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

<ul>
<li>Force Motors reported record FY26 revenue and profitability, followed by softer April–May FY27 sales. The stock reaction has focused on the dip, not the product-cycle transition.</li>
<li>Traveller N, Urbania, Trax and defence orders can rebuild volume momentum, while the BMW/Mercedes engine franchise adds a differentiated non-vehicle earnings layer.</li>
<li>The thesis moves from simple volume recovery to mix-led earnings resilience. Monthly sales volatility matters, but margin quality and portfolio breadth matter more.</li>
</ul>


Force Motors reported record FY26 revenue and profitability, followed by softer April–May FY27 sales. The stock reaction has focused on the dip, not the product-cycle transition.
Traveller N, Urbania, Trax and defence orders can rebuild volume momentum, while the BMW/Mercedes engine franchise adds a differentiated non-vehicle earnings layer.
The thesis moves from simple volume recovery to mix-led earnings resilience. Monthly sales volatility matters, but margin quality and portfolio breadth matter more.


Force Motors: Two Weak Monthly Sales Prints Should Not Hide A Stronger Product Cycle..

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Ashok Leyland delivered its highest-ever FY26 revenue, EBITDA and PAT, with CV volumes crossing the earlier FY19 peak.</li>
<li>The commercial vehicle cycle has moved from weak replacement demand to broad-based recovery, supported by GST-led price relief and freight activity.</li>
<li>The story is no longer only cyclical M&amp;HCV recovery; LCV, exports, defence, aftermarket and EVs now add optionality.</li>
</ul>


Ashok Leyland delivered its highest-ever FY26 revenue, EBITDA and PAT, with CV volumes crossing the earlier FY19 peak.
The commercial vehicle cycle has moved from weak replacement demand to broad-based recovery, supported by GST-led price relief and freight activity.
The story is no longer only cyclical M&amp;HCV recovery; LCV, exports, defence, aftermarket and EVs now add optionality.


Ashok Leyland: The Leading Player in India’s Commercial Vehicle Segment

Kingfa Science & Technology (India) / Equity Bottom-Up

Kingfa Science & Technology (India) (KINGFA IN)

<ul>
<li>Kingfa India, a polymer materials company, closed FY26 with INR 1,996 crore revenue, up 14% YoY, and INR 185 crore net profit.</li>
<li>OPM improved from 3% in FY21 to 13% in FY26, led by a stronger mix of higher-realisation engineering plastics.</li>
<li>With Chakan Phase 2 and South India land acquisition ahead, FY27 will test whether growth sustains returns or dilutes them.</li>
</ul>


Kingfa India, a polymer materials company, closed FY26 with INR 1,996 crore revenue, up 14% YoY, and INR 185 crore net profit.
OPM improved from 3% in FY21 to 13% in FY26, led by a stronger mix of higher-realisation engineering plastics.
With Chakan Phase 2 and South India land acquisition ahead, FY27 will test whether growth sustains returns or dilutes them.


Kingfa Science & Technology Ltd: A Polymer Compounder With a Bigger Ambition

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

ICICI Prudential Asset Management Company / Index Rebalance

ICICI Prudential Asset Management Company (ICICIAMC IN)

ICICI Prudential Asset Management Company

<ul>
<li>
<a href="https://www.smartkarma.com/entities/icici-prudential-amc-ltd" target="_blank" data-smartkarma-citation="entities:45499:1" rel="noopener">ICICI Prudential AMC (ICICIAMC IN)</a> (IPAMC) raised around US$1.2bn in its India IPO in December 2025.  The lockup on its promoters and pre-IPO shareholders is set to expire soon.</li>
<li>IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



ICICI Prudential AMC (ICICIAMC IN) (IPAMC) raised around US$1.2bn in its India IPO in December 2025.  The lockup on its promoters and pre-IPO shareholders is set to expire soon.
IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: ICICI Pru AMC Lockup Expiry - US$4.6bn Lockup Release for JV Partner

