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>SEBI issued a 109-page interim order on June 3, 2026, alleging prima facie revenue misrepresentation of around INR 15.15 lakh crore in consolidated revenue between FY21 and FY25.</li>
<li>The case matters because LIC holds 10.8%, around 1.98 lakh retail shareholders are exposed, and the stock is down over 92% from its peak. </li>
<li>This is an interim ex-parte order. REL’s cooperation with the fresh forensic audit and NFRA’s review of auditor conduct will shape the next outcome.</li>
</ul>


SEBI issued a 109-page interim order on June 3, 2026, alleging prima facie revenue misrepresentation of around INR 15.15 lakh crore in consolidated revenue between FY21 and FY25.
The case matters because LIC holds 10.8%, around 1.98 lakh retail shareholders are exposed, and the stock is down over 92% from its peak. 
This is an interim ex-parte order. REL’s cooperation with the fresh forensic audit and NFRA’s review of auditor conduct will shape the next outcome.


Rajesh Exports: Inside SEBI’s ₹15.15 Lakh Crore Revenue Red Flag

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Forensic Accounting

<ul>
<li>SEBI issued an interim order on June 3, 2026, restricting promoter Rajesh Mehta from securities trading over alleged revenue misrepresentation of INR 15,15,385 crore.</li>
<li>SEBI found 97–99% of consolidated revenues unverifiable, raising concerns around auditor oversight, subsidiary disclosures, and investor wealth erosion of around INR 12,726 crore.</li>
<li>The order is still prima facie, but the scale of alleged misreporting, fund routing, and audit gaps creates major uncertainty for investors.</li>
</ul>


SEBI issued an interim order on June 3, 2026, restricting promoter Rajesh Mehta from securities trading over alleged revenue misrepresentation of INR 15,15,385 crore.
SEBI found 97–99% of consolidated revenues unverifiable, raising concerns around auditor oversight, subsidiary disclosures, and investor wealth erosion of around INR 12,726 crore.
The order is still prima facie, but the scale of alleged misreporting, fund routing, and audit gaps creates major uncertainty for investors.


SEBI's Explosive Interim Order Against Rajesh Exports Exposes 15L Crs of Inflated Sales

Thematic (Sector/Industry)

<ul>
<li>India's PLI-ACC scheme has disbursed zero incentives to date; actual cell production capacity stands at roughly 1.4 GWh against a 50 GWh target.</li>
<li>India's grid needs an estimated 236 GWh of battery storage by 2031-32; if domestic gigafactories miss their 2026-28 ramps, China will supply the surge, undermining the entire domestic manufacturing thesis.</li>
<li>Three players, three divergent technology bets, and a shared supply-chain vulnerability from China: the 2026-27 window will reveal which of these factories can close the gap between ambition and output.</li>
</ul>


India's PLI-ACC scheme has disbursed zero incentives to date; actual cell production capacity stands at roughly 1.4 GWh against a 50 GWh target.
India's grid needs an estimated 236 GWh of battery storage by 2031-32; if domestic gigafactories miss their 2026-28 ramps, China will supply the surge, undermining the entire domestic manufacturing thesis.
Three players, three divergent technology bets, and a shared supply-chain vulnerability from China: the 2026-27 window will reveal which of these factories can close the gap between ambition and output.


India's Gigafactory: 50 GWh Promised, 1.4 GWh Delivered

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

Highlighted themes and actionable charts: Reiterating BRIC overweight. This country grouping continues to outperform broad EM, and we believe BRIC will be a primary source of outperformance relative to the MSCI EM Index moving forward.  Today’s report includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations within EM.

Highlighted themes and actionable charts: Reiterating BRIC overweight. This country grouping continues to outperform broad EM, and we believe BRIC will be a primary source of outperformance relative to the MSCI EM Index moving forward.  Today’s report includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations within EM.

