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

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)</a> leads the 2W EV market with 26.14% share, followed by <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> at 19.56%, as legacy players overtakes early startups in late 2025. </li>
<li>TVS bets on reliability, Bajaj on metal heritage, Ather on tech maturity, Hero on rural distribution, and Ola on vertical cell manufacturing.</li>
<li>We expect market consolidation as operational efficiency and robust service networks favor established giants, while capital intensive rivals face significant quality and scalability hurdles.</li>
</ul>



TVS Motor (TVSL IN) leads the 2W EV market with 26.14% share, followed by Bajaj Auto Ltd (BJAUT IN) at 19.56%, as legacy players overtakes early startups in late 2025. 
TVS bets on reliability, Bajaj on metal heritage, Ather on tech maturity, Hero on rural distribution, and Ola on vertical cell manufacturing.
We expect market consolidation as operational efficiency and robust service networks favor established giants, while capital intensive rivals face significant quality and scalability hurdles.


EV(E2W) Market Share War: Who Will Gain From the Consolidating Market?

<ul>
<li>Rare earth elements are the "technological vitamins" powering advanced electronics, defense systems, and renewable energy, enabling unmatched performance in everything from smartphones to fighter jets.</li>
<li>
India currently imports 90% of its magnet needs from China, which holds a massive chokehold by controlling 90% of global processing capacity and nearly all manufacturing.</li>
<li>India is countering this by launching a INR 7,280 crore ($816M) manufacturing scheme to establish a 6,000 MTPA integrated domestic magnet ecosystem and ensure zero-import self-reliance by 2030.</li>
</ul>


Rare earth elements are the "technological vitamins" powering advanced electronics, defense systems, and renewable energy, enabling unmatched performance in everything from smartphones to fighter jets.

India currently imports 90% of its magnet needs from China, which holds a massive chokehold by controlling 90% of global processing capacity and nearly all manufacturing.
India is countering this by launching a INR 7,280 crore ($816M) manufacturing scheme to establish a 6,000 MTPA integrated domestic magnet ecosystem and ensure zero-import self-reliance by 2030.


Rare Earth Metals: India's Plan To Counter Supply Chain Disruptions

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>India is intensifying its electric mobility push to achieve 30% EV sales by 2030, focusing on mandates, financing, and targeted city-level saturation to accelerate adoption.</li>
<li>The EV transition will reduce oil imports, cut emissions, enhance renewable energy integration, and position India as a global clean mobility leader amid slow early progress.</li>
<li>A decisive shift from incentives to mandates, coupled with focused financing, R&amp;D, and urban pilot programs, can fast-track India’s electric mobility transformation over the next five years.</li>
</ul>


India is intensifying its electric mobility push to achieve 30% EV sales by 2030, focusing on mandates, financing, and targeted city-level saturation to accelerate adoption.
The EV transition will reduce oil imports, cut emissions, enhance renewable energy integration, and position India as a global clean mobility leader amid slow early progress.
A decisive shift from incentives to mandates, coupled with focused financing, R&amp;D, and urban pilot programs, can fast-track India’s electric mobility transformation over the next five years.


Thematic Report: India’s EV Curve Is Accelerating into Untapped Segments

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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>Over Apr–Oct’26, Cumulative domestic sales of Bajaj (-6%) and Hero (-3%) offset strong performances from TVS (+14%) and RE (+25%).</li><li>In contrast, 2W exports reflected improved traction in global markets, especially in Africa and Latin America.</li><li>On a YTD basis, 3W domestic wholesales rose 13% YoY to 4.8 Lc units, led by M&amp;M (+32%) and TVS (+47%), while Bajaj remained flat. </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.

