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>Northern Arc is fast shifting toward direct retail Lending (D2C), while leveraging originator partnerships and technology; recent rate cuts and regulatory relief are improving cost of funds &amp; capital efficiency. 
</li>
<li>Northern Arc’s mix of structured finance, co-lending, and fund management creates steady fee income, making it more resilient than traditional NBFCs relying mainly on heavy lending assets.</li>
<li>Northern Arc is a differentiated NBFC benefits from inclusion &amp; fintech growth, but valuation relies on retail execution, risk control, and asset quality pressures.</li>
</ul>


Northern Arc is fast shifting toward direct retail Lending (D2C), while leveraging originator partnerships and technology; recent rate cuts and regulatory relief are improving cost of funds &amp; capital efficiency. 

Northern Arc’s mix of structured finance, co-lending, and fund management creates steady fee income, making it more resilient than traditional NBFCs relying mainly on heavy lending assets.
Northern Arc is a differentiated NBFC benefits from inclusion &amp; fintech growth, but valuation relies on retail execution, risk control, and asset quality pressures.


The Beat Ideas: Northern Arc Capital - A Niche Player in a Crowded Field?

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

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> is looking to raise about US$397m in its India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.</li>
</ul>



Anthem Biosciences (1234D IN) is looking to raise about US$397m in its India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.


Anthem Biosciences IPO - Thoughts on Peer Comp and Valuation

Travel Food Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travel-food-services-ltd" target="_blank" data-smartkarma-citation="entities:44175:1" rel="noopener">Travel Food Services Ltd (1450229D IN)</a> raised about US$233m in its India IPO.</li>
<li>Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Travel Food Services Ltd (1450229D IN) raised about US$233m in its India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Travel Food Services IPO Trading - Decent Anchor; Subdued Overall Demand

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Capri Global’s foray into merchant banking, investment banking, and wealth management signals a major shift towards becoming a full-spectrum financial services provider, broadening its business model.</li>
<li>With a target of reaching INR 50,000 crore AUM in the next three years, CGCL is positioning itself for significant expansion in India’s underserved financial segments, highlighting strong growth potential.</li>
<li>By integrating AI, data science, and machine learning into its operations, Capri Global is enhancing underwriting, improving customer acquisition, and streamlining business processes, positioning itself for sustained competitive advantage.</li>
</ul>


Capri Global’s foray into merchant banking, investment banking, and wealth management signals a major shift towards becoming a full-spectrum financial services provider, broadening its business model.
With a target of reaching INR 50,000 crore AUM in the next three years, CGCL is positioning itself for significant expansion in India’s underserved financial segments, highlighting strong growth potential.
By integrating AI, data science, and machine learning into its operations, Capri Global is enhancing underwriting, improving customer acquisition, and streamlining business processes, positioning itself for sustained competitive advantage.


The Beat Ideas: Capri Global Capital: Small-Ticket Loans, Big-Ticket Growth

<ul>
<li>Poonawalla Fincorp is targeting a 5–6x AUM growth over five years, driven by new product launches, digital innovation, and branch expansion in the gold loan segment.</li>
<li>
Backed by the Cyrus Poonawalla Group and led by seasoned professionals, the company’s low cost of borrowing and tech-first approach enhances its competitive positioning in the NBFC space.</li>
<li>The shift toward secured lending, digital underwriting, and MSME focus suggests a more resilient and scalable growth model, improving visibility on profitability and asset quality.</li>
</ul>


Poonawalla Fincorp is targeting a 5–6x AUM growth over five years, driven by new product launches, digital innovation, and branch expansion in the gold loan segment.

Backed by the Cyrus Poonawalla Group and led by seasoned professionals, the company’s low cost of borrowing and tech-first approach enhances its competitive positioning in the NBFC space.
The shift toward secured lending, digital underwriting, and MSME focus suggests a more resilient and scalable growth model, improving visibility on profitability and asset quality.


The Beat Ideas: Poonawalla Fincorp Ltd.- Leading the Charge in Digital-First Financial Services

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)

The Beat Ideas: Northern Arc Capital - A Niche Player in a Crowded Field?

Northern Arc is shifting to direct retail lending, leveraging partnerships and technology for improved cost efficiency and steady fee income, but...

Nimish Maheshwari

Anthem Biosciences IPO - Thoughts on Peer Comp and Valuation

Anthem Biosciences is looking to raise about US$397m in its India IPO. In this note, we will talk about the peer comp and IPO valuations.

Akshat Shah

Travel Food Services IPO Trading - Decent Anchor; Subdued Overall Demand

Travel Food Services (TFS) raised about US$233m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

The Beat Ideas: Capri Global Capital: Small-Ticket Loans, Big-Ticket Growth

Capri Global diversifies into merchant banking, investment banking, and wealth management, aiming for INR 50,000 crore AUM in 3 years with AI...

Sudarshan Bhandari

The Beat Ideas: Poonawalla Fincorp Ltd.- Leading the Charge in Digital-First Financial Services

Poonawalla Fincorp aims for 5-6x AUM growth in 5 years with new products, digital innovation, and gold loan expansion. Tech-first approach and...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: Northern Arc Capital - A Niche Player in a Crowded Field?

​Northern Arc is shifting to direct retail lending, leveraging partnerships and technology for improved cost efficiency and steady fee income, but...

Nimish Maheshwari

Anthem Biosciences IPO - Thoughts on Peer Comp and Valuation

Anthem Biosciences is looking to raise about US$397m in its India IPO. In this note, we will talk about the peer comp and IPO valuations.

Akshat Shah

Travel Food Services IPO Trading - Decent Anchor; Subdued Overall Demand

Travel Food Services (TFS) raised about US$233m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

The Beat Ideas: Capri Global Capital: Small-Ticket Loans, Big-Ticket Growth

​Capri Global diversifies into merchant banking, investment banking, and wealth management, aiming for INR 50,000 crore AUM in 3 years with AI...

Sudarshan Bhandari

The Beat Ideas: Poonawalla Fincorp Ltd.- Leading the Charge in Digital-First Financial Services

​Poonawalla Fincorp aims for 5-6x AUM growth in 5 years with new products, digital innovation, and gold loan expansion. Tech-first approach and...

Sudarshan Bhandari

Northern Arc is shifting to direct retail lending, leveraging partnerships and technology for improved cost efficiency and steady fee income, but...

Capri Global diversifies into merchant banking, investment banking, and wealth management, aiming for INR 50,000 crore AUM in 3 years with AI...

Poonawalla Fincorp aims for 5-6x AUM growth in 5 years with new products, digital innovation, and gold loan expansion. Tech-first approach and...