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.

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Thematic (Sector/Industry)

<ul>
<li>Domestic Hot-Rolled Coil (HRC) steel prices slumped to five-year lows in October 2025 due to rampant dumping, even as government capex accelerates and post-monsoon demand revives.</li>
<li>The immediate policy response imposing Anti-Dumping Duty (ADD) is critical, providing a necessary margin shield for domestic producers to execute their aggressive Rs. 1 lakh crore+ capacity expansion plans. 
</li>
<li>India positioned as the only major structural demand story globally, the current price weakness offers a tactical entry point into companies focused on high-quality domestic execution and raw material integration. 
</li>
</ul>


Domestic Hot-Rolled Coil (HRC) steel prices slumped to five-year lows in October 2025 due to rampant dumping, even as government capex accelerates and post-monsoon demand revives.
The immediate policy response imposing Anti-Dumping Duty (ADD) is critical, providing a necessary margin shield for domestic producers to execute their aggressive Rs. 1 lakh crore+ capacity expansion plans. 

India positioned as the only major structural demand story globally, the current price weakness offers a tactical entry point into companies focused on high-quality domestic execution and raw material integration. 



From Cyclical Low to Structural Boom: The Policy Shield for India's Steel Giants.

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>The government's 300 MT crude steel capacity target by 2030 is now in full swing, anchored by ArcelorMittal's newly-cleared INR1.5 lakh crore greenfield project and aggressive brownfield by other players.</li>
<li>This signals a multi-lakh-crore capex super-cycle, moving from planning to execution. The 14-month fast-track approval for AM/NS in Andhra Pradesh provides a new, de-risked template for mega-projects.</li>
<li>While execution is accelerating, the sector's profitability hinges on two key variables: managing persistent Chinese imports and securing the massive volume of coking coal required to fuel this expansion.</li>
</ul>


The government's 300 MT crude steel capacity target by 2030 is now in full swing, anchored by ArcelorMittal's newly-cleared INR1.5 lakh crore greenfield project and aggressive brownfield by other players.
This signals a multi-lakh-crore capex super-cycle, moving from planning to execution. The 14-month fast-track approval for AM/NS in Andhra Pradesh provides a new, de-risked template for mega-projects.
While execution is accelerating, the sector's profitability hinges on two key variables: managing persistent Chinese imports and securing the massive volume of coking coal required to fuel this expansion.


Thematic Report: Forging a 300 MT Behemoth as India’s Steel Capex Super-Cycle Accelerates

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>China’s steel exports have surged to multi-year highs, flooding global markets and forcing a wave of trade-defense actions across Asia.</li>
<li>Weak domestic demand, squeezed margins, and policy shifts have pushed Chinese mills to lean heavily on exports — prompting Beijing to cap output and link cuts to carbon goals.</li>
<li>Clear winners: Integrated Indian producers and Japan/Korea premium mills, which gain pricing power and margin upside as safeguards and curbs tighten supply.</li>
</ul>


China’s steel exports have surged to multi-year highs, flooding global markets and forcing a wave of trade-defense actions across Asia.
Weak domestic demand, squeezed margins, and policy shifts have pushed Chinese mills to lean heavily on exports — prompting Beijing to cap output and link cuts to carbon goals.
Clear winners: Integrated Indian producers and Japan/Korea premium mills, which gain pricing power and margin upside as safeguards and curbs tighten supply.


China’s Steel Curbs + Asian Safeguards: Pricing Tailwinds for Premium Mills

<ul>
<li>China's steel industry faces significant oversupply and weak domestic demand, driving aggressive exports and financial losses amidst rising global trade barriers</li>
<li>India's steel growth remains robust, driven by domestic demand, government support, product diversification, cost control, and ESG focus</li>
<li>Indian steelmakers note easing import pressure, leveraging quality norms and value-added products, expanding capacity, with <a href="https://www.smartkarma.com/entities/jsw-steel-ltd" target="_blank" data-smartkarma-citation="entities:18561:1" rel="noopener">JSW Steel Ltd (JSTL IN)</a> targeting 50 MT by 2030 from 27 MT currently.</li>
</ul>


China's steel industry faces significant oversupply and weak domestic demand, driving aggressive exports and financial losses amidst rising global trade barriers
India's steel growth remains robust, driven by domestic demand, government support, product diversification, cost control, and ESG focus
Indian steelmakers note easing import pressure, leveraging quality norms and value-added products, expanding capacity, with JSW Steel Ltd (JSTL IN) targeting 50 MT by 2030 from 27 MT currently.


