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

Equity Bottom-Up

Solara Active Pharma Sciences / Equity Bottom-Up

Solara Active Pharma Sciences (SOLARA IN)

<ul>
<li>Solara's Q1 FY27 consolidated net profit rose 55% YoY to INR 16.3 crore on 19.5% revenue growth, its strongest quarterly EBITDA in 18 quarters.</li>
<li>Debt has fallen sharply on rights-issue proceeds and a CRISIL rating upgrade, just as management weighs strategic options, including a possible sale, for the loss-making Ibuprofen business.</li>
<li>How the base API and CRAMS franchise's structural margin recovery could change Solara's earnings trajectory through FY27, and where the risks still sit.</li>
</ul>


Solara's Q1 FY27 consolidated net profit rose 55% YoY to INR 16.3 crore on 19.5% revenue growth, its strongest quarterly EBITDA in 18 quarters.
Debt has fallen sharply on rights-issue proceeds and a CRISIL rating upgrade, just as management weighs strategic options, including a possible sale, for the loss-making Ibuprofen business.
How the base API and CRAMS franchise's structural margin recovery could change Solara's earnings trajectory through FY27, and where the risks still sit.


Solara Active Pharma: Carving Out Ibuprofen to Recapture Margin

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Q4 FY26 delivered Solara's highest revenue, gross margin and EBITDA in eight quarters, led entirely by base business momentum.</li>
<li>The base business now operates at 54% gross margins and 26% EBITDA, comparing favourably with India's leading API companies, while the ibuprofen drag is heading toward resolution.</li>
<li>Once the ibuprofen overhang clears, the true margin power of the underlying business could surprise on the upside and management is quietly preparing for that moment.</li>
</ul>


Q4 FY26 delivered Solara's highest revenue, gross margin and EBITDA in eight quarters, led entirely by base business momentum.
The base business now operates at 54% gross margins and 26% EBITDA, comparing favourably with India's leading API companies, while the ibuprofen drag is heading toward resolution.
Once the ibuprofen overhang clears, the true margin power of the underlying business could surprise on the upside and management is quietly preparing for that moment.


Solara Active Pharma: From Debt Overhang to Operational Reset

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Thematic (Sector/Industry)

<ul>
<li>Following our mid-month insider-buying report from last week, number of buying transactions has increased further. This is Part-3 of the series,providing an update on insider-buying activity from just last week.</li>
<li>Given this sharp decline in mid and small-cap Indian listed stocks, there has been a notable increase in insider buying activity in recent weeks.</li>
<li>As there are many companies with insider-buying this week (50 in total), we have divided this update into two parts for ease of reading.</li>
</ul>


Following our mid-month insider-buying report from last week, number of buying transactions has increased further. This is Part-3 of the series,providing an update on insider-buying activity from just last week.
Given this sharp decline in mid and small-cap Indian listed stocks, there has been a notable increase in insider buying activity in recent weeks.
As there are many companies with insider-buying this week (50 in total), we have divided this update into two parts for ease of reading.


Prices Drop, Eyes Pop: Mid-Month Insider Buying Activity Update – Part 3

<ul>
<li>Given the sharp decline in mid and small-cap stocks, insider buying activity has notably increased in recent weeks.</li>
<li>This is Part 2 of the update on companies with insider buying in February 2025.</li>
<li>We expect many more companies to witness insider buying after the earnings season concludes this week.</li>
</ul>


Given the sharp decline in mid and small-cap stocks, insider buying activity has notably increased in recent weeks.
This is Part 2 of the update on companies with insider buying in February 2025.
We expect many more companies to witness insider buying after the earnings season concludes this week.


Prices Drop, Eyes Pop: Mid-Month Insider Buying Activity Update – Part 2

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

Orkla India Ltd. / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orkla-india-ltd" target="_blank" data-smartkarma-citation="entities:45300:1" rel="noopener">Orkla India Ltd. (0752506D IN)</a> raised about US$190m in its India IPO in Nov 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.</li>
<li>Orkla India Limited (OIL) is a multi-category Indian food company offering a diverse range of spices and convenience food products catering to every meal occasion.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Orkla India Ltd. (0752506D IN) raised about US$190m in its India IPO in Nov 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.
Orkla India Limited (OIL) is a multi-category Indian food company offering a diverse range of spices and convenience food products catering to every meal occasion.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Orkla India IPO Lockup - Shares Have Traded Below IPO Price but PE Owner Well in The Money

India

Solara Active Pharma Sciences Ltd. is a global, pure-play active pharmaceutical ingredients (API) company specializing in the development, manufacturing, and supply of APIs. The company also offers contract research and manufacturing services (CRAMS) for new chemical entities. Solara Active Pharma Sciences Ltd. was founded on February 23, 2017, and is headquartered in Navi Mumbai, Maharashtra, India.

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Solara Active Pharma Sciences (SOLARA IN)

Solara Active Pharma: Carving Out Ibuprofen to Recapture Margin

Solara's Q1 FY27 net profit up 55% YoY to INR 16.3 crore, debt reduced, considering sale of loss-making Ibuprofen business, potential for margin...

Sudarshan Bhandari

Solara Active Pharma: From Debt Overhang to Operational Reset

Solara's Q4 FY26 saw record revenue, gross margin, and EBITDA driven by base business growth, with potential for even higher margins once...

Nimish Maheshwari

Prices Drop, Eyes Pop: Mid-Month Insider Buying Activity Update – Part 3

Insider buying activity in mid and small-cap Indian listed stocks has increased, with 50 companies reporting transactions this week.

Sreemant Dudhoria

Prices Drop, Eyes Pop: Mid-Month Insider Buying Activity Update – Part 2

Insider buying activity in Indian mid and small-cap stocks has increased due to steep decline in equity market, prompting a mid-month update.

Sreemant Dudhoria

Aequitas: Orkla India IPO Lockup - Shares Have Traded Below IPO Price but PE Owner Well in The Money

Orkla India raised about US$190m in its India IPO in Nov 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Solara Active Pharma: Carving Out Ibuprofen to Recapture Margin

​Solara's Q1 FY27 net profit up 55% YoY to INR 16.3 crore, debt reduced, considering sale of loss-making Ibuprofen business, potential for margin...

Sudarshan Bhandari

Solara Active Pharma: From Debt Overhang to Operational Reset

​Solara's Q4 FY26 saw record revenue, gross margin, and EBITDA driven by base business growth, with potential for even higher margins once...

Nimish Maheshwari

Prices Drop, Eyes Pop: Mid-Month Insider Buying Activity Update – Part 3

​Insider buying activity in mid and small-cap Indian listed stocks has increased, with 50 companies reporting transactions this week.

Sreemant Dudhoria

Prices Drop, Eyes Pop: Mid-Month Insider Buying Activity Update – Part 2

​Insider buying activity in Indian mid and small-cap stocks has increased due to steep decline in equity market, prompting a mid-month update.

Sreemant Dudhoria

Aequitas: Orkla India IPO Lockup - Shares Have Traded Below IPO Price but PE Owner Well in The Money

Orkla India raised about US$190m in its India IPO in Nov 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.

Akshat Shah

Solara's Q1 FY27 net profit up 55% YoY to INR 16.3 crore, debt reduced, considering sale of loss-making Ibuprofen business, potential for margin...

Solara's Q4 FY26 saw record revenue, gross margin, and EBITDA driven by base business growth, with potential for even higher margins once...

Insider buying activity in mid and small-cap Indian listed stocks has increased, with 50 companies reporting transactions this week.

Insider buying activity in Indian mid and small-cap stocks has increased due to steep decline in equity market, prompting a mid-month update.