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

Equity Bottom-Up

<ul>
<li>Thermax won two landmark data center cooling orders in Q3 FY26, one in the US and one in India.</li>
<li>In August 2025, it secured exclusive rights to deploy HydrogenPro's Norwegian alkaline electrolyzer technology across India, its second electrolyzer licensing deal in 18 months.</li>
<li>Green Solutions revenue jumped 268% YoY in Q3 FY26, still only 6.6% of the total, but management is guiding 1.1 GW of installed renewable capacity by FY28.</li>
</ul>


Thermax won two landmark data center cooling orders in Q3 FY26, one in the US and one in India.
In August 2025, it secured exclusive rights to deploy HydrogenPro's Norwegian alkaline electrolyzer technology across India, its second electrolyzer licensing deal in 18 months.
Green Solutions revenue jumped 268% YoY in Q3 FY26, still only 6.6% of the total, but management is guiding 1.1 GW of installed renewable capacity by FY28.


Thermax's Pivot to Data Centers and Green Hydrogen

Thematic (Sector/Industry)

<ul>
<li>China’s coal-based urea and chemicals chain absorbed the 2026 Middle East shock far better than gas- and oil-dependent competitors.</li>
<li>India imports critical industrial feedstocks and remains exposed to LNG, fertiliser and petrochemical supply disruptions through maritime chokepoints.</li>
<li>Coal gasification should be treated as strategic industrial infrastructure not merely another coal project provided economics, ash technology and carbon capture are solved</li>
</ul>


China’s coal-based urea and chemicals chain absorbed the 2026 Middle East shock far better than gas- and oil-dependent competitors.
India imports critical industrial feedstocks and remains exposed to LNG, fertiliser and petrochemical supply disruptions through maritime chokepoints.
Coal gasification should be treated as strategic industrial infrastructure not merely another coal project provided economics, ash technology and carbon capture are solved


What India Needs to Learn from China on Coal Gasification?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>
40,000-45,000 Indian containers stranded at sea and in transit as West Asia conflict escalates sharply.</li>
<li>Export Cargo worth USD 1-1.5 billion is at risk, per container surcharges have hit USD 3,000 - 5,000, a 3-5x jump from normal.</li>
<li>Listed exporters in rice, textiles and perishables face acute margin compression. The crises may not resolve quickly.</li>
</ul>



40,000-45,000 Indian containers stranded at sea and in transit as West Asia conflict escalates sharply.
Export Cargo worth USD 1-1.5 billion is at risk, per container surcharges have hit USD 3,000 - 5,000, a 3-5x jump from normal.
Listed exporters in rice, textiles and perishables face acute margin compression. The crises may not resolve quickly.


45,000 Indian Containers Disrupted by War: Which Indian Companies Are Most Exposed?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Since early November 2023 we have been expecting global equities (MSCI ACWI) to stage a year-end rally that would continue into the early part of 2024.</li>
<li>As we progress through the “early part” of 2024, more global indexes and Sectors are breaking out and starting to participate in the upside. This is classic bull market behavior.</li>
<li>Our outlook remains bullish; continue to ride this trend higher, and treat pullbacks as buying opportunities. Actionable Themes: Hong Kong/China, Consumer Discretionary, Industrials, Energy/Coal, and Polish Banks</li>
</ul>


Since early November 2023 we have been expecting global equities (MSCI ACWI) to stage a year-end rally that would continue into the early part of 2024.
As we progress through the “early part” of 2024, more global indexes and Sectors are breaking out and starting to participate in the upside. This is classic bull market behavior.
Our outlook remains bullish; continue to ride this trend higher, and treat pullbacks as buying opportunities. Actionable Themes: Hong Kong/China, Consumer Discretionary, Industrials, Energy/Coal, and Polish Banks


Hong Kong/China Finally Bottoming?; Bullish Outlook Intact; DXY Rolling Over; Buys in Discretionary

