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>With Nifty 50 earnings growth barely 3% YoY in CY25, companies that voluntarily offer specific, multi-metric guidance signal not just confidence, but accountability. </li>
<li>Management-Backed targets are a meaningful filter in a market where execution risk dominates.</li>
<li>Twenty Indian mid and small-cap companies have issued explicit quantitative growth guidance for FY26–FY27, spanning revenue, EBITDA, and AUM metrics across sectors from specialty chemicals to power systems to CRDMO.</li>
</ul>


With Nifty 50 earnings growth barely 3% YoY in CY25, companies that voluntarily offer specific, multi-metric guidance signal not just confidence, but accountability. 
Management-Backed targets are a meaningful filter in a market where execution risk dominates.
Twenty Indian mid and small-cap companies have issued explicit quantitative growth guidance for FY26–FY27, spanning revenue, EBITDA, and AUM metrics across sectors from specialty chemicals to power systems to CRDMO.


India's Guided Growth Playbook: 20 Companies Telling You Exactly Where They're Going

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>India's CDMOs are tripling capacity and pivoting to peptides, ADCs, and drug-device combinations as global pharma outsources complex drug development.</li>
<li>The GLP-1 boom, BIOSECURE Act, and a $64 billion addressable market are redirecting multi-year manufacturing mandates toward Indian CRDMO platforms.</li>
<li>Firms investing in science-led infrastructure will command structurally higher margins, those adding only volume face commoditisation and multiple compression ahead.</li>
</ul>


India's CDMOs are tripling capacity and pivoting to peptides, ADCs, and drug-device combinations as global pharma outsources complex drug development.
The GLP-1 boom, BIOSECURE Act, and a $64 billion addressable market are redirecting multi-year manufacturing mandates toward Indian CRDMO platforms.
Firms investing in science-led infrastructure will command structurally higher margins, those adding only volume face commoditisation and multiple compression ahead.


The CDMO Arms Race: How India Is Quietly Becoming the World's Drug Factory

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Terumo is acquiring OrganOx, a leading innovator in organ preservation devices. Eisai received FDA approval for once weekly Leqembi subcutaneous injection for maintenance dosing.</li>
<li>Chugai Pharmaceutical’s partner Eli Lilly announced positive topline results from the Phase 3 trial of oral GLP-1 drug candidate. Daiichi Sankyo received approval for Datroway in China.</li>
<li>Beigene announced positive topline results from a Phase 1/2 study of sonrotoclax in mantle cell lymphoma. Telix Pharmaceuticals received a Complete Response Letter from the FDA regarding Zircaix.</li>
</ul>


Terumo is acquiring OrganOx, a leading innovator in organ preservation devices. Eisai received FDA approval for once weekly Leqembi subcutaneous injection for maintenance dosing.
Chugai Pharmaceutical’s partner Eli Lilly announced positive topline results from the Phase 3 trial of oral GLP-1 drug candidate. Daiichi Sankyo received approval for Datroway in China.
Beigene announced positive topline results from a Phase 1/2 study of sonrotoclax in mantle cell lymphoma. Telix Pharmaceuticals received a Complete Response Letter from the FDA regarding Zircaix.


APAC Healthcare Weekly (Aug 31) – Terumo, Eisai, Chugai, Daiichi Sankyo, Beigene, Remegen, Telix

Equity Bottom-Up

<ul>
<li>The NCLT has approved the Sequent-Viyash merger. The 56:100 swap ratio consolidates two Carlyle-backed entities into an INR 8,000 Cr+ Life Sciences platform.</li>
<li>The injection of Viyash’s 9 USFDA facilities and 28% EBITDA margin profile structurally repairs Sequent’s historical profitability issues, creating a diversified CDMO + Animal Health entity.</li>
<li>With pro-forma EBITDA running at INR 760 Cr (Annualized) and a management upgrade via Dr. Hari Babu (Ex-Mylan COO), the stock is primed for a re-rating if execution holds.</li>
</ul>


The NCLT has approved the Sequent-Viyash merger. The 56:100 swap ratio consolidates two Carlyle-backed entities into an INR 8,000 Cr+ Life Sciences platform.
The injection of Viyash’s 9 USFDA facilities and 28% EBITDA margin profile structurally repairs Sequent’s historical profitability issues, creating a diversified CDMO + Animal Health entity.
With pro-forma EBITDA running at INR 760 Cr (Annualized) and a management upgrade via Dr. Hari Babu (Ex-Mylan COO), the stock is primed for a re-rating if execution holds.


The Beat Ideas: Sequent Scientific Merger - CDMO Optionality with Margin Upside

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, a number of company's appear to be lining up to launch their IPOs in the coming month.</li>
<li>On the placements front, there were a number of large deals across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, a number of company's appear to be lining up to launch their IPOs in the coming month.
On the placements front, there were a number of large deals across the region.


ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, Chery

India

SAI Life Sciences Limited develops pharmaceuticals. The Company focuses on drug and active ingredient discovery, development, and manufacturing. SAI Life Sciences manages research facilities worldwide.

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SAI Life Sciences (SAILS12 IN)

India's Guided Growth Playbook: 20 Companies Telling You Exactly Where They're Going

These are 20 Indian Companies offering specific, multi-metric guidance signal confidence and accountability in a market dominated by execution risk.

Sudarshan Bhandari

The CDMO Arms Race: How India Is Quietly Becoming the World's Drug Factory

Indian CDMOs are expanding capacity and shifting focus to complex drug development, with potential for higher margins in the evolving...

Nimish Maheshwari

APAC Healthcare Weekly (Aug 31) – Terumo, Eisai, Chugai, Daiichi Sankyo, Beigene, Remegen, Telix

Terumo announced new acquisition. Eisai got FDA approval for Leqembi subcutaneous maintenance dosing. Chugai’s oral GLP-1 drug showed positive P3...

Tina Banerjee

The Beat Ideas: Sequent Scientific Merger - CDMO Optionality with Margin Upside

NCLT approves Sequent-Viyash merger, creating INR 8,000 Cr+ Life Sciences platform with 56:100 swap ratio and management upgrade.

Sudarshan Bhandari

ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, Chery

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India's Guided Growth Playbook: 20 Companies Telling You Exactly Where They're Going

​These are 20 Indian Companies offering specific, multi-metric guidance signal confidence and accountability in a market dominated by execution risk.

Sudarshan Bhandari

The CDMO Arms Race: How India Is Quietly Becoming the World's Drug Factory

​Indian CDMOs are expanding capacity and shifting focus to complex drug development, with potential for higher margins in the evolving...

Nimish Maheshwari

APAC Healthcare Weekly (Aug 31) – Terumo, Eisai, Chugai, Daiichi Sankyo, Beigene, Remegen, Telix

Terumo announced new acquisition. Eisai got FDA approval for Leqembi subcutaneous maintenance dosing. Chugai’s oral GLP-1 drug showed positive P3...

Tina Banerjee

The Beat Ideas: Sequent Scientific Merger - CDMO Optionality with Margin Upside

​NCLT approves Sequent-Viyash merger, creating INR 8,000 Cr+ Life Sciences platform with 56:100 swap ratio and management upgrade.

Sudarshan Bhandari

ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, Chery

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

These are 20 Indian Companies offering specific, multi-metric guidance signal confidence and accountability in a market dominated by execution risk.

Indian CDMOs are expanding capacity and shifting focus to complex drug development, with potential for higher margins in the evolving...

NCLT approves Sequent-Viyash merger, creating INR 8,000 Cr+ Life Sciences platform with 56:100 swap ratio and management upgrade.