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.

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Thematic (Sector/Industry)

<ul>
<li>Net-Metering and open-access projects can commission without ALMM-II-compliant domestic cells until 31 December 2026, versus 31 May earlier.</li>
<li>The extension delays the demand and pricing advantage expected by integrated cell manufacturers just as major domestic capacities are ramping up.</li>
<li>Near-Term earnings risk rises for Waaree and Premier; CleanMax gains procurement flexibility, lower capex risk and improved execution certainty.</li>
</ul>


Net-Metering and open-access projects can commission without ALMM-II-compliant domestic cells until 31 December 2026, versus 31 May earlier.
The extension delays the demand and pricing advantage expected by integrated cell manufacturers just as major domestic capacities are ramping up.
Near-Term earnings risk rises for Waaree and Premier; CleanMax gains procurement flexibility, lower capex risk and improved execution certainty.


ALMM-II Extension: Six Months Setback for Waaree & Premier Energies

<ul>
<li>From June 1, 2026, government-backed solar projects must source PV cells from ALMM List-II, placing domestic cell procurement at the centre of India’s solar chain.</li>
<li>ALMM-II redirects 40-60 GW of annual project demand to certified Indian cell makers, shifting pricing power and margin upside from modules to cells.</li>
<li>India’s solar story is moving from module assembly to vertical integration. Early cell producers can capture scarce supply, DCR premiums, and a temporary multi-year lead.</li>
</ul>


From June 1, 2026, government-backed solar projects must source PV cells from ALMM List-II, placing domestic cell procurement at the centre of India’s solar chain.
ALMM-II redirects 40-60 GW of annual project demand to certified Indian cell makers, shifting pricing power and margin upside from modules to cells.
India’s solar story is moving from module assembly to vertical integration. Early cell producers can capture scarce supply, DCR premiums, and a temporary multi-year lead.


ALMM-II: India’s Solar Shift From Modules to Cells

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>India's Union Cabinet amended Press Note 3 on 10 March 2026, allowing up to 10% non-controlling beneficial ownership from land-bordering countries under the automatic route for seven critical manufacturing sectors.</li>
<li>Each of the seven sectors features Chinese global market share of 80-97%. India's installed polysilicon capacity is just 3.3 GW against 120 GW of module capacity. </li>
<li>India cut Chinese work visas by 99% after 2020, banned the capital, then needed Chinese engineers to commission wafer lines. Now, need to see whether India gets IP or not?</li>
</ul>


India's Union Cabinet amended Press Note 3 on 10 March 2026, allowing up to 10% non-controlling beneficial ownership from land-bordering countries under the automatic route for seven critical manufacturing sectors.
Each of the seven sectors features Chinese global market share of 80-97%. India's installed polysilicon capacity is just 3.3 GW against 120 GW of module capacity. 
India cut Chinese work visas by 99% after 2020, banned the capital, then needed Chinese engineers to commission wafer lines. Now, need to see whether India gets IP or not?


India's Surgical FDI Move: Getting the Factory, Not Just the Technology

<ul>
<li>The United States government imposed a new 126% preliminary countervailing duty on solar cell imports from India to penalise alleged unfair manufacturing subsidies</li>
<li>Despite an initial stock market crash, the actual business impact remains minimal because major Indian manufacturers strategically utilise imported non-Indian cells for US exports</li>
<li>The long-term sector outlook remains highlyrobust, driven by massive domestic solar demand, supportive government policies, and expanding local integrated manufacturing capacities</li>
</ul>


The United States government imposed a new 126% preliminary countervailing duty on solar cell imports from India to penalise alleged unfair manufacturing subsidies
Despite an initial stock market crash, the actual business impact remains minimal because major Indian manufacturers strategically utilise imported non-Indian cells for US exports
The long-term sector outlook remains highlyrobust, driven by massive domestic solar demand, supportive government policies, and expanding local integrated manufacturing capacities


The Indian Solar Fall: What’s Really Behind the 126% US Duty?

<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?

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)

ALMM-II Extension: Six Months Setback for Waaree & Premier Energies

Extension of deadline for ALMM-II-compliant domestic cells in net-metering projects until 2026 delays advantages for integrated cell...

Sudarshan Bhandari

ALMM-II: India’s Solar Shift From Modules to Cells

Starting June 1, 2026, Indian government mandates solar projects to use PV cells from ALMM List-II, reshaping the solar industry towards domestic...

Sudarshan Bhandari

India's Surgical FDI Move: Getting the Factory, Not Just the Technology

India's new policy allows up to 10% ownership from land-bordering countries in critical sectors dominated by China, raising questions about IP...

Nimish Maheshwari

The Indian Solar Fall: What’s Really Behind the 126% US Duty?

US imposes 126% duty on Indian solar cell imports, but impact minimal due to strategic use of non-Indian cells. Long-term sector outlook remains...

Nimish Maheshwari

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ALMM-II Extension: Six Months Setback for Waaree & Premier Energies

​Extension of deadline for ALMM-II-compliant domestic cells in net-metering projects until 2026 delays advantages for integrated cell...

Sudarshan Bhandari

ALMM-II: India’s Solar Shift From Modules to Cells

​Starting June 1, 2026, Indian government mandates solar projects to use PV cells from ALMM List-II, reshaping the solar industry towards domestic...

Sudarshan Bhandari

India's Surgical FDI Move: Getting the Factory, Not Just the Technology

​India's new policy allows up to 10% ownership from land-bordering countries in critical sectors dominated by China, raising questions about IP...

Nimish Maheshwari

The Indian Solar Fall: What’s Really Behind the 126% US Duty?

​US imposes 126% duty on Indian solar cell imports, but impact minimal due to strategic use of non-Indian cells. Long-term sector outlook remains...

Nimish Maheshwari

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

Extension of deadline for ALMM-II-compliant domestic cells in net-metering projects until 2026 delays advantages for integrated cell...

Starting June 1, 2026, Indian government mandates solar projects to use PV cells from ALMM List-II, reshaping the solar industry towards domestic...

India's new policy allows up to 10% ownership from land-bordering countries in critical sectors dominated by China, raising questions about IP...

US imposes 126% duty on Indian solar cell imports, but impact minimal due to strategic use of non-Indian cells. Long-term sector outlook remains...

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