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

Shadowfax Technologies / Equity Bottom-Up

<ul>
<li>Shadowfax reported FY26 revenue of INR4,201.7 crore (nearly 2x YoY) with a net profit of INR118.8 crore, while guiding for 28-30% growth in FY27 and 6.7x scale-up in dark stores.</li>
<li>India's quick commerce boom is creating logistics infrastructure gap, and Shadowfax, already serving Blinkit and Amazon Now, is positioning as the neutral backbone, avoiding platform risk while capturing growth runway.</li>
<li>With profitability proven and capex intensity moderating, the dark store pivot and pin code expansion strategy reveal company building durable logistics moat.
</li>
</ul>


Shadowfax reported FY26 revenue of INR4,201.7 crore (nearly 2x YoY) with a net profit of INR118.8 crore, while guiding for 28-30% growth in FY27 and 6.7x scale-up in dark stores.
India's quick commerce boom is creating logistics infrastructure gap, and Shadowfax, already serving Blinkit and Amazon Now, is positioning as the neutral backbone, avoiding platform risk while capturing growth runway.
With profitability proven and capex intensity moderating, the dark store pivot and pin code expansion strategy reveal company building durable logistics moat.



Shadowfax: India's Quick Commerce Infrastructure Play

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.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pine-labs-limited" target="_blank" data-smartkarma-citation="entities:33472:1" rel="noopener">Pine Labs (PINELABS IN)</a> raised around US$450m in its India IPO in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Pine Labs (PINELABS IN) raised around US$450m in its India IPO in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-limited" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Eternal (ETERNAL IN)</a>, a food delivery and quick commerce platform, reported Q4FY26 adjusted EBITDA of INR 429 crore (+160% YoY), Blinkit turned positive and food delivery maintained ~5.5% margins.</li>
<li>Blinkit, with 2,243 stores and strong growth, is now the primary growth driver, with key markets already reaching steady-state EBITDA margins of ~5-6%.</li>
<li>Blinkit’s scale, Zomato’s steady growth, and District’s early traction create a differentiated platform, with near-term competition masking a strong multi-year earnings growth opportunity.</li>
</ul>



Eternal (ETERNAL IN), a food delivery and quick commerce platform, reported Q4FY26 adjusted EBITDA of INR 429 crore (+160% YoY), Blinkit turned positive and food delivery maintained ~5.5% margins.
Blinkit, with 2,243 stores and strong growth, is now the primary growth driver, with key markets already reaching steady-state EBITDA margins of ~5-6%.
Blinkit’s scale, Zomato’s steady growth, and District’s early traction create a differentiated platform, with near-term competition masking a strong multi-year earnings growth opportunity.


Eternal Limited: Blinkit’s Dominance Driving the USD 1Bn EBITDA Vision

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on InterGlobe Aviation, Oracle Financial Services Software, Bharat Petroleum, ICICI Bank, HDFC Bank, Indian Oil, Vedanta, Reliance Industries.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on InterGlobe Aviation, Oracle Financial Services Software, Bharat Petroleum, ICICI Bank, HDFC Bank, Indian Oil, Vedanta, Reliance Industries.


MS-India Index Earning Revision (Apr): InterGlobe Aviation, Oracle Financial Services Software

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Equity Capital Markets

Bagmane Prime Office REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bagmane-prime-office-reit" target="_blank" data-smartkarma-citation="entities:46266:1" rel="noopener">Bagmane Prime Office REIT (BPOR IN)</a> plans to raise around US$440m in its upcoming India IPO. It owns and manages premium Grade A+ business parks located in Bengaluru.</li>
<li>It represents a high-quality, institutionally-managed office REIT with strong asset quality, near-full occupancy, and embedded rental upside. Its balance sheet and acquisition pipeline provide support with moderate growth potential.</li>
<li>In this note, we talk about the firm’s historical performance.</li>
</ul>



Bagmane Prime Office REIT (BPOR IN) plans to raise around US$440m in its upcoming India IPO. It owns and manages premium Grade A+ business parks located in Bengaluru.
It represents a high-quality, institutionally-managed office REIT with strong asset quality, near-full occupancy, and embedded rental upside. Its balance sheet and acquisition pipeline provide support with moderate growth potential.
In this note, we talk about the firm’s historical performance.


Aequitas: Bagmane REIT Pre-IPO - Strong Yield Visibility Supported by Embedded Rental Growth

India

Swiggy is an Indian online food ordering and delivery company. It also operates quick-commerce services under Instamart for grocery and household items, and offers restaurant reservation services through Dineout. The company is headquartered in Bengaluru, India, and was founded in 2013.

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Swiggy (SWIGGY IN)

Shadowfax: India's Quick Commerce Infrastructure Play

Shadowfax reported strong FY26 revenue growth and net profit, aiming for 28-30% growth in FY27 and expanding dark stores to address India's quick...

Sudarshan Bhandari

Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company

Pine Labs (PINELABS IN) raised around US$450m in its India IPO in its India IPO in November 2025. The lockup on its pre-IPO investors is set to...

Sumeet Singh

Eternal Limited: Blinkit’s Dominance Driving the USD 1Bn EBITDA Vision

Eternal's Q4FY26 EBITDA soars to INR 429 crore, Blinkit emerges as primary growth driver with steady margins and strong growth potential.

Sudarshan Bhandari

MS-India Index Earning Revision (Apr): InterGlobe Aviation, Oracle Financial Services Software

We analyzed MS-India's consensus for Apr 2026 and highlighted changes of EPS in InterGlobe Aviation (INDIGO IN), Oracle Financial Services Software...

Ke Yan, CFA, FRM

Aequitas: Bagmane REIT Pre-IPO - Strong Yield Visibility Supported by Embedded Rental Growth

Bagmane Prime Office Reit (BPOR) plans to raise around US$440m in its upcoming India IPO. In this note, we talk about the firm’s historical...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shadowfax: India's Quick Commerce Infrastructure Play

​Shadowfax reported strong FY26 revenue growth and net profit, aiming for 28-30% growth in FY27 and expanding dark stores to address India's quick...

Sudarshan Bhandari

Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company

Pine Labs (PINELABS IN) raised around US$450m in its India IPO in its India IPO in November 2025. The lockup on its pre-IPO investors is set to...

Sumeet Singh

Eternal Limited: Blinkit’s Dominance Driving the USD 1Bn EBITDA Vision

​Eternal's Q4FY26 EBITDA soars to INR 429 crore, Blinkit emerges as primary growth driver with steady margins and strong growth potential.

Sudarshan Bhandari

MS-India Index Earning Revision (Apr): InterGlobe Aviation, Oracle Financial Services Software

We analyzed MS-India's consensus for Apr 2026 and highlighted changes of EPS in InterGlobe Aviation (INDIGO IN), Oracle Financial Services Software...

Ke Yan, CFA, FRM

Aequitas: Bagmane REIT Pre-IPO - Strong Yield Visibility Supported by Embedded Rental Growth

Bagmane Prime Office Reit (BPOR) plans to raise around US$440m in its upcoming India IPO. In this note, we talk about the firm’s historical...

Akshat Shah

Shadowfax reported strong FY26 revenue growth and net profit, aiming for 28-30% growth in FY27 and expanding dark stores to address India's quick...

Eternal's Q4FY26 EBITDA soars to INR 429 crore, Blinkit emerges as primary growth driver with steady margins and strong growth potential.