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>Middle East tensions have increased the risk of Brent crude moving toward USD 85-90 per barrel in the near term.</li>
<li>For India, every USD 10 rise in crude can add around 30 bps to inflation and widen the current account deficit.</li>
<li>The impact will vary by sector. Upstream oil companies benefit, while oil-intensive sectors face margin pressure if prices stay elevated.</li>
</ul>


Middle East tensions have increased the risk of Brent crude moving toward USD 85-90 per barrel in the near term.
For India, every USD 10 rise in crude can add around 30 bps to inflation and widen the current account deficit.
The impact will vary by sector. Upstream oil companies benefit, while oil-intensive sectors face margin pressure if prices stay elevated.


Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Q3 FY26 calls show revival: PVC stabilized, volumes up 12–18% YoY, channel restocking returning, margins recovering across leaders.</li>
<li>After 15–20 months of price wars and destocking, arrested price erosion plus government capex can lift realizations and EBITDA sustainably.</li>
<li>Near-Term earnings skew improves into Q4 FY26–Q1 FY27; leaders with scale and value-added mix look better positioned for share gains.</li>
</ul>


Q3 FY26 calls show revival: PVC stabilized, volumes up 12–18% YoY, channel restocking returning, margins recovering across leaders.
After 15–20 months of price wars and destocking, arrested price erosion plus government capex can lift realizations and EBITDA sustainably.
Near-Term earnings skew improves into Q4 FY26–Q1 FY27; leaders with scale and value-added mix look better positioned for share gains.


Indian Pipe Sector: Signs of Revival Amid Volatility – Q3 FY26 Insights

<ul>
<li>India has imposed anti-dumping duties of up to USD 707/tonne on PVC paste resin imports from six countries, including China and Korea, effective March 21, 2025.  </li>
<li>The move follows complaints from domestic producers citing dumping, margin pressure, and a surge in substandard resin imports disrupting market stability and quality standards.  </li>
<li>The duty will likely improve profitability for Indian manufacturers, stabilize resin prices, and reduce unfair competition, though it may raise costs for import-dependent sectors in the short term.</li>
</ul>


India has imposed anti-dumping duties of up to USD 707/tonne on PVC paste resin imports from six countries, including China and Korea, effective March 21, 2025.  
The move follows complaints from domestic producers citing dumping, margin pressure, and a surge in substandard resin imports disrupting market stability and quality standards.  
The duty will likely improve profitability for Indian manufacturers, stabilize resin prices, and reduce unfair competition, though it may raise costs for import-dependent sectors in the short term.


Will India's Anti-Dumping Duty Impact the PVC Industry Players In India?

APAC IPOs & Placements, Aequitas Research

Kajal Jain

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

LEAP India Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/leap-india-limited" target="_blank" data-smartkarma-citation="entities:45766:1" rel="noopener">LEAP India Limited (1414703D IN)</a> (Leap) raised around US$260m in its upcoming India IPO.</li>
<li>As per F&amp;S, Leap is India’s largest on-demand asset pooling provider in supply chain management, operating a share-and-reuse model with 13.5 million assets across 7,747 customer touchpoints nationwide.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



LEAP India Limited (1414703D IN) (Leap) raised around US$260m in its upcoming India IPO.
As per F&amp;S, Leap is India’s largest on-demand asset pooling provider in supply chain management, operating a share-and-reuse model with 13.5 million assets across 7,747 customer touchpoints nationwide.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Leap India IPO Trading - Subdued Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/leap-india-limited" target="_blank" data-smartkarma-citation="entities:45766:1" rel="noopener">LEAP India Limited (1414703D IN)</a>  (Leap) is looking to raise up to US$260m in its upcoming India IPO.</li>
<li>As per F&amp;S, Leap is India’s largest on-demand asset pooling provider in supply chain management, operating a share-and-reuse model with 13.5 million assets across 7,747 customer touchpoints nationwide.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



LEAP India Limited (1414703D IN)  (Leap) is looking to raise up to US$260m in its upcoming India IPO.
As per F&amp;S, Leap is India’s largest on-demand asset pooling provider in supply chain management, operating a share-and-reuse model with 13.5 million assets across 7,747 customer touchpoints nationwide.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Aequitas: Leap India Ltd IPO- RHP Updates, Peer Comp and Thoughts on Valuation

India

Supreme Industries Limited is India's largest plastics processing company, manufacturing a wide range of plastic products. Its core business activities span plastic piping systems, protective packaging, industrial components, and molded furniture. The company was founded in 1942 and is headquartered in Mumbai, India.

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Supreme Industries (SI IN)

Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

Sudarshan Bhandari

Indian Pipe Sector: Signs of Revival Amid Volatility – Q3 FY26 Insights

Q3 FY26 calls indicate PVC market stabilization, volume growth, and margin recovery, with potential for sustained EBITDA improvement in the coming...

Nimish Maheshwari

Will India's Anti-Dumping Duty Impact the PVC Industry Players In India?

India imposes anti-dumping duties on PVC paste resin imports to protect domestic producers from unfair competition and stabilize market prices,...

Nimish Maheshwari

Aequitas: Leap India IPO Trading - Subdued Demand

LEAP India Limited (Leap) raised around US$260m in its upcoming India IPO through a combination of fresh issue and Offer for sale (OFS).

Kajal Jain

Aequitas: Leap India Ltd IPO- RHP Updates, Peer Comp and Thoughts on Valuation

LEAP India Limited (Leap) is looking to raise about US$260m in its India IPO through a combination of fresh issue and Offer for sale (OFS).

Kajal Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

​Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

Sudarshan Bhandari

Indian Pipe Sector: Signs of Revival Amid Volatility – Q3 FY26 Insights

​Q3 FY26 calls indicate PVC market stabilization, volume growth, and margin recovery, with potential for sustained EBITDA improvement in the coming...

Nimish Maheshwari

Will India's Anti-Dumping Duty Impact the PVC Industry Players In India?

​India imposes anti-dumping duties on PVC paste resin imports to protect domestic producers from unfair competition and stabilize market prices,...

Nimish Maheshwari

Aequitas: Leap India IPO Trading - Subdued Demand

LEAP India Limited (Leap) raised around US$260m in its upcoming India IPO through a combination of fresh issue and Offer for sale (OFS).

Kajal Jain

Aequitas: Leap India Ltd IPO- RHP Updates, Peer Comp and Thoughts on Valuation

LEAP India Limited (Leap) is looking to raise about US$260m in its India IPO through a combination of fresh issue and Offer for sale (OFS).

Kajal Jain

Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

Q3 FY26 calls indicate PVC market stabilization, volume growth, and margin recovery, with potential for sustained EBITDA improvement in the coming...

India imposes anti-dumping duties on PVC paste resin imports to protect domestic producers from unfair competition and stabilize market prices,...