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>Emirates NBD to invest USD3 billion for a controlling stake of up to 74% in RBL Bank through a mix of preferential issue and open offer.</li>
<li>The deal boosts RBL’s capital strength, global linkages, and business mix amid ongoing margin and asset-quality challenges.</li>
<li>Short-Term earnings may stay uneven, but the investment sets up a long-term re-rating opportunity dependent on execution, regulation, and credit control.</li>
</ul>


Emirates NBD to invest USD3 billion for a controlling stake of up to 74% in RBL Bank through a mix of preferential issue and open offer.
The deal boosts RBL’s capital strength, global linkages, and business mix amid ongoing margin and asset-quality challenges.
Short-Term earnings may stay uneven, but the investment sets up a long-term re-rating opportunity dependent on execution, regulation, and credit control.


Emirates NBD’s Entry Redefines RBL Bank’s Growth Trajectory

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

CleanMax Enviro Energy Solutions Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cleanmax-enviro-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:45702:1" rel="noopener">CleanMax Enviro Energy Solutions Ltd (8382406Z IN)</a> (CEESL) is looking to raise US$586m in its upcoming India IPO.</li>
<li>CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise US$586m in its upcoming India IPO.
CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
In this note, we talk about the positive aspects of the deal.


CleanMax Enviro Energy Solutions Pre-IPO- The Positives- Scalable Growth with Strong Market Position

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>The banking sector will likely see earnings growth bottom out in FY26, with the second half potentially performing better than the first half as deposit rate reductions eventually flow through.</li>
<li>This divergence between declining lending rates and sticky deposit costs is the core driver of NIM compression.</li>
<li>This monetary easing is expected to exert downward pressure on banks' lending yields, impacting NIMs, particularly in the first half of fiscal year 2026 (1HFY26). </li>
</ul>


The banking sector will likely see earnings growth bottom out in FY26, with the second half potentially performing better than the first half as deposit rate reductions eventually flow through.
This divergence between declining lending rates and sticky deposit costs is the core driver of NIM compression.
This monetary easing is expected to exert downward pressure on banks' lending yields, impacting NIMs, particularly in the first half of fiscal year 2026 (1HFY26). 


Impact of Rate Cut on Indian Banking Sector: NIMs & Earnings to Contract Further Amid Slowdown

<ul>
<li>Indian banks' average Net Interest Margins fell 21 basis points in FY25, projected to decline another 9 basis points in FY2026 due to RBI rate cuts and deposit competition pressures.  </li>
<li>Robust credit growth continues while deposit growth lags increasing funding costs. Nonperforming Assets for public and private banks are projected to stabilize or decline.  </li>
<li>Contracting margins squeeze core income, public banks may see profit decline FY26 despite stable asset quality aiding earnings.</li>
</ul>


Indian banks' average Net Interest Margins fell 21 basis points in FY25, projected to decline another 9 basis points in FY2026 due to RBI rate cuts and deposit competition pressures.  
Robust credit growth continues while deposit growth lags increasing funding costs. Nonperforming Assets for public and private banks are projected to stabilize or decline.  
Contracting margins squeeze core income, public banks may see profit decline FY26 despite stable asset quality aiding earnings.


Impact Of Contracting NIM On Indian Banks Earnings

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 continue our earnings coverage highlighting key earnings and what catches our attention in the conference calls.</li>
<li>For this edition we focus on select Banking names like <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a>; <a href="https://www.smartkarma.com/entities/kotak-mahindra-bank-ltd" target="_blank" data-smartkarma-citation="entities:126:1" rel="noopener">Kotak Mahindra Bank (KMB IN); </a><a href="https://www.smartkarma.com/entities/rbl-bank-ltd" target="_blank" data-smartkarma-citation="entities:22856:1" rel="noopener">RBL Bank Ltd (RBK IN)</a>.</li>
<li>We are bearish on most names except <a href="https://www.smartkarma.com/entities/axis-bank-ltd" target="_blank" data-smartkarma-citation="entities:768:1" rel="noopener">Axis Bank Ltd (AXSB IN)</a> and <a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a>. </li>
</ul>


We continue our earnings coverage highlighting key earnings and what catches our attention in the conference calls.
For this edition we focus on select Banking names like HDFC Bank (HDFCB IN); Kotak Mahindra Bank (KMB IN); RBL Bank Ltd (RBK IN).
We are bearish on most names except Axis Bank Ltd (AXSB IN) and Bandhan Bank Ltd (BANDHAN IN). 


Namaste India 🙏 | Earnings Edition - Banking Special

India

RBL Bank Limited operates as a commercial bank. The Company offers banking products and services such as savings accounts, fixed deposits, personal and business loans, debit and credit cards, insurance, investment management, and mobile banking. RBL Bank serves customers throughout India.

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RBL Bank Ltd (RBK IN)

Emirates NBD’s Entry Redefines RBL Bank’s Growth Trajectory

Emirates NBD to invest USD3 billion for a controlling stake in RBL Bank, boosting capital strength and global linkages with potential for long...

Sudarshan Bhandari

CleanMax Enviro Energy Solutions Pre-IPO- The Positives- Scalable Growth with Strong Market Position

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise US$586m in its upcoming India IPO. In this note, we will talk about the...

Akshat Shah

Impact of Rate Cut on Indian Banking Sector: NIMs & Earnings to Contract Further Amid Slowdown

Banking sector earnings growth expected to improve in FY26 as deposit rate reductions flow through, but NIM compression likely due to declining...

Nimish Maheshwari

Impact Of Contracting NIM On Indian Banks Earnings

Indian banks face declining Net Interest Margins in FY25 and FY26 due to RBI rate cuts and deposit competition, impacting profit despite stable...

Nimish Maheshwari

Namaste India 🙏 | Earnings Edition - Banking Special

We cover key earnings and conference call highlights for select Banking names, with a bearish outlook on most except for Axis Bank Ltd and Bandhan...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Emirates NBD’s Entry Redefines RBL Bank’s Growth Trajectory

​Emirates NBD to invest USD3 billion for a controlling stake in RBL Bank, boosting capital strength and global linkages with potential for long...

Sudarshan Bhandari

CleanMax Enviro Energy Solutions Pre-IPO- The Positives- Scalable Growth with Strong Market Position

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise US$586m in its upcoming India IPO. In this note, we will talk about the...

Akshat Shah

Impact of Rate Cut on Indian Banking Sector: NIMs & Earnings to Contract Further Amid Slowdown

​Banking sector earnings growth expected to improve in FY26 as deposit rate reductions flow through, but NIM compression likely due to declining...

Nimish Maheshwari

Impact Of Contracting NIM On Indian Banks Earnings

​Indian banks face declining Net Interest Margins in FY25 and FY26 due to RBI rate cuts and deposit competition, impacting profit despite stable...

Nimish Maheshwari

Namaste India 🙏 | Earnings Edition - Banking Special

We cover key earnings and conference call highlights for select Banking names, with a bearish outlook on most except for Axis Bank Ltd and Bandhan...

Pranav Bhavsar

Emirates NBD to invest USD3 billion for a controlling stake in RBL Bank, boosting capital strength and global linkages with potential for long...

Banking sector earnings growth expected to improve in FY26 as deposit rate reductions flow through, but NIM compression likely due to declining...

Indian banks face declining Net Interest Margins in FY25 and FY26 due to RBI rate cuts and deposit competition, impacting profit despite stable...