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>Protean’s exclusion from the PAN 2.0 project raises concerns about potential long-term revenue loss, especially as tax services contribute significantly to its current business.</li>
<li>Protean’s strategic diversification into pension services, digital identity solutions, and international markets positions it well for long-term growth, reducing reliance on tax services.</li>
<li>With INR800 crore in cash reserves and zero debt, Protean is financially resilient, allowing it to invest in new growth areas, making it attractive for long-term investors despite short-term volatility.</li>
</ul>


Protean’s exclusion from the PAN 2.0 project raises concerns about potential long-term revenue loss, especially as tax services contribute significantly to its current business.
Protean’s strategic diversification into pension services, digital identity solutions, and international markets positions it well for long-term growth, reducing reliance on tax services.
With INR800 crore in cash reserves and zero debt, Protean is financially resilient, allowing it to invest in new growth areas, making it attractive for long-term investors despite short-term volatility.


Protean EGov: Navigating the PAN 2.0 Headwind and Charting a Diversified Future

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>PROTEAN eGov Technologies LTD (PROTEAN) has experienced a significant setback by not being shortlisted for the Indian government's PAN 2.0 project worth INR 1,440 crore, a material negative.</li>
<li>This exclusion, despite earlier confidence, is expected to lead to a substantial decline in this revenue stream over the next 2-3 years, potentially collapsing by 75-100%.</li>
<li>The PAN business has historically been a key driver of profitability and free cash flow, funding new initiatives now under threat. </li>
</ul>


PROTEAN eGov Technologies LTD (PROTEAN) has experienced a significant setback by not being shortlisted for the Indian government's PAN 2.0 project worth INR 1,440 crore, a material negative.
This exclusion, despite earlier confidence, is expected to lead to a substantial decline in this revenue stream over the next 2-3 years, potentially collapsing by 75-100%.
The PAN business has historically been a key driver of profitability and free cash flow, funding new initiatives now under threat. 


PROTEAN EGov Technologies - Impact of PAN 2.0 Setback

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Clarence Chu

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/concord-biotech-ltd" target="_blank" data-smartkarma-citation="entities:36267:1" rel="noopener">Concord Biotech Ltd (658823Z IN)</a> listed in India on 18th Aug 23 after raising US$188m. The IPO had been a 100% secondary selldown with Helix Investment selling its entire stake.</li>
<li>Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).</li>
<li>Coming up for six-month lockup expiry on 7th Feb 24 are the firm’s pre-IPO shareholders, along with a portion of its promoters’ stake.</li>
</ul>



Concord Biotech Ltd (658823Z IN) listed in India on 18th Aug 23 after raising US$188m. The IPO had been a 100% secondary selldown with Helix Investment selling its entire stake.
Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).
Coming up for six-month lockup expiry on 7th Feb 24 are the firm’s pre-IPO shareholders, along with a portion of its promoters’ stake.


Concord Biotech's US$650m Lock-Up Expiry - Some Could Be Tempted to Book Multi-Bagger Gains

Concord Biotech Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/concord-biotech-ltd" target="_blank" data-smartkarma-citation="entities:36267:1" rel="noopener">Concord Biotech Ltd (658823Z IN)</a> raised US$188m in its India IPO.</li>
<li>Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).</li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>



Concord Biotech Ltd (658823Z IN) raised US$188m in its India IPO.
Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).
In this note, we will talk about the trading dynamics.


Concord Biotech IPO Trading - Strong Subscription Rates, Peers Have Moved up Since Last Note

India

Protean eGov Technologies Limited provides IT services. The Company offers e-governance solutions, system integration, business process re-engineering, data center co-location, and IT consulting services. NSDL e-Governance Infrastructure serves clients in India.

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Protean (PROTEAN IN)

Protean EGov: Navigating the PAN 2.0 Headwind and Charting a Diversified Future

Protean faces revenue loss concerns due to exclusion from PAN 2.0, but strategic diversification and strong financial position position it well...

Sudarshan Bhandari

PROTEAN EGov Technologies - Impact of PAN 2.0 Setback

PROTEAN eGov Technologies LTD faces major setback as it is not shortlisted for Indian government's PAN 2.0 project, leading to potential revenue...

Nimish Maheshwari

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

Concord Biotech's US$650m Lock-Up Expiry - Some Could Be Tempted to Book Multi-Bagger Gains

Ontario is looking to raise US$56m from selling a 3.4% stake in Concord Biotech. The deal has a floor price of INR1,320/share, at a 8.5% discount...

Clarence Chu

Concord Biotech IPO Trading - Strong Subscription Rates, Peers Have Moved up Since Last Note

Concord Biotech Ltd (658823Z IN) raised US$188m in its India IPO. In this note, we will talk about the trading dynamics.

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Protean EGov: Navigating the PAN 2.0 Headwind and Charting a Diversified Future

​Protean faces revenue loss concerns due to exclusion from PAN 2.0, but strategic diversification and strong financial position position it well...

Sudarshan Bhandari

PROTEAN EGov Technologies - Impact of PAN 2.0 Setback

​PROTEAN eGov Technologies LTD faces major setback as it is not shortlisted for Indian government's PAN 2.0 project, leading to potential revenue...

Nimish Maheshwari

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

Concord Biotech's US$650m Lock-Up Expiry - Some Could Be Tempted to Book Multi-Bagger Gains

Ontario is looking to raise US$56m from selling a 3.4% stake in Concord Biotech. The deal has a floor price of INR1,320/share, at a 8.5% discount...

Clarence Chu

Concord Biotech IPO Trading - Strong Subscription Rates, Peers Have Moved up Since Last Note

Concord Biotech Ltd (658823Z IN) raised US$188m in its India IPO. In this note, we will talk about the trading dynamics.

Clarence Chu

Protean faces revenue loss concerns due to exclusion from PAN 2.0, but strategic diversification and strong financial position position it well...

PROTEAN eGov Technologies LTD faces major setback as it is not shortlisted for Indian government's PAN 2.0 project, leading to potential revenue...