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>SBI achieved a historic quarterly profit of INR 210.3 billion in Q3FY26, leveraging its 22% market share and INR 103 trillion business volume to lead India's economic expansion.</li>
<li>The YONO ecosystem facilitates 68% of new account openings, while market-leading subsidiaries in insurance and asset management provide significant valuation tailwinds through strong cross-selling and dividends.</li>
<li>Maintaining two-decadal low NPA ratios, the bank is capturing a reviving corporate cycle with a Rs. 7.86 lakh crore pipeline and 95% YoY gold loan growth.
</li>
</ul>


SBI achieved a historic quarterly profit of INR 210.3 billion in Q3FY26, leveraging its 22% market share and INR 103 trillion business volume to lead India's economic expansion.
The YONO ecosystem facilitates 68% of new account openings, while market-leading subsidiaries in insurance and asset management provide significant valuation tailwinds through strong cross-selling and dividends.
Maintaining two-decadal low NPA ratios, the bank is capturing a reviving corporate cycle with a Rs. 7.86 lakh crore pipeline and 95% YoY gold loan growth.



SBIN: Record Breaking Profits and the Reviving Corporate Credit Cycle

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>PSU bank credit growth exceeded private-bank growth in FY25 for the first time in more than a decade. Between FY22-FY26, private-bank share fell 14.5 percentage points in home-loans.</li>
<li>Asset quality has converged sharply. Competitive advantage is moving from provisioning relief to funding, pricing, distribution and the ability to deploy capital at an acceptable return.</li>
<li>The sector trade is no longer simply “private quality versus PSU risk.” One must distinguish volume share, absolute profit share, sustainable ROA and the valuation paid for each.</li>
</ul>


PSU bank credit growth exceeded private-bank growth in FY25 for the first time in more than a decade. Between FY22-FY26, private-bank share fell 14.5 percentage points in home-loans.
Asset quality has converged sharply. Competitive advantage is moving from provisioning relief to funding, pricing, distribution and the ability to deploy capital at an acceptable return.
The sector trade is no longer simply “private quality versus PSU risk.” One must distinguish volume share, absolute profit share, sustainable ROA and the valuation paid for each.


Why Indian Private Sector Large Cap Banks Are Not Performing?

<ul>
<li>RBI finalized ECL-based provisioning directions effective April 1, 2027, with a four-year phase-in and minimum provisioning floors across asset classes.</li>
<li>One-Time CET-1 impact of up to 120 bps for most banks, while steady-state credit costs rise structurally particularly for lenders with large unsecured retail and SMA books.</li>
<li>PSU banks and high-unsecured-retail lenders face asymmetric pressure; large private banks with strong Stage 1 books and low SMA ratios are largely insulated but nobody is fully immune.</li>
</ul>


RBI finalized ECL-based provisioning directions effective April 1, 2027, with a four-year phase-in and minimum provisioning floors across asset classes.
One-Time CET-1 impact of up to 120 bps for most banks, while steady-state credit costs rise structurally particularly for lenders with large unsecured retail and SMA books.
PSU banks and high-unsecured-retail lenders face asymmetric pressure; large private banks with strong Stage 1 books and low SMA ratios are largely insulated but nobody is fully immune.


Thematic Report: A Structural Change in Indian Bank- ECL Based Provisioning

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

Avaada Electro Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avaada-electro-limited" target="_blank" data-smartkarma-citation="entities:58612:1" rel="noopener">Avaada Electro Limited (2596819D IN)</a> is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.</li>
<li>Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Avaada Electro Limited (2596819D IN) is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.
Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.
In this note, we look at the firm’s past performance.


Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

<ul>
<li>Gold loans have overtaken home loans by origination value, reaching ~39% of retail disbursals as of December 2025, with the portfolio growing 4x since March 2022 to ~INR3.38 lakh crore.</li>
<li>This is not a cyclical surge. Rising ticket sizes, broader geographic penetration, and tightening unsecured credit have together created a structural demand shift for gold-backed lending.</li>
<li>With RBI's tiered LTV framework live since April 2026, the real test is whether lenders, especially NBFCs, can sustain growth while absorbing tighter compliance costs and monitoring multiple-account borrowers.</li>
</ul>


Gold loans have overtaken home loans by origination value, reaching ~39% of retail disbursals as of December 2025, with the portfolio growing 4x since March 2022 to ~INR3.38 lakh crore.
This is not a cyclical surge. Rising ticket sizes, broader geographic penetration, and tightening unsecured credit have together created a structural demand shift for gold-backed lending.
With RBI's tiered LTV framework live since April 2026, the real test is whether lenders, especially NBFCs, can sustain growth while absorbing tighter compliance costs and monitoring multiple-account borrowers.


Gold Loan: How a Collateral-First Product Became India's Largest Retail Loan

India

State Bank of India is a multinational public sector bank and financial services statutory body. It offers a comprehensive range of banking services, including retail, corporate, and investment banking, along with various financial products like loans, savings accounts, and wealth management. The bank is headquartered in Mumbai, India, and traces its origins back to the Bank of Calcutta, founded in 1806, eventually becoming State Bank of India on July 1, 1955.

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State Bank of India (SBID LI)

SBIN: Record Breaking Profits and the Reviving Corporate Credit Cycle

SBI's record profit in Q3FY26, driven by market share and YONO ecosystem, positions it as a key player in India's economic growth with low NPA...

Sudarshan Bhandari

Why Indian Private Sector Large Cap Banks Are Not Performing?

Public-sector banks are using lower lending rates to win prime credit. The pressure on private banks is no longer about bad loans; it is about...

Nimish Maheshwari

Thematic Report: A Structural Change in Indian Bank- ECL Based Provisioning

RBI's new ECL-based provisioning guidelines will impact banks differently, with PSU and high-unsecured-retail lenders facing more pressure than...

Nimish Maheshwari

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

Gold Loan: How a Collateral-First Product Became India's Largest Retail Loan

Gold loans have surpassed home loans in origination value, now accounting for 39% of retail disbursals as of December 2025, driven by rising...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SBIN: Record Breaking Profits and the Reviving Corporate Credit Cycle

​SBI's record profit in Q3FY26, driven by market share and YONO ecosystem, positions it as a key player in India's economic growth with low NPA...

Sudarshan Bhandari

Why Indian Private Sector Large Cap Banks Are Not Performing?

Public-sector banks are using lower lending rates to win prime credit. The pressure on private banks is no longer about bad loans; it is about...

Nimish Maheshwari

Thematic Report: A Structural Change in Indian Bank- ECL Based Provisioning

​RBI's new ECL-based provisioning guidelines will impact banks differently, with PSU and high-unsecured-retail lenders facing more pressure than...

Nimish Maheshwari

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

Gold Loan: How a Collateral-First Product Became India's Largest Retail Loan

​Gold loans have surpassed home loans in origination value, now accounting for 39% of retail disbursals as of December 2025, driven by rising...

Nimish Maheshwari

SBI's record profit in Q3FY26, driven by market share and YONO ecosystem, positions it as a key player in India's economic growth with low NPA...

RBI's new ECL-based provisioning guidelines will impact banks differently, with PSU and high-unsecured-retail lenders facing more pressure than...

Gold loans have surpassed home loans in origination value, now accounting for 39% of retail disbursals as of December 2025, driven by rising...