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

Thematic (Sector/Industry)

<ul>
<li>The government is accelerating induction cooktop manufacturing and exploring shifting LPG subsidies toward electric cooking amid supply disruptions caused by the West Asia conflict.</li>
<li>India imports ~60% of LPG, spending ~ USD 26.4 billion annually. A shift to electric cooking can reduce import dependence and structurally change subsidy spending and energy costs.</li>
<li>While demand may spike temporarily, policy intent is long-term. The key question is which companies can benefit through strong manufacturing, distribution, and product capabilities.</li>
</ul>


The government is accelerating induction cooktop manufacturing and exploring shifting LPG subsidies toward electric cooking amid supply disruptions caused by the West Asia conflict.
India imports ~60% of LPG, spending ~ USD 26.4 billion annually. A shift to electric cooking can reduce import dependence and structurally change subsidy spending and energy costs.
While demand may spike temporarily, policy intent is long-term. The key question is which companies can benefit through strong manufacturing, distribution, and product capabilities.


Govt Plans Induction Stove Loan Subsidy To Boost Electric Cooking

<ul>
<li>Strait of Hormuz disruptions choked India's LPG imports, triggering a 20x demand spike for induction cooktops across e-commerce and quick-commerce platforms overnight.</li>
<li>
<a href="https://www.smartkarma.com/entities/ttk-prestige-ltd" target="_blank" data-smartkarma-citation="entities:9779:1" rel="noopener">TTK Prestige (TTKPT IN)</a> , <a href="https://www.smartkarma.com/entities/stove-kraft-ltd" target="_blank" data-smartkarma-citation="entities:31372:1" rel="noopener">Stove Kraft (STOVEKRA IN)</a> , and <a href="https://www.smartkarma.com/entities/butterfly-gandhimathi-appliances-ltd" target="_blank" data-smartkarma-citation="entities:5507:1" rel="noopener">Butterfly Gandhimathi Appliances (BGAL IN)</a>surged 14-17%; their moats lie in brand depth, distribution scale, and complete cooking ecosystems.</li>
<li>Even if LPG normalises quickly, we expect 30-40% of first-time induction buyers likely retain usage, pulling forward 2 years of structural volume growth.</li>
</ul>


Strait of Hormuz disruptions choked India's LPG imports, triggering a 20x demand spike for induction cooktops across e-commerce and quick-commerce platforms overnight.

TTK Prestige (TTKPT IN) , Stove Kraft (STOVEKRA IN) , and Butterfly Gandhimathi Appliances (BGAL IN)surged 14-17%; their moats lie in brand depth, distribution scale, and complete cooking ecosystems.
Even if LPG normalises quickly, we expect 30-40% of first-time induction buyers likely retain usage, pulling forward 2 years of structural volume growth.


LPG Crisis Proxy Play: How Middle Eastern War Opens Opportunity in India's Induction Industry

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

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Whirlpool of India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/whirlpool-corp" target="_blank" data-smartkarma-citation="entities:1538:1" rel="noopener">Whirlpool Corp (WHR US)</a> is looking to raise about INR 46bn (US$530m) from selling a stake of about 31% in Whirlpool of India Limited (WHIRL).</li>
<li>In an announcement released on Jan 30, 2025, the firm mentioned its ultimate parent’s intention to sell down its interest in WHIRL from 51% to 20% by mid-to-late 2025.</li>
<li>In this note, we talk about the past deal performance and other deal dynamics.</li>
</ul>



Whirlpool Corp (WHR US) is looking to raise about INR 46bn (US$530m) from selling a stake of about 31% in Whirlpool of India Limited (WHIRL).
In an announcement released on Jan 30, 2025, the firm mentioned its ultimate parent’s intention to sell down its interest in WHIRL from 51% to 20% by mid-to-late 2025.
In this note, we talk about the past deal performance and other deal dynamics.


