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>Delhi has drafted EV Policy 2026–2030, replacing the 2020 framework, pivoting to scrappage-linked incentives, capping subsidies to mass-market vehicles below Rs 25 lakh, and targeting 36,000 charging points by 2030.</li>
<li>With 90 lakh registered vehicles and India's most polluted urban air, Delhi's demand signal carries outsized influence on OEM product roadmaps, capex cycles, and localization timelines through 2030.</li>
<li>Legacy OEMs with established service networks (TVS, Bajaj, Hero, Tata Motors, Ashok Leyland) stand to capture disproportionate benefits; pure-play EV startups without scale face a harder road ahead.</li>
</ul>


Delhi has drafted EV Policy 2026–2030, replacing the 2020 framework, pivoting to scrappage-linked incentives, capping subsidies to mass-market vehicles below Rs 25 lakh, and targeting 36,000 charging points by 2030.
With 90 lakh registered vehicles and India's most polluted urban air, Delhi's demand signal carries outsized influence on OEM product roadmaps, capex cycles, and localization timelines through 2030.
Legacy OEMs with established service networks (TVS, Bajaj, Hero, Tata Motors, Ashok Leyland) stand to capture disproportionate benefits; pure-play EV startups without scale face a harder road ahead.


Delhi's EV Draft Policy: Who Wins the Policy Windfall of 2026–2030?

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>India's PLI-ACC scheme has disbursed zero incentives to date; actual cell production capacity stands at roughly 1.4 GWh against a 50 GWh target.</li>
<li>India's grid needs an estimated 236 GWh of battery storage by 2031-32; if domestic gigafactories miss their 2026-28 ramps, China will supply the surge, undermining the entire domestic manufacturing thesis.</li>
<li>Three players, three divergent technology bets, and a shared supply-chain vulnerability from China: the 2026-27 window will reveal which of these factories can close the gap between ambition and output.</li>
</ul>


India's PLI-ACC scheme has disbursed zero incentives to date; actual cell production capacity stands at roughly 1.4 GWh against a 50 GWh target.
India's grid needs an estimated 236 GWh of battery storage by 2031-32; if domestic gigafactories miss their 2026-28 ramps, China will supply the surge, undermining the entire domestic manufacturing thesis.
Three players, three divergent technology bets, and a shared supply-chain vulnerability from China: the 2026-27 window will reveal which of these factories can close the gap between ambition and output.


India's Gigafactory: 50 GWh Promised, 1.4 GWh Delivered

<ul>
<li>India’s auto sector ended FY26 strongly, with growth across segments: PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.</li>
<li>
Tractors outperformed PVs, driven by strong rural demand supported by GST cuts, healthy reservoir levels, and favorable seasonal factors like the Navratri period.</li>
<li>While 2W EVs grew 45% YoY, market share shifted toward established players. CV growth slowed meaningfully from February, indicating early signs of demand normalization.</li>
</ul>


India’s auto sector ended FY26 strongly, with growth across segments: PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.

Tractors outperformed PVs, driven by strong rural demand supported by GST cuts, healthy reservoir levels, and favorable seasonal factors like the Navratri period.
While 2W EVs grew 45% YoY, market share shifted toward established players. CV growth slowed meaningfully from February, indicating early signs of demand normalization.


Thematic Report on India Auto Sector: GST Cuts Drive Volume Growth Across Segments

<ul>
<li>Q3FY26 delivered strong volume-led growth across autos, supported by GST 2.0 reforms, lean inventories, and operating leverage.</li>
<li>
Demand momentum is robust, but rising raw material costs and supply rigidities create margin sustainability risks into FY27.</li>
<li>The sector stands on solid demand footing, yet sustainability hinges on pricing power, cost control, and supply normalization.</li>
</ul>


Q3FY26 delivered strong volume-led growth across autos, supported by GST 2.0 reforms, lean inventories, and operating leverage.

