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

Event-Driven

<ul>
<li>A special call auction shall be held on October 28, 2024 by BSE &amp; NSE to discover hidden value in Investment Holding Companies.</li>
<li>BSE and NSE came out with the list of 8-9 Companies that are eligible for this special session. </li>
<li>We calculated the upside left in these companies using the Current price with 30% discount: 3 Companies with more than 100% upside.</li>
</ul>


A special call auction shall be held on October 28, 2024 by BSE &amp; NSE to discover hidden value in Investment Holding Companies.
BSE and NSE came out with the list of 8-9 Companies that are eligible for this special session. 
We calculated the upside left in these companies using the Current price with 30% discount: 3 Companies with more than 100% upside.


Event Driven: Special Call Auction in Indian Holding Companies

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Post Covid, PVR Inox’s stock performance has been tracking box office collections/upcoming pipeline.</li><li>After a dull H1CY24, box office collections have picked up and are expected to further improve in Q3FY25. We note a couple of key trends in movies: i) dichotomy in performance of big-budget and midsize/small movies – big-budgetmovies that offer differentiated content / experience are seeing more traction; ii) better performance of franchisee movies.</li><li>The Q3 movie pipeline ticks these boxes and provides comfort on better box office performance, even as we remain cognizant of the structural issues hampering the industry.</li></ul>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.

Post Covid, PVR Inox’s stock performance has been tracking box office collections/upcoming pipeline.After a dull H1CY24, box office collections have picked up and are expected to further improve in Q3FY25. We note a couple of key trends in movies: i) dichotomy in performance of big-budget and midsize/small movies – big-budgetmovies that offer differentiated content / experience are seeing more traction; ii) better performance of franchisee movies.The Q3 movie pipeline ticks these boxes and provides comfort on better box office performance, even as we remain cognizant of the structural issues hampering the industry.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.

Pvr Inox - Q3 Movie Pipeline Inspires Confidence

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Revenues stood at Rs 1191 crore down 5.2 q-o-q/ 8.8% y-o-y in line with our estimates of Rs.1194 crore. EBITDA margin (pre Ind-AS116) stood at -3.2%.</li><li>Average ticket price (ATP) declined to Rs 235, down 4.7% y-o-y while F&amp;B spend per head (SPH) grew 3.1% y-o-y to Rs. 134.</li><li>Content pipeline is looking strong in Q2, Q3 and Q4 partially due to a lot of films which were coming in Q1 being pushed to Q2 or Q3. </li></ul>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.

Revenues stood at Rs 1191 crore down 5.2 q-o-q/ 8.8% y-o-y in line with our estimates of Rs.1194 crore. EBITDA margin (pre Ind-AS116) stood at -3.2%.Average ticket price (ATP) declined to Rs 235, down 4.7% y-o-y while F&amp;B spend per head (SPH) grew 3.1% y-o-y to Rs. 134.Content pipeline is looking strong in Q2, Q3 and Q4 partially due to a lot of films which were coming in Q1 being pushed to Q2 or Q3. 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.

PVR Inox Ltd - Weak Q1; Downgrade to Hold

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>ICICI Direct's research report onPVR Inox We met Mr Nitin Sood, Chief Financial Officer, PVR Inox.</li><li>Takeaways: 1) Rental cost may come down to 16-17% of revenue (from 19-20% at present) over the next 12-18 months.</li><li>2) Company is entering capex sharing contracts with landlords to increase RoCE.</li></ul>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.

ICICI Direct's research report onPVR Inox We met Mr Nitin Sood, Chief Financial Officer, PVR Inox.Takeaways: 1) Rental cost may come down to 16-17% of revenue (from 19-20% at present) over the next 12-18 months.2) Company is entering capex sharing contracts with landlords to increase RoCE.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.

