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>China recently eliminated solar export rebates effective April 2026, marking a structural shift following a previous reduction from 13% to 9% in late 2024.</li>
<li>
Global module prices are forecast to rise10–15% through 2026, effectively ending the era of subsidized dumping and establishing a higher global price floor</li>
<li>Market awaits a decisive, divergent repricing for heavyweights like <a href="https://www.smartkarma.com/entities/waaree-energies-limited-6098abe5-9b91-4859-8170-b98fda2cf7ab" target="_blank" data-smartkarma-citation="entities:44031:1" rel="noopener">Waaree Energies (WAAREEEN IN)</a> , <a href="https://www.smartkarma.com/entities/premier-energies-limited" target="_blank" data-smartkarma-citation="entities:42190:1" rel="noopener">Premier Energies (PREMIERE IN)</a> , <a href="https://www.smartkarma.com/entities/adani-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:245:1" rel="noopener">Adani Enterprises (ADE IN)</a> , and <a href="https://www.smartkarma.com/entities/ntpc-green-energy-limited" target="_blank" data-smartkarma-citation="entities:43951:1" rel="noopener">NTPC Green Energy (NTPCGREE IN)</a>.</li>
</ul>


China recently eliminated solar export rebates effective April 2026, marking a structural shift following a previous reduction from 13% to 9% in late 2024.

Global module prices are forecast to rise10–15% through 2026, effectively ending the era of subsidized dumping and establishing a higher global price floor
Market awaits a decisive, divergent repricing for heavyweights like Waaree Energies (WAAREEEN IN) , Premier Energies (PREMIERE IN) , Adani Enterprises (ADE IN) , and NTPC Green Energy (NTPCGREE IN).


Chinese Export Rebate Curbs: Indian Companies that Will Win When Dumping Ends?

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>India added a record 27.2 GW solar capacity in YTDFY26, yet massive manufacturing oversupply triggered a sharp 6-8% sequential drop in module prices</li>
<li>Intense domestic competition and crashing realizations are squeezing margins, while the lucrative US module export window faces imminent closure as American manufacturing capacity expands.</li>
<li>Consequently, we cut EPS estimates for both majors i.e. <a href="https://www.smartkarma.com/entities/waaree-energies-limited-6098abe5-9b91-4859-8170-b98fda2cf7ab" target="_blank" data-smartkarma-citation="entities:44031:1" rel="noopener">Waaree Energies (WAAREEEN IN)</a> and <a href="https://www.smartkarma.com/entities/premier-energies-limited" target="_blank" data-smartkarma-citation="entities:42190:1" rel="noopener">Premier Energies (PREMIERE IN)</a> , maintaining a cautious stance despite robust volume growth expectations for the sector</li>
</ul>


India added a record 27.2 GW solar capacity in YTDFY26, yet massive manufacturing oversupply triggered a sharp 6-8% sequential drop in module prices
Intense domestic competition and crashing realizations are squeezing margins, while the lucrative US module export window faces imminent closure as American manufacturing capacity expands.
Consequently, we cut EPS estimates for both majors i.e. Waaree Energies (WAAREEEN IN) and Premier Energies (PREMIERE IN) , maintaining a cautious stance despite robust volume growth expectations for the sector


Renewable Energy Sector: EPS Growth Uncertainty?

<ul>
<li>India is rapidly scaling solar PV manufacturing, supported by strong policies, rising demand, and a surge of new companies entering the sector.</li>
<li>Despite fast growth, the sector shows wide valuation gaps and cost-driven dynamics, highlighting the importance of technology, efficiency, and operational strength.</li>
<li>India’s solar PV push is impactful and accelerating, but long-term sustainability depends on fundamentals like capacity, costs, and technology readiness.</li>
</ul>


India is rapidly scaling solar PV manufacturing, supported by strong policies, rising demand, and a surge of new companies entering the sector.
Despite fast growth, the sector shows wide valuation gaps and cost-driven dynamics, highlighting the importance of technology, efficiency, and operational strength.
India’s solar PV push is impactful and accelerating, but long-term sustainability depends on fundamentals like capacity, costs, and technology readiness.


Thematic Report: Decoding India’s Solar PV Sector- Strong Growth, Big Valuation Divergence

<ul>
<li>One search on Google Gemini or ChatGPT in terms of watts is 10 times more intensive than a plain Google search today.</li>
<li>AI is fueling energy demand, which currently accounts for just 1.5% of total demand, may outpace the growth of energy demand for all the sectors</li>
<li>AI, along with data centres, can also be utilised in effective use of energy</li>
</ul>


One search on Google Gemini or ChatGPT in terms of watts is 10 times more intensive than a plain Google search today.
AI is fueling energy demand, which currently accounts for just 1.5% of total demand, may outpace the growth of energy demand for all the sectors
AI, along with data centres, can also be utilised in effective use of energy


Charted Insight: How the Digital Boom Is Driving the Green Energy Revolution?

