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

Sona Blw Precision Forgings Lt / 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

Clarence Chu

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

Sona Blw Precision Forgings Lt / Equity Capital Markets

<ul>
<li>
<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> is looking to raise INR24bn (US$286m) from its qualified institutional placement (QIP).</li>
<li>The capital raising is well flagged having gone through rounds of board approvals, and having been well covered by various media outlets as well.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Sona Blw Precision Forgings Lt (SONACOMS IN) is looking to raise INR24bn (US$286m) from its qualified institutional placement (QIP).
The capital raising is well flagged having gone through rounds of board approvals, and having been well covered by various media outlets as well.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Sona Blw Precision QIP - Well Flagged Raising, past Deal Record Has Been Decent

Akshat Shah

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

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>India’s automotive sector is facing a new external risk: China’s recent tightening of rare earth element (REE) export restrictions.</li>
<li>While the short-term impact appears contained, particularly for ICE 2Ws/3Ws, passenger vehicles—both ICE and EV—are the most exposed</li>
<li>Indian OEMs are actively engaging with Chinese authorities and India’s Ministry of External Affairs to seek interim solutions, and a resolution is expected within 2–3 weeks.</li>
</ul>


India’s automotive sector is facing a new external risk: China’s recent tightening of rare earth element (REE) export restrictions.
While the short-term impact appears contained, particularly for ICE 2Ws/3Ws, passenger vehicles—both ICE and EV—are the most exposed
Indian OEMs are actively engaging with Chinese authorities and India’s Ministry of External Affairs to seek interim solutions, and a resolution is expected within 2–3 weeks.


Rare Earth Export Curbs from China: Assessing the Risk for India’s Auto Industry

Partner at Exencial Research, Exencial Research

Viral Kishorchandra Shah

Partner at Exencial Research

Exencial Research

<ul>
<li>India leads in electronics assembly but imports 94% of components. EMS 2.0 seeks to change this dynamic with local manufacturing</li>
<li>Display modules and PCBs offer growth potential with new manufacturing facilities being built nationwide to reduce import dependence</li>
<li>2025's $2.7B PLI scheme for components aims to attract $7B investment and create 91,600 new jobs across the electronics sector</li>
</ul>


India leads in electronics assembly but imports 94% of components. EMS 2.0 seeks to change this dynamic with local manufacturing
Display modules and PCBs offer growth potential with new manufacturing facilities being built nationwide to reduce import dependence
2025's $2.7B PLI scheme for components aims to attract $7B investment and create 91,600 new jobs across the electronics sector


Silicon Dreams: Can India Outgrow Its EMS Assembly Tag?

India

SONA BLW Precision Forgings Limited operates as an automotive systems and components manufacturer. The Company offers differential assemblies, gears, conventional and micro-hybrid starter motors, BSG systems, EV traction motors, and motor control units. SONA BLW Precision Forgings serves automotive sector worldwide.

Sona Blw Precision Forgings Lt (SONACOMS IN)

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Sona Blw Precision Forgings Lt (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

Sona Blw Precision QIP - Well Flagged Raising, past Deal Record Has Been Decent

Sona Blw Precision Forgings Lt (SONACOMS IN) is looking to raise INR24bn (US$286m) from its QIP. In this note, we run the deal through our ECM...

Clarence Chu

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

Rare Earth Export Curbs from China: Assessing the Risk for India’s Auto Industry

India's automotive sector faces risk from China's rare earth element export restrictions, with passenger vehicles most exposed.

Nimish Maheshwari

Silicon Dreams: Can India Outgrow Its EMS Assembly Tag?

India aims to reduce import dependence in electronics assembly by promoting local manufacturing through EMS 2.0 and the $2.7B PLI scheme for...

Viral Kishorchandra Shah

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

Sona Blw Precision QIP - Well Flagged Raising, past Deal Record Has Been Decent

Sona Blw Precision Forgings Lt (SONACOMS IN) is looking to raise INR24bn (US$286m) from its QIP. In this note, we run the deal through our ECM...

Clarence Chu

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

Rare Earth Export Curbs from China: Assessing the Risk for India’s Auto Industry

​India's automotive sector faces risk from China's rare earth element export restrictions, with passenger vehicles most exposed.

Nimish Maheshwari

Silicon Dreams: Can India Outgrow Its EMS Assembly Tag?

​India aims to reduce import dependence in electronics assembly by promoting local manufacturing through EMS 2.0 and the $2.7B PLI scheme for...

Viral Kishorchandra Shah

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...

India's automotive sector faces risk from China's rare earth element export restrictions, with passenger vehicles most exposed.

India aims to reduce import dependence in electronics assembly by promoting local manufacturing through EMS 2.0 and the $2.7B PLI scheme for...