Whirlpool of India OFS Early Look - Another Large Selldown by Parent

Mid-Small Cap specialist | Equities | India, Nurture Capital Advisory

Nurture Capital Advisory

Mid-Small Cap specialist | Equities | India

Buyside Outfit and Advisory Services

We are a Buyside outfit and also offer Advisory services. Most notes published here are written for our consumption. These notes offer readers a perspective of our approach to scanning sectors and distilling ideas to constructing a bottom-up Equity portfolio. Combining top down and bottom-up approaches to identifying themes/ value stocks at inflexion Sector agnostic | Value oriented - Inflexion approach | Bottom-Up Ideas Biased towards Sustainability, ESG Team is Wall Street Journal, ET Now - Star mine Lipper, Asia money rated.

Equity Bottom-Up

<ul>
<li>Era of the value stocks! Inflation feeds interest rates, raises cost of capital and risks equity multiples. Headwinds to earnings growth - risks sustenance of pricey valuations.  </li>
<li>Key risks: Stocks face material headwinds on cost pressure, competition, valuations </li>
<li>Stocks covered: Crompton Greaves, Stove Kraft, Lemon Tree, Jubilant Ingrevia</li>
</ul>


Era of the value stocks! Inflation feeds interest rates, raises cost of capital and risks equity multiples. Headwinds to earnings growth - risks sustenance of pricey valuations.  
Key risks: Stocks face material headwinds on cost pressure, competition, valuations 
Stocks covered: Crompton Greaves, Stove Kraft, Lemon Tree, Jubilant Ingrevia


India

Stove Kraft is an Indian company that manufactures and retails a wide range of kitchen and home solutions. Its core products include pressure cookers, LPG stoves, non-stick cookware, mixer grinders, and other kitchen and electrical appliances under brands like Pigeon, Gilma, and Black + Decker (under license). The company was founded in 1999 and is headquartered in Bangalore, Karnataka, India.

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Stove Kraft (STOVEKRA IN)

Govt Plans Induction Stove Loan Subsidy To Boost Electric Cooking

India is considering shifting LPG subsidies towards electric cooking to reduce import dependence and energy costs, with a focus on long-term...

Sudarshan Bhandari

LPG Crisis Proxy Play: How Middle Eastern War Opens Opportunity in India's Induction Industry

Disruptions in LPG imports lead to a 20x demand spike for induction cooktops in India, boosting stocks of TTK Prestige, Stove Kraft, and Butterfly...

Sudarshan Bhandari

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

Whirlpool of India OFS Early Look - Another Large Selldown by Parent

Whirlpool Corporation is looking to raise about INR 46bn (US$530m) from selling a 31% stake in Whirlpool of India Ltd. In this note, we talk about...

Akshat Shah

Era of the Value Stocks

Era of the value stocks! Inflation feeds interest rates, raises cost of capital and risks equity multiples. Headwinds to earnings growth - risks...

Nurture Capital Advisory

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Govt Plans Induction Stove Loan Subsidy To Boost Electric Cooking

​India is considering shifting LPG subsidies towards electric cooking to reduce import dependence and energy costs, with a focus on long-term...

Sudarshan Bhandari

LPG Crisis Proxy Play: How Middle Eastern War Opens Opportunity in India's Induction Industry

​Disruptions in LPG imports lead to a 20x demand spike for induction cooktops in India, boosting stocks of TTK Prestige, Stove Kraft, and Butterfly...

Sudarshan Bhandari

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

Whirlpool of India OFS Early Look - Another Large Selldown by Parent

Whirlpool Corporation is looking to raise about INR 46bn (US$530m) from selling a 31% stake in Whirlpool of India Ltd. In this note, we talk about...

Akshat Shah

Era of the Value Stocks

Era of the value stocks! Inflation feeds interest rates, raises cost of capital and risks equity multiples. Headwinds to earnings growth - risks...

Nurture Capital Advisory

India is considering shifting LPG subsidies towards electric cooking to reduce import dependence and energy costs, with a focus on long-term...

Disruptions in LPG imports lead to a 20x demand spike for induction cooktops in India, boosting stocks of TTK Prestige, Stove Kraft, and Butterfly...