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

Thematic (Sector/Industry)

<ul>
<li>India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.</li>
<li>The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.</li>
<li>If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.</li>
</ul>


India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.
The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.
If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.


Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Pan-India average cement prices have surged by 8% year-on-year to approximately Rs 360 per 50-kg bag, driven by escalating fuel and raw material costs, notably imported petcoke and gypsum.</li>
<li>The price surge indicates a shift in the balance of power within the highly consolidated Indian cement sector.</li>
<li>With input costs rising, companies are demonstrating newfound pricing power, a critical factor for protecting and expanding operating margins in an energy-intensive business.</li>
</ul>


Pan-India average cement prices have surged by 8% year-on-year to approximately Rs 360 per 50-kg bag, driven by escalating fuel and raw material costs, notably imported petcoke and gypsum.
The price surge indicates a shift in the balance of power within the highly consolidated Indian cement sector.
With input costs rising, companies are demonstrating newfound pricing power, a critical factor for protecting and expanding operating margins in an energy-intensive business.


Indian Cement: Cost Headwinds Meet Robust Demand, Forging Pricing Power

<ul>
<li>Several Indian sectors have demonstrated a robust recovery in operating margins on a Year-over-Year (YoY) basis as of March 2025 (Q4 FY25)</li>
<li>This broad-based improvement is primarily attributed to a confluence of industry-wide factors, predominantly the easing of input costs driven by moderating inflation.</li>
<li>Sectors like Telecom, Metals, Cement, Consumer Durables, Capital Goods, Automobile, Healthcare, EMS are seeing uptick in margins</li>
</ul>


Several Indian sectors have demonstrated a robust recovery in operating margins on a Year-over-Year (YoY) basis as of March 2025 (Q4 FY25)
This broad-based improvement is primarily attributed to a confluence of industry-wide factors, predominantly the easing of input costs driven by moderating inflation.
Sectors like Telecom, Metals, Cement, Consumer Durables, Capital Goods, Automobile, Healthcare, EMS are seeing uptick in margins


Charted Insights : Sectors Seeing Margin Uptick as Inflation Cools Down in India

<ul>
<li>Indian equities have delivered envious returns and consistently rewarded shareholders, showcasing superior per share earnings growth and a high number of firms with strong Return on Equity.  </li>
<li>While GDP grows robustly (projected 6.3% FY25, 6.4% 2026), earnings growth, robust household consumption (7.1% CAGR over 34 years), and increasing investments are key drivers.  </li>
<li>The FY26 outlook is cautiously optimistic, with potential 12-15% Nifty returns driven by tailwinds, but current valuations and global risks necessitate a careful approach.</li>
</ul>


Indian equities have delivered envious returns and consistently rewarded shareholders, showcasing superior per share earnings growth and a high number of firms with strong Return on Equity.  
While GDP grows robustly (projected 6.3% FY25, 6.4% 2026), earnings growth, robust household consumption (7.1% CAGR over 34 years), and increasing investments are key drivers.  
The FY26 outlook is cautiously optimistic, with potential 12-15% Nifty returns driven by tailwinds, but current valuations and global risks necessitate a careful approach.


Can India’s Equity Outperformance Last?

<ul>
<li>The Indian cement industry saw strong demand in Q4 FY25, with industry volume growth of 4% YoY and leading players reporting double-digit sales growth.</li>
<li>Demand in April 2025 was weak across most regions due to severe heatwaves and labor shortages, slowing construction activity significantly.</li>
<li>Cement demand is expected to grow at 7–8% in FY26, driven by infrastructure projects and housing, with major players expanding capacity.</li>
</ul>


The Indian cement industry saw strong demand in Q4 FY25, with industry volume growth of 4% YoY and leading players reporting double-digit sales growth.
Demand in April 2025 was weak across most regions due to severe heatwaves and labor shortages, slowing construction activity significantly.
Cement demand is expected to grow at 7–8% in FY26, driven by infrastructure projects and housing, with major players expanding capacity.


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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

UltraTech Cement (UTCEM IN)

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

Indian Cement: Cost Headwinds Meet Robust Demand, Forging Pricing Power

Pan-India cement prices rise 8% due to increased costs, signaling a shift in industry dynamics and companies' pricing power to protect margins.

Nimish Maheshwari

Charted Insights : Sectors Seeing Margin Uptick as Inflation Cools Down in India

Indian sectors show strong recovery in operating margins in Q4 FY25 due to lower input costs driven by easing inflation.

Sudarshan Bhandari

Can India’s Equity Outperformance Last?

Indian equities have delivered strong returns with high EPS and RoE, driven by robust GDP & consumption. FY26 outlook is cautiously optimistic,...

Nimish Maheshwari

Cement Wars: Ultratech Vs Adani Cements

Indian cement industry sees strong demand in Q4 FY25, but faces challenges in April 2025 due to heatwaves. In this insight, we are covering Q4...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

​India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

Indian Cement: Cost Headwinds Meet Robust Demand, Forging Pricing Power

​Pan-India cement prices rise 8% due to increased costs, signaling a shift in industry dynamics and companies' pricing power to protect margins.

Nimish Maheshwari

Charted Insights : Sectors Seeing Margin Uptick as Inflation Cools Down in India

​Indian sectors show strong recovery in operating margins in Q4 FY25 due to lower input costs driven by easing inflation.

Sudarshan Bhandari

Can India’s Equity Outperformance Last?

​Indian equities have delivered strong returns with high EPS and RoE, driven by robust GDP & consumption. FY26 outlook is cautiously optimistic,...

Nimish Maheshwari

Cement Wars: Ultratech Vs Adani Cements

​Indian cement industry sees strong demand in Q4 FY25, but faces challenges in April 2025 due to heatwaves. In this insight, we are covering Q4...

Nimish Maheshwari

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Pan-India cement prices rise 8% due to increased costs, signaling a shift in industry dynamics and companies' pricing power to protect margins.

Indian sectors show strong recovery in operating margins in Q4 FY25 due to lower input costs driven by easing inflation.

Indian equities have delivered strong returns with high EPS and RoE, driven by robust GDP & consumption. FY26 outlook is cautiously optimistic,...

Indian cement industry sees strong demand in Q4 FY25, but faces challenges in April 2025