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>After an 18-month saga, the Burman family has taken control of REL, acquiring 25.16% equity and planning a INR 2,000 crore capital infusion.</li>
<li>This takeover ends promoter-less governance, injecting fresh strategic capital to transform Religare into a competitive NBFC and drive long-term recovery.</li>
<li>Investors should now view Religare as a turnaround story, with robust governance reforms, lower debt, and renewed focus on core financial services promising sustainable growth.</li>
</ul>


After an 18-month saga, the Burman family has taken control of REL, acquiring 25.16% equity and planning a INR 2,000 crore capital infusion.
This takeover ends promoter-less governance, injecting fresh strategic capital to transform Religare into a competitive NBFC and drive long-term recovery.
Investors should now view Religare as a turnaround story, with robust governance reforms, lower debt, and renewed focus on core financial services promising sustainable growth.


Religare's New Dawn: The Burman Family Takes Control

Forensic Accounting

Religare Enterprises / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/religare-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:14799:1" rel="noopener">Religare Enterprises (RELG IN)</a>’s saga intensifies as CEO Rashmi Saluja sues her own company amid takeover bids by the Burman family, amid insider trading allegations.</li>
<li>The battle, initially a takeover bid, has evolved into an ED probe, halting shareholder meetings and raising serious governance concerns.</li>
<li>Everything lies in the hands of Religare’s shareholder since to gain the helm again Rashmi needs more than 50% votes in the upcoming meeting on 7-Feb.</li>
</ul>



Religare Enterprises (RELG IN)’s saga intensifies as CEO Rashmi Saluja sues her own company amid takeover bids by the Burman family, amid insider trading allegations.
The battle, initially a takeover bid, has evolved into an ED probe, halting shareholder meetings and raising serious governance concerns.
Everything lies in the hands of Religare’s shareholder since to gain the helm again Rashmi needs more than 50% votes in the upcoming meeting on 7-Feb.


The Religare Controversy: A Corporate Battle

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

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

In our previous coverage on <a href="https://www.smartkarma.com/entities/religare-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:14799:1" rel="noopener">Religare Enterprises (RELG IN)</a> in <a href="https://www.smartkarma.com/insights/religare-enterprises-sustained-red-flags" target="_blank" data-smartkarma-citation="insights:53530" rel="noopener">Religare Enterprises: Sustained Red Flags</a> , we highlighted the red herrings that had tainted the group's image and valuation as a whole. In the two years i.e. F17-19, REL has witnessed a bunch of malpractices and poor asset quality, which led to a demise in the value of stock. The distressed state of affairs had almost corrupted its NBFC arm, as RBI had placed a cap on the operations. The NBFC business was also tarnished by its auditors in the last few years, having constantly been on the receiving end of qualified opinions, several of them being repeated year on year. 
However, with the exit of 'recognisable promoters' and the entrance of the 'new management', REL has stepped up to clean itself, undergoing several measures to reinforce the confidence. Since most of the damage relating to the lending business is been done, and that other segments are doing better than ever including insurance IPO which just might be the savior, REL is set for a turnaround when one looks at the overall scheme of things.

In our previous coverage on Religare Enterprises (RELG IN) in Religare Enterprises: Sustained Red Flags , we highlighted the red herrings that had tainted the group's image and valuation as a whole. In the two years i.e. F17-19, REL has witnessed a bunch of malpractices and poor asset quality, which led to a demise in the value of stock. The distressed state of affairs had almost corrupted its NBFC arm, as RBI had placed a cap on the operations. The NBFC business was also tarnished by its auditors in the last few years, having constantly been on the receiving end of qualified opinions, several of them being repeated year on year. 
However, with the exit of 'recognisable promoters' and the entrance of the 'new management', REL has stepped up to clean itself, undergoing several measures to reinforce the confidence. Since most of the damage relating to the lending business is been done, and that other segments are doing better than ever including insurance IPO which just might be the savior, REL is set for a turnaround when one looks at the overall scheme of things.

Religare Enterprises: Will Fortunes Change?

<a href="https://www.smartkarma.com/entities/religare-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:14799:1" rel="noopener">Religare Enterprises (RELG IN)</a> is a conglomerate which provides all sort of financial services such as investments, broking, lending, insurance etc. The subsidiaries over the years may have contributed heavily to the topline (Consolidated total income amounted to INR 25.3 bn vis a vis standalone income of INR 1.2 bn in F21), but along with large contribution, these subsidiaries have also brought in some shady red herrings that tarnish the balance sheet and governance.The results for year ended F21 have stated several auditor red flags, both quantitative and qualitative in nature. Whats worrying is that these red flags have been persistent since few years, and they are heading nowhere.

Religare Enterprises (RELG IN) is a conglomerate which provides all sort of financial services such as investments, broking, lending, insurance etc. The subsidiaries over the years may have contributed heavily to the topline (Consolidated total income amounted to INR 25.3 bn vis a vis standalone income of INR 1.2 bn in F21), but along with large contribution, these subsidiaries have also brought in some shady red herrings that tarnish the balance sheet and governance.The results for year ended F21 have stated several auditor red flags, both quantitative and qualitative in nature. Whats worrying is that these red flags have been persistent since few years, and they are heading nowhere. 

Religare Enterprises: Sustained Red Flags

India

Religare Enterprises is a diversified financial services company in India, operating as a core investment company. It provides a wide array of services including health insurance through Care Health Insurance, retail broking, and lending for Small and Medium Enterprises (SMEs) and affordable housing finance. The company was incorporated on January 30, 1984, and is headquartered in New Delhi, India.

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Religare Enterprises (RELG IN)

Religare's New Dawn: The Burman Family Takes Control

The Burman family takes control of REL, injecting capital for transformation into a competitive NBFC, promising sustainable growth.

Nimish Maheshwari

The Religare Controversy: A Corporate Battle

The Delhi High Court denied Rashmi Saluja's request for interim relief to block the upcoming AGM proceedings on 7th February, during which her...

Nimish Maheshwari

Religare Enterprises: Will Fortunes Change?

REL was traumatized by the red flags of its NBFC arm, but if one looks at the overall scheme of things, the parent entity faces no more risk. REL's...

Nitin Mangal

Religare Enterprises: Sustained Red Flags

F21 results have stated several auditor red flags, both quantitative and qualitative in nature. Whats worrying is that these red flags have been...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Religare's New Dawn: The Burman Family Takes Control

​The Burman family takes control of REL, injecting capital for transformation into a competitive NBFC, promising sustainable growth.

Nimish Maheshwari

The Religare Controversy: A Corporate Battle

The Delhi High Court denied Rashmi Saluja's request for interim relief to block the upcoming AGM proceedings on 7th February, during which her...

Nimish Maheshwari

Religare Enterprises: Will Fortunes Change?

REL was traumatized by the red flags of its NBFC arm, but if one looks at the overall scheme of things, the parent entity faces no more risk. REL's...

Nitin Mangal

Religare Enterprises: Sustained Red Flags

F21 results have stated several auditor red flags, both quantitative and qualitative in nature. Whats worrying is that these red flags have been...

Nitin Mangal

The Burman family takes control of REL, injecting capital for transformation into a competitive NBFC, promising sustainable growth.