PVR Inox - CXO 1x1: Nitin Sood, Chief Financial Officer

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>We screen our coverage universe for earnings disappointments, EPS downgrades, and management narratives to identify fundamental shorts.</li>
<li>Stocks in focus include <a href="https://www.smartkarma.com/entities/sbi-cards-payment-services-limited" target="_blank" data-smartkarma-citation="entities:28662:1" rel="noopener">SBI Cards &amp; Payment Services (SBICARD IN)</a> , <a href="https://www.smartkarma.com/entities/pvr-inox-limited" target="_blank" data-smartkarma-citation="entities:10144:1" rel="noopener">Pvr Inox (PVRINOX IN)</a>, and <a href="https://www.smartkarma.com/entities/escorts-kubota-ltd" target="_blank" data-smartkarma-citation="entities:6773:1" rel="noopener">Escorts Kubota Limited (ESCORTS IN)</a>. </li>
<li>Credit Cost for SBI is expected to remain elevated, PVR management seems to be misreading consumer preferences, and Macro uncertainties cloud ESCORTS.</li>
</ul>


We screen our coverage universe for earnings disappointments, EPS downgrades, and management narratives to identify fundamental shorts.
Stocks in focus include SBI Cards &amp; Payment Services (SBICARD IN) , Pvr Inox (PVRINOX IN), and Escorts Kubota Limited (ESCORTS IN). 
Credit Cost for SBI is expected to remain elevated, PVR management seems to be misreading consumer preferences, and Macro uncertainties cloud ESCORTS.


Fundamental Shorts - SBI Cards | PVR Inox | Escorts Kubota

India

PVR Inox is India's largest film exhibition company, operating a vast network of multiplex cinemas across India and Sri Lanka. The company generates revenue through movie ticket sales, food and beverage sales, in-cinema advertising, and also engages in film distribution and production. PVR Inox is headquartered in Gurugram, India, and was founded in 1991.

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PVR Inox (PVRINOX IN)

Event Driven: Special Call Auction in Indian Holding Companies

BSE & NSE to hold special call auction on Oct 28, 2024 for Investment Holding Companies, 8-9 eligible, 3 with over 100% upside potential.

Nimish Maheshwari

Pvr Inox - Q3 Movie Pipeline Inspires Confidence

The Q3 movie pipeline ticks these boxes and provides comfort on better box office performance, even as we remain cognizant of the structural issues...

Emkay

PVR Inox Ltd - Weak Q1; Downgrade to Hold

Revenues stood at Rs 1191 crore down 5.2 q-o-q/ 8.8% y-o-y in line with our estimates of Rs.1194 crore. EBITDA margin (pre Ind-AS116) stood at -3.2%.

Sharekhan

PVR Inox - CXO 1x1: Nitin Sood, Chief Financial Officer

ICICI Direct's research report onPVR Inox We met Mr Nitin Sood, Chief Financial Officer, PVR Inox. Takeaways: 1) Rental cost may come down to 16...

ICICI Securities Limited

Fundamental Shorts - SBI Cards | PVR Inox | Escorts Kubota

This Insight highlights fundamental shorts identified in our coverage universe including SBI Cards, Pvr Inox, and Escorts Kubota.

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Event Driven: Special Call Auction in Indian Holding Companies

​BSE & NSE to hold special call auction on Oct 28, 2024 for Investment Holding Companies, 8-9 eligible, 3 with over 100% upside potential.

Nimish Maheshwari

Pvr Inox - Q3 Movie Pipeline Inspires Confidence

The Q3 movie pipeline ticks these boxes and provides comfort on better box office performance, even as we remain cognizant of the structural issues...

Emkay

PVR Inox Ltd - Weak Q1; Downgrade to Hold

Revenues stood at Rs 1191 crore down 5.2 q-o-q/ 8.8% y-o-y in line with our estimates of Rs.1194 crore. EBITDA margin (pre Ind-AS116) stood at -3.2%.

Sharekhan

PVR Inox - CXO 1x1: Nitin Sood, Chief Financial Officer

ICICI Direct's research report onPVR Inox We met Mr Nitin Sood, Chief Financial Officer, PVR Inox. Takeaways: 1) Rental cost may come down to 16...

ICICI Securities Limited

Fundamental Shorts - SBI Cards | PVR Inox | Escorts Kubota

This Insight highlights ​fundamental shorts identified in our coverage universe including SBI Cards, Pvr Inox, and Escorts Kubota.

Pranav Bhavsar

BSE & NSE to hold special call auction on Oct 28, 2024 for Investment Holding Companies, 8-9 eligible, 3 with over 100% upside potential.

This Insight highlights fundamental shorts identified in our coverage universe including SBI Cards, Pvr Inox, and Escorts Kubota.