<ul>
<li>We are seeing signs that suggest this pullback may have run its course, as several global market indexes and Sectors appear to be making a higher low near logical support.</li>
<li>This includes the S&amp;P 500, Russell 2000, MSCI ACWI (local currency), TOPIX/TOPIX Small/Nikkei 225, MSCI ACWI Technology (IXN-US), Consumer Discretionary (RXI-US), Financials (IXG-US), Industrials and (EXI-US) -- add exposure.</li>
<li>While our overall outlook remains neutral, we continue to see a plethora of attractive buying opportunities in the new leaders.</li>
</ul>


We are seeing signs that suggest this pullback may have run its course, as several global market indexes and Sectors appear to be making a higher low near logical support.
This includes the S&amp;P 500, Russell 2000, MSCI ACWI (local currency), TOPIX/TOPIX Small/Nikkei 225, MSCI ACWI Technology (IXN-US), Consumer Discretionary (RXI-US), Financials (IXG-US), Industrials and (EXI-US) -- add exposure.
While our overall outlook remains neutral, we continue to see a plethora of attractive buying opportunities in the new leaders.


Pullback Complete?; Commodities Heading Lower; Buying Growth/Cyclicals & A Few Utilities

India

Thermax Ltd manufactures equipment and machinery used to both produce and to conserve energy. The Company operates through a number of divisions, including Boilers, Heat Recovery Steam Generators, Water Treatment Plants and Air Pollution Control Equipment. In addition, Thermax  produces steam and gas turbines and diesel gensets through a number of strategic alliances.

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Thermax (TMX IN)

Thermax's Pivot to Data Centers and Green Hydrogen

Thermax secures major data center cooling orders, expands into hydrogen technology, and sees significant growth in Green Solutions revenue with...

Nimish Maheshwari

What India Needs to Learn from China on Coal Gasification?

China's coal-based industry outperformed gas and oil competitors during Middle East shock; India remains vulnerable to supply disruptions; coal...

Nimish Maheshwari

45,000 Indian Containers Disrupted by War: Which Indian Companies Are Most Exposed?

Thousands of Indian containers stranded at sea due to West Asia conflict, risking billions in export cargo and causing surcharges to skyrocket for...

Sudarshan Bhandari

Hong Kong/China Finally Bottoming?; Bullish Outlook Intact; DXY Rolling Over; Buys in Discretionary

Hong Kong/China Finally Bottoming?; Bullish Overall Outlook Intact; $DXY Rolling Over; Actionable Themes: Hong Kong/China, Consumer Discretionary,...

Vermilion Research

Pullback Complete?; Commodities Heading Lower; Buying Growth/Cyclicals & A Few Utilities

Signs suggest this pullback may have run its course, as several global market indexes & Sectors appear to be making a higher low near logical...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thermax's Pivot to Data Centers and Green Hydrogen

​Thermax secures major data center cooling orders, expands into hydrogen technology, and sees significant growth in Green Solutions revenue with...

Nimish Maheshwari

What India Needs to Learn from China on Coal Gasification?

​China's coal-based industry outperformed gas and oil competitors during Middle East shock; India remains vulnerable to supply disruptions; coal...

Nimish Maheshwari

45,000 Indian Containers Disrupted by War: Which Indian Companies Are Most Exposed?

​Thousands of Indian containers stranded at sea due to West Asia conflict, risking billions in export cargo and causing surcharges to skyrocket for...

Sudarshan Bhandari

Hong Kong/China Finally Bottoming?; Bullish Outlook Intact; DXY Rolling Over; Buys in Discretionary

Hong Kong/China Finally Bottoming?; Bullish Overall Outlook Intact; $DXY Rolling Over; Actionable Themes: Hong Kong/China, Consumer Discretionary,...

Vermilion Research

Pullback Complete?; Commodities Heading Lower; Buying Growth/Cyclicals & A Few Utilities

Signs suggest this pullback may have run its course, as several global market indexes & Sectors appear to be making a higher low near logical...

Vermilion Research

Thermax secures major data center cooling orders, expands into hydrogen technology, and sees significant growth in Green Solutions revenue with...

China's coal-based industry outperformed gas and oil competitors during Middle East shock; India remains vulnerable to supply disruptions; coal...

Thousands of Indian containers stranded at sea due to West Asia conflict, risking billions in export cargo and causing surcharges to skyrocket for...