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

Strides Pharma Science / Equity Bottom-Up

<ul>
<li>Strides Pharma achieved record growth in the US, launched high-ticket generics, and is spinning off OneSource CDMO with a projected valuation of $1.8-$2 billion by Q4FY25.</li>
<li>Deleveraging efforts, diversified revenue streams, and regulatory approvals position Strides for profitability recovery, with expected FY26 EBITDA of ₹1,000 crore, driving long-term growth.</li>
<li>Strides is evolving into a leaner, growth-focused entity with reduced debt, a strong US portfolio, and OneSource spin-off, offering ~25% upside from its current market valuation.</li>
</ul>


Strides Pharma achieved record growth in the US, launched high-ticket generics, and is spinning off OneSource CDMO with a projected valuation of $1.8-$2 billion by Q4FY25.
Deleveraging efforts, diversified revenue streams, and regulatory approvals position Strides for profitability recovery, with expected FY26 EBITDA of ₹1,000 crore, driving long-term growth.
Strides is evolving into a leaner, growth-focused entity with reduced debt, a strong US portfolio, and OneSource spin-off, offering ~25% upside from its current market valuation.


The Beat Ideas: Strides Pharma~ A Growth Play Post OneSource Demerger

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Event-Driven

<ul>
<li>OneSource is riding the surging demand for GLP-1 drugs, a market projected to reach $30 Billion by 2030, with its expertise in Drug-Device Combination (DDC) solutions.</li>
<li>OneSource is projected to achieve revenue of $350-$400 million over the next 3-4 years from $145 million in 2024 , with an impressive EBITDA margin approaching 40% from 25% in 2024.</li>
<li>OneSource is expected to receive Listing Approval from the Stock Exchanges during Q4 FY25</li>
</ul>


OneSource is riding the surging demand for GLP-1 drugs, a market projected to reach $30 Billion by 2030, with its expertise in Drug-Device Combination (DDC) solutions.
OneSource is projected to achieve revenue of $350-$400 million over the next 3-4 years from $145 million in 2024 , with an impressive EBITDA margin approaching 40% from 25% in 2024.
OneSource is expected to receive Listing Approval from the Stock Exchanges during Q4 FY25


Event Driven: Demerger of OneSource: A Multi-Modality CDMO

External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Q2FY25 revenues totaling Rs. 1,201 crore, demonstrating a significant y-o-y growth rate of 20%.</li><li>EBITDA stood at Rs. 236 crore, marking a remarkable y-o-y increase of 31%.</li><li>This strong performance not only underscores operational efficiency but also maintains a healthy EBITDA margin of 20%, indicating effective cost management alongside revenue growth.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Q2FY25 revenues totaling Rs. 1,201 crore, demonstrating a significant y-o-y growth rate of 20%.EBITDA stood at Rs. 236 crore, marking a remarkable y-o-y increase of 31%.This strong performance not only underscores operational efficiency but also maintains a healthy EBITDA margin of 20%, indicating effective cost management alongside revenue growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strides Pharma Sciences Ltd - Continued Momentum with Another Strong Quarter

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

Rubicon Research Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> is looking to raise about US$130m in its India IPO.</li>
<li>It is a pharmaceutical formulations company with an increasing portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Rubicon Research Limited (1453591D IN) is looking to raise about US$130m in its India IPO.
It is a pharmaceutical formulations company with an increasing portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.
In this note, we talk about the company’s historical performance.


Rubicon Research Pre-IPO - Robust Product Development Pipeline Driving Revenue Growth

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<p>STR reported a lower than expected performance in 2QFY22 due to continued headwinds in the US business. Sales in other regulated markets witnessed a recovery, with an 18% YoY growth. With the completion of Endo products and facility acquisition, STR will have a diversified US portfolio, with a lower proportion of Acute products as well as differentiated products such as hormones, Nasal Sprays, Gels, Modified Release products, and controlled substances, which are less susceptible to price shocks like that seen in 1HFY22.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

STR reported a lower than expected performance in 2QFY22 due to continued headwinds in the US business. Sales in other regulated markets witnessed a recovery, with an 18% YoY growth. With the completion of Endo products and facility acquisition, STR will have a diversified US portfolio, with a lower proportion of Acute products as well as differentiated products such as hormones, Nasal Sprays, Gels, Modified Release products, and controlled substances, which are less susceptible to price shocks like that seen in 1HFY22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Strides Pharma Science Limited is an Indian pharmaceutical company that develops, manufactures, and markets high-quality, affordable generic medicines. The company's diverse product portfolio includes finished dosage formulations such as soft gelatin capsules, tablets, injectables, and over-the-counter drugs. Strides Pharma Science Limited was founded in 1990 and is headquartered in Bengaluru, India.

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Strides Pharma Science (STR IN)

The Beat Ideas: Strides Pharma~ A Growth Play Post OneSource Demerger

Strides Pharma's record growth in the US, high-ticket generics, and spin-off of OneSource CDMO set the stage for profitability recovery and long...

Sudarshan Bhandari

Event Driven: Demerger of OneSource: A Multi-Modality CDMO

OneSource poised for growth in the booming GLP-1 drug market, projecting revenue of $350-$400 million by 2024 with strong EBITDA margin and...

Nimish Maheshwari

Strides Pharma Sciences Ltd - Continued Momentum with Another Strong Quarter

Q2FY25 revenues totaling Rs. 1,201 crore, demonstrating a significant y-o-y growth rate of 20%. EBITDA stood at Rs. 236 crore, marking a remarkable...

Sharekhan

Rubicon Research Pre-IPO - Robust Product Development Pipeline Driving Revenue Growth

Rubicon Research Limited is looking to raise about US$130m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

US segment drags overall performance

STR reported a lower than expected performance in 2QFY22 due to continued headwinds in the US business. Sales in other regulated markets witnessed...

Motilal Oswal

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The Beat Ideas: Strides Pharma~ A Growth Play Post OneSource Demerger

​Strides Pharma's record growth in the US, high-ticket generics, and spin-off of OneSource CDMO set the stage for profitability recovery and long...

Sudarshan Bhandari

Event Driven: Demerger of OneSource: A Multi-Modality CDMO

​OneSource poised for growth in the booming GLP-1 drug market, projecting revenue of $350-$400 million by 2024 with strong EBITDA margin and...

Nimish Maheshwari

Strides Pharma Sciences Ltd - Continued Momentum with Another Strong Quarter

Q2FY25 revenues totaling Rs. 1,201 crore, demonstrating a significant y-o-y growth rate of 20%. EBITDA stood at Rs. 236 crore, marking a remarkable...

Sharekhan

Rubicon Research Pre-IPO - Robust Product Development Pipeline Driving Revenue Growth

Rubicon Research Limited is looking to raise about US$130m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

US segment drags overall performance

STR reported a lower than expected performance in 2QFY22 due to continued headwinds in the US business. Sales in other regulated markets witnessed...

Motilal Oswal

Strides Pharma's record growth in the US, high-ticket generics, and spin-off of OneSource CDMO set the stage for profitability recovery and long...

OneSource poised for growth in the booming GLP-1 drug market, projecting revenue of $350-$400 million by 2024 with strong EBITDA margin and...