Equity Capital Markets

Shenzhen Inovance Technology Co., / Equity Capital Markets

Shenzhen Inovance Technology Co., (300124 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-inovance-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:18170:1" rel="noopener">Shenzhen Inovance Technology Co., (300124 CH)</a> (SIT), an industrial technology group, aims to raise around US$2bn in its H-share listing.</li>
<li>SIT was one of China’s leading firms in the industrial automation and digitalization sectors and a top three third-party supplier of NEV powertrain systems.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Shenzhen Inovance Technology Co., (300124 CH) (SIT), an industrial technology group, aims to raise around US$2bn in its H-share listing.
SIT was one of China’s leading firms in the industrial automation and digitalization sectors and a top three third-party supplier of NEV powertrain systems.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Shenzhen Inovance Tech A/H Listing - NEV Focus Driving Revenue Higher but Margins Lower

India

Tata Motors is an Indian multinational automotive manufacturing company that produces a wide range of commercial vehicles, including trucks, vans, and buses. The company also has a significant presence in passenger vehicles and electric vehicles. Tata Motors is headquartered in Mumbai, India, and was founded on September 1, 1945.

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Tata Motors (TMCV IN)

Force Motors: Two Weak Monthly Sales Prints Should Not Hide A Stronger Product Cycle..

Force Motors sees record revenue and profitability in FY26, but softer sales in FY27. Monthly sales volatility is important, but margin quality...

Sudarshan Bhandari

Ashok Leyland: The Leading Player in India’s Commercial Vehicle Segment

Ashok Leyland achieves record revenue and profit in FY26, driven by strong commercial vehicle demand and diversified growth opportunities.

Nimish Maheshwari

Kingfa Science & Technology Ltd: A Polymer Compounder With a Bigger Ambition

Kingfa India sees strong revenue growth and improved profitability in FY26, but challenges lie ahead with expansion plans in FY27.

Sudarshan Bhandari

Aequitas: ICICI Pru AMC Lockup Expiry - US$4.6bn Lockup Release for JV Partner

ICICI Prudential AMC (ICICIAMC IN) (IPAMC) raised around US$1.2bn in its India IPO in December 2025. The lockup on its promoters and pre-IPO...

Sumeet Singh

Aequitas: Shenzhen Inovance Tech A/H Listing - NEV Focus Driving Revenue Higher but Margins Lower

Shenzhen Inovance Technology Co., (300124 CH) (SIT), an industrial technology group, aims to raise around US$2bn in its H-share listing. In this...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Force Motors: Two Weak Monthly Sales Prints Should Not Hide A Stronger Product Cycle..

​Force Motors sees record revenue and profitability in FY26, but softer sales in FY27. Monthly sales volatility is important, but margin quality...

Sudarshan Bhandari

Ashok Leyland: The Leading Player in India’s Commercial Vehicle Segment

​Ashok Leyland achieves record revenue and profit in FY26, driven by strong commercial vehicle demand and diversified growth opportunities.

Nimish Maheshwari

Kingfa Science & Technology Ltd: A Polymer Compounder With a Bigger Ambition

​Kingfa India sees strong revenue growth and improved profitability in FY26, but challenges lie ahead with expansion plans in FY27.

Sudarshan Bhandari

Aequitas: ICICI Pru AMC Lockup Expiry - US$4.6bn Lockup Release for JV Partner

ICICI Prudential AMC (ICICIAMC IN) (IPAMC) raised around US$1.2bn in its India IPO in December 2025. The lockup on its promoters and pre-IPO...

Sumeet Singh

Aequitas: Shenzhen Inovance Tech A/H Listing - NEV Focus Driving Revenue Higher but Margins Lower

Shenzhen Inovance Technology Co., (300124 CH) (SIT), an industrial technology group, aims to raise around US$2bn in its H-share listing. In this...

Sumeet Singh

Force Motors sees record revenue and profitability in FY26, but softer sales in FY27. Monthly sales volatility is important, but margin quality...

Ashok Leyland achieves record revenue and profit in FY26, driven by strong commercial vehicle demand and diversified growth opportunities.

Kingfa India sees strong revenue growth and improved profitability in FY26, but challenges lie ahead with expansion plans in FY27.