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>Revenue reached INR 2,254 crore and EBITDA INR 296 crore; PAT attributable to Polyplex shareholders turned to INR 91 crore from a INR 19 crore loss.</li>
<li>The recovery is operational: EBIT swung by nearly INR 288 crore YoY even as other income declined, indicating a genuine improvement in core profitability.</li>
<li>Turnaround is now visible, but 13% EBITDA margin should not yet be treated as normalized; spreads, utilization and cash conversion need another quarter of confirmation.</li>
</ul>


Revenue reached INR 2,254 crore and EBITDA INR 296 crore; PAT attributable to Polyplex shareholders turned to INR 91 crore from a INR 19 crore loss.
The recovery is operational: EBIT swung by nearly INR 288 crore YoY even as other income declined, indicating a genuine improvement in core profitability.
Turnaround is now visible, but 13% EBITDA margin should not yet be treated as normalized; spreads, utilization and cash conversion need another quarter of confirmation.


Thematic (Sector/Industry)

<ul>
<li>The packaging sector is making a comeback as key material spreads have been rising  which is being reflected in Q1FY25 results of the companies.</li>
<li>What makes this sector more interesting is certain promoters of these companies are buying share of the company from the open market along with fund infusion by some big investors</li>
<li>The biggest risk remains for the sector is pricing pressure and demand-supply mismatch but it seems bottom is being made for the sector</li>
</ul>


The packaging sector is making a comeback as key material spreads have been rising  which is being reflected in Q1FY25 results of the companies.
What makes this sector more interesting is certain promoters of these companies are buying share of the company from the open market along with fund infusion by some big investors
The biggest risk remains for the sector is pricing pressure and demand-supply mismatch but it seems bottom is being made for the sector


Thematic Report : Packaging Sector Is Back with Bang: What’s Fueling Revival?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 32  - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Two new deals were was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/fleetpartners-group-ltd" target="_blank" data-smartkarma-citation="entities:339:1" rel="noopener">FleetPartners Group (FPR AU)</a> and <a href="https://www.smartkarma.com/entities/maxnerva-technology-services-limited" target="_blank" data-smartkarma-citation="entities:17502:1" rel="noopener">Maxnerva Technology Services (1037 HK)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>, <a href="https://www.smartkarma.com/entities/golfzon-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:16376:1" rel="noopener">Golfzon Holdings (121440 KS)</a>, <a href="https://www.smartkarma.com/entities/polyplex-thailand-public-co-ltd" target="_blank" data-smartkarma-citation="entities:6586:1" rel="noopener">Polyplex (Thailand) (PTL TB)</a>, <a href="https://www.smartkarma.com/entities/renew-energy-global-plc" target="_blank" data-smartkarma-citation="entities:37038:1" rel="noopener">ReNew Energy Global (RNW US)</a>, and <a href="https://www.smartkarma.com/entities/china-shengmu-organic-milk-ltd" target="_blank" data-smartkarma-citation="entities:12714:1" rel="noopener">China Shengmu Organic Milk (1432 HK)</a>.</li>
</ul>


I tally 32  - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Two new deals were was discussed on Smartkarma this week: FleetPartners Group (FPR AU) and Maxnerva Technology Services (1037 HK).
Key updates/news also took place on: Steadfast (SDF AU), Golfzon Holdings (121440 KS), Polyplex (Thailand) (PTL TB), ReNew Energy Global (RNW US), and China Shengmu Organic Milk (1432 HK).


Asia-Pac Weekly Wrap: FleetPartners, Maxnerva, Steadfast, Golfzon, Polyplex, ReNew Energy, Shengmu

<ul>
<li>Strategically, range trade <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>. Sell large pops, buy large declines. Big picture this big buyback  doesn't change very much at all on a net basis.</li>
<li>
<a href="https://www.smartkarma.com/entities/legend-holdings-corporation-class-h" target="_blank" data-smartkarma-citation="entities:517:1" rel="noopener">Legend Holdings (3396 HK)</a>(finally) sees a decent move. The positive profit alert issued no doubt nudge things along nicely. </li>
<li>Post sale to Heidelberg, how much, if any, will the market re-rate <a href="https://www.smartkarma.com/entities/maas-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33520:1" rel="noopener">MAAS Group Holdings (MGH AU)</a> as an infrastructure/ "AI-enabler" rather than a contractor currently?</li>
</ul>


Strategically, range trade Seven &amp; I Holdings (3382 JP). Sell large pops, buy large declines. Big picture this big buyback  doesn't change very much at all on a net basis.