EM Equity Strategy: Indonesia Perking Up; Overweight BRIC, Tech, and Health Care

Notable themes:<ul><li>
Sector leadership is concentrated. The MSCI EM Index’s YTD advance, which is pushing through to all-time highs, is driven primary by tech. This sector accounts for a 26% weighting in the Index, and it is the only sector trading at 12-month relative strength highs. That’s the rear-view mirror take. What’s the technical outlook for tech? We remain overweight, keeping in mind the sector is ripe for a pause/correction (based on how far it is trading above its 200-day MA). Long-term…</li></ul>

Notable themes:
Sector leadership is concentrated. The MSCI EM Index’s YTD advance, which is pushing through to all-time highs, is driven primary by tech. This sector accounts for a 26% weighting in the Index, and it is the only sector trading at 12-month relative strength highs. That’s the rear-view mirror take. What’s the technical outlook for tech? We remain overweight, keeping in mind the sector is ripe for a pause/correction (based on how far it is trading above its 200-day MA). Long-term…

India

Rajesh Exports Limited is a global leader in the gold industry, involved in gold refining, manufacturing, exporting, and retailing. The company operates a fully integrated business model from gold refining to retail, and processes approximately 35% of the world's total gold production through its subsidiary, Valcambi SA. Rajesh Exports also manufactures and sells a diverse range of products including handmade jewelry, casting jewelry, and gold bars. The company is headquartered in Bengaluru, India, and was founded in 1989.

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Rajesh Exports (RJEX IN)

Rajesh Exports: Inside SEBI’s ₹15.15 Lakh Crore Revenue Red Flag

SEBI alleges revenue misrepresentation of INR 15.15 lakh crore by REL, impacting LIC and 1.98 lakh shareholders, with stock down 92%. Next steps...

Sudarshan Bhandari

SEBI's Explosive Interim Order Against Rajesh Exports Exposes 15L Crs of Inflated Sales

SEBI restricts promoter Rajesh Mehta from trading over alleged revenue misrepresentation of INR 15,15,385 crore, raising concerns over auditor...

Nimish Maheshwari

India's Gigafactory: 50 GWh Promised, 1.4 GWh Delivered

India's PLI-ACC scheme struggles with zero incentives and low cell production capacity, risking reliance on China for battery storage needs if...

Nimish Maheshwari

EM Equity Strategy: Indonesia Perking Up; Overweight BRIC, Tech, and Health Care

Highlighted themes and actionable charts: Reiterating BRIC overweight. This country grouping continues to outperform broad EM, and we believe BRIC...

Vermilion Research

EM Leadership Screen & Chart Book

Notable themes: Sector leadership is concentrated. The MSCI EM Index’s YTD advance, which is pushing through to all-time highs, is driven primary...

Vermilion Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Rajesh Exports: Inside SEBI’s ₹15.15 Lakh Crore Revenue Red Flag

​SEBI alleges revenue misrepresentation of INR 15.15 lakh crore by REL, impacting LIC and 1.98 lakh shareholders, with stock down 92%. Next steps...

Sudarshan Bhandari

SEBI's Explosive Interim Order Against Rajesh Exports Exposes 15L Crs of Inflated Sales

​SEBI restricts promoter Rajesh Mehta from trading over alleged revenue misrepresentation of INR 15,15,385 crore, raising concerns over auditor...

Nimish Maheshwari

India's Gigafactory: 50 GWh Promised, 1.4 GWh Delivered

​India's PLI-ACC scheme struggles with zero incentives and low cell production capacity, risking reliance on China for battery storage needs if...

Nimish Maheshwari

EM Equity Strategy: Indonesia Perking Up; Overweight BRIC, Tech, and Health Care

Highlighted themes and actionable charts: Reiterating BRIC overweight. This country grouping continues to outperform broad EM, and we believe BRIC...

Vermilion Research

EM Leadership Screen & Chart Book

Notable themes: Sector leadership is concentrated. The MSCI EM Index’s YTD advance, which is pushing through to all-time highs, is driven primary...

Vermilion Research

SEBI alleges revenue misrepresentation of INR 15.15 lakh crore by REL, impacting LIC and 1.98 lakh shareholders, with stock down 92%. Next steps...

SEBI restricts promoter Rajesh Mehta from trading over alleged revenue misrepresentation of INR 15,15,385 crore, raising concerns over auditor...

India's PLI-ACC scheme struggles with zero incentives and low cell production capacity, risking reliance on China for battery storage needs if...