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.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>NBFCs are consistently delivering higher credit growth than the overall lending industry across most asset classes—driven by demand from underserved segments and enabled by tech-led agility.</li>
<li>From FY20–25, NBFCs saw higher CAGR in 5 of the 7 loan segments, and this trend is projected to continue through FY26—reinforcing their systemic importance in India’s credit landscape.</li>
<li>NBFCs are no longer niche lenders. With higher market share in fast-growing segments like personal loans, MSME, microfinance, and consumer durables, they are outgrowing the systemic pace—indicating stronger tailwinds</li>
</ul>


NBFCs are consistently delivering higher credit growth than the overall lending industry across most asset classes—driven by demand from underserved segments and enabled by tech-led agility.
From FY20–25, NBFCs saw higher CAGR in 5 of the 7 loan segments, and this trend is projected to continue through FY26—reinforcing their systemic importance in India’s credit landscape.
NBFCs are no longer niche lenders. With higher market share in fast-growing segments like personal loans, MSME, microfinance, and consumer durables, they are outgrowing the systemic pace—indicating stronger tailwinds


Charted Insights: NBFCs Continue to Outpace Industry Credit Growth — Stronger, Faster, Deeper

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Equity Bottom-Up

<ul>
<li>India's largest HF company with a stable loan book, supported by LIC's parentage and a focus on salaried home loans, shows its fundamental strength.  </li>
<li>The company demonstrates robust operational performance, marked by a decade-high 1.83% Return on Assets (RoA) and a competitive 16% Return on Equity (ROE).  </li>
<li>It targets future growth by efficiently managing borrowing costs and strategically diversifying into higher-margin segments like project finance and LAP/LRD.</li>
</ul>


India's largest HF company with a stable loan book, supported by LIC's parentage and a focus on salaried home loans, shows its fundamental strength.  
The company demonstrates robust operational performance, marked by a decade-high 1.83% Return on Assets (RoA) and a competitive 16% Return on Equity (ROE).  
It targets future growth by efficiently managing borrowing costs and strategically diversifying into higher-margin segments like project finance and LAP/LRD.


The Beat Ideas: LIC Housing Finance- RoA at Decade High, Valuation Near Lows?

<ul>
<li>During rate cut cycle, NBFCs with a higher proportion of floating-rate liabilities &amp; a relatively lower proportion of floating-rate assets are poised to experience an expansion in their profitability.</li>
<li>This insight analyzes the asset-liability profiles of select Vehicle Financiers, Prime HFCs, and Affordable HFCs to identify their sensitivity to interest rate movements</li>
<li>Overall, NBFCs expect the benefit of the rate cut to have a lagged effect from H2FY26, leading  expansion in NIM and overall profitability</li>
</ul>


During rate cut cycle, NBFCs with a higher proportion of floating-rate liabilities &amp; a relatively lower proportion of floating-rate assets are poised to experience an expansion in their profitability.
This insight analyzes the asset-liability profiles of select Vehicle Financiers, Prime HFCs, and Affordable HFCs to identify their sensitivity to interest rate movements
Overall, NBFCs expect the benefit of the rate cut to have a lagged effect from H2FY26, leading  expansion in NIM and overall profitability


Thematic Report : Impact of Rate Cuts on Profitability of NBFCs and HFCs in India

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>Of our seven quantitative stock baskets, four have operated for more than three months. We measure the performances of these four - Consistent Compounders, SMID Compounders, Dividend Yielders, Indian Mid-Caps.</li>
<li>Consistent Compounders, though up since inception, has underperformed MXASJ mildly. SMID Compounders has underperformed sharply. Asian Dividend Yielders has outperformed handsomely and Indian Mid-Caps, by a stupendous margin.</li>
<li>We think the Indian mid-cap basket could take a short-term breather. The Dividend Yield basket could outperform, as investors’ preference for yields in uncertain times could continue for now.</li>
</ul>


Of our seven quantitative stock baskets, four have operated for more than three months. We measure the performances of these four - Consistent Compounders, SMID Compounders, Dividend Yielders, Indian Mid-Caps.
Consistent Compounders, though up since inception, has underperformed MXASJ mildly. SMID Compounders has underperformed sharply. Asian Dividend Yielders has outperformed handsomely and Indian Mid-Caps, by a stupendous margin.
We think the Indian mid-cap basket could take a short-term breather. The Dividend Yield basket could outperform, as investors’ preference for yields in uncertain times could continue for now.