Legend Holdings (3396 HK)(finally) sees a decent move. The positive profit alert issued no doubt nudge things along nicely. 
Post sale to Heidelberg, how much, if any, will the market re-rate MAAS Group Holdings (MGH AU) as an infrastructure/ "AI-enabler" rather than a contractor currently?


Last Week In Event SPACE: Seven & I, Legend Holdings, MAAS, Lynas Corp

<ul>
<li>On the 22 June, AGPH, a wholly-owned subsidiary of AGP Holdco, launched a Tender Offer for 100% of <a href="https://www.smartkarma.com/entities/polyplex-thailand-public-co-ltd" target="_blank" data-smartkarma-citation="entities:6586:1" rel="noopener">Polyplex (Thailand) (PTL TB)</a> at THB15/share, a 43% premium to last close.</li>
<li>AGP Holdco also holds ~24.28% in <a href="https://www.smartkarma.com/entities/polyplex-corporation-ltd" target="_blank" data-smartkarma-citation="entities:11544:1" rel="noopener">Polyplex Corporation (PPC IN)</a>, which holds ~51% in PTL AGPH's Offer closed on the 6th August with a 18.09% holding in PTL.</li>
<li>Despite their apparent non-arms length nature, AGPH and PPC are not seen to be acting in concert. Collectively, they hold 69.09%. I'd expect AGP Holdco to return to the well. </li>
</ul>


On the 22 June, AGPH, a wholly-owned subsidiary of AGP Holdco, launched a Tender Offer for 100% of Polyplex (Thailand) (PTL TB) at THB15/share, a 43% premium to last close.
AGP Holdco also holds ~24.28% in Polyplex Corporation (PPC IN), which holds ~51% in PTL AGPH's Offer closed on the 6th August with a 18.09% holding in PTL.
Despite their apparent non-arms length nature, AGPH and PPC are not seen to be acting in concert. Collectively, they hold 69.09%. I'd expect AGP Holdco to return to the well. 


Polyplex (PTL TB): Expect The Al Ghurair Family To Return With A Full Offer

India

Polyplex is a global manufacturer of differentiated plastic film substrates, specializing in Biaxially Oriented Polyethylene Terephthalate (BOPET) films, BOPP, CPP, and Blown PP/PE films. The company's products serve the flexible packaging, electrical, and industrial sectors, with integrated downstream capabilities like metallizing and coating. Polyplex was founded in 1984 and is headquartered in Noida, India.

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Polyplex (PPC IN)

Polyplex: A Turnaround Quarter!

Polyplex's revenue and profitability have significantly improved, with a turnaround in core profitability visible, but caution is advised as...

Nimish Maheshwari

Thematic Report : Packaging Sector Is Back with Bang: What’s Fueling Revival?

Packaging sector sees resurgence in Q1FY25 with rising material costs, promoter and investor interest, despite pricing pressure and demand-supply...

Nimish Maheshwari

Asia-Pac Weekly Wrap: FleetPartners, Maxnerva, Steadfast, Golfzon, Polyplex, ReNew Energy, Shengmu

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Last Week In Event SPACE: Seven & I, Legend Holdings, MAAS, Lynas Corp

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Polyplex (PTL TB): Expect The Al Ghurair Family To Return With A Full Offer

The Al Ghurair Family appears to have a dual‑track lever on PTL, without formally triggering a “concert party” classification. Keep tabs on this...

David Blennerhassett

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52-week Range

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Polyplex: A Turnaround Quarter!

​Polyplex's revenue and profitability have significantly improved, with a turnaround in core profitability visible, but caution is advised as...

Nimish Maheshwari

Thematic Report : Packaging Sector Is Back with Bang: What’s Fueling Revival?

​Packaging sector sees resurgence in Q1FY25 with rising material costs, promoter and investor interest, despite pricing pressure and demand-supply...

Nimish Maheshwari

Asia-Pac Weekly Wrap: FleetPartners, Maxnerva, Steadfast, Golfzon, Polyplex, ReNew Energy, Shengmu

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Last Week In Event SPACE: Seven & I, Legend Holdings, MAAS, Lynas Corp

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Polyplex (PTL TB): Expect The Al Ghurair Family To Return With A Full Offer

The Al Ghurair Family appears to have a dual‑track lever on PTL, without formally triggering a “concert party” classification. Keep tabs on this...

David Blennerhassett

Polyplex's revenue and profitability have significantly improved, with a turnaround in core profitability visible, but caution is advised as...

Packaging sector sees resurgence in Q1FY25 with rising material costs, promoter and investor interest, despite pricing pressure and demand-supply...