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>India has raised a ~$30 bn claim against <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> and <a href="https://www.smartkarma.com/entities/bp-plc" target="_blank" data-smartkarma-citation="entities:21847:1" rel="noopener">BP PLC (BP/ LN)</a> over alleged underproduction from the KG-D6 gas block</li>
<li>The claim reopens long-settled assumptions on PSC sanctity, reservoir risk allocation, and investor protection in India’s upstream sector.</li>
<li>While financial liability risk for Reliance appears remote, the dispute has second-order implications for energy policy credibility and foreign capital comfort.</li>
</ul>


India has raised a ~$30 bn claim against Reliance Industries (RELIANCE IN) and BP PLC (BP/ LN) over alleged underproduction from the KG-D6 gas block
The claim reopens long-settled assumptions on PSC sanctity, reservoir risk allocation, and investor protection in India’s upstream sector.
While financial liability risk for Reliance appears remote, the dispute has second-order implications for energy policy credibility and foreign capital comfort.


KG-D6 Dispute: Reliance-BP Face Massive $30 Billion KG-D6 Underproduction Claim

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<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?

<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?

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

Amagi Media Labs / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amagi-media-labs" target="_blank" data-smartkarma-citation="entities:45644:1" rel="noopener">Amagi Media Labs (1232899D IN)</a> (AML) is looking to raise around US$198m in its India IPO. The deal has been downsized from its earlier estimated deal size of around US$400m.</li>
<li>AML provides software solutions for content providers, owners, video platforms, advertising networks to create, distribute, and monetize video content across a variety of channels and devices, including for live events. </li>
<li>In this note, we talk about the company’s historical performance and IPO valuations.</li>
</ul>



Amagi Media Labs (1232899D IN) (AML) is looking to raise around US$198m in its India IPO. The deal has been downsized from its earlier estimated deal size of around US$400m.
AML provides software solutions for content providers, owners, video platforms, advertising networks to create, distribute, and monetize video content across a variety of channels and devices, including for live events. 
In this note, we talk about the company’s historical performance and IPO valuations.


Aequitas: Amagi Media Labs IPO - Scaling a Global Platform; Profitability in Sight

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

National Stock Exchange / Equity Capital Markets

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at Hong Kong earlier, we now talk about India's pipeline.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at Hong Kong earlier, we now talk about India's pipeline.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


India

Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber. The Company also owns a petroleum refinery cum petrochemicals complex in Jamnagar, India that produces a wide range of products such as gasoline, superior kerosene oil and liquefied petroleum gas.

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Reliance Industries (RELIANCE IN)

KG-D6 Dispute: Reliance-BP Face Massive $30 Billion KG-D6 Underproduction Claim

India claims $30 bn against Reliance Industries and BP PLC for alleged underproduction, reopening debates on PSC sanctity and investor protection...

Sudarshan Bhandari

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

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

Aequitas: Amagi Media Labs IPO - Scaling a Global Platform; Profitability in Sight

Amagi Media Labs (AML) is looking to raise around US$198m in its India IPO. The deal has been downsized from its earlier estimated deal size of...

Akshat Shah

Aequitas 2026 Asia IPO Pipeline - India

In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at Hong Kong earlier, we now talk about India's pipeline.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KG-D6 Dispute: Reliance-BP Face Massive $30 Billion KG-D6 Underproduction Claim

​India claims $30 bn against Reliance Industries and BP PLC for alleged underproduction, reopening debates on PSC sanctity and investor protection...

Sudarshan Bhandari

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

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

Aequitas: Amagi Media Labs IPO - Scaling a Global Platform; Profitability in Sight

Amagi Media Labs (AML) is looking to raise around US$198m in its India IPO. The deal has been downsized from its earlier estimated deal size of...

Akshat Shah

Aequitas 2026 Asia IPO Pipeline - India

In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at Hong Kong earlier, we now talk about India's pipeline.

Sumeet Singh

India claims $30 bn against Reliance Industries and BP PLC for alleged underproduction, reopening debates on PSC sanctity and investor protection...

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...