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>By June 2025, shares worth INR 4.02 trillion across 73 IPOs will become tradeable post lock-in expiry, including major names like Hyundai, Swiggy, and NTPC Green.</li>
<li>This massive unlock could flood markets with fresh float, increasing supply dramatically and potentially causing short-term price corrections, especially in already weak or overvalued stocks.</li>
<li>Investors should prepare for near-term volatility but also watch for dips in strong businesses as potential accumulation opportunities once initial selling pressure subsides.</li>
</ul>


By June 2025, shares worth INR 4.02 trillion across 73 IPOs will become tradeable post lock-in expiry, including major names like Hyundai, Swiggy, and NTPC Green.
This massive unlock could flood markets with fresh float, increasing supply dramatically and potentially causing short-term price corrections, especially in already weak or overvalued stocks.
Investors should prepare for near-term volatility but also watch for dips in strong businesses as potential accumulation opportunities once initial selling pressure subsides.


₹4.02 Lakh Crore IPO Lock-In Expiry Wave in H1 2025 in Indian Markets

<ul>
<li>U.S. crude exports to India hit a two-year high as refiners shift supply amid stricter sanctions on Russian oil shipments.</li>
<li>
<a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> , <a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> , and Zepto face an antitrust probe over deep discounting, as local retailers allege unfair competition in India’s quick commerce sector.</li>
<li>Reliance Retail tightens operations, cuts jobs, and limits expansion to boost valuations ahead of IPO, as market concerns impact investor sentiment.</li>
</ul>


U.S. crude exports to India hit a two-year high as refiners shift supply amid stricter sanctions on Russian oil shipments.

Zomato (ZOMATO IN) , Swiggy (SWIGGY IN) , and Zepto face an antitrust probe over deep discounting, as local retailers allege unfair competition in India’s quick commerce sector.
Reliance Retail tightens operations, cuts jobs, and limits expansion to boost valuations ahead of IPO, as market concerns impact investor sentiment.


#116 India Insight: US Crude Exports to India Rise, Zomato Faces Probe, Reliance Cuts Jobs Pre-IPO

<ul>
<li>The microfinance sector sees 7.6% YoY growth, but quarterly loan book shrinks by 4.3%. Rising delinquencies, particularly in Odisha, Uttar Pradesh, and Tamil Nadu, raise concerns.</li>
<li>
<a href="https://www.smartkarma.com/entities/nippon-life-india-asset-management-limited" target="_blank" data-smartkarma-citation="entities:25984:1" rel="noopener">Nippon Life India Asset Management (NAM IN)</a>  launches the Nippon India Large Cap Fund GIFT in GIFT City, offering global investors access to India's equity market.</li>
<li>FHRAI and NRAI are challenging <a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a>  and <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>  private labels, Snacc and Bistro, alleging market manipulation and anti-competitive practices. </li>
</ul>


The microfinance sector sees 7.6% YoY growth, but quarterly loan book shrinks by 4.3%. Rising delinquencies, particularly in Odisha, Uttar Pradesh, and Tamil Nadu, raise concerns.

Nippon Life India Asset Management (NAM IN)  launches the Nippon India Large Cap Fund GIFT in GIFT City, offering global investors access to India's equity market.
FHRAI and NRAI are challenging Swiggy (SWIGGY IN)  and Zomato (ZOMATO IN)  private labels, Snacc and Bistro, alleging market manipulation and anti-competitive practices. 


#86 India Insight: Microfinance Grows 7.6%, Nippon AMC Fund Launch, FHRAI Challenges Swiggy, Zomato

<ul>
<li>JSW Group is set to acquire Everstone Capital's 8% stake in MG India, raising its ownership to 43%. While strengthening its position, JSW will still fall short of majority control.</li>
<li>
<a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a>  unveils its ‘e For Me’ vision for electric mobility, focusing on the e VITARA electric SUV and an ecosystem to support EV adoption. </li>
<li>
<a href="https://www.smartkarma.com/entities/temasek-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:28816:1" rel="noopener">Temasek Holdings Pte Ltd (TMSK SP)</a>  is set to acquire a minority stake in Haldiram Snacks for a valuation of $10-$11 billion. </li>
</ul>


JSW Group is set to acquire Everstone Capital's 8% stake in MG India, raising its ownership to 43%. While strengthening its position, JSW will still fall short of majority control.

Maruti Suzuki India (MSIL IN)  unveils its ‘e For Me’ vision for electric mobility, focusing on the e VITARA electric SUV and an ecosystem to support EV adoption. 

