Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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>
<a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RELIANCE IN)</a>mirrors India’s economic pulse, integrating energy, retail, and digital sectors to drive consumption, industrial growth, and widespread digital adoption across the nation.</li>
<li>Q2FY26 delivered robust double-digit growth with revenue up ten percent, driven by strong consumer business momentum and a sharp recovery in fuel refining margins.</li>
<li>
 Future growth is contingent on scaling New Energy gigafactories, monetizing 5G and AI investments, and executing the planned listing of retail and digital consumer businesses.</li>
</ul>



Reliance Industries (RELIANCE IN)mirrors India’s economic pulse, integrating energy, retail, and digital sectors to drive consumption, industrial growth, and widespread digital adoption across the nation.
Q2FY26 delivered robust double-digit growth with revenue up ten percent, driven by strong consumer business momentum and a sharp recovery in fuel refining margins.

 Future growth is contingent on scaling New Energy gigafactories, monetizing 5G and AI investments, and executing the planned listing of retail and digital consumer businesses.


Reliance Industries: India’s GDP in a Single Stock?

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries</a> announced strategic intent to partner with <a href="https://www.smartkarma.com/entities/rolls-royce-holdings-plc" target="_blank" data-smartkarma-citation="entities:22121:1" rel="noopener">Rolls-Royce</a>  to design, develop, and manufacture an indigenous combat engine for the Advanced Medium Combat Aircraft (AMCA) program.  </li>
<li>In our last note, we had highlighted how the AMCA program is slated to be won by private-player led consortiums involving heavyweights like L&amp;T, Tata and Kalyani Group (Bharat Forge).</li>
<li>Now the heaviest and the biggest of all private players, Reliance Industries, has stepped in and is targeting combat engines which is among the most closely guarded technologies globally.</li>
</ul>



Reliance Industries announced strategic intent to partner with Rolls-Royce  to design, develop, and manufacture an indigenous combat engine for the Advanced Medium Combat Aircraft (AMCA) program.  
In our last note, we had highlighted how the AMCA program is slated to be won by private-player led consortiums involving heavyweights like L&amp;T, Tata and Kalyani Group (Bharat Forge).
Now the heaviest and the biggest of all private players, Reliance Industries, has stepped in and is targeting combat engines which is among the most closely guarded technologies globally.


India: Defense Privatization | Yet Another Leap Forward

<ul>
<li>Q2 FY26 saw Reliance Industries deliver robust, broad-based growth led by Consumer and Digital segments, concurrent with accelerated deployment of AI infrastructure and Green Energy assets.</li>
<li>The consumer-facing businesses now contribute nearly 50% of Group EBITDA, structurally de-risking the conglomerate from O2C volatility while cementing its positioning for India’s twin tailwinds: Digital Transformation and Energy Transition.</li>
<li>RIL’s aggressive, integrated strategy across AI and New Energy warrants a closer look at how these massive long-cycle projects are set to redefine the Group’s fundamental profile over the years.</li>
</ul>


Q2 FY26 saw Reliance Industries deliver robust, broad-based growth led by Consumer and Digital segments, concurrent with accelerated deployment of AI infrastructure and Green Energy assets.
The consumer-facing businesses now contribute nearly 50% of Group EBITDA, structurally de-risking the conglomerate from O2C volatility while cementing its positioning for India’s twin tailwinds: Digital Transformation and Energy Transition.
RIL’s aggressive, integrated strategy across AI and New Energy warrants a closer look at how these massive long-cycle projects are set to redefine the Group’s fundamental profile over the years.


Reliance Industries Q2FY26: Are New Energy and AI the Next Engines of Value Creation?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> is looking to list later this month by selling 270m shares at up to INR 1119/share, raising INR 302bn (US$3.1bn) and valuing the company at INR 10,305bn (US$106.5bn).</li>
<li>The small float (2.93% of shares out) will result in the stock missing Fast Entry to global indices. The pre-IPO lock-up expiry in April could result in global index inclusion.</li>
<li>
<a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms Ltd (1797135D IN)</a> will be added to some local indices in March, though inclusion in the headline indices will need to wait till at least June.</li>
</ul>



Jio Platforms is looking to list later this month by selling 270m shares at up to INR 1119/share, raising INR 302bn (US$3.1bn) and valuing the company at INR 10,305bn (US$106.5bn).
The small float (2.93% of shares out) will result in the stock missing Fast Entry to global indices. The pre-IPO lock-up expiry in April could result in global index inclusion.

Jio Platforms Ltd (1797135D IN) will be added to some local indices in March, though inclusion in the headline indices will need to wait till at least June.


