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 Derivatives

SBI (State Bank of India) / Equity Derivatives

<ul>
<li>SBI Funds Management filed its DRHP with SEBI on 19 March 2026 targeting a September 2026 listing.</li>
<li>While NSE in which SBI and SBI Caps hold a combined 7.56%, is preparing to file its DRHP by Jun-26 after receiving SEBI's NOC in January.</li>
<li>With 30% discount to the NSE stake and other subsidiary valuation, still SBI has potential for 18% upside based on SoTP valuation.</li>
</ul>


SBI Funds Management filed its DRHP with SEBI on 19 March 2026 targeting a September 2026 listing.
While NSE in which SBI and SBI Caps hold a combined 7.56%, is preparing to file its DRHP by Jun-26 after receiving SEBI's NOC in January.
With 30% discount to the NSE stake and other subsidiary valuation, still SBI has potential for 18% upside based on SoTP valuation.


SBI's Hidden Balance Sheet:Two Events That Could Re-Rate India's Biggest Bank

Equity Bottom-Up

SBI (State Bank of India) / Equity Bottom-Up

<ul>
<li>SBI targets balance sheet expansion from ~20% to 25% of GDP by 2030, driven by district-level market share strategy across ~800 districts</li>
<li>Scale isn’t the story; execution is. Growth depends on micro-market share gains while managing YONO 2.0, Seva Sarathis and unclaimed deposits.</li>
<li>If GDP hits Rs. 357 lakh crore by FY26, SBI needs Rs. 130+ lakh crore balance sheet. Key risk: funding growth without margin pressure</li>
</ul>


SBI targets balance sheet expansion from ~20% to 25% of GDP by 2030, driven by district-level market share strategy across ~800 districts
Scale isn’t the story; execution is. Growth depends on micro-market share gains while managing YONO 2.0, Seva Sarathis and unclaimed deposits.
If GDP hits Rs. 357 lakh crore by FY26, SBI needs Rs. 130+ lakh crore balance sheet. Key risk: funding growth without margin pressure


SBI 2030: Growing the Balance Sheet to 25% of India's GDP

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.</li>
<li>The strategy performs well if the Nifty 50 rises <em>and</em> outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.</li>
<li>Leverage increases both the strategy's payoff and probability of success.</li>
</ul>


This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.
The strategy performs well if the Nifty 50 rises and outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.
Leverage increases both the strategy's payoff and probability of success.


EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>Recently awarded "Maharatna" status, only 12 companies, FY24 is first full year for this</li>
<li>Growth is steady, with good returns, and major improvement in credit metrics</li>
<li>Its 4.77% dividend yield is incredibly high and about 3x higher than peers</li>
</ul>


Recently awarded "Maharatna" status, only 12 companies, FY24 is first full year for this
Growth is steady, with good returns, and major improvement in credit metrics
Its 4.77% dividend yield is incredibly high and about 3x higher than peers


RECL - Near Insatiable Power Credit Demand, Great NPL Trend, New Maharatna Status, 3x Avg Div Yield

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>2025 marked our tenth year covering Equity Capital Markets (ECM) in Asia Pacific. In 2025, IPO volumes were driven by a strong rebound in HK, while India flow remained resilient.</li>
<li>We ended 2025 with an accuracy rate of 72.2% across 119 IPOs that we covered and 64.3% across 125 placements.</li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2025 marked our tenth year covering Equity Capital Markets (ECM) in Asia Pacific. In 2025, IPO volumes were driven by a strong rebound in HK, while India flow remained resilient.
We ended 2025 with an accuracy rate of 72.2% across 119 IPOs that we covered and 64.3% across 125 placements.
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2025 IPOs and Placements Performance Review - HK Breached COVID Peak, India Flow Strong

India

State Bank of India provides a wide range of banking and financial services to corporate, institutional, commercial, agricultural, industrial and individual customers throughout India.  The Bank also provides international banking to its Indian customers and has operations in other countries.

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State Bank of India (SBID LI)

SBI's Hidden Balance Sheet:Two Events That Could Re-Rate India's Biggest Bank

SBI Funds Management files DRHP for September 2026 listing, potential 70% upside based on SoTP valuation despite 30% discount to NSE and its...

Sudarshan Bhandari

SBI 2030: Growing the Balance Sheet to 25% of India's GDP

SBI aims to grow balance sheet to 25% of GDP by 2030 through district-level market strategy, focusing on micro-market share gains and managing key...

Sudarshan Bhandari

EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

Option strategy: exploit relative value in implied volatilities combined with directional positioning for a leveraged payoff in a long Nifty 50 vs....

Gaudenz Schneider

RECL - Near Insatiable Power Credit Demand, Great NPL Trend, New Maharatna Status, 3x Avg Div Yield

High demand for power related lending can last for decades, marked improvement in credit metrics, new Maharatna status (only 12 companies have...

Daniel Tabbush

Aequitas 2025 IPOs and Placements Performance Review - HK Breached COVID Peak, India Flow Strong

2025 marked our tenth year covering Equity Capital Markets (ECM) in Asia Pacific. In 2025, IPO volumes were driven by a strong rebound in HK, while...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SBI's Hidden Balance Sheet:Two Events That Could Re-Rate India's Biggest Bank

​SBI Funds Management files DRHP for September 2026 listing, potential 70% upside based on SoTP valuation despite 30% discount to NSE and its...

Sudarshan Bhandari

SBI 2030: Growing the Balance Sheet to 25% of India's GDP

​SBI aims to grow balance sheet to 25% of GDP by 2030 through district-level market strategy, focusing on micro-market share gains and managing key...

Sudarshan Bhandari

EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

Option strategy: exploit relative value in implied volatilities combined with directional positioning for a leveraged payoff in a long Nifty 50 vs....

Gaudenz Schneider

RECL - Near Insatiable Power Credit Demand, Great NPL Trend, New Maharatna Status, 3x Avg Div Yield

High demand for power related lending can last for decades, marked improvement in credit metrics, new Maharatna status (only 12 companies have...

Daniel Tabbush

Aequitas 2025 IPOs and Placements Performance Review - HK Breached COVID Peak, India Flow Strong

2025 marked our tenth year covering Equity Capital Markets (ECM) in Asia Pacific. In 2025, IPO volumes were driven by a strong rebound in HK, while...

Sumeet Singh

SBI Funds Management files DRHP for September 2026 listing, potential 70% upside based on SoTP valuation despite 30% discount to NSE and its...

SBI aims to grow balance sheet to 25% of GDP by 2030 through district-level market strategy, focusing on micro-market share gains and managing key...