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>The latest results reveal strong double-digit growth in the newly separated Engineering business, confirming the strategic shift toward high-precision manufacturing in Aerospace &amp; Defence and Auto Components.</li>
<li>Successful completion and initial performance validation of the demerger process transforms Raymond into two pure-play, specialized manufacturing entities poised to capitalize on global "China + 1" and Indian aerospace tailwinds.</li>
<li>The structural re-rating thesis remains firmly intact, driven by accelerating margins in the Aerospace vertical and long-term contract visibility.</li>
</ul>


The latest results reveal strong double-digit growth in the newly separated Engineering business, confirming the strategic shift toward high-precision manufacturing in Aerospace &amp; Defence and Auto Components.
Successful completion and initial performance validation of the demerger process transforms Raymond into two pure-play, specialized manufacturing entities poised to capitalize on global "China + 1" and Indian aerospace tailwinds.
The structural re-rating thesis remains firmly intact, driven by accelerating margins in the Aerospace vertical and long-term contract visibility.


The Beat Ideas: Raymond’s Engineering Rebirth- The Aerospace & Defence Leap?

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raymond-lifestyle-limited" target="_blank" data-smartkarma-citation="entities:43905:1" rel="noopener">Raymond Lifestyle (RAYMONDL IN)</a> recently demerged from Raymond Limited.  Since Raymond Limited was part of various indexes, Raymond Lifestyle was not. Index Fund selling led to a correction.</li>
<li>The correction made Raymond Lifestyle a special situation value bet.</li>
<li>The cherry on the cake is strong management guidance and a foray into the untapped non branded and unorganized apparel segment</li>
</ul>



Raymond Lifestyle (RAYMONDL IN) recently demerged from Raymond Limited.  Since Raymond Limited was part of various indexes, Raymond Lifestyle was not. Index Fund selling led to a correction.
The correction made Raymond Lifestyle a special situation value bet.
The cherry on the cake is strong management guidance and a foray into the untapped non branded and unorganized apparel segment


Raymond Lifestyle: A Value Play in Ethnic Wear with Special Situation Potential

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

FSN E-Commerce Ventures (Nykaa) / Equity Capital Markets

<ul>
<li>Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a 2% stake in <a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures (NYKAA IN)</a>.</li>
<li>He has been gradually reducing his holding, currently owns about 4.97% of Nykaa. Prior to Nykaa’s IPO in Nov 2021, he held a stake of 8.7% in the company.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a 2% stake in FSN E-Commerce Ventures (NYKAA IN).
He has been gradually reducing his holding, currently owns about 4.97% of Nykaa. Prior to Nykaa’s IPO in Nov 2021, he held a stake of 8.7% in the company.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Nykaa Block - US$140m Selldown by Banga Family

Forensic Accounting

<ul>
<li>Raymond Lifestyle’s stock plummets 60% in six months post-demerger, due to lots of governance lapses.</li>
<li>Corporate Governance Crisis: CEO,CFO, Director Resignations, Delayed disclosures, Controversial Remuneration and Many More.</li>
<li>The company gave excuses such as inflation, an IT incident, etc. in their management meeting after not being able to deliver the performance.</li>
</ul>


Raymond Lifestyle’s stock plummets 60% in six months post-demerger, due to lots of governance lapses.
Corporate Governance Crisis: CEO,CFO, Director Resignations, Delayed disclosures, Controversial Remuneration and Many More.
The company gave excuses such as inflation, an IT incident, etc. in their management meeting after not being able to deliver the performance.


Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a> acquires Aditya Birla’s pulp &amp; paper unit in an all-cash INR 3,498 Cr deal, boosting its market dominance in specialty paperboards and 60% capacity expansion.</li>
<li>GOI hikes APM gas rates by 4% after two years, making CNG and piped cooking gas costlier, impacting households and transport.</li>
<li>
<a href="https://www.smartkarma.com/entities/hindustan-aeronautics-ltd" target="_blank" data-smartkarma-citation="entities:26747:1" rel="noopener">Hindustan Aeronautics (HNAL IN)</a> signs India’s biggest defence deal of Rs. 62,700 Cr to supply 156 Light Combat Helicopters, sending its stock soaring 7%.</li>
</ul>



ITC Ltd (ITC IN) acquires Aditya Birla’s pulp &amp; paper unit in an all-cash INR 3,498 Cr deal, boosting its market dominance in specialty paperboards and 60% capacity expansion.
GOI hikes APM gas rates by 4% after two years, making CNG and piped cooking gas costlier, impacting households and transport.

Hindustan Aeronautics (HNAL IN) signs India’s biggest defence deal of Rs. 62,700 Cr to supply 156 Light Combat Helicopters, sending its stock soaring 7%.


#131 India Insight: ITC’s 3.5k Paper Unit Acquisition, GOI 4% AMP Gas Hike, HAL’s Huge Defence Win

India

Raymond Ltd. manufactures fabrics, rugs, blankets, shawls, furnishing fabrics and garments.  The Company also manufactures files and rasps, file making machinery, H.S.S. twist drills, alloy steel forgings, bars and rods, steel strips and Portland cement.  The Company sells its woolen fabrics, woven materials and readymade garments through their retail outlets across India.

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Raymond Ltd (RW IN)

The Beat Ideas: Raymond’s Engineering Rebirth- The Aerospace & Defence Leap?

Raymond's Engineering business sees strong double-digit growth post demerger, positioning the company as specialized manufacturing entities in...

Sudarshan Bhandari

Raymond Lifestyle: A Value Play in Ethnic Wear with Special Situation Potential

Raymond Lifestyle demerged from Raymond Limited, correction due to Index Fund selling created special value bet with strong management guidance...

Nimish Maheshwari

Nykaa Block - US$140m Selldown by Banga Family

Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a stake of around 2.1% at a floor price of around...

Akshat Shah

Raymond Lifestyle: Governance Crisis?

Raymond Lifestyle's stock drops 60% post-demerger due to governance lapses, including resignations and delayed disclosures. Excuses like inflation...

Nimish Maheshwari

#131 India Insight: ITC’s 3.5k Paper Unit Acquisition, GOI 4% AMP Gas Hike, HAL’s Huge Defence Win

ITC Ltd expands market dominance with acquisition, GOI hikes gas rates impacting households, Hindustan Aeronautics signs major defence deal...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: Raymond’s Engineering Rebirth- The Aerospace & Defence Leap?

​Raymond's Engineering business sees strong double-digit growth post demerger, positioning the company as specialized manufacturing entities in...

Sudarshan Bhandari

Raymond Lifestyle: A Value Play in Ethnic Wear with Special Situation Potential

​Raymond Lifestyle demerged from Raymond Limited, correction due to Index Fund selling created special value bet with strong management guidance...

Nimish Maheshwari

Nykaa Block - US$140m Selldown by Banga Family

Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a stake of around 2.1% at a floor price of around...

Akshat Shah

Raymond Lifestyle: Governance Crisis?

​Raymond Lifestyle's stock drops 60% post-demerger due to governance lapses, including resignations and delayed disclosures. Excuses like inflation...

Nimish Maheshwari

#131 India Insight: ITC’s 3.5k Paper Unit Acquisition, GOI 4% AMP Gas Hike, HAL’s Huge Defence Win

​ITC Ltd expands market dominance with acquisition, GOI hikes gas rates impacting households, Hindustan Aeronautics signs major defence deal...

Sudarshan Bhandari

Raymond's Engineering business sees strong double-digit growth post demerger, positioning the company as specialized manufacturing entities in...

Raymond Lifestyle demerged from Raymond Limited, correction due to Index Fund selling created special value bet with strong management guidance...

Raymond Lifestyle's stock drops 60% post-demerger due to governance lapses, including resignations and delayed disclosures. Excuses like inflation...

ITC Ltd expands market dominance with acquisition, GOI hikes gas rates impacting households, Hindustan Aeronautics signs major defence deal...