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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raymond-lifestyle-limited" target="_blank" data-smartkarma-citation="entities:43905:1" rel="noopener">Raymond Lifestyle (RAYMONDL IN)</a> recently demerged from Raymond Limited.  Since Raymond Limited was part of various indexes, Raymond Lifestyle was not. Index Fund selling led to a correction.</li>
<li>The correction made Raymond Lifestyle a special situation value bet.</li>
<li>The cherry on the cake is strong management guidance and a foray into the untapped non branded and unorganized apparel segment</li>
</ul>



Raymond Lifestyle (RAYMONDL IN) recently demerged from Raymond Limited.  Since Raymond Limited was part of various indexes, Raymond Lifestyle was not. Index Fund selling led to a correction.
The correction made Raymond Lifestyle a special situation value bet.
The cherry on the cake is strong management guidance and a foray into the untapped non branded and unorganized apparel segment


Raymond Lifestyle: A Value Play in Ethnic Wear with Special Situation Potential

APAC IPOs & Placements, Aequitas Research

Kajal Jain

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

RSB Retail India Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rsb-retail-india-limited" target="_blank" data-smartkarma-citation="entities:45690:1" rel="noopener">RSB Retail India Limited (1633680D IN)</a> is looking to raise US$171m in its upcoming India IPO. </li>
<li>RSB Retail India is a Hyderabad-based multi-format apparel and lifestyle retailer, operating 70 stores across 22 cities in Telangana, Andhra Pradesh, and Karnataka as of August 2025.</li>
<li>In this note, we discuss about the company’s historical performance.</li>
</ul>



RSB Retail India Limited (1633680D IN) is looking to raise US$171m in its upcoming India IPO. 
RSB Retail India is a Hyderabad-based multi-format apparel and lifestyle retailer, operating 70 stores across 22 cities in Telangana, Andhra Pradesh, and Karnataka as of August 2025.
In this note, we discuss about the company’s historical performance.


Aequitas: RSB Retail India Limited Pre-IPO - Leading Multi-Format Retailer in South India

Akshat Shah

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
In this note, we talk about the company’s historical performance.


Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Siyaram Silk Mills (SSML), a fabric and apparel manufacturer, has created a strong brand portfolio largely catering to the Tier II &amp; III towns.</li><li>Siyaram’s brand portfolio consists of reputed brands like Siyaram (flagship brand), Oxemberg, MSD and J Hampstead</li><li>Over the last decade, the company has gradually expanded its fabric and garment capacities and simultaneously managed to reduce the debt/equity from 1.0x in FY12 to 0.2x in FY21</li></ul><div class="content-highlight"><em>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.</em></div>

Siyaram Silk Mills (SSML), a fabric and apparel manufacturer, has created a strong brand portfolio largely catering to the Tier II &amp; III towns.Siyaram’s brand portfolio consists of reputed brands like Siyaram (flagship brand), Oxemberg, MSD and J HampsteadOver the last decade, the company has gradually expanded its fabric and garment capacities and simultaneously managed to reduce the debt/equity from 1.0x in FY12 to 0.2x in FY21Content 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.

<p>Siyaram's brand portfolio consists of reputed brands like Siyaram (flagship brand), Oxemberg, MSD and J Hampstead Over the last decade, the company has gradually expanded its fabric and garment capacities and simultaneously managed to reduce the debt/equity...</p><div class="content-highlight"><em>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.</em></div>

Siyaram's brand portfolio consists of reputed brands like Siyaram (flagship brand), Oxemberg, MSD and J Hampstead Over the last decade, the company has gradually expanded its fabric and garment capacities and simultaneously managed to reduce the debt/equity...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.

Siyaram Silk Mills: Demand Normalisation to Aid Revenue Growth

India

Siyaram Silk Mills Limited manufactures fabrics, texturised and dyed yarn, and readymade garments.

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Siyaram Silk Mills (SIYA IN)

Raymond Lifestyle: A Value Play in Ethnic Wear with Special Situation Potential

Raymond Lifestyle demerged from Raymond Limited, correction due to Index Fund selling created special value bet with strong management guidance...

Nimish Maheshwari

Aequitas: RSB Retail India Limited Pre-IPO - Leading Multi-Format Retailer in South India

RSB Retail India is looking to raise US$171m in its upcoming India IPO. It is a multi-format apparel and lifestyle retailer headquartered in...

Kajal Jain

Siyaram Silk Mills Limited

Siyaram's brand portfolio consists of reputed brands like Siyaram (flagship brand), Oxemberg, MSD and J Hampstead Over the last decade, the...

ICICI Securities Limited

Siyaram Silk Mills: Demand Normalisation to Aid Revenue Growth

Siyaram's brand portfolio consists of reputed brands like Siyaram (flagship brand), Oxemberg, MSD and J Hampstead Over the last decade, the company...

ICICI Securities Limited

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Raymond Lifestyle: A Value Play in Ethnic Wear with Special Situation Potential

​Raymond Lifestyle demerged from Raymond Limited, correction due to Index Fund selling created special value bet with strong management guidance...

Nimish Maheshwari

Aequitas: RSB Retail India Limited Pre-IPO - Leading Multi-Format Retailer in South India

RSB Retail India is looking to raise US$171m in its upcoming India IPO. It is a multi-format apparel and lifestyle retailer headquartered in...

Kajal Jain

Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Belrise Industries Limited is looking to raise about US$255m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Siyaram Silk Mills Limited

Siyaram&#x27;s brand portfolio consists of reputed brands like Siyaram (flagship brand), Oxemberg, MSD and J Hampstead Over the last decade, the...

ICICI Securities Limited

Siyaram Silk Mills: Demand Normalisation to Aid Revenue Growth

Siyaram's brand portfolio consists of reputed brands like Siyaram (flagship brand), Oxemberg, MSD and J Hampstead Over the last decade, the company...

ICICI Securities Limited

Raymond Lifestyle demerged from Raymond Limited, correction due to Index Fund selling created special value bet with strong management guidance...

Siyaram's brand portfolio consists of reputed brands like Siyaram (flagship brand), Oxemberg, MSD and J Hampstead Over the last decade, the...