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.

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Thematic (Sector/Industry)

<ul>
<li>India's power equipment manufacturers are collectively committing roughly INR 32,000 crore to new factories and capacity upgrades, the largest manufacturing investment wave the sector has seen in decades.</li>
<li>Peak electricity demand hit a record 250 GW in FY25 and is heading toward 458 GW by 2032, creating an order environment that manufacturers cannot fulfill with existing infrastructure alone.</li>
<li>This is not a single big-ticket NTPC-style investment, but dozens of simultaneous factory expansions across the power value chain funded majorly by internal accrual shocasing their confidence.</li>
</ul>


India's power equipment manufacturers are collectively committing roughly INR 32,000 crore to new factories and capacity upgrades, the largest manufacturing investment wave the sector has seen in decades.
Peak electricity demand hit a record 250 GW in FY25 and is heading toward 458 GW by 2032, creating an order environment that manufacturers cannot fulfill with existing infrastructure alone.
This is not a single big-ticket NTPC-style investment, but dozens of simultaneous factory expansions across the power value chain funded majorly by internal accrual shocasing their confidence.


India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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<ul><li>NHAI awarding key for road players, all focus on budget: In 9MFY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subpar</li><li>Award pipeline remains on paper with BOT at 20%, EPC 10%, and HAM 70%</li><li>The only silver lining is bids are not getting postponed and are getting finalized</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NHAI awarding key for road players, all focus on budget: In 9MFY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subparAward pipeline remains on paper with BOT at 20%, EPC 10%, and HAM 70%The only silver lining is bids are not getting postponed and are getting finalizedContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Industrials (Q3FY26 Results Preview): Domestic ordering early cycle recovery

<ul><li>Tata Motors Passenger Vehicles: Management has indicated that even without the cyber incident, it would have amended JLR’s guidance at this point</li><li>Weaker demand for JLR in key markets like Europe and China continues, leading to higher variable marketing expense (VME)</li><li>Also, higher US tariffs and China’s luxury tax—both currently being absorbed by the OEMs to some extent—have structurally impacted the company’s cost base over the medium term</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Motors Passenger Vehicles: Management has indicated that even without the cyber incident, it would have amended JLR’s guidance at this pointWeaker demand for JLR in key markets like Europe and China continues, leading to higher variable marketing expense (VME)Also, higher US tariffs and China’s luxury tax—both currently being absorbed by the OEMs to some extent—have structurally impacted the company’s cost base over the medium termContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Tata Motors Passenger Vehicles, Hero MotoCorp, Siemens, Apollo Tyres...

<ul><li>In Q2/H1FY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subpar</li><li>Whilst the award pipeline is pegged at INR 3.5trn, movement on order book conversion has been slow</li><li>Of this, BOT is 20%, EPC 10%, and HAM 70%</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q2/H1FY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subparWhilst the award pipeline is pegged at INR 3.5trn, movement on order book conversion has been slowOf this, BOT is 20%, EPC 10%, and HAM 70%Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Industrials (Q2FY26 Results Preview): Domestic ordering tepid, export order saviour

<ul><li>Tata Motors: While the US tariffs have come down from the peak tariffs of 27.5% for both Europe and UK exports, they nevertheless remain higher than the earlier tariffs of 2.5%, up 300% for UK exports and 500% for EU exports</li><li>Additionally, lowering of the price threshold for luxury taxes has further impacted demand in China</li><li>Considering a weak demand situation in most markets for JLR, with additional operating costs, we expect volumes to decline 12.3% in FY26, with a rebound of 10.9% in FY27</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Motors: While the US tariffs have come down from the peak tariffs of 27.5% for both Europe and UK exports, they nevertheless remain higher than the earlier tariffs of 2.5%, up 300% for UK exports and 500% for EU exportsAdditionally, lowering of the price threshold for luxury taxes has further impacted demand in ChinaConsidering a weak demand situation in most markets for JLR, with additional operating costs, we expect volumes to decline 12.3% in FY26, with a rebound of 10.9% in FY27Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Tata Motors, Siemens, Voltas, Metro Brands, Apollo Tyres

India

Siemens Ltd. has its operations in various areas: in the transportation sector it delivers high speed trains, in the lighting sector it manufactures small light bulbs. In the healthcare sector Siemens executes complete solutions for hospitals, for the industry sector it builds airports as well as produces contracts & for the communication segment it provides public network to mobiles.

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Siemens Ltd (SIEM IN)

India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain

India's power equipment manufacturers are investing INR 32,000 crore in new factories and upgrades to meet rising electricity demand, signaling a...

Sudarshan Bhandari

Industrials (Q3FY26 Results Preview): Domestic ordering early cycle recovery

NHAI awarding key for road players, all focus on budget: In 9MFY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subpar

HDFC Securities

HSIE Results Daily: Tata Motors Passenger Vehicles, Hero MotoCorp, Siemens, Apollo Tyres...

Tata Motors Passenger Vehicles: Management has indicated that even without the cyber incident, it would have amended JLR’s guidance at this point

HDFC Securities

Industrials (Q2FY26 Results Preview): Domestic ordering tepid, export order saviour

In Q2/H1FY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subpar. Whilst the award pipeline is pegged at INR 3.5trn,...

HDFC Securities

HSIE Results Daily: Tata Motors, Siemens, Voltas, Metro Brands, Apollo Tyres

Tata Motors: While the US tariffs have come down from the peak tariffs of 27.5% for both Europe and UK exports, they nevertheless remain higher...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain

​India's power equipment manufacturers are investing INR 32,000 crore in new factories and upgrades to meet rising electricity demand, signaling a...

Sudarshan Bhandari

Industrials (Q3FY26 Results Preview): Domestic ordering early cycle recovery

NHAI awarding key for road players, all focus on budget: In 9MFY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subpar

HDFC Securities

HSIE Results Daily: Tata Motors Passenger Vehicles, Hero MotoCorp, Siemens, Apollo Tyres...

Tata Motors Passenger Vehicles: Management has indicated that even without the cyber incident, it would have amended JLR’s guidance at this point

HDFC Securities

Industrials (Q2FY26 Results Preview): Domestic ordering tepid, export order saviour

In Q2/H1FY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subpar. Whilst the award pipeline is pegged at INR 3.5trn,...

HDFC Securities

HSIE Results Daily: Tata Motors, Siemens, Voltas, Metro Brands, Apollo Tyres

Tata Motors: While the US tariffs have come down from the peak tariffs of 27.5% for both Europe and UK exports, they nevertheless remain higher...

HDFC Securities

India's power equipment manufacturers are investing INR 32,000 crore in new factories and upgrades to meet rising electricity demand, signaling a...