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

<ul>
<li>On July 20, 2025, <a href="https://www.smartkarma.com/entities/sona-blw-precision-forgings-lt" target="_blank" data-smartkarma-citation="entities:32993:1" rel="noopener">Sona Blw Precision Forgings Lt (SONACOMS IN)</a> announced a $20 million joint venture with China's JNT to enter the world's largest EV market.</li>
<li>The move aims to capture growth in China's dominant EV market, aligning with the company's new strategy to expand into eastern markets</li>
<li>An EV slowdown is expected in FY26 while the China JV and railway business, despite driving future growth from FY27 onwards, are expected to lower margins.</li>
</ul>


On July 20, 2025, Sona Blw Precision Forgings Lt (SONACOMS IN) announced a $20 million joint venture with China's JNT to enter the world's largest EV market.
The move aims to capture growth in China's dominant EV market, aligning with the company's new strategy to expand into eastern markets
An EV slowdown is expected in FY26 while the China JV and railway business, despite driving future growth from FY27 onwards, are expected to lower margins.


Sona Comstar's China JV: Tapping into the World's Largest EV Market

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

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> raised about US$397m in its India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.</li>
</ul>



Anthem Biosciences (1234D IN) raised about US$397m in its India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.


Anthem Biosciences IPO Trading - Robust Insti Coverage Drives Overall Demand

Carraro India Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/carraro-india-limited" target="_blank" data-smartkarma-citation="entities:43890:1" rel="noopener">Carraro India Limited (810618Z IN)</a> is looking to raise about US$216m in its India IPO.</li>
<li>Carraro India Limited (CIL), is an independent tier 1 solution provider of axles, transmission systems and gears for the agricultural tractor and construction vehicle industries in India.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Carraro India Limited (810618Z IN) is looking to raise about US$216m in its India IPO.
Carraro India Limited (CIL), is an independent tier 1 solution provider of axles, transmission systems and gears for the agricultural tractor and construction vehicle industries in India.
In this note, we talk about the company’s historical performance.


Carraro India Pre-IPO - Strategic Partnerships and Related Party Risks

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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.

<ul><li>SONA BLW’s (SONACOMS) 2QFY25 performance exceeded our estimates with revenue of INR9.3b (est. INR8.8b), driven by order book execution and BEV growth.</li><li>Higher other income also led to adj.PAT beat.</li><li>We commend the company’s ability to consistently deliver healthy performance despite weakness in its key regions.</li></ul><p><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></p>

SONA BLW’s (SONACOMS) 2QFY25 performance exceeded our estimates with revenue of INR9.3b (est. INR8.8b), driven by order book execution and BEV growth.Higher other income also led to adj.PAT beat.We commend the company’s ability to consistently deliver healthy performance despite weakness in its key regions.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.

SONA BLW Precision Forging - Order Execution, EV Growth Drive Healthy Performance

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Midea Group Co Ltd A / 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, we looked at <a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> and <a href="https://www.smartkarma.com/entities/bajaj-housing-finance" target="_blank" data-smartkarma-citation="entities:43675:1" rel="noopener">Bajaj Housing Finance (BHF IN)</a>, which are two relatively large listings coming up. </li>
<li>Placement were flowing through again this week, 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, we looked at Midea Group Co Ltd A (000333 CH) and Bajaj Housing Finance (BHF IN), which are two relatively large listings coming up. 
Placement were flowing through again this week, across the region.


ECM Weekly (9th Sep 2024) - Midea, Bajaj Housing, Carote, Western Digital, Challenger, CICT, Premier

India

Sona BLW Precision Forgings Ltd. (Sona Comstar) is a global mobility technology company that designs, manufactures, and supplies mission-critical systems and components for electrified and connected mobility. They offer a range of products including differential assemblies, precision forged bevel gears, conventional and micro-hybrid starter motors, and EV traction motors. The company is headquartered in Gurugram, India, and was founded in 1995.

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Sona Comstar (SONACOMS IN)

Sona Comstar's China JV: Tapping into the World's Largest EV Market

Sona Blw Precision Forgings announces $20 million JV with China's JNT to enter the EV market, focusing on growth in China and expanding into...

Sudarshan Bhandari

Anthem Biosciences IPO Trading - Robust Insti Coverage Drives Overall Demand

Anthem Biosciences (ABS) raised about US$397m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

SONA BLW Precision Forging - Order Execution, EV Growth Drive Healthy Performance

SONA BLW’s (SONACOMS) 2QFY25 performance exceeded our estimates with revenue of INR9.3b (est.INR8.8b), driven by order book execution and BEV growth.

Motilal Oswal

ECM Weekly (9th Sep 2024) - Midea, Bajaj Housing, Carote, Western Digital, Challenger, CICT, Premier

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)

Sona Comstar's China JV: Tapping into the World's Largest EV Market

​Sona Blw Precision Forgings announces $20 million JV with China's JNT to enter the EV market, focusing on growth in China and expanding into...

Sudarshan Bhandari

Anthem Biosciences IPO Trading - Robust Insti Coverage Drives Overall Demand

Anthem Biosciences (ABS) raised about US$397m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Carraro India Pre-IPO - Strategic Partnerships and Related Party Risks

Carraro India Limited is looking to raise about US$216m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

SONA BLW Precision Forging - Order Execution, EV Growth Drive Healthy Performance

SONA BLW’s (SONACOMS) 2QFY25 performance exceeded our estimates with revenue of INR9.3b (est.INR8.8b), driven by order book execution and BEV growth.

Motilal Oswal

ECM Weekly (9th Sep 2024) - Midea, Bajaj Housing, Carote, Western Digital, Challenger, CICT, Premier

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

Sona Blw Precision Forgings announces $20 million JV with China's JNT to enter the EV market, focusing on growth in China and expanding into...