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>Solar SA has offered R134.50 per Omnia share, valuing 100% of the target at R21.83 billion, or about Rs. 12,951 crore.</li>
<li>Omnia adds BME, a 23-country operating footprint, integrated feedstock assets and an agriculture platform whose FY26 revenue exceeds Solar’s.</li>
<li>Solar’s growth ceiling rises materially, but near-term investor focus shifts from execution-led compounding to funding, leverage and integration discipline.</li>
</ul>


Solar SA has offered R134.50 per Omnia share, valuing 100% of the target at R21.83 billion, or about Rs. 12,951 crore.
Omnia adds BME, a 23-country operating footprint, integrated feedstock assets and an agriculture platform whose FY26 revenue exceeds Solar’s.
Solar’s growth ceiling rises materially, but near-term investor focus shifts from execution-led compounding to funding, leverage and integration discipline.


Solar Industries Acquired Omnia: Buying Global Scale, Taking On Financing Risk

Equity Bottom-Up

Solar Industries India / Equity Bottom-Up

<ul>
<li>
FY26 consolidated revenue rose 30% to INR 9,838 crore; defence revenue nearly doubled to INR 2,634 crore, now a quarter of sales.</li>
<li>Solar has re-rated from an explosives manufacturer to a defence prime with an INR 18,000 crore, largely Pinaka-led, order book underwriting multi-year visibility.</li>
<li>Execution against a INR 14,000 crore FY27 target, and whether new platforms clear trials, will decide if the current valuation is earne</li>
</ul>



FY26 consolidated revenue rose 30% to INR 9,838 crore; defence revenue nearly doubled to INR 2,634 crore, now a quarter of sales.
Solar has re-rated from an explosives manufacturer to a defence prime with an INR 18,000 crore, largely Pinaka-led, order book underwriting multi-year visibility.
Execution against a INR 14,000 crore FY27 target, and whether new platforms clear trials, will decide if the current valuation is earne


Solar Industries: From Blasting Rock to Building Rockets

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Thematic (Sector/Industry)

<ul>
<li>Today, the share of private players in defense manufacturing is around 20-25%. Most of the private participation has been as tier-2/tier-3 suppliers or as peripheral vendors for component manufacturing. </li>
<li>However, this has been changing. In recent times, contracts for defense equipments and systems have been awarded through competitive bidding to private players vs direct nomination exclusively to PSUs earlier.</li>
<li>For the first time in India's history, a private player led consortium is slated to win a major defense project that entails developing prototype of Advanced Medium Combat Aircraft (AMCA).</li>
</ul>


Today, the share of private players in defense manufacturing is around 20-25%. Most of the private participation has been as tier-2/tier-3 suppliers or as peripheral vendors for component manufacturing. 
However, this has been changing. In recent times, contracts for defense equipments and systems have been awarded through competitive bidding to private players vs direct nomination exclusively to PSUs earlier.
For the first time in India's history, a private player led consortium is slated to win a major defense project that entails developing prototype of Advanced Medium Combat Aircraft (AMCA).


India: Defense Privatization | Private Players Awarded Key Projects

Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>
India reversed its entire relative gain against EM. The near 50% relative drawdown is the deepest and longest since 2012, so we're positioning for improvement.</li>
<li>
Bottom-Decile losses in India have historically preceded strong rebounds. Although relative washouts offer no comparable evidence. We can scale up on an absoute basis.</li>
<li>
Opportunity in the middle of the index. We built a tiered watch list from the middle cohort, scaling toward equal weight as confirmation arrives.</li>
</ul>



India reversed its entire relative gain against EM. The near 50% relative drawdown is the deepest and longest since 2012, so we're positioning for improvement.

Bottom-Decile losses in India have historically preceded strong rebounds. Although relative washouts offer no comparable evidence. We can scale up on an absoute basis.

Opportunity in the middle of the index. We built a tiered watch list from the middle cohort, scaling toward equal weight as confirmation arrives.


India Equities: Stocks to Watch After Deep Underperformance

<ul>
<li>Solar Industries delivered its highest-ever revenue and profit in FY26, with defense revenue nearly doubling to INR 2,634 crore, management guiding to INR 4,500 crore in defense revenue for FY27.</li>
<li>Defense and international exports now collectively command 60-70% of the revenue basket, making Solar less of a coal-cyclical play and more of a defense-tech compounder.</li>
<li>With INR 18,000 crore of a total INR 21,300 crore order book sitting in defense, the earnings quality and visibility have materially improved. </li>
</ul>


Solar Industries delivered its highest-ever revenue and profit in FY26, with defense revenue nearly doubling to INR 2,634 crore, management guiding to INR 4,500 crore in defense revenue for FY27.
Defense and international exports now collectively command 60-70% of the revenue basket, making Solar less of a coal-cyclical play and more of a defense-tech compounder.
With INR 18,000 crore of a total INR 21,300 crore order book sitting in defense, the earnings quality and visibility have materially improved. 


Solar Industries: Defense Crowns a Record Year, Guidance Upgrade for FY27

India

Solar Industries India Limited manufactures and supplies explosives and explosives accessories. The company's products include bulk, cartridge, detonators, detonating cords Pentaerythritol Tetranitrate ("PETN"), and cast boosters.

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Solar Industries India (SOIL IN)

Solar Industries Acquired Omnia: Buying Global Scale, Taking On Financing Risk

The proposed Rs. 12,951 crore acquisition could turn Solar into a vertically integrated global blasting platform. The strategic fit is strong;...

Nimish Maheshwari

Solar Industries: From Blasting Rock to Building Rockets

Solar Industries is evolving from an explosives maker into a defence and aerospace powerhouse, with Pinaka, UAVs, ammunition and space technologies...

Nimish Maheshwari

India: Defense Privatization | Private Players Awarded Key Projects

India's defense and aerospace industry is witnessing a pivotal moment with private players being awarded large-scale projects via competitive...

Ankit Agrawal, CFA

India Equities: Stocks to Watch After Deep Underperformance

India looks attractive after a historic washout. We prefer to position among leaders in the middle of the index, scaling up as breadth improves....

Damanick Dantes, CMT

Solar Industries: Defense Crowns a Record Year, Guidance Upgrade for FY27

Solar Industries sees record revenue and profit in FY26, defense revenue doubles to INR 2,634 crore, aiming for INR 4,500 crore in defense revenue...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Solar Industries Acquired Omnia: Buying Global Scale, Taking On Financing Risk

The proposed Rs. 12,951 crore acquisition could turn Solar into a vertically integrated global blasting platform. The strategic fit is strong;...

Nimish Maheshwari

Solar Industries: From Blasting Rock to Building Rockets

Solar Industries is evolving from an explosives maker into a defence and aerospace powerhouse, with Pinaka, UAVs, ammunition and space technologies...

Nimish Maheshwari

India: Defense Privatization | Private Players Awarded Key Projects

India's defense and aerospace industry is witnessing a pivotal moment with private players being awarded large-scale projects via competitive...

Ankit Agrawal, CFA

India Equities: Stocks to Watch After Deep Underperformance

India looks attractive after a historic washout. We prefer to position among leaders in the middle of the index, scaling up as breadth improves....

Damanick Dantes, CMT

Solar Industries: Defense Crowns a Record Year, Guidance Upgrade for FY27

​Solar Industries sees record revenue and profit in FY26, defense revenue doubles to INR 2,634 crore, aiming for INR 4,500 crore in defense revenue...

Nimish Maheshwari

Solar Industries sees record revenue and profit in FY26, defense revenue doubles to INR 2,634 crore, aiming for INR 4,500 crore in defense revenue...