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.

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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.

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Thematic (Sector/Industry)

<ul>
<li>UltraTech has launched Ultravolt from a 10.98 lakh-km Gujarat facility, backed by Rs. 1,800 crore and a top-two ambition within five years.</li>
<li>The entrant can fund channel incentives, advertising and rapid distribution without depending on early profitability, raising competitive intensity in retail wires.</li>
<li>Polycab’s leadership remains defensible, but its margin-of-safety narrows: future share gains may require higher dealer support and brand spending.</li>
</ul>


UltraTech has launched Ultravolt from a 10.98 lakh-km Gujarat facility, backed by Rs. 1,800 crore and a top-two ambition within five years.
The entrant can fund channel incentives, advertising and rapid distribution without depending on early profitability, raising competitive intensity in retail wires.
Polycab’s leadership remains defensible, but its margin-of-safety narrows: future share gains may require higher dealer support and brand spending.


UltraTech’s Ultravolt Entry: A Margin Threat in Entire Wire & Cable Industry

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>Companies under our coverage reported Volumes/Revenue growth of 8%/9% while EBITDA/PAT de-grew by 1%/7% .</li><li>This compares with our forecasts of 9% volume, 8% revenue, -4% EBITDA, and -11% PAT growth.</li><li>EBITDA/tonne during the quarter declined by 7% QoQ and 16% YoY to Rs 1,005/tonne owing to elevated costs. EBITDA margins contracted by 200 bps YoY and up 80 bps 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.

Companies under our coverage reported Volumes/Revenue growth of 8%/9% while EBITDA/PAT de-grew by 1%/7% .This compares with our forecasts of 9% volume, 8% revenue, -4% EBITDA, and -11% PAT growth.EBITDA/tonne during the quarter declined by 7% QoQ and 16% YoY to Rs 1,005/tonne owing to elevated costs. EBITDA margins contracted by 200 bps YoY and up 80 bps 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.

<ul><li>The demand environment continues to remain favourable entering Q1FY27.</li><li>Government-led infrastructure spending, ongoing execution of roads, railways, metro projects, urban infrastructure and industrial capex continue to provide a strong base for cement demand.</li><li>Rural housing demand has also remained healthy, led by improving agricultural income and stable rural wage growth.</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.

The demand environment continues to remain favourable entering Q1FY27.Government-led infrastructure spending, ongoing execution of roads, railways, metro projects, urban infrastructure and industrial capex continue to provide a strong base for cement demand.Rural housing demand has also remained healthy, led by improving agricultural income and stable rural wage growth.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.

Equity & Credit Research

Duncan Chan

<ul>
<li>Despite producing more than 4 billion tonnes annually, the global cement industry continues to trade close to replacement value, suggesting growth expectations remain relatively modest.</li>
<li>India has become the clearest source of incremental demand growth, with cement demand expanding by approximately 6-8% annually and leading producers continuing to add capacity.</li>
<li>Dangote's proposed London listing may become an observable test of whether global investors are willing to pay a premium for African construction growth.</li>
</ul>


Despite producing more than 4 billion tonnes annually, the global cement industry continues to trade close to replacement value, suggesting growth expectations remain relatively modest.
India has become the clearest source of incremental demand growth, with cement demand expanding by approximately 6-8% annually and leading producers continuing to add capacity.
Dangote's proposed London listing may become an observable test of whether global investors are willing to pay a premium for African construction growth.


From Benchmark To Growth: What Cement Demand May Be Telling Investors

<ul><li>Companies under our coverage posted positive growth, with volumes up 8%, revenue rising 9%, EBITDA increasing 4%, and PAT growing 24%.</li><li>This compares with our forecasts of 11% volume, 12% revenue, 8% EBITDA, and 1% PAT growth.</li><li>PAT was higher on account of tax reversal accounted for by Ambuja Cement during the quarter.</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.

Companies under our coverage posted positive growth, with volumes up 8%, revenue rising 9%, EBITDA increasing 4%, and PAT growing 24%.This compares with our forecasts of 11% volume, 12% revenue, 8% EBITDA, and 1% PAT growth.PAT was higher on account of tax reversal accounted for by Ambuja Cement during the quarter.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.

Top Conviction Ideas - “Consolidated Q4FY26”

India

UltraTech Cement Limited is an Indian multinational cement company that manufactures, markets, and distributes building materials. It is India's largest manufacturer of grey cement, ready-mix concrete (RMC), and white cement, offering a wide range of products including Ordinary Portland Cement, Portland Pozzolana Cement, and various building solutions. The company is headquartered in Mumbai, India, and was founded in 1983.

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UltraTech Cement (UTCEM IN)

UltraTech’s Ultravolt Entry: A Margin Threat in Entire Wire & Cable Industry

UltraTech raises the cost of defending the market but Polycab’s 30–31% organised-market share, product breadth and distribution depth make...

Sudarshan Bhandari

High Conviction Ideas:Cement

Companies under our coverage reported Volumes/Revenue growth of 8%/9% while EBITDA/PAT de-grew by 1%/7% . This compares with our forecasts of 9%...

Axis Direct

Cement - Q1FY27 Earnings Preview

Government-led infrastructure spending, ongoing execution of roads, railways, metro projects, urban infrastructure and industrial capex continue to...

Axis Direct

From Benchmark To Growth: What Cement Demand May Be Telling Investors

Despite producing over 4 billion tonnes annually, the global cement industry still trades near replacement value. India and Africa may determine...

Duncan Chan

Top Conviction Ideas - “Consolidated Q4FY26”

Companies under our coverage posted positive growth, with volumes up 8%, revenue rising 9%, EBITDA increasing 4%, and PAT growing 24%.

Axis Direct

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