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>Adani Group’s 34th AGM outlined INR 2 lakh crore power-sector capex, 10 GW nuclear ambition by 2035, a 1 GW Google data center agreement, and Navi Mumbai Airport commissioning.</li>
<li>Record FY26 EBITDA of INR 94,834 crore and leverage below management’s stated ceiling give the group balance-sheet capacity to pursue multiple large-scale expansion tracks.</li>
<li>The strategic direction is clear. The next test is execution across EPC capacity, nuclear approvals, data center delivery, airport ramp-up and timelines for simultaneous capex-heavy projects.</li>
</ul>


Adani Group’s 34th AGM outlined INR 2 lakh crore power-sector capex, 10 GW nuclear ambition by 2035, a 1 GW Google data center agreement, and Navi Mumbai Airport commissioning.
Record FY26 EBITDA of INR 94,834 crore and leverage below management’s stated ceiling give the group balance-sheet capacity to pursue multiple large-scale expansion tracks.
The strategic direction is clear. The next test is execution across EPC capacity, nuclear approvals, data center delivery, airport ramp-up and timelines for simultaneous capex-heavy projects.


Adani AGM 2026: The Next Capex Wave Across Power, Data Centers and Airports

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>
<a href="https://www.smartkarma.com/entities/geddit-convenience-pvt-ltd-zepto" target="_blank" data-smartkarma-citation="entities:35873:1" rel="noopener">Zepto</a> is looking to raise about US$1bn in its upcoming India IPO.</li>
<li>Zepto Ltd is a quick-commerce company, focused on delivering groceries and everyday essentials within minutes through a network of dark stores and a technology-enabled logistics platform.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Zepto is looking to raise about US$1bn in its upcoming India IPO.
Zepto Ltd is a quick-commerce company, focused on delivering groceries and everyday essentials within minutes through a network of dark stores and a technology-enabled logistics platform.
In this note, we talk about the not-so-positive aspects of the deal.


Aequitas - Zepto - The Negatives - Losses Will Continue

<ul>
<li>
<a href="https://www.smartkarma.com/entities/geddit-convenience-pvt-ltd-zepto" target="_blank" data-smartkarma-citation="entities:35873:1" rel="noopener">Zepto</a> is looking to raise about US$1bn in its upcoming India IPO. </li>
<li>Zepto Ltd is a quick-commerce company, focused on delivering groceries and everyday essentials within minutes through a network of dark stores and a technology-enabled logistics platform.</li>
<li>In this note, we talk about the positive aspects of the deal. </li>
</ul>



Zepto is looking to raise about US$1bn in its upcoming India IPO. 
Zepto Ltd is a quick-commerce company, focused on delivering groceries and everyday essentials within minutes through a network of dark stores and a technology-enabled logistics platform.
In this note, we talk about the positive aspects of the deal. 


Aequitas - Zepto - The Positives - Has Grown Very Fast

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

Event-Driven

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma. </li>
<li>In this cut, we cover the fast growth of levered ETFs including in Asia, weigh two exchange plays in India and Japan, and assess the competing models in robotaxi.</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 shared on Smartkarma. 
In this cut, we cover the fast growth of levered ETFs including in Asia, weigh two exchange plays in India and Japan, and assess the competing models in robotaxi.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Levered ETFs in Asia, Listed and Listing Exchanges & Robotaxis' Road Ahead

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Thematic (Sector/Industry)

This week we highlight Snapchat's platform ambitions, the rebound in social media ad dollars, and the conclusion (?) of the Grubhub deal saga.<div class="content-highlight">Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</div>

This week we highlight Snapchat's platform ambitions, the rebound in social media ad dollars, and the conclusion (?) of the Grubhub deal saga.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

TMT Weekly: 3 Things that Stood Out The Week of 6/​​12/​​2020

United States

Uber Technologies Inc provides ride hailing services. The Company develops applications for road transportation, navigation, ride sharing, and payment processing solutions. Uber Technologies serves customers worldwide.

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Uber Technologies (UBER US)

Adani AGM 2026: The Next Capex Wave Across Power, Data Centers and Airports

Adani Group's AGM highlights ambitious power-sector capex, nuclear goals, data center deal, and airport commissioning, backed by strong financial...

Sudarshan Bhandari

Aequitas - Zepto - The Negatives - Losses Will Continue

Zepto is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Aequitas - Zepto - The Positives - Has Grown Very Fast

Zepto is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Curator's Cut: Levered ETFs in Asia, Listed and Listing Exchanges & Robotaxis' Road Ahead

In this Curator's Cut, we review levered ETF growth in Asia, exchange plays in India and Japan, and different robotaxi models. Share your theme...

Pranav Rao

TMT Weekly: 3 Things that Stood Out The Week of 6/12/2020

This week we highlight Snapchat's platform ambitions, the rebound in social media ad dollars, and the conclusion (?) of the Grubhub deal...

Aaron Gabin

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Adani AGM 2026: The Next Capex Wave Across Power, Data Centers and Airports

​Adani Group's AGM highlights ambitious power-sector capex, nuclear goals, data center deal, and airport commissioning, backed by strong financial...

Sudarshan Bhandari

Aequitas - Zepto - The Negatives - Losses Will Continue

Zepto is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Aequitas - Zepto - The Positives - Has Grown Very Fast

Zepto is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Curator's Cut: Levered ETFs in Asia, Listed and Listing Exchanges & Robotaxis' Road Ahead

In this ​Curator's Cut, we review levered ETF growth in Asia, exchange plays in India and Japan, and different robotaxi models. Share your theme...

Pranav Rao

TMT Weekly: 3 Things that Stood Out The Week of 6/​​12/​​2020

This week we highlight Snapchat's platform ambitions, the rebound in social media ad dollars, and the conclusion (?) of the Grubhub deal...

Aaron Gabin

Adani Group's AGM highlights ambitious power-sector capex, nuclear goals, data center deal, and airport commissioning, backed by strong financial...

In this Curator's Cut, we review levered ETF growth in Asia, exchange plays in India and Japan, and different robotaxi models. Share your theme...

TMT Weekly: 3 Things that Stood Out The Week of 6/12/2020