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>PVR Inox is piloting a full-service "dine-in" cinema concept in Bengaluru, while management confirms a major strategic shift towards an asset-light (FOCO) model for new screen expansion.</li>
<li>The dine-in is a defensive move to protect premium Spend Per Head (SPH) against OTT, while the asset-light pivot is move to fix the balance sheet and scale in Tier-2/3.</li>
<li>The company is re-engineering its business to be less dependent on its own capital, but its profitability remains entirely dependent on the one thing it cannot control: the content pipeline.</li>
</ul>


PVR Inox is piloting a full-service "dine-in" cinema concept in Bengaluru, while management confirms a major strategic shift towards an asset-light (FOCO) model for new screen expansion.
The dine-in is a defensive move to protect premium Spend Per Head (SPH) against OTT, while the asset-light pivot is move to fix the balance sheet and scale in Tier-2/3.
The company is re-engineering its business to be less dependent on its own capital, but its profitability remains entirely dependent on the one thing it cannot control: the content pipeline.


PVR’s Two-Front War: Defending Premium SPH While Chasing Asset-Light Scale

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>FY25 was Indian boxoffice's worst performance ever (ex-covid). FY26 has started strong with multiple hits and June-Dec lineup boasts multiple action-oriented and sequel movies; genres that are witnessing high occupancy.</li>
<li>Company has strengthened its balance sheet post 'INOX' acquisition despite the revenue slump. fixed cost/screen is flat vs FY20 at 2cr while average ticket prices have grown at 5% CAGR</li>
<li>Comfortable entry level valuation (10.5x TTM EBITDA vs global peers CNK/AMC at 12/35x) supported by improved operational execution position the stock as a near term re-rating candidate.</li>
</ul>


FY25 was Indian boxoffice's worst performance ever (ex-covid). FY26 has started strong with multiple hits and June-Dec lineup boasts multiple action-oriented and sequel movies; genres that are witnessing high occupancy.
Company has strengthened its balance sheet post 'INOX' acquisition despite the revenue slump. fixed cost/screen is flat vs FY20 at 2cr while average ticket prices have grown at 5% CAGR
Comfortable entry level valuation (10.5x TTM EBITDA vs global peers CNK/AMC at 12/35x) supported by improved operational execution position the stock as a near term re-rating candidate.


PVRINOX IN: Tactical Bet - Strong Content Pipeline Can Translate to near Term Outperformance

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

Knowledge Realty Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowledge-realty-trust" target="_blank" data-smartkarma-citation="entities:44486:1" rel="noopener">Knowledge Realty Trust (258259D IN)</a> is looking to raise around US$551m in its India IPO. It has undertaken a pre-IPO placement round of around INR14bn (US$160m) in June 2025.</li>
<li>Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between CY16-1QCY25, as per the CBRE report.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.</li>
</ul>



Knowledge Realty Trust (258259D IN) is looking to raise around US$551m in its India IPO. It has undertaken a pre-IPO placement round of around INR14bn (US$160m) in June 2025.
Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between CY16-1QCY25, as per the CBRE report.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.


Knowledge Realty Trust IPO - Steady FY25 Growth, Digestible Pricing

Thematic (Sector/Industry)

<ul>
<li>
<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> reports wider Q4 loss due to weak film releases, urban spending slowdown, and decline in audience turnout.</li>
<li>
<a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> faces scrutiny over derivative accounting discrepancy, with auditors questioning if it should be classified as fraud.</li>
<li>Shares of China+1 stocks, including <a href="https://www.smartkarma.com/entities/dixon-technologies-india-ltd" target="_blank" data-smartkarma-citation="entities:25486:1" rel="noopener">Dixon Technologies India Ltd (DIXON IN)</a> , Welspun, and <a href="https://www.smartkarma.com/entities/srf-ltd" target="_blank" data-smartkarma-citation="entities:3601:1" rel="noopener">SRF Ltd (SRF IN)</a> , dip after US-China trade deal reduces tariff uncertainty.</li>
</ul>



Pvr Inox (PVRINOX IN) reports wider Q4 loss due to weak film releases, urban spending slowdown, and decline in audience turnout.

Indusind Bank (IIB IN) faces scrutiny over derivative accounting discrepancy, with auditors questioning if it should be classified as fraud.
Shares of China+1 stocks, including Dixon Technologies India Ltd (DIXON IN) , Welspun, and SRF Ltd (SRF IN) , dip after US-China trade deal reduces tariff uncertainty.


#145 India Insight: PVR Inox Posts Wider Q4 Loss, IndusInd Faces Audit Scrutiny, China+1 Stocks Dip

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>In this note, we talk about the company’s historical performance.</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.
In this note, we talk about the company’s historical performance.


Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

India

PVR INOX Limited operates cinemas. The Company owns and manages multiplex movie theaters.

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Pvr Inox (PVRINOX IN)

PVR’s Two-Front War: Defending Premium SPH While Chasing Asset-Light Scale

PVR Inox tests dine-in cinema concept in Bengaluru, shifts to asset-light model for growth; profitability hinges on content pipeline.

Sudarshan Bhandari

PVRINOX IN: Tactical Bet - Strong Content Pipeline Can Translate to near Term Outperformance

Indian box office saw its worst performance in FY25, but FY26 is off to a strong start with action movies and sequels driving high occupancy....

Himanshu Dugar

Knowledge Realty Trust IPO - Steady FY25 Growth, Digestible Pricing

Knowledge Realty Trust (KRT) is looking to raise around US$551m in its India IPO. The trust undertook a pre-IPO round of around INR14bn (US$160m)...

Akshat Shah

#145 India Insight: PVR Inox Posts Wider Q4 Loss, IndusInd Faces Audit Scrutiny, China+1 Stocks Dip

PVRINOX IN reports wider Q4 loss, IIB IN faces scrutiny over derivative accounting, China+1 stocks dip post US-China trade deal.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PVR’s Two-Front War: Defending Premium SPH While Chasing Asset-Light Scale

​PVR Inox tests dine-in cinema concept in Bengaluru, shifts to asset-light model for growth; profitability hinges on content pipeline.

Sudarshan Bhandari

PVRINOX IN: Tactical Bet - Strong Content Pipeline Can Translate to near Term Outperformance

​Indian box office saw its worst performance in FY25, but FY26 is off to a strong start with action movies and sequels driving high occupancy....

Himanshu Dugar

Knowledge Realty Trust IPO - Steady FY25 Growth, Digestible Pricing

Knowledge Realty Trust (KRT) is looking to raise around US$551m in its India IPO. The trust undertook a pre-IPO round of around INR14bn (US$160m)...

Akshat Shah

#145 India Insight: PVR Inox Posts Wider Q4 Loss, IndusInd Faces Audit Scrutiny, China+1 Stocks Dip

​PVRINOX IN reports wider Q4 loss, IIB IN faces scrutiny over derivative accounting, China+1 stocks dip post US-China trade deal.

Sudarshan Bhandari

Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Belrise Industries Limited is looking to raise about US$255m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

PVR Inox tests dine-in cinema concept in Bengaluru, shifts to asset-light model for growth; profitability hinges on content pipeline.

Indian box office saw its worst performance in FY25, but FY26 is off to a strong start with action movies and sequels driving high occupancy....

PVRINOX IN reports wider Q4 loss, IIB IN faces scrutiny over derivative accounting, China+1 stocks dip post US-China trade deal.