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

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 (RIL IN)</a> faces a major setback as Delhi High Court rules in favour of GOI in a gas dispute, accusing RIL of fraud and unjust enrichment worth $1.7 billion. </li>
<li>SEBI rejects Danny Gaekwad's bid for a competing offer in <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> , citing lack of financial proof and inadequate due diligence.</li>
<li>
<a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a> launches its 10-minute delivery service, Amazon Now, in Bengaluru, focusing on groceries and essentials. </li>
</ul>



Reliance Industries (RIL IN) faces a major setback as Delhi High Court rules in favour of GOI in a gas dispute, accusing RIL of fraud and unjust enrichment worth $1.7 billion. 
SEBI rejects Danny Gaekwad's bid for a competing offer in Religare Enterprises (RELG IN) , citing lack of financial proof and inadequate due diligence.

Amazon.com Inc (AMZN US) launches its 10-minute delivery service, Amazon Now, in Bengaluru, focusing on groceries and essentials. 


#104 India Insight: RIL Faces Setback, SEBI Rejects Gaekwad's Bid, Amazon Launches

<ul>
<li>Rashmi Saluja, CEO and Chairperson of <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> , sues the company to prevent a potential takeover by the Burman family. (promoter family of <a href="https://www.smartkarma.com/entities/dabur-india-ltd" target="_blank" data-smartkarma-citation="entities:242:1" rel="noopener">Dabur India Ltd (DABUR IN)</a>)</li>
<li>
<a href="https://www.smartkarma.com/entities/jsw-energy-ltd" target="_blank" data-smartkarma-citation="entities:14949:1" rel="noopener">JSW Energy Ltd (JSW IN)</a>  revises its FY25 capex target to Rs 10,000 crore, down from Rs 15,000 crore, shifting focus to acquisitions due to sectoral constraints.</li>
<li>The Union Budget 2025 allocates Rs. 6.81 lakh crore to defence, with Rs. 4.88 lakh crore for revenue and Rs. 1.92 lakh crore for capital expenditure.</li>
</ul>


Rashmi Saluja, CEO and Chairperson of Religare Enterprises (RELG IN) , sues the company to prevent a potential takeover by the Burman family. (promoter family of Dabur India Ltd (DABUR IN))

JSW Energy Ltd (JSW IN)  revises its FY25 capex target to Rs 10,000 crore, down from Rs 15,000 crore, shifting focus to acquisitions due to sectoral constraints.
The Union Budget 2025 allocates Rs. 6.81 lakh crore to defence, with Rs. 4.88 lakh crore for revenue and Rs. 1.92 lakh crore for capital expenditure.


96# India Insight: Rashmi Saluja Sues Religare, JSW Energy Revises Capex, Budget 2025 Highlights.

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

Equity Bottom-Up

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?

Forensic Accounting

Religare Enterprises / Forensic Accounting

<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

Specialist in Indian Banking and Economic Research

Hemindra Hazari

Post the Bharatiya Janata Party’s (BJP) decisive victory in the Uttar Pradesh (UP) state elections, alarm bells have commenced tolling in the capital market.  The cause for concern is the BJP’s promise to the UP electorate to waive off all farm loans and provide fresh loans at zero per cent interest. Media, capital market analysts and prominent bankers have jumped on the bandwagon of moral hazard, ruining the loan payment discipline amongst farmers and apprehensions that the sacrosanct fiscal deficit may be breached as a consequence of such ‘populist’ policies. The BJP electoral promise raises some issues which need to be explored further on whether the central government has the fiscal space to provide for a total farm waiver and whether the criticism of moral hazard is credible.

Post the Bharatiya Janata Party’s (BJP) decisive victory in the Uttar Pradesh (UP) state elections, alarm bells have commenced tolling in the capital market.  The cause for concern is the BJP’s promise to the UP electorate to waive off all farm loans and provide fresh loans at zero per cent interest. Media, capital market analysts and prominent bankers have jumped on the bandwagon of moral hazard, ruining the loan payment discipline amongst farmers and apprehensions that the sacrosanct fiscal deficit may be breached as a consequence of such ‘populist’ policies. The BJP electoral promise raises some issues which need to be explored further on whether the central government has the fiscal space to provide for a total farm waiver and whether the criticism of moral hazard is credible.

U.P. Loan Waiver: 'Populist' or a Necessity?

India

Religare Enterprises Limited is a holding company for one of India's diversified financial services groups. The Company offers an integrated suite of financial services through its underlying subsidiaries and operating entities, including loans to SMEs, capital markets, wealth management, life and health insurance, and asset management.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Religare Enterprises (RELG IN)

#104 India Insight: RIL Faces Setback, SEBI Rejects Gaekwad's Bid, Amazon Launches

Delhi High Court rules against Reliance Industries in $1.7 billion gas dispute; SEBI rejects competing bid for Religare Enterprises; Amazon...

Sudarshan Bhandari

96# India Insight: Rashmi Saluja Sues Religare, JSW Energy Revises Capex, Budget 2025 Highlights.

Religare Enterprises CEO sues to block potential takeover, JSW Energy cuts capex target, Union Budget 2025 allocates Rs. 6.81 lakh crore to defence.

Sudarshan Bhandari

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

U.P. Loan Waiver: 'Populist' or a Necessity?

Post the Bharatiya Janata Party’s (BJP) decisive victory in the Uttar Pradesh (UP) state elections, alarm bells have commenced tolling in the...

Hemindra Hazari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

#104 India Insight: RIL Faces Setback, SEBI Rejects Gaekwad's Bid, Amazon Launches

​Delhi High Court rules against Reliance Industries in $1.7 billion gas dispute; SEBI rejects competing bid for Religare Enterprises; Amazon...

Sudarshan Bhandari

96# India Insight: Rashmi Saluja Sues Religare, JSW Energy Revises Capex, Budget 2025 Highlights.

​Religare Enterprises CEO sues to block potential takeover, JSW Energy cuts capex target, Union Budget 2025 allocates Rs. 6.81 lakh crore to defence.

Sudarshan Bhandari

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

U.P. Loan Waiver: 'Populist' or a Necessity?

Post the Bharatiya Janata Party’s (BJP) decisive victory in the Uttar Pradesh (UP) state elections, alarm bells have commenced tolling in the...

Hemindra Hazari

Delhi High Court rules against Reliance Industries in $1.7 billion gas dispute; SEBI rejects competing bid for Religare Enterprises; Amazon...

Religare Enterprises CEO sues to block potential takeover, JSW Energy cuts capex target, Union Budget 2025 allocates Rs. 6.81 lakh crore to defence.