Asian Equity: Performance of Our Quant Baskets: Indian MidCaps, Asian Dividend Yields Rule the Roost

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aadhar-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:32152:1" rel="noopener">Aadhar Housing Finance</a> raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon</li>
<li>AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon
AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.
In this note, we will talk about the lockup dynamics and possible placement.


Aadhar Housing Finance IPO Lockup - PE Owner Is up 5.6x, with US$800m Lockup Expiry Soon

India

PNB Housing Finance Ltd. (PNBHFL) provides lending services. The Company offers housing loans to individuals and corporate bodies for construction, purchase, repair, and upgradation of houses, as well as loans for commercial space, loan against property, and loan for purchase of residential plots. PNBHFL serves customers in India.

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PNB Housing Finance Ltd (PNBHOUSI IN)

Charted Insights: NBFCs Continue to Outpace Industry Credit Growth — Stronger, Faster, Deeper

NBFCs in India are driving higher credit growth across various loan segments, outpacing the overall lending industry with tech-enabled agility and...

Sudarshan Bhandari

The Beat Ideas: LIC Housing Finance- RoA at Decade High, Valuation Near Lows?

India's largest HF company demonstrates fundamental strength with stable loan book, high RoA, and strategic growth plans.

Nimish Maheshwari

Thematic Report : Impact of Rate Cuts on Profitability of NBFCs and HFCs in India

NBFCs with more floating-rate liabilities and less floating-rate assets set to profit from rate cuts, with increased profitability expected in...

Nimish Maheshwari

Asian Equity: Performance of Our Quant Baskets: Indian MidCaps, Asian Dividend Yields Rule the Roost

Our quant basket performance: Consistent Compounders underperforms, SMID Compounders lags, Div Ylds outperform, Indian Mid-Caps excel. The last...

Manishi Raychaudhuri

Aadhar Housing Finance IPO Lockup - PE Owner Is up 5.6x, with US$800m Lockup Expiry Soon

Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Charted Insights: NBFCs Continue to Outpace Industry Credit Growth — Stronger, Faster, Deeper

​NBFCs in India are driving higher credit growth across various loan segments, outpacing the overall lending industry with tech-enabled agility and...

Sudarshan Bhandari

The Beat Ideas: LIC Housing Finance- RoA at Decade High, Valuation Near Lows?

​India's largest HF company demonstrates fundamental strength with stable loan book, high RoA, and strategic growth plans.

Nimish Maheshwari

Thematic Report : Impact of Rate Cuts on Profitability of NBFCs and HFCs in India

​NBFCs with more floating-rate liabilities and less floating-rate assets set to profit from rate cuts, with increased profitability expected in...

Nimish Maheshwari

Asian Equity: Performance of Our Quant Baskets: Indian MidCaps, Asian Dividend Yields Rule the Roost

​Our quant basket performance: Consistent Compounders underperforms, SMID Compounders lags, Div Ylds outperform, Indian Mid-Caps excel. The last...

Manishi Raychaudhuri

Aadhar Housing Finance IPO Lockup - PE Owner Is up 5.6x, with US$800m Lockup Expiry Soon

Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set...

Sumeet Singh

NBFCs in India are driving higher credit growth across various loan segments, outpacing the overall lending industry with tech-enabled agility and...

India's largest HF company demonstrates fundamental strength with stable loan book, high RoA, and strategic growth plans.

NBFCs with more floating-rate liabilities and less floating-rate assets set to profit from rate cuts, with increased profitability expected in...

Our quant basket performance: Consistent Compounders underperforms, SMID Compounders lags, Div Ylds outperform, Indian Mid-Caps excel. The last...