Over Apr–Oct’26, Cumulative domestic sales of Bajaj (-6%) and Hero (-3%) offset strong performances from TVS (+14%) and RE (+25%).In contrast, 2W exports reflected improved traction in global markets, especially in Africa and Latin America.On a YTD basis, 3W domestic wholesales rose 13% YoY to 4.8 Lc units, led by M&amp;M (+32%) and TVS (+47%), while Bajaj remained flat. 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.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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>Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL) with a target price of INR 150 is premised on margin pressure due to increasing petchem supplies/capacity and moderation in auto fuel marketing margins</li><li>IOCL’s Q2FY26 reported EBITDA at INR 146bn (+286.6% YoY, +15.7% QoQ) and APAT at INR76bn (+41.2x YoY, +33.8% QoQ) came in below our estimates due to lower-than-expected refining margin and marketing volumes</li><li>Reported GRMs came in at USD 10.66/bbl (+5.7x YoY, +3.9x QoQ)</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.

Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL) with a target price of INR 150 is premised on margin pressure due to increasing petchem supplies/capacity and moderation in auto fuel marketing marginsIOCL’s Q2FY26 reported EBITDA at INR 146bn (+286.6% YoY, +15.7% QoQ) and APAT at INR76bn (+41.2x YoY, +33.8% QoQ) came in below our estimates due to lower-than-expected refining margin and marketing volumesReported GRMs came in at USD 10.66/bbl (+5.7x YoY, +3.9x QoQ)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.

HSIE Results Daily: Indian Oil Corporation, TVS Motor, SRF...

India

TVS Motor Company is an Indian multinational manufacturer of two-wheelers and three-wheelers, including motorcycles, scooters, mopeds, and electric vehicles. The company also offers financial services, insurance, and vehicle repairs. It is headquartered in Chennai, Tamil Nadu, India, and was founded in 1978.

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TVS Motor Company (TVSL IN)

Rare Earth Metals: India's Plan To Counter Supply Chain Disruptions

India aims for self-reliance in rare earth elements by 2030 through a $816M manufacturing scheme to counter China's dominance in the industry.

Nimish Maheshwari

Thematic Report: India’s EV Curve Is Accelerating into Untapped Segments

India aims for 30% EV sales by 2030 to reduce oil imports, cut emissions, and position as a global clean mobility leader through mandates,...

Sudarshan Bhandari

Auto Monthly Sales Volume - October 2025

Over Apr–Oct’26, Cumulative domestic sales of Bajaj (-6%) and Hero (-3%) offset strong performances from TVS (+14%) and RE (+25%).

Axis Direct

HSIE Results Daily: Indian Oil Corporation, TVS Motor, SRF...

Our REDUCE rating on Indian Oil Corporation (IOCL) with a target price of INR 150 is premised on margin pressure due to increasing petchem supplies...

HDFC Securities

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52-week Range

Market Cap (USDm)

P/E

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EV(E2W) Market Share War: Who Will Gain From the Consolidating Market?

​TVS Motor leads 2W EV market, followed by Bajaj Auto, as legacy players overtake startups in late 2025. Expect market consolidation favoring...

Nimish Maheshwari

Rare Earth Metals: India's Plan To Counter Supply Chain Disruptions

​India aims for self-reliance in rare earth elements by 2030 through a $816M manufacturing scheme to counter China's dominance in the industry.

Nimish Maheshwari

Thematic Report: India’s EV Curve Is Accelerating into Untapped Segments

​India aims for 30% EV sales by 2030 to reduce oil imports, cut emissions, and position as a global clean mobility leader through mandates,...

Sudarshan Bhandari

Auto Monthly Sales Volume - October 2025

Over Apr–Oct’26, Cumulative domestic sales of Bajaj (-6%) and Hero (-3%) offset strong performances from TVS (+14%) and RE (+25%).

Axis Direct

HSIE Results Daily: Indian Oil Corporation, TVS Motor, SRF...

Our REDUCE rating on Indian Oil Corporation (IOCL) with a target price of INR 150 is premised on margin pressure due to increasing petchem supplies...

HDFC Securities

TVS Motor leads 2W EV market, followed by Bajaj Auto, as legacy players overtake startups in late 2025. Expect market consolidation favoring...

India aims for self-reliance in rare earth elements by 2030 through a $816M manufacturing scheme to counter China's dominance in the industry.

India aims for 30% EV sales by 2030 to reduce oil imports, cut emissions, and position as a global clean mobility leader through mandates,...