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>Titan delivered blockbuster jewellery performance despite a ~65% YoY surge in gold prices and launched beYon, its lab-grown diamond brand.</li>
<li>Strong pricing power funds experimentation; LGDs expand diamond adoption among younger buyers without cannibalizing natural diamonds.</li>
<li>BeYon adds long-term relevance and optionality while the core jewellery engine remains cash generative.</li>
</ul>


Titan delivered blockbuster jewellery performance despite a ~65% YoY surge in gold prices and launched beYon, its lab-grown diamond brand.
Strong pricing power funds experimentation; LGDs expand diamond adoption among younger buyers without cannibalizing natural diamonds.
BeYon adds long-term relevance and optionality while the core jewellery engine remains cash generative.


Titan’s LGD Move: Expanding Diamond Adoption with BeYon

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Titan announced the launch of its brand ‘beYon,’ marking a foray into India's growing lab-grown diamond (LGD) market, on 29 December 2025</li><li>It has opened the first store in Mumbai ‘beYon’ is positioned as fashion-forward, everyday indulgence play targeting younger consumers seeking self-expression through accessible LGD jewelry (priced at INR 23-25k per carat vs market rate of INR 30-50k)</li><li>The opportunity stems from India's underpenetrated studded market (12-15% of Indian jewelry market), of which LGD accounts for a mere 2-4%</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Titan announced the launch of its brand ‘beYon,’ marking a foray into India's growing lab-grown diamond (LGD) market, on 29 December 2025It has opened the first store in Mumbai ‘beYon’ is positioned as fashion-forward, everyday indulgence play targeting younger consumers seeking self-expression through accessible LGD jewelry (priced at INR 23-25k per carat vs market rate of INR 30-50k)The opportunity stems from India's underpenetrated studded market (12-15% of Indian jewelry market), of which LGD accounts for a mere 2-4%Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Titan: BeYon: Titan Forays into the LGD Market. Maintain REDUCE

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.

Equity Capital Markets

Bharat Coking Coal Limited (BCCL) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bharat-coking-coal-limited-bccl" target="_blank" data-smartkarma-citation="entities:45272:1" rel="noopener">Bharat Coking Coal Limited (BCCL) (7535956Z IN)</a> is looking to raise around US$119m in its all-secondary India IPO. Coal India's subsidiary, it is engaged in the mining of coking coal.</li>
<li>BCCL produces various grades of coking coal, non-coking coal, and washed coal, primarily for use in the steel and power sectors.</li>
<li>In this note, we talk about the company’s historical performance and IPO valuations.</li>
</ul>



Bharat Coking Coal Limited (BCCL) (7535956Z IN) is looking to raise around US$119m in its all-secondary India IPO. Coal India's subsidiary, it is engaged in the mining of coking coal.
BCCL produces various grades of coking coal, non-coking coal, and washed coal, primarily for use in the steel and power sectors.
In this note, we talk about the company’s historical performance and IPO valuations.


Aequitas: BCCL IPO - Market Leadership in Domestic Coking Coal, with Key Considerations to Monitor

<ul><li>Titan’s acquisition of a 67% stake in century-old Damas Jewellery, one of the largest retailer in the GCC with 146 stores, is a high margin of safety bet which gives Titan immediate regional dominance, access to a premium brand and broad customer base, and a platform that would have taken years to build organically</li><li>While Damas has faced a decade of financial stress including declining revenues, margin squeezes, and low profits, the acquisition, valued at AED 1,038mn with an effective EV/Sales (CY24) multiple of ~0.9x excluding the Graff monobrand sales, provides a steep margin of safety to stage a turnaround from</li><li>Through integration, operational discipline, and cross-brand synergies, Titan appears to be well-positioned to unlock profitability, drive growth, and solidify market leadership in the high-potential GCC jewellery market</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Titan’s acquisition of a 67% stake in century-old Damas Jewellery, one of the largest retailer in the GCC with 146 stores, is a high margin of safety bet which gives Titan immediate regional dominance, access to a premium brand and broad customer base, and a platform that would have taken years to build organicallyWhile Damas has faced a decade of financial stress including declining revenues, margin squeezes, and low profits, the acquisition, valued at AED 1,038mn with an effective EV/Sales (CY24) multiple of ~0.9x excluding the Graff monobrand sales, provides a steep margin of safety to stage a turnaround fromThrough integration, operational discipline, and cross-brand synergies, Titan appears to be well-positioned to unlock profitability, drive growth, and solidify market leadership in the high-potential GCC jewellery marketContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Titan: Damas Bet: Heads It Wins, Tails It Doesn’t Lose Much. Maintain REDUCE

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<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

India

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

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Titan Co Ltd (TTAN IN)

Titan’s LGD Move: Expanding Diamond Adoption with BeYon

Titan's strong performance in the jewellery sector, including the launch of lab-grown diamonds, demonstrates pricing power and long-term relevance.

Sudarshan Bhandari

Titan: BeYon: Titan Forays into the LGD Market. Maintain REDUCE

Titan announced the launch of its brand ‘beYon,’ marking a foray into India's growing lab-grown diamond (LGD) market, on 29 December 2025

HDFC Securities

Aequitas: BCCL IPO - Market Leadership in Domestic Coking Coal, with Key Considerations to Monitor

Bharat Coking Coal Ltd (BCCL) is looking to raise around US$119m in its all-secondary India IPO. In this note, we talk about the company’s...

Akshat Shah

Titan: Damas Bet: Heads It Wins, Tails It Doesn’t Lose Much. Maintain REDUCE

We revise our FY27/28 revenue estimates by ~3% each, however, our EPS estimates remain unchanged. We maintain REDUCE with an unchanged DCF-based TP...

HDFC Securities

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Titan’s LGD Move: Expanding Diamond Adoption with BeYon

​Titan's strong performance in the jewellery sector, including the launch of lab-grown diamonds, demonstrates pricing power and long-term relevance.

Sudarshan Bhandari

Titan: BeYon: Titan Forays into the LGD Market. Maintain REDUCE

Titan announced the launch of its brand ‘beYon,’ marking a foray into India's growing lab-grown diamond (LGD) market, on 29 December 2025

HDFC Securities

Aequitas: BCCL IPO - Market Leadership in Domestic Coking Coal, with Key Considerations to Monitor

Bharat Coking Coal Ltd (BCCL) is looking to raise around US$119m in its all-secondary India IPO. In this note, we talk about the company’s...

Akshat Shah

Titan: Damas Bet: Heads It Wins, Tails It Doesn’t Lose Much. Maintain REDUCE

We revise our FY27/28 revenue estimates by ~3% each, however, our EPS estimates remain unchanged. We maintain REDUCE with an unchanged DCF-based TP...

HDFC Securities

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

Titan's strong performance in the jewellery sector, including the launch of lab-grown diamonds, demonstrates pricing power and long-term relevance.