Thematic Report : Why China Won’t Derail India’s Steel Growth Plans?

<ul>
<li>India’s steel sector faced severe margin compression and trade imbalances due to a surge in low-cost imports and collapsing exports.</li>
<li>To combat structural stress, the Government of India imposed a 12% safeguard duty and expanded quality norms to shield domestic producers.</li>
<li>While short-term recovery is visible, the long-term outlook depends on global oversupply resolution and India's shift from curbs to core reforms.</li>
</ul>


India’s steel sector faced severe margin compression and trade imbalances due to a surge in low-cost imports and collapsing exports.
To combat structural stress, the Government of India imposed a 12% safeguard duty and expanded quality norms to shield domestic producers.
While short-term recovery is visible, the long-term outlook depends on global oversupply resolution and India's shift from curbs to core reforms.


Thematic Report: India’s Steel Industry ~ GOI Initiatives Enough to Stabilize The Structural Stress?

India

Steel Authority of India Limited (SAIL) is a Maharatna public sector undertaking and one of India's largest steel-making companies. It produces a wide range of steel products, including flat and long steel products, wire rods, plates, and railway products, catering to sectors like infrastructure, railways, automotive, and defense. The company is headquartered in New Delhi, India, and was incorporated on January 24, 1973.

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Steel Authority of India (SAIL IN)

From Cyclical Low to Structural Boom: The Policy Shield for India's Steel Giants.

Domestic HRC steel prices hit five-year lows in October 2025 due to dumping, but policy response and demand revival offer growth opportunities for...

Sudarshan Bhandari

Thematic Report: Forging a 300 MT Behemoth as India’s Steel Capex Super-Cycle Accelerates

Government's ambitious steel capacity target by 2030 gains momentum with ArcelorMittal's massive greenfield project and industry-wide capex super...

Nimish Maheshwari

China’s Steel Curbs + Asian Safeguards: Pricing Tailwinds for Premium Mills

China's steel exports surge, prompting trade-defense actions; Indian and Japanese/Korean mills benefit from tightening supply.

Rahul Jain

Thematic Report : Why China Won’t Derail India’s Steel Growth Plans?

China's steel industry struggles with oversupply and weak demand, while India's steel growth remains strong with government support and focus on...

Nimish Maheshwari

Thematic Report: India’s Steel Industry ~ GOI Initiatives Enough to Stabilize The Structural Stress?

India's steel sector struggles with margin compression and trade imbalances, prompting government intervention to protect domestic producers and...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

From Cyclical Low to Structural Boom: The Policy Shield for India's Steel Giants.

​Domestic HRC steel prices hit five-year lows in October 2025 due to dumping, but policy response and demand revival offer growth opportunities for...

Sudarshan Bhandari

Thematic Report: Forging a 300 MT Behemoth as India’s Steel Capex Super-Cycle Accelerates

​Government's ambitious steel capacity target by 2030 gains momentum with ArcelorMittal's massive greenfield project and industry-wide capex super...

Nimish Maheshwari

China’s Steel Curbs + Asian Safeguards: Pricing Tailwinds for Premium Mills

​China's steel exports surge, prompting trade-defense actions; Indian and Japanese/Korean mills benefit from tightening supply.

Rahul Jain

Thematic Report : Why China Won’t Derail India’s Steel Growth Plans?

​China's steel industry struggles with oversupply and weak demand, while India's steel growth remains strong with government support and focus on...

Nimish Maheshwari

Thematic Report: India’s Steel Industry ~ GOI Initiatives Enough to Stabilize The Structural Stress?

​India's steel sector struggles with margin compression and trade imbalances, prompting government intervention to protect domestic producers and...

Nimish Maheshwari

Domestic HRC steel prices hit five-year lows in October 2025 due to dumping, but policy response and demand revival offer growth opportunities for...

Government's ambitious steel capacity target by 2030 gains momentum with ArcelorMittal's massive greenfield project and industry-wide capex super...

China's steel exports surge, prompting trade-defense actions; Indian and Japanese/Korean mills benefit from tightening supply.

China's steel industry struggles with oversupply and weak demand, while India's steel growth remains strong with government support and focus on...

India's steel sector struggles with margin compression and trade imbalances, prompting government intervention to protect domestic producers and...