Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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>Premium hard-coking-coal averaged about USD 236/ton FOB Australia in Jan–July 2026, up 25% year on year, as Australian disruptions, Chinese supply losses and Middle East freight risks tightened the market.</li>
<li>India imports the overwhelming majority of metallurgical coking coal used by blast-furnace mills. Every USD 10/ton rise in coal can add roughly USD 7–9/ton to steelmaking costs.</li>
<li>The near-term earnings risk is concentrated in blast-furnace producers with weaker pricing power. Longer term, India’s capacity expansion deepens coking-coal exposure unless domestic washing and blending improve materially.</li>
</ul>


Premium hard-coking-coal averaged about USD 236/ton FOB Australia in Jan–July 2026, up 25% year on year, as Australian disruptions, Chinese supply losses and Middle East freight risks tightened the market.
India imports the overwhelming majority of metallurgical coking coal used by blast-furnace mills. Every USD 10/ton rise in coal can add roughly USD 7–9/ton to steelmaking costs.
The near-term earnings risk is concentrated in blast-furnace producers with weaker pricing power. Longer term, India’s capacity expansion deepens coking-coal exposure unless domestic washing and blending improve materially.


How Rising Coking Coal Prices Impacting Indian Steel Producers?

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.

Equity Bottom-Up

<ul>
<li>India led volume stability, improving deliveries, and captive raw materials position Tata Steel to convert the 2026 steel upcycle into earnings leverage.</li>
<li>EU policy tightening and CBAM-linked barriers improve Netherlands pricing power, supporting a European turnaround despite continued structural drag from the UK.</li>
<li>Attractive valuation metrics, low PEG, manageable leverage, and sector outperformance make Tata Steel a high-conviction risk-adjusted play for 2026.</li>
</ul>


India led volume stability, improving deliveries, and captive raw materials position Tata Steel to convert the 2026 steel upcycle into earnings leverage.
EU policy tightening and CBAM-linked barriers improve Netherlands pricing power, supporting a European turnaround despite continued structural drag from the UK.
Attractive valuation metrics, low PEG, manageable leverage, and sector outperformance make Tata Steel a high-conviction risk-adjusted play for 2026.


2026 High Conviction Idea: Tata Steel’s Raw‑Material Moat and Long‑Product Expansion

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Recent strategic announcements improve pellet security, downstream mix, and low-carbon readiness, strengthening Tata Steel’s long-term positioning.</li>
<li>Balance sheet can fund near-term projects, but upstream expansions require careful sequencing amid non-linear cyclical earnings.</li>
<li>Valuation remains balanced at ₹165–185/share, with Europe performance the key swing factor for re-rating.</li>
</ul>


Recent strategic announcements improve pellet security, downstream mix, and low-carbon readiness, strengthening Tata Steel’s long-term positioning.
Balance sheet can fund near-term projects, but upstream expansions require careful sequencing amid non-linear cyclical earnings.
Valuation remains balanced at ₹165–185/share, with Europe performance the key swing factor for re-rating.


Tata Steel: Strategic Announcements Boost Long-Term Positioning; Valuation Still Balanced

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Tata Steel, Rakuten Group</li>
<li>Fed policymakers are uncertain, due to a lack of crucial data caused by the US government shutdown. Minneapolis Fed President Neel Kashkari said he did not support the central bank’s latest interest-rate cut.</li>
<li>He noted that “the anecdotal evidence and the data we got just implied to me underlying resilience in economic activity, more than I had expected”, and stated that he can make a case to lower or hold rates in December. Mr Kashkari joins other Fed officials who have expressed scepticism over the need for another rate decrease in December, with some arguing for holding rates steady to balance inflation and weaker hiring in the labour market.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Tata Steel, Rakuten Group
Fed policymakers are uncertain, due to a lack of crucial data caused by the US government shutdown. Minneapolis Fed President Neel Kashkari said he did not support the central bank’s latest interest-rate cut.
He noted that “the anecdotal evidence and the data we got just implied to me underlying resilience in economic activity, more than I had expected”, and stated that he can make a case to lower or hold rates in December. Mr Kashkari joins other Fed officials who have expressed scepticism over the need for another rate decrease in December, with some arguing for holding rates steady to balance inflation and weaker hiring in the labour market.


Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>For the sixth consecutive year, China's steel output is declining (-3.9%YoY in Jan-May'26). World steel output is declining for the 5th consecutive year, but India/US/Germany steel output is rising.  </li>
<li>Like 1990-95 (post-USSR's fall), world steel output declined 33mn tonnes in 2020-25 led by China's 104mn decline -- caused by its overcapacity. Other countries' output grows, while China reins-in overcapacity. </li>
<li>Having accounted for 90% of increased world steel output in 2000-2020, China is focused on 'new industries'. FAI in steel will decline. Non-China steel producing countries/companies will continue to benefit. </li>
</ul>


For the sixth consecutive year, China's steel output is declining (-3.9%YoY in Jan-May'26). World steel output is declining for the 5th consecutive year, but India/US/Germany steel output is rising.  
Like 1990-95 (post-USSR's fall), world steel output declined 33mn tonnes in 2020-25 led by China's 104mn decline -- caused by its overcapacity. Other countries' output grows, while China reins-in overcapacity. 
Having accounted for 90% of increased world steel output in 2000-2020, China is focused on 'new industries'. FAI in steel will decline. Non-China steel producing countries/companies will continue to benefit. 


Steel as a Bellwether of Global Industrial Cycles: Climbing Out of China's Shadow

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)

How Rising Coking Coal Prices Impacting Indian Steel Producers?

The headline is a 25% YoY rise in premium hard coking-coal prices during the first seven months of 2026. How this will impact the Indian steel...

Nimish Maheshwari

2026 High Conviction Idea: Tata Steel’s Raw‑Material Moat and Long‑Product Expansion

India strength, EU policy tailwinds, and valuation support converge, making Tata Steel a high-conviction bet as the steel cycle turns in 2026.

Mint Finance

Tata Steel: Strategic Announcements Boost Long-Term Positioning; Valuation Still Balanced

Tata Steel's strategic moves enhance pellet security, downstream mix, and low-carbon readiness, with balanced valuation and Europe performance as...

Rahul Jain

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Tata Steel, Rakuten Group

Lucror Analytics

Steel as a Bellwether of Global Industrial Cycles: Climbing Out of China's Shadow

China's steel output is declining for the sixth successive year, while India, US, Germany see growth. China's FAI in old industries will slump...

Prasenjit K. Basu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

How Rising Coking Coal Prices Impacting Indian Steel Producers?

The headline is a 25% YoY rise in premium hard coking-coal prices during the first seven months of 2026. How this will impact the Indian steel...

Nimish Maheshwari

2026 High Conviction Idea: Tata Steel’s Raw‑Material Moat and Long‑Product Expansion

India strength, EU policy tailwinds, and valuation support converge, making Tata Steel a high-conviction bet as the steel cycle turns in 2026.

Mint Finance

Tata Steel: Strategic Announcements Boost Long-Term Positioning; Valuation Still Balanced

​Tata Steel's strategic moves enhance pellet security, downstream mix, and low-carbon readiness, with balanced valuation and Europe performance as...

Rahul Jain

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Tata Steel, Rakuten Group

Lucror Analytics

Steel as a Bellwether of Global Industrial Cycles: Climbing Out of China's Shadow

​China's steel output is declining for the sixth successive year, while India, US, Germany see growth. China's FAI in old industries will slump...

Prasenjit K. Basu

Tata Steel's strategic moves enhance pellet security, downstream mix, and low-carbon readiness, with balanced valuation and Europe performance as...

China's steel output is declining for the sixth successive year, while India, US, Germany see growth. China's FAI in old industries will slump...