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

Equity Bottom-Up

<ul>
<li>The Supreme Court on 6-Apr-26 stayed the NCLT's March 17 order approving Adani Enterprises' INR 15,343 crore resolution plan for insolvent Jaiprakash Associates Ltd.</li>
<li>The stay places INR 57,000 crore in admitted claims, 4,000 acres of NCR land, India's only F1 circuit, and thousands of stalled homebuyer deliveries in a state of renewed uncertainty. </li>
<li>The April 10 NCLAT listing, the next Supreme Court hearing, will decide whether Adani or Vedanta will take over this group. </li>
</ul>


The Supreme Court on 6-Apr-26 stayed the NCLT's March 17 order approving Adani Enterprises' INR 15,343 crore resolution plan for insolvent Jaiprakash Associates Ltd.
The stay places INR 57,000 crore in admitted claims, 4,000 acres of NCR land, India's only F1 circuit, and thousands of stalled homebuyer deliveries in a state of renewed uncertainty. 
The April 10 NCLAT listing, the next Supreme Court hearing, will decide whether Adani or Vedanta will take over this group. 


The Jaiprakash Associates Story: From Ambition to Insolvency to Adani & Now a Supreme Court Freeze

APAC IPOs & Placements, Aequitas Research

Rosita Fernandes

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

Vikran Engineering Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vikran-engineering-limited" target="_blank" data-smartkarma-citation="entities:44015:1" rel="noopener">Vikran Engineering Limited (1635154D IN)</a> (VEL) is planning to raise about US$119m through its upcoming India IPO. </li>
<li>Vikran Engineering Limited (VEL) based in Mumbai, operates as an Engineering, Procurement &amp; Construction (EPC) firm, focusing on power, water, and railway infrastructure projects.</li>
<li>According to CRISIL Report, VEL has experienced fastest growth in profitability, with a 236.94% CAGR growth in PAT and a 130.02% CAGR growth in EBITDA between FY22 to FY24.</li>
</ul>



Vikran Engineering Limited (1635154D IN) (VEL) is planning to raise about US$119m through its upcoming India IPO. 
Vikran Engineering Limited (VEL) based in Mumbai, operates as an Engineering, Procurement &amp; Construction (EPC) firm, focusing on power, water, and railway infrastructure projects.
According to CRISIL Report, VEL has experienced fastest growth in profitability, with a 236.94% CAGR growth in PAT and a 130.02% CAGR growth in EBITDA between FY22 to FY24.


Vikran Engineering Limited Pre-IPO - Capitalizing On Core Competencies But With Concentration Risks

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Forensic Accounting

<ul>
<li>Forensic Forsight will be a bi-monthly report covering Indian companies having corporate governance issues guiding investors on strengthening their ESG investment framework</li>
<li>The issue covers SEBI warning against ICICI Bank for manipulation in delisting process of its key subsidiary.</li>
<li>The report also covers how a EV company disguises shareholders while an Indian renewable energy company is under scrutiny owing to Independent Director Resignation</li>
</ul>


Forensic Forsight will be a bi-monthly report covering Indian companies having corporate governance issues guiding investors on strengthening their ESG investment framework
The issue covers SEBI warning against ICICI Bank for manipulation in delisting process of its key subsidiary.
The report also covers how a EV company disguises shareholders while an Indian renewable energy company is under scrutiny owing to Independent Director Resignation


#1 Forensic Foresight: SEBI Warns ICICI Bank, Suzlon Director Resign, Wardwizard Disguise

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

<p>Management guided for 20% YoY revenue growth in FY22 (excluding possible impact of Covid third wave); EBITDAM to be in range of 13.5-14% PNC Infratech (PNCL) reported decent set of numbers with revenues marginally below estimates, while EBITDAM coming in-line at 14.1%. Toll...</p><div class="content-highlight"><em>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.</em></div>

Management guided for 20% YoY revenue growth in FY22 (excluding possible impact of Covid third wave); EBITDAM to be in range of 13.5-14% PNC Infratech (PNCL) reported decent set of numbers with revenues marginally below estimates, while EBITDAM coming in-line at 14.1%. Toll...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.

Q4FY21 Result Update - Execution set to pickup with all ADs received - BUY

India

PNC Infratech Limited operates as an infrastructure construction, development, and management company. The Company constructs highways, bridges, fly-overs, power transmission lines, and airport runways. PNC Infratech also provides construction services for waste management and industrial area development projects.

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PNC Infratech Ltd (PNCL IN)

The Jaiprakash Associates Story: From Ambition to Insolvency to Adani & Now a Supreme Court Freeze

On April 6, 2026, the Supreme Court declined to stay the National Company Law Appellate Tribunal's (NCLAT) order, allowing the insolvency...

Sudarshan Bhandari

Vikran Engineering Limited Pre-IPO - Capitalizing On Core Competencies But With Concentration Risks

Vikran Engineering Limited plans to raise $119m in India IPO, with fastest growth in profitability according to CRISIL Report.

Rosita Fernandes

#1 Forensic Foresight: SEBI Warns ICICI Bank, Suzlon Director Resign, Wardwizard Disguise

India Forensic Foresight report will guide investors on ESG framework, highlighting corporate governance issues in Indian companies like ICICI...

Nimish Maheshwari

Q4FY21 Result Update - Execution set to pickup with all ADs received - BUY

Management guided for 20% YoY revenue growth in FY22 (excluding possible impact of Covid third wave); EBITDAM to be in range of 13.5-14% PNC...

Prabhudas Lilladhar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Jaiprakash Associates Story: From Ambition to Insolvency to Adani & Now a Supreme Court Freeze

On April 6, 2026, the Supreme Court declined to stay the National Company Law Appellate Tribunal's (NCLAT) order, allowing the insolvency...

Sudarshan Bhandari

Vikran Engineering Limited Pre-IPO - Capitalizing On Core Competencies But With Concentration Risks

​Vikran Engineering Limited plans to raise $119m in India IPO, with fastest growth in profitability according to CRISIL Report.

Rosita Fernandes

#1 Forensic Foresight: SEBI Warns ICICI Bank, Suzlon Director Resign, Wardwizard Disguise

​India Forensic Foresight report will guide investors on ESG framework, highlighting corporate governance issues in Indian companies like ICICI...

Nimish Maheshwari

Q4FY21 Result Update - Execution set to pickup with all ADs received - BUY

Management guided for 20% YoY revenue growth in FY22 (excluding possible impact of Covid third wave); EBITDAM to be in range of 13.5-14% PNC...

Prabhudas Lilladhar

Vikran Engineering Limited plans to raise $119m in India IPO, with fastest growth in profitability according to CRISIL Report.

India Forensic Foresight report will guide investors on ESG framework, highlighting corporate governance issues in Indian companies like ICICI...