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

Triveni Engineering & Industries / Equity Bottom-Up

<ul>
<li>Triveni reported record revenue and PAT for Q4 FY25, largely driven by the exceptional performance of the Power Transmission business and improved sugar realisations despite operational challenges</li>
<li>The strong performance of the Power Transmission segment and strategic focus on exports highlights its potential as a key growth driver, while the proposed restructuring aims to unlock values.  </li>
<li>Company is guiding for improvement in each segment including Sugar, IMIL and transmission in the upcoming year.</li>
</ul>


Triveni reported record revenue and PAT for Q4 FY25, largely driven by the exceptional performance of the Power Transmission business and improved sugar realisations despite operational challenges
The strong performance of the Power Transmission segment and strategic focus on exports highlights its potential as a key growth driver, while the proposed restructuring aims to unlock values.  
Company is guiding for improvement in each segment including Sugar, IMIL and transmission in the upcoming year.


Triveni Engineering & Industries: Mega Restructuring & Stellar Performance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/triveni-engineering-industries" target="_blank" data-smartkarma-citation="entities:5821:1" rel="noopener">Triveni Engineering &amp; Industries (TRE IN)'</a>s acquisition of Sir Shadi Lal Enterprise Limited is expected to add to the bottom line as it is located in the same region.</li>
<li>The resumption of the molasses-based Ethanol plant would benefit as the previous year's company closed operations early due to non-availability of cane.</li>
<li>The demerger of the turbine is expected to be the major value-creation proposition.</li>
</ul>



Triveni Engineering &amp; Industries (TRE IN)'s acquisition of Sir Shadi Lal Enterprise Limited is expected to add to the bottom line as it is located in the same region.
The resumption of the molasses-based Ethanol plant would benefit as the previous year's company closed operations early due to non-availability of cane.
The demerger of the turbine is expected to be the major value-creation proposition.


The Beat Ideas: Triveni Engineering & Industries Ltd -Ethanol, Water, Demerger Play

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

Equity Capital Markets

Trualt Bioenergy Ltd / Equity Capital Markets

<ul>
<li>TBL boasts of the largest ethanol distillery capacity (3.6% market share). With capex for input fungibility done, the company has set its sights on becoming the largest producer soon.</li>
<li>The expansion in Compressed Bio-gas compounds the growth levers, but will require material working capital investments. Sustainable aviation fuel opportunity also seems compelling in light of the recent government push.</li>
<li>IPO seems priced to perfection with deal multiples of 12x FY26 EBITDA, visibly at the higher end of 6-14x multiple for peers. Faster deleveraging may add to market cap upside.</li>
</ul>


TBL boasts of the largest ethanol distillery capacity (3.6% market share). With capex for input fungibility done, the company has set its sights on becoming the largest producer soon.
The expansion in Compressed Bio-gas compounds the growth levers, but will require material working capital investments. Sustainable aviation fuel opportunity also seems compelling in light of the recent government push.
IPO seems priced to perfection with deal multiples of 12x FY26 EBITDA, visibly at the higher end of 6-14x multiple for peers. Faster deleveraging may add to market cap upside.


IPO Review: India's Youngest and Largest Player for Ethanol, Worth a Bet?

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>India's sugar industry is experiencing an unexpected rally driven by pricing power due to an 18% production drop, leading to rising sugar prices.</li>
<li>This shift is boosting sugar mills' profitability, as evidenced by improved quarterly results, despite unchanged ethanol margins and rising cane costs.</li>
<li>The sector is now a compelling "margin-driven" recovery story, moving beyond its traditionally dull, regulation-heavy image.</li>
</ul>


India's sugar industry is experiencing an unexpected rally driven by pricing power due to an 18% production drop, leading to rising sugar prices.
This shift is boosting sugar mills' profitability, as evidenced by improved quarterly results, despite unchanged ethanol margins and rising cane costs.
The sector is now a compelling "margin-driven" recovery story, moving beyond its traditionally dull, regulation-heavy image.


The Sugar Sector Reversal: How Sugar Companies Are Finally Tasting Profits?

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.

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> raised about US$252m in its India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Belrise Industries (9156339Z IN) raised about US$252m in its India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

India

Triveni Engineering & Industries Limited conducts operations in sugar manufacturing and engineered-to-order mechanical equipment.

Triveni Engineering & Industries (TRE IN)

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Triveni Engineering & Industries (TRE IN)

Triveni Engineering & Industries: Mega Restructuring & Stellar Performance

Triveni's record revenue in Q4 FY25 driven by Power Transmission success and improved sugar prices, with focus on exports and restructuring for...

Sudarshan Bhandari

The Beat Ideas: Triveni Engineering & Industries Ltd -Ethanol, Water, Demerger Play

Triveni Engineering & Industries' acquisition of Sir Shaadilal is expected to boost profits, along with the resumption of the Ethanol plant and...

Sudarshan Bhandari

IPO Review: India's Youngest and Largest Player for Ethanol, Worth a Bet?

TBL is the largest ethanol producer today. Growth potential in Compressed Bio-gas and sustainable aviation fuel (2G ethanol) to drive strong near...

Himanshu Dugar

The Sugar Sector Reversal: How Sugar Companies Are Finally Tasting Profits?

India's sugar industry sees unexpected rally with rising prices and improved profitability despite production drop and rising costs, shifting...

Nimish Maheshwari

Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

Belrise Industries Limited (BIL) raised about US$252m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Triveni Engineering & Industries: Mega Restructuring & Stellar Performance

​Triveni's record revenue in Q4 FY25 driven by Power Transmission success and improved sugar prices, with focus on exports and restructuring for...

Sudarshan Bhandari

The Beat Ideas: Triveni Engineering & Industries Ltd -Ethanol, Water, Demerger Play

​Triveni Engineering & Industries' acquisition of Sir Shaadilal is expected to boost profits, along with the resumption of the Ethanol plant and...

Sudarshan Bhandari

IPO Review: India's Youngest and Largest Player for Ethanol, Worth a Bet?

​TBL is the largest ethanol producer today. Growth potential in Compressed Bio-gas and sustainable aviation fuel (2G ethanol) to drive strong near...

Himanshu Dugar

The Sugar Sector Reversal: How Sugar Companies Are Finally Tasting Profits?

​India's sugar industry sees unexpected rally with rising prices and improved profitability despite production drop and rising costs, shifting...

Nimish Maheshwari

Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

Belrise Industries Limited (BIL) raised about US$252m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Triveni's record revenue in Q4 FY25 driven by Power Transmission success and improved sugar prices, with focus on exports and restructuring for...

Triveni Engineering & Industries' acquisition of Sir Shaadilal is expected to boost profits, along with the resumption of the Ethanol plant and...

TBL is the largest ethanol producer today. Growth potential in Compressed Bio-gas and sustainable aviation fuel (2G ethanol) to drive strong near...

India's sugar industry sees unexpected rally with rising prices and improved profitability despite production drop and rising costs, shifting...