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

Avaada Electro Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avaada-electro-limited" target="_blank" data-smartkarma-citation="entities:58612:1" rel="noopener">Avaada Electro Limited (2596819D IN)</a> is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.</li>
<li>Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Avaada Electro Limited (2596819D IN) is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.
Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.
In this note, we look at the firm’s past performance.


Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Thematic (Sector/Industry)

<ul><li>Our consumer discretionary coverage universe (ex-Eternal) is expected to deliver ~23% YoY revenue growth in Q4, underpinned by a broad-based demand recovery.</li><li>This topline performance is mainly driven by sustained momentum in jewelry (driven by surge in gold prices), ongoing customer acquisition efforts in new-age businesses, and recovery in apparel growth YoY.</li><li>We expect jewelry, F&amp;G, paints, apparel, and footwear to clock ~47%, 19%, 5%, 16%, and 9% YoY revenue growth in Q4. </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.

Our consumer discretionary coverage universe (ex-Eternal) is expected to deliver ~23% YoY revenue growth in Q4, underpinned by a broad-based demand recovery.This topline performance is mainly driven by sustained momentum in jewelry (driven by surge in gold prices), ongoing customer acquisition efforts in new-age businesses, and recovery in apparel growth YoY.We expect jewelry, F&amp;G, paints, apparel, and footwear to clock ~47%, 19%, 5%, 16%, and 9% YoY revenue growth in Q4. 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.

Consumer Discretionary (Q4FY26 Results Preview): Q4FY26 – green shoots emerging across segments

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>India's listed jewellers posted Q4 FY26 revenue growth of 46–102% YoY, beating expectations across Titan, Kalyan, P N Gadgil, and Senco.
</li>
<li>Buyer volumes returned at Titan after three flat quarters, studded outperformed plain gold across every player, confirming demand beyond price inflation.</li>
<li>Akshaya Tritiya advance bookings look strong, may full results will confirm whether revenue beats translated into margin delivery across names.</li>
</ul>


India's listed jewellers posted Q4 FY26 revenue growth of 46–102% YoY, beating expectations across Titan, Kalyan, P N Gadgil, and Senco.

Buyer volumes returned at Titan after three flat quarters, studded outperformed plain gold across every player, confirming demand beyond price inflation.
Akshaya Tritiya advance bookings look strong, may full results will confirm whether revenue beats translated into margin delivery across names.


Indian Organised Jewellery Sector: Analysing the Q4FY26 Business Updates and What Lies Next?

India

Titan Company Limited is an Indian fashion accessories company that primarily manufactures jewellery, watches, and eyewear. The company also offers fragrances, fashion accessories, and Indian dress wear under various brands. It is part of the Tata Group and was founded in 1984, with its corporate headquarters in Bengaluru, India.

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Titan (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: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

Consumer Discretionary (Q4FY26 Results Preview): Q4FY26 – green shoots emerging across segments

Our consumer discretionary coverage universe (ex-Eternal) is expected to deliver ~23% YoY revenue growth in Q4, underpinned by a broad-based demand...

HDFC Securities

Indian Organised Jewellery Sector: Analysing the Q4FY26 Business Updates and What Lies Next?

Indian jewellers Titan, Kalyan, P N Gadgil, and Senco exceed revenue expectations in Q4 FY26, with strong demand for studded jewelry and potential...

Nimish Maheshwari

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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: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

Consumer Discretionary (Q4FY26 Results Preview): Q4FY26 – green shoots emerging across segments

Our consumer discretionary coverage universe (ex-Eternal) is expected to deliver ~23% YoY revenue growth in Q4, underpinned by a broad-based demand...

HDFC Securities

Indian Organised Jewellery Sector: Analysing the Q4FY26 Business Updates and What Lies Next?

​Indian jewellers Titan, Kalyan, P N Gadgil, and Senco exceed revenue expectations in Q4 FY26, with strong demand for studded jewelry and potential...

Nimish Maheshwari

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

Indian jewellers Titan, Kalyan, P N Gadgil, and Senco exceed revenue expectations in Q4 FY26, with strong demand for studded jewelry and potential...