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>Inox Air, India's largest integrated gases company with a 22.4% share in FY26. Company has 31.0% market share in merchant Gases, 17.8% in on site Gas Supply.</li>
<li>It turns free air into a 51.3% EBITDA margin and also out earns Linde India.</li>
<li>The company has the highest margins and leadership among the peer group. Full IPO is OFS, nothing is added as new capex.</li>
</ul>


Inox Air, India's largest integrated gases company with a 22.4% share in FY26. Company has 31.0% market share in merchant Gases, 17.8% in on site Gas Supply.
It turns free air into a 51.3% EBITDA margin and also out earns Linde India.
The company has the highest margins and leadership among the peer group. Full IPO is OFS, nothing is added as new capex.


Selling Air: INOX Air Products Limited IPO

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>The Fed has embarked on a rate hike cycle and one more hike in December seems baked in. Treasury yields hovering at higher than 5% seem to portend more hikes.</li>
<li>Asian yields started rising and PE peaked a year ago. Foreign flows, also impacted by US yields, dropped massively in 2025-26. Valuations and flows are anticipating the bad news already.</li>
<li>Banks, insurance and basic materials should do well in an inflationary and tighter monetary environment. These sectors are also cheap in relation to their future earnings growth and ROE.</li>
</ul>


The Fed has embarked on a rate hike cycle and one more hike in December seems baked in. Treasury yields hovering at higher than 5% seem to portend more hikes.
Asian yields started rising and PE peaked a year ago. Foreign flows, also impacted by US yields, dropped massively in 2025-26. Valuations and flows are anticipating the bad news already.
Banks, insurance and basic materials should do well in an inflationary and tighter monetary environment. These sectors are also cheap in relation to their future earnings growth and ROE.


Asian Equities: As Fed Hikes Loom, Asia’s Derating Clears the Path for Selective Sectoral Rerating

Iron Ore, Copper, Equities, Mint Finance

Umang Agrawal

Iron Ore, Copper, Equities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Europe’s earnings drag is finally easing, though regulatory uncertainty, coke plant closures, and infrastructure bottlenecks still threaten stability.</li>
<li>India remains Tata Steel’s core earnings engine, with Kalinganagar ramp-up and stronger auto-linked pricing supporting FY27 growth visibility.</li>
<li>Slowing Chinese steel exports and tighter European safeguards could create a more supportive global pricing environment for Tata Steel going forward.</li>
</ul>


Europe’s earnings drag is finally easing, though regulatory uncertainty, coke plant closures, and infrastructure bottlenecks still threaten stability.
India remains Tata Steel’s core earnings engine, with Kalinganagar ramp-up and stronger auto-linked pricing supporting FY27 growth visibility.
Slowing Chinese steel exports and tighter European safeguards could create a more supportive global pricing environment for Tata Steel going forward.


Tata Steel’s Europe Revival Story Is Back on the Table

Thematic (Sector/Industry)

<ul>
<li>The steel market is tightening fast: demand is running ahead of production, while higher coking coal costs strengthen the case for price hikes.</li>
<li>Export momentum is broadening mills’ demand pool, with Asian markets emerging as an increasingly important outlet for Indian steelmakers.</li>
<li>Imports are the catch: rising Chinese inflows could put a ceiling on domestic prices, limiting how far mills can push realizations.</li>
</ul>


The steel market is tightening fast: demand is running ahead of production, while higher coking coal costs strengthen the case for price hikes.
Export momentum is broadening mills’ demand pool, with Asian markets emerging as an increasingly important outlet for Indian steelmakers.
Imports are the catch: rising Chinese inflows could put a ceiling on domestic prices, limiting how far mills can push realizations.


India’s Steel Market Turns Constructive, With Imports Emerging as the Wildcard

<ul>
<li>Tata Steel India hit record output of 6.34 MT in 3QFY26, with deliveries crossing 6 MT, driven by strong domestic demand.</li>
<li>EU’s CBAM raises carbon costs and pressures exports, but tightening import rules could advantage Tata Steel Netherlands through stronger local demand.</li>
<li>CCI’s cartel findings against major steelmakers introduce regulatory overhang, potential penalties, and prolonged review risk, with pricing conduct under scrutiny.</li>
</ul>


Tata Steel India hit record output of 6.34 MT in 3QFY26, with deliveries crossing 6 MT, driven by strong domestic demand.
EU’s CBAM raises carbon costs and pressures exports, but tightening import rules could advantage Tata Steel Netherlands through stronger local demand.
CCI’s cartel findings against major steelmakers introduce regulatory overhang, potential penalties, and prolonged review risk, with pricing conduct under scrutiny.


Tata Steel: Strong India Momentum Provides Cushion as Carbon Costs and CCI Scrutiny Build

India

Tata Steel Limited is an Indian multinational steel company that manufactures and distributes a wide range of steel products, including hot-rolled, cold-rolled, and galvanized steel, tubes, and wire rods. The company serves diverse sectors such as automotive, construction, engineering, and consumer goods. Tata Steel is headquartered in Mumbai, India, and was founded on August 26, 1907.

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Tata Steel (TATA IN)

Selling Air: INOX Air Products Limited IPO

India's largest industrial gas firm, Inox Air Products held a 22.4% FY26 revenue share. Backed by 57 sites and massive infrastructure, it serves...

Sudarshan Bhandari

Asian Equities: As Fed Hikes Loom, Asia’s Derating Clears the Path for Selective Sectoral Rerating

Skyrocketing US yields portend more hikes. Asian yields rose & PE peaked a year ago. Foreign outflows over 25-26 seem to anticipate the tightening....

Manishi Raychaudhuri

Tata Steel’s Europe Revival Story Is Back on the Table

Europe’s losses are shrinking, India remains the growth engine, and execution across U.K. and Netherlands now becomes critical.

Mint Finance

India’s Steel Market Turns Constructive, With Imports Emerging as the Wildcard

Consumption is leaving production behind in India’s steel market, with the widening gap adding fresh momentum to the price outlook.

Mint Finance

Tata Steel: Strong India Momentum Provides Cushion as Carbon Costs and CCI Scrutiny Build

Record Indian volumes and safeguard duties strengthen earnings visibility, while CBAM costs and cartel reviews introduce manageable, time-bound...

Mint Finance

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