Temasek Holdings Pte Ltd (TMSK SP)  is set to acquire a minority stake in Haldiram Snacks for a valuation of $10-$11 billion. 


#83 India Insight: JSW to Acquire MG India, Maruti Unveils EV Vision, Temasek to Invest in Haldiram

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.

Equity Capital Markets

Jio Platforms Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> is looking to raise up to US$3.75bn in its upcoming India IPO.</li>
<li>Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.</li>
<li>We have looked at the company’s past performance and other deal dynamics in our previous note. In this note, we talk about valuations.</li>
</ul>



Jio Platforms is looking to raise up to US$3.75bn in its upcoming India IPO.
Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.
We have looked at the company’s past performance and other deal dynamics in our previous note. In this note, we talk about valuations.


Aequitas: Jio Platforms Pre-IPO - Thoughts on Valuations

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)

₹4.02 Lakh Crore IPO Lock-In Expiry Wave in H1 2025 in Indian Markets

By June 2025, INR 4.02 trillion worth of shares from 73 IPOs will become tradeable, potentially causing short-term price corrections and increased...

Sudarshan Bhandari

#116 India Insight: US Crude Exports to India Rise, Zomato Faces Probe, Reliance Cuts Jobs Pre-IPO

U.S. crude exports to India rise amid sanctions on Russian oil; Zomato, Swiggy, and Zepto face antitrust probe in India; Reliance Retail cuts jobs...

Sudarshan Bhandari

#86 India Insight: Microfinance Grows 7.6%, Nippon AMC Fund Launch, FHRAI Challenges Swiggy, Zomato

Microfinance sector shows growth but faces delinquency concerns; Nippon Life India AMC launches fund in GIFT City; FHRAI and NRAI challenge Swiggy...

Sudarshan Bhandari

#83 India Insight: JSW to Acquire MG India, Maruti Unveils EV Vision, Temasek to Invest in Haldiram

JSW Group increases stake in MG India, Maruti Suzuki unveils electric mobility vision, Temasek Holdings to acquire stake in Haldiram Snacks.

Sudarshan Bhandari

Aequitas: Jio Platforms Pre-IPO - Thoughts on Valuations

Jio Platforms is looking to raise up to US$3.75bn in its upcoming India IPO. We have looked at the past performance in our earlier notes, In this...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

₹4.02 Lakh Crore IPO Lock-In Expiry Wave in H1 2025 in Indian Markets

​By June 2025, INR 4.02 trillion worth of shares from 73 IPOs will become tradeable, potentially causing short-term price corrections and increased...

Sudarshan Bhandari

#116 India Insight: US Crude Exports to India Rise, Zomato Faces Probe, Reliance Cuts Jobs Pre-IPO

​U.S. crude exports to India rise amid sanctions on Russian oil; Zomato, Swiggy, and Zepto face antitrust probe in India; Reliance Retail cuts jobs...

Sudarshan Bhandari

#86 India Insight: Microfinance Grows 7.6%, Nippon AMC Fund Launch, FHRAI Challenges Swiggy, Zomato

​Microfinance sector shows growth but faces delinquency concerns; Nippon Life India AMC launches fund in GIFT City; FHRAI and NRAI challenge Swiggy...

Sudarshan Bhandari

#83 India Insight: JSW to Acquire MG India, Maruti Unveils EV Vision, Temasek to Invest in Haldiram

​JSW Group increases stake in MG India, Maruti Suzuki unveils electric mobility vision, Temasek Holdings to acquire stake in Haldiram Snacks.

Sudarshan Bhandari

Aequitas: Jio Platforms Pre-IPO - Thoughts on Valuations

Jio Platforms is looking to raise up to US$3.75bn in its upcoming India IPO. We have looked at the past performance in our earlier notes, In this...

Sumeet Singh

By June 2025, INR 4.02 trillion worth of shares from 73 IPOs will become tradeable, potentially causing short-term price corrections and increased...

U.S. crude exports to India rise amid sanctions on Russian oil; Zomato, Swiggy, and Zepto face antitrust probe in India; Reliance Retail cuts jobs...

Microfinance sector shows growth but faces delinquency concerns; Nippon Life India AMC launches fund in GIFT City; FHRAI and NRAI challenge Swiggy...

JSW Group increases stake in MG India, Maruti Suzuki unveils electric mobility vision, Temasek Holdings to acquire stake in Haldiram Snacks.