Demand momentum is robust, but rising raw material costs and supply rigidities create margin sustainability risks into FY27.
The sector stands on solid demand footing, yet sustainability hinges on pricing power, cost control, and supply normalization.


Thematic Report On Indian Auto Sector: GST Reduction Accelerates PV, 2W, CV and Tractor Demand

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

National Stock Exchange of India / Equity Capital Markets

National Stock Exchange of India (NSE IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a> raised about US$2.4bn in its India IPO.</li>
<li>NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.</li>
<li>We have looked at the company’s past performance and valuations in our previous note. In this note, we will talk about the trading dynamics.</li>
</ul>



National Stock Exchange (NSEIN IN) raised about US$2.4bn in its India IPO.
NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.
We have looked at the company’s past performance and valuations in our previous note. In this note, we will talk about the trading dynamics.


Aequtias: NSE IPO Trading - Weakish Demand Probably Flattish Debut

India

Tata Motors Limited is an Indian multinational automotive manufacturer. The company designs, develops, manufactures, and sells a wide range of automotive vehicles, including passenger cars, trucks, buses, and electric vehicles. Headquartered in Mumbai, India, the company was founded in 1945.

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Tata Motors (TTM US)

Delhi's EV Draft Policy: Who Wins the Policy Windfall of 2026–2030?

Delhi's new EV Policy 2026-2030 focuses on scrappage incentives, subsidies for mass-market vehicles under Rs 25 lakh, and aims for 36,000 charging...

Sudarshan Bhandari

India's Gigafactory: 50 GWh Promised, 1.4 GWh Delivered

India's PLI-ACC scheme struggles with zero incentives and low cell production capacity, risking reliance on China for battery storage needs if...

Nimish Maheshwari

Thematic Report on India Auto Sector: GST Cuts Drive Volume Growth Across Segments

India's auto sector saw strong growth in FY26, with PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.

Sudarshan Bhandari

Thematic Report On Indian Auto Sector: GST Reduction Accelerates PV, 2W, CV and Tractor Demand

Q3FY26 saw strong volume growth in auto sector due to GST 2.0 reforms, but rising costs pose margin risks in FY27. Sustainability depends on...

Sudarshan Bhandari

Aequtias: NSE IPO Trading - Weakish Demand Probably Flattish Debut

National Stock Exchange (NSEIN IN) raised about US$2.4bn in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Delhi's EV Draft Policy: Who Wins the Policy Windfall of 2026–2030?

​Delhi's new EV Policy 2026-2030 focuses on scrappage incentives, subsidies for mass-market vehicles under Rs 25 lakh, and aims for 36,000 charging...

Sudarshan Bhandari

India's Gigafactory: 50 GWh Promised, 1.4 GWh Delivered

​India's PLI-ACC scheme struggles with zero incentives and low cell production capacity, risking reliance on China for battery storage needs if...

Nimish Maheshwari

Thematic Report on India Auto Sector: GST Cuts Drive Volume Growth Across Segments

​India's auto sector saw strong growth in FY26, with PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.

Sudarshan Bhandari

Thematic Report On Indian Auto Sector: GST Reduction Accelerates PV, 2W, CV and Tractor Demand

​Q3FY26 saw strong volume growth in auto sector due to GST 2.0 reforms, but rising costs pose margin risks in FY27. Sustainability depends on...

Sudarshan Bhandari

Aequtias: NSE IPO Trading - Weakish Demand Probably Flattish Debut

National Stock Exchange (NSEIN IN) raised about US$2.4bn in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Delhi's new EV Policy 2026-2030 focuses on scrappage incentives, subsidies for mass-market vehicles under Rs 25 lakh, and aims for 36,000 charging...

India's PLI-ACC scheme struggles with zero incentives and low cell production capacity, risking reliance on China for battery storage needs if...

India's auto sector saw strong growth in FY26, with PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.

Q3FY26 saw strong volume growth in auto sector due to GST 2.0 reforms, but rising costs pose margin risks in FY27. Sustainability depends on...