<ul>
<li>The imposition of reciprocal anti-dumping (AD) and countervailing duties (CVD) on solar imports to the United States, particularly targeting four major Asian exporters-Cambodia, Malaysia, Thailand, Vietnam-presents an opportunity for India</li>
<li>Though India lacks competitive pricing and optional capacity to meet the demand, </li>
<li>Waaree Energies emerges as a potential winner, considering its facilities in India and the US and a strong order book.</li>
</ul>


The imposition of reciprocal anti-dumping (AD) and countervailing duties (CVD) on solar imports to the United States, particularly targeting four major Asian exporters-Cambodia, Malaysia, Thailand, Vietnam-presents an opportunity for India
Though India lacks competitive pricing and optional capacity to meet the demand, 
Waaree Energies emerges as a potential winner, considering its facilities in India and the US and a strong order book.


Thematic Report: Opportunity for India; US Anti-Dumping Duty on Solar Imports

India

Premier Energies is an Indian integrated solar manufacturing company that specializes in producing high-efficiency solar photovoltaic (PV) cells and modules. The company also provides value-added solutions such as Engineering, Procurement, and Construction (EPC) services for solar power projects. Founded in 1995, its headquarters are located in Hyderabad, Telangana, India.

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Premier Energies (PREMIERE IN)

Chinese Export Rebate Curbs: Indian Companies that Will Win When Dumping Ends?

China's elimination of solar export rebates in April 2026 signals a shift in market. Heavyweights like Waaree Energies, Premier Energies, Adani...

Sudarshan Bhandari

Renewable Energy Sector: EPS Growth Uncertainty?

India's booming solar capacity growth faces challenges with oversupply and competition, leading to price drops and reduced EPS estimates for major...

Nimish Maheshwari

Thematic Report: Decoding India’s Solar PV Sector- Strong Growth, Big Valuation Divergence

India's booming solar PV manufacturing sector faces valuation gaps and cost challenges, emphasizing the need for technology and operational...

Sudarshan Bhandari

Charted Insight: How the Digital Boom Is Driving the Green Energy Revolution?

AI-driven searches on Google Gemini or ChatGPT are 10x more energy-intensive than regular searches, highlighting the potential for AI to drive...

Nimish Maheshwari

Thematic Report: Opportunity for India; US Anti-Dumping Duty on Solar Imports

Imposition of duties on Asian solar imports to the US creates opportunity for India's Waaree Energies with facilities in both countries and strong...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Chinese Export Rebate Curbs: Indian Companies that Will Win When Dumping Ends?

​China's elimination of solar export rebates in April 2026 signals a shift in market. Heavyweights like Waaree Energies, Premier Energies, Adani...

Sudarshan Bhandari

Renewable Energy Sector: EPS Growth Uncertainty?

​India's booming solar capacity growth faces challenges with oversupply and competition, leading to price drops and reduced EPS estimates for major...

Nimish Maheshwari

Thematic Report: Decoding India’s Solar PV Sector- Strong Growth, Big Valuation Divergence

​India's booming solar PV manufacturing sector faces valuation gaps and cost challenges, emphasizing the need for technology and operational...

Sudarshan Bhandari

Charted Insight: How the Digital Boom Is Driving the Green Energy Revolution?

​AI-driven searches on Google Gemini or ChatGPT are 10x more energy-intensive than regular searches, highlighting the potential for AI to drive...

Nimish Maheshwari

Thematic Report: Opportunity for India; US Anti-Dumping Duty on Solar Imports

​Imposition of duties on Asian solar imports to the US creates opportunity for India's Waaree Energies with facilities in both countries and strong...

Sudarshan Bhandari

China's elimination of solar export rebates in April 2026 signals a shift in market. Heavyweights like Waaree Energies, Premier Energies, Adani...

India's booming solar capacity growth faces challenges with oversupply and competition, leading to price drops and reduced EPS estimates for major...

India's booming solar PV manufacturing sector faces valuation gaps and cost challenges, emphasizing the need for technology and operational...

AI-driven searches on Google Gemini or ChatGPT are 10x more energy-intensive than regular searches, highlighting the potential for AI to drive...

Imposition of duties on Asian solar imports to the US creates opportunity for India's Waaree Energies with facilities in both countries and strong...