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 Derivatives

<ul>
<li>India raised effective gold import duty from 6% to 15% overnight via a 10% basic customs duty plus 5% AIDC, the steepest hike since 2013.</li>
<li>Gold imports hit a record $71.98 billion in FY26. Titan's jewellery business, contributing 85% of revenue, faces an acute near-term demand and margin headwind.</li>
<li>Historical data shows Titan typically corrects 10–25% within a month of duty hikes, then recovers over 6–12 months. The organised sector ultimately benefits as unorganised players struggle most.</li>
</ul>


India raised effective gold import duty from 6% to 15% overnight via a 10% basic customs duty plus 5% AIDC, the steepest hike since 2013.
Gold imports hit a record $71.98 billion in FY26. Titan's jewellery business, contributing 85% of revenue, faces an acute near-term demand and margin headwind.
Historical data shows Titan typically corrects 10–25% within a month of duty hikes, then recovers over 6–12 months. The organised sector ultimately benefits as unorganised players struggle most.


India's Gold Duty Shock: History Shows Titan Rebounds,But First Comes Pain

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kalyan-jewellers" target="_blank" data-smartkarma-citation="entities:29714:1" rel="noopener">Kalyan Jewellers (KALYANKJ IN)</a> Management paused INR 350-400 crore debt reduction after 90 days, now planning INR 2,700 crore capital consumption without clear justification.</li>
<li>Candere losses increased 5X while management admits e-commerce isn't their strength, yet continues expanding with new regional brand initiatives.</li>
<li>Stock trades at 44x P/E NTM above 3-year average despite questionable capital allocation and non-quantifiable efficiency claims from management.</li>
</ul>



Kalyan Jewellers (KALYANKJ IN) Management paused INR 350-400 crore debt reduction after 90 days, now planning INR 2,700 crore capital consumption without clear justification.
Candere losses increased 5X while management admits e-commerce isn't their strength, yet continues expanding with new regional brand initiatives.
Stock trades at 44x P/E NTM above 3-year average despite questionable capital allocation and non-quantifiable efficiency claims from management.


Kalyan Jewellers (KALYANKJ IN) | The Capital Sinkhole

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.

Equity Capital Markets

<ul>
<li>2025 marked our tenth year covering Equity Capital Markets (ECM) in Asia Pacific. In 2025, IPO volumes were driven by a strong rebound in HK, while India flow remained resilient.</li>
<li>We ended 2025 with an accuracy rate of 72.2% across 119 IPOs that we covered and 64.3% across 125 placements.</li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2025 marked our tenth year covering Equity Capital Markets (ECM) in Asia Pacific. In 2025, IPO volumes were driven by a strong rebound in HK, while India flow remained resilient.
We ended 2025 with an accuracy rate of 72.2% across 119 IPOs that we covered and 64.3% across 125 placements.
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2025 IPOs and Placements Performance Review - HK Breached COVID Peak, India Flow Strong

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Singapore Telecommunications / Event-Driven

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ Insights published over the past two weeks on Smartkarma</li>
<li>In this cut, we review value-unlocking moves by Singapore-listed companies, take stock of India’s jewellery retail market, and track how Taiwan’s largest ETF drives flows for its adds and deletes</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ Insights published over the past two weeks on Smartkarma
In this cut, we review value-unlocking moves by Singapore-listed companies, take stock of India’s jewellery retail market, and track how Taiwan’s largest ETF drives flows for its adds and deletes
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: Singapore Unlocks Value, India’s Jewellery Caution & Taiwan's Top ETF's Rebalance

India

Titan Co. Ltd. manufactures and retails jewelry and watches. The Company also produces perfume for men and women.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Titan Co Ltd (TTAN IN)

India's Gold Duty Shock: History Shows Titan Rebounds,But First Comes Pain

India raises gold import duty to 15%, impacting Titan's jewellery business which faces demand and margin challenges. Historical data suggests...

Sudarshan Bhandari

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

Kalyan Jewellers (KALYANKJ IN) | The Capital Sinkhole

The narrative has broken. The stock is down ~20–25% over 8–9 straight sessions, including a ~13–14% single-day air pocket to ₹389–₹400, printing a...

Pranav Bhavsar

Aequitas 2025 IPOs and Placements Performance Review - HK Breached COVID Peak, India Flow Strong

2025 marked our tenth year covering Equity Capital Markets (ECM) in Asia Pacific. In 2025, IPO volumes were driven by a strong rebound in HK, while...

Sumeet Singh

Curator's Cut: Singapore Unlocks Value, India’s Jewellery Caution & Taiwan's Top ETF's Rebalance

We review how value is being unlocked in Singapore, why Indian jewellery retail merits due diligence, and Taiwan's largest ETF's impact on flows

Pranav Rao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India's Gold Duty Shock: History Shows Titan Rebounds,But First Comes Pain

​India raises gold import duty to 15%, impacting Titan's jewellery business which faces demand and margin challenges. Historical data suggests...

Sudarshan Bhandari

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

Kalyan Jewellers (KALYANKJ IN) | The Capital Sinkhole

The narrative has broken. The stock is down ~20–25% over 8–9 straight sessions, including a ~13–14% single-day air pocket to ₹389–₹400, printing a...

Pranav Bhavsar

Aequitas 2025 IPOs and Placements Performance Review - HK Breached COVID Peak, India Flow Strong

2025 marked our tenth year covering Equity Capital Markets (ECM) in Asia Pacific. In 2025, IPO volumes were driven by a strong rebound in HK, while...

Sumeet Singh

Curator's Cut: Singapore Unlocks Value, India’s Jewellery Caution & Taiwan's Top ETF's Rebalance

We review how value is being unlocked in Singapore, why Indian jewellery retail merits due diligence, and Taiwan's largest ETF's impact on flows

Pranav Rao

India raises gold import duty to 15%, impacting Titan's jewellery business which faces demand and margin challenges. Historical data suggests...

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