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>Organised jewellery players delivered strong revenue growth despite a 30% YoY gold price spike, driven by festive demand, ticket-size expansion, and formalisation.</li>
<li>Q1 trends highlight a shift toward lightweight, low-carat designs reiterated by <a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a> , with digital channels and franchising gaining momentum across the board.</li>
<li>With retail expansion and working capital discipline in focus, the players like Sky Gold appears poised for multi-format growth, aided by regulatory tailwinds and rising consumer trust.</li>
</ul>


Organised jewellery players delivered strong revenue growth despite a 30% YoY gold price spike, driven by festive demand, ticket-size expansion, and formalisation.
Q1 trends highlight a shift toward lightweight, low-carat designs reiterated by Titan Co Ltd (TTAN IN) , with digital channels and franchising gaining momentum across the board.
With retail expansion and working capital discipline in focus, the players like Sky Gold appears poised for multi-format growth, aided by regulatory tailwinds and rising consumer trust.


Jewellery Q1FY26 Report: Winners and Themes Amidst ₹1 Lakh Gold

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Capital Markets

Lalithaa Jewellery Mart Ltd / Equity Capital Markets

Lalithaa Jewellery Mart Ltd (1607844D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lalithaa-jewellery-mart-ltd" target="_blank" data-smartkarma-citation="entities:45292:1" rel="noopener">Lalithaa Jewellery Mart Ltd (1607844D IN)</a>'s IPO issue of INR 17 billion is a combination of fresh issue of INR 12 billion and offer for sale of INR 5 billion.</li>
<li>In this insight we discuss about on ground feedback from our conversations with multiple vendors, peers and merchant in the Chennai Jewellery market where the company has sizeable presence.</li>
<li>We finally conclude our findings and present our view on the IPO.</li>
</ul>



Lalithaa Jewellery Mart Ltd (1607844D IN)'s IPO issue of INR 17 billion is a combination of fresh issue of INR 12 billion and offer for sale of INR 5 billion.
In this insight we discuss about on ground feedback from our conversations with multiple vendors, peers and merchant in the Chennai Jewellery market where the company has sizeable presence.
We finally conclude our findings and present our view on the IPO.


Lalitha Jewellery IPO - On Ground Feedback From Chennai

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>Lalitha Jewellery is a south India focused gold jewellery retailer. It is particularly popular for operating large format stores and avoiding any celebrity endorsements.</li>
<li>A bottom-up peer analysis outlines how the jeweller stands out vs similar-sized/region-focused peers while lagging its diamond jewellery-focused Pan-India peers</li>
<li>The IPO seems favorably priced for a pop, but low free-float limits follow-on institutional upside.</li>
</ul>


Lalitha Jewellery is a south India focused gold jewellery retailer. It is particularly popular for operating large format stores and avoiding any celebrity endorsements.
A bottom-up peer analysis outlines how the jeweller stands out vs similar-sized/region-focused peers while lagging its diamond jewellery-focused Pan-India peers
The IPO seems favorably priced for a pop, but low free-float limits follow-on institutional upside.


Lalitha Jewellery IPO Review: Glittering Enough?

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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.

Dr Agarwal's Health Care Ltd / Equity Capital Markets

Dr Agarwal's Health Care Ltd (8140044Z IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
In this note, we will talk about the lockup dynamics and possible placement.


Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

Event-Driven

<ul>
<li>PM Modi on May 10 urged Indians to halt gold purchases, revive work-from-home, and cut fossil-fuel use, directly threatening the demand base of three listed sectors.</li>
<li>With crude above $100/bbl, a strained rupee, and FY26 gold imports at a record ~$72billion, the PM's remarks signal that policy tightening, including possible import-duty hikes, cannot be ruled out.</li>
<li>The sell-off in Titan, IndiGo and Maruti may look like a sentiment tantrum, but the underlying macro mechanics argue the pain is structural, not episodic.</li>
</ul>


PM Modi on May 10 urged Indians to halt gold purchases, revive work-from-home, and cut fossil-fuel use, directly threatening the demand base of three listed sectors.
With crude above $100/bbl, a strained rupee, and FY26 gold imports at a record ~$72billion, the PM's remarks signal that policy tightening, including possible import-duty hikes, cannot be ruled out.
The sell-off in Titan, IndiGo and Maruti may look like a sentiment tantrum, but the underlying macro mechanics argue the pain is structural, not episodic.


Modi's Speech Signal Hits Three Sectors in One Day

India

Thangamayil Jewellery Ltd. is a prominent organized jewelry retailer in Tamil Nadu, India, specializing in the manufacturing and sale of gold ornaments, silver articles, and diamond and platinum products. The company offers a diverse range of jewelry including bangles, bracelets, rings, necklaces, and chains, and also provides gold savings schemes. Headquartered in Madurai, Tamil Nadu, the company was incorporated in 2000.

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Thangamayil Jewellery (TJL IN)

Jewellery Q1FY26 Report: Winners and Themes Amidst ₹1 Lakh Gold

Organised jewellery players see strong revenue growth despite gold price spike, focusing on lightweight designs and digital channels for future...

Nimish Maheshwari

Lalitha Jewellery IPO - On Ground Feedback From Chennai

Insight on Lalitha Jewellery IPO - Discusses about channel feedback from multiple vendors, competitors in Chennai and Tamil Nadu - one of the key...

Sreemant Dudhoria

Lalitha Jewellery IPO Review: Glittering Enough?

Lalitha Jewellery is a successful south India gold retailer known for large stores and no celebrity endorsements. Is IPO attractive enough for a...

Himanshu Dugar

Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

TPG and Temasek are selling part of their stakes , around 11% of Dr Agarwal Health Care's existing share capital, to raise around US$183m, at a...

Akshat Shah

Modi's Speech Signal Hits Three Sectors in One Day

PM Modi's call to halt gold purchases and cut fossil-fuel use threatens sectors like Titan, IndiGo, and Maruti, signaling possible policy tightening.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jewellery Q1FY26 Report: Winners and Themes Amidst ₹1 Lakh Gold

​Organised jewellery players see strong revenue growth despite gold price spike, focusing on lightweight designs and digital channels for future...

Nimish Maheshwari

Lalitha Jewellery IPO - On Ground Feedback From Chennai

Insight on Lalitha Jewellery IPO - Discusses about channel feedback from multiple vendors, competitors in Chennai and Tamil Nadu - one of the key...

Sreemant Dudhoria

Lalitha Jewellery IPO Review: Glittering Enough?

​Lalitha Jewellery is a successful south India gold retailer known for large stores and no celebrity endorsements. Is IPO attractive enough for a...

Himanshu Dugar

Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

TPG and Temasek are selling part of their stakes , around 11% of Dr Agarwal Health Care's existing share capital, to raise around US$183m, at a...

Akshat Shah

Modi's Speech Signal Hits Three Sectors in One Day

​PM Modi's call to halt gold purchases and cut fossil-fuel use threatens sectors like Titan, IndiGo, and Maruti, signaling possible policy tightening.

Nimish Maheshwari

Organised jewellery players see strong revenue growth despite gold price spike, focusing on lightweight designs and digital channels for future...

Lalitha Jewellery is a successful south India gold retailer known for large stores and no celebrity endorsements. Is IPO attractive enough for a...

PM Modi's call to halt gold purchases and cut fossil-fuel use threatens sectors like Titan, IndiGo, and Maruti, signaling possible policy tightening.