and real estate sectors while reducing capital strain for...

Vedanta F&O contracts to expire on April 29, 2026, with new contracts on restructured Vedanta Ltd starting April 30. Demerged entities have no...