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>Scoda Tubes is doubling seamless capacity and scaling welded capacity to 20,068 MTPA and 13,150 MTPA by FY27, with trial runs from H2 FY26.</li>
<li>This expansion positions Scoda to grow 2.5–3x industry pace, capture global demand, and strengthen its competitive edge against larger peers.</li>
<li>Scoda's integrated operations and strong export growth improve long-term visibility, making Scoda a potential re-rating candidate. </li>
</ul>


Scoda Tubes is doubling seamless capacity and scaling welded capacity to 20,068 MTPA and 13,150 MTPA by FY27, with trial runs from H2 FY26.
This expansion positions Scoda to grow 2.5–3x industry pace, capture global demand, and strengthen its competitive edge against larger peers.
Scoda's integrated operations and strong export growth improve long-term visibility, making Scoda a potential re-rating candidate. 


The Beat Ideas: Scoda Tubes - Ready to Double Capacity, But Can It Deliver?

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Market leader with 55% share in seamless pipes, Rs2,400 Cr net cash, and stable Rs15,000–17,000/ton EBITDA backed by strong oil &amp; gas demand. </li>
<li>Efficient capital allocator delivering 20%+ ROCE, with consistent insider buying reflecting high promoter confidence.</li>
<li>26% profit CAGR over 5 years, yet trades at ~12x P/E, offering value in a structurally growing industry.</li>
</ul>


Market leader with 55% share in seamless pipes, Rs2,400 Cr net cash, and stable Rs15,000–17,000/ton EBITDA backed by strong oil &amp; gas demand. 
Efficient capital allocator delivering 20%+ ROCE, with consistent insider buying reflecting high promoter confidence.
26% profit CAGR over 5 years, yet trades at ~12x P/E, offering value in a structurally growing industry.


MSL: High ROCE, Strong Moat - Rides Energy Capex Surge

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

<ul>
<li>We continue to see some encouraging signs that suggest that the lows may have been established for this correction.</li>
<li>We still believe a bottoming process would likely take weeks or potentially months and could come with more tests of the lows -- or even an undercut.</li>
<li>With that said, we continue to see attractive and actionable setups, primarily within cyclical value (Energy, Materials, Manufacturing, Transportation, and Financials).</li>
</ul>


We continue to see some encouraging signs that suggest that the lows may have been established for this correction.
We still believe a bottoming process would likely take weeks or potentially months and could come with more tests of the lows -- or even an undercut.
With that said, we continue to see attractive and actionable setups, primarily within cyclical value (Energy, Materials, Manufacturing, Transportation, and Financials).


Encouraging Signs, But Concerns Still Outweigh; Buying Materials, Energy, Industrials, Health Care

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

ICICI Securities Limited

External broker reports(aggregated public sources)

Ratnamani Metals and Tubes / Equity Bottom-Up

RMTL's order book has improved QoQ. RMTL's order book as on May 1, 2021 was at Rs 1498 crore (Rs 1359 crore as on January 1, 2021). Stainless steel (SS) order book was at Rs 330 crore (Rs 347 crore as on January 1, 2021) while carbon steel (CS) orders were at Rs 1168 crore (Rs 1012 crore as on January 1, 2021). In terms of domestic and exports mix, domestic orders were at Rs 1357 crore while export orders were at Rs 141 crore. Of the Rs 1357 crore domestic order book, Rs 251 crore is in the SS segment while balance Rs 1106 crore is in the CS segment.<div class="content-highlight">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.</div>

RMTL's order book has improved QoQ. RMTL's order book as on May 1, 2021 was at Rs 1498 crore (Rs 1359 crore as on January 1, 2021). Stainless steel (SS) order book was at Rs 330 crore (Rs 347 crore as on January 1, 2021) while carbon steel (CS) orders were at Rs 1168 crore (Rs 1012 crore as on January 1, 2021). In terms of domestic and exports mix, domestic orders were at Rs 1357 crore while export orders were at Rs 141 crore. Of the Rs 1357 crore domestic order book, Rs 251 crore is in the SS segment while balance Rs 1106 crore is in the CS segment.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.

RATNAMANI: RMTL's order book has improved QoQ

India

Ratnamani Metals & Tubes Ltd manufactures stainless steel seamless and welded tubes and pipes in India. The Company's clientele base consists of chemical, fertilizer, petrochemicals, refinery, power, dairy, sugar and pharmaceutical industries. Ratnamani is a regular supplier to companies such as  BHEL, IOCL, GAIL, L&T and Reliance Industries Ltd.

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Ratnamani Metals and Tubes (RMT IN)

The Beat Ideas: Scoda Tubes - Ready to Double Capacity, But Can It Deliver?

Scoda Tubes is ramping up seamless and welded capacity to capture global demand, positioning itself for significant growth and potential re-rating.

Sudarshan Bhandari

MSL: High ROCE, Strong Moat - Rides Energy Capex Surge

Market leader in seamless pipes with strong financials, high ROCE, and consistent insider buying, offering value in a growing industry.

Rahul Jain

Encouraging Signs, But Concerns Still Outweigh; Buying Materials, Energy, Industrials, Health Care

We continue to see some encouraging signs that suggest that the lows may have been established for this correction. Still, cyclical value remains...

Vermilion Research

RATNAMANI: RMTL's order book has improved QoQ

RMTL's order book has improved QoQ. RMTL's order book as on May 1, 2021 was at Rs 1498 crore (Rs 1359 crore as on January 1, 2021). Stainless steel...

ICICI Securities Limited

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: Scoda Tubes - Ready to Double Capacity, But Can It Deliver?

​Scoda Tubes is ramping up seamless and welded capacity to capture global demand, positioning itself for significant growth and potential re-rating.

Sudarshan Bhandari

MSL: High ROCE, Strong Moat - Rides Energy Capex Surge

​Market leader in seamless pipes with strong financials, high ROCE, and consistent insider buying, offering value in a growing industry.

Rahul Jain

Encouraging Signs, But Concerns Still Outweigh; Buying Materials, Energy, Industrials, Health Care

We continue to see some encouraging signs that suggest that the lows may have been established for this correction. Still, cyclical value remains...

Vermilion Research

RATNAMANI: RMTL's order book has improved QoQ

RMTL's order book has improved QoQ. RMTL's order book as on May 1, 2021 was at Rs 1498 crore (Rs 1359 crore as on January 1, 2021). Stainless steel...

ICICI Securities Limited

Scoda Tubes is ramping up seamless and welded capacity to capture global demand, positioning itself for significant growth and potential re-rating.

Market leader in seamless pipes with strong financials, high ROCE, and consistent insider buying, offering value in a growing industry.