Jio Platforms IPO: Index Entry Timeline & Flow for India's (Possibly) Largest IPO

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

<ul>
<li>Middle East data center strikes in March 2026 are re-routing Gulf workloads to India. Gujarat's new policy targets US$62.9bn in investments and 7.5 GW of capacity.</li>
<li>Capital inflows are accelerating: CPP committed US$741 million to CtrlS, Amazon raised its India commitment to US$48 billion, and H1 2026 foreign investment reached US$738 million.</li>
<li>Demand is projected to grow from 1.3 GW (FY25) to 4.7-5.7 GW by FY30, a 30-35% CAGR. We see a multi-year structural upcycle with power as the binding constraint.</li>
</ul>


Middle East data center strikes in March 2026 are re-routing Gulf workloads to India. Gujarat's new policy targets US$62.9bn in investments and 7.5 GW of capacity.
Capital inflows are accelerating: CPP committed US$741 million to CtrlS, Amazon raised its India commitment to US$48 billion, and H1 2026 foreign investment reached US$738 million.
Demand is projected to grow from 1.3 GW (FY25) to 4.7-5.7 GW by FY30, a 30-35% CAGR. We see a multi-year structural upcycle with power as the binding constraint.


India Data Center Monthly: Geopolitics, Gujarat's 7.5 GW Bid, and a Capex Supercycle Taking Shape

India

Reliance Industries is an Indian multinational conglomerate with diverse businesses including energy, petrochemicals, oil and gas exploration, telecommunications (Jio), and retail (Reliance Retail). The company is a major producer of petroleum products and a significant player in digital services and consumer goods. Reliance Industries is headquartered in Mumbai, India, and was founded in 1958.

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Reliance Industries (RELIANCE IN)

Reliance Industries: India’s GDP in a Single Stock?

Reliance Industries drives India's economic pulse through energy, retail, and digital sectors, Q2FY26 showing double-digit growth and future...

Nimish Maheshwari

India: Defense Privatization | Yet Another Leap Forward

Reliance Industries partnering with Rolls Royce to develop combat engines could prove to be a big leap forward if it goes forward towards building...

Ankit Agrawal, CFA

Reliance Industries Q2FY26: Are New Energy and AI the Next Engines of Value Creation?

Reliance Industries reports strong Q2 FY26 growth driven by consumer and digital segments, highlighting shift towards AI and Green Energy assets...

Nimish Maheshwari

Jio Platforms IPO: Index Entry Timeline & Flow for India's (Possibly) Largest IPO

Jio Platforms is looking to list in Oct after raising US$3.1bn at a valuation of US$106.5bn. No index Fast Entry given the low float. Passive...

Brian Freitas

India Data Center Monthly: Geopolitics, Gujarat's 7.5 GW Bid, and a Capex Supercycle Taking Shape

Middle East data center strikes in March 2026 are re-routing Gulf workloads to India, with Gujarat targeting US$62.9bn in investments and 7.5 GW...

GSBR Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Reliance Industries: India’s GDP in a Single Stock?

​Reliance Industries drives India's economic pulse through energy, retail, and digital sectors, Q2FY26 showing double-digit growth and future...

Nimish Maheshwari

India: Defense Privatization | Yet Another Leap Forward

Reliance Industries partnering with Rolls Royce to develop combat engines could prove to be a big leap forward if it goes forward towards building...

Ankit Agrawal, CFA

Reliance Industries Q2FY26: Are New Energy and AI the Next Engines of Value Creation?

​Reliance Industries reports strong Q2 FY26 growth driven by consumer and digital segments, highlighting shift towards AI and Green Energy assets...

Nimish Maheshwari

Jio Platforms IPO: Index Entry Timeline & Flow for India's (Possibly) Largest IPO

Jio Platforms is looking to list in Oct after raising US$3.1bn at a valuation of US$106.5bn. No index Fast Entry given the low float. Passive...

Brian Freitas

India Data Center Monthly: Geopolitics, Gujarat's 7.5 GW Bid, and a Capex Supercycle Taking Shape

​Middle East data center strikes in March 2026 are re-routing Gulf workloads to India, with Gujarat targeting US$62.9bn in investments and 7.5 GW...

GSBR Research

Reliance Industries drives India's economic pulse through energy, retail, and digital sectors, Q2FY26 showing double-digit growth and future...

Reliance Industries reports strong Q2 FY26 growth driven by consumer and digital segments, highlighting shift towards AI and Green Energy assets...

Middle East data center strikes in March 2026 are re-routing Gulf workloads to India, with Gujarat targeting US$62.9bn in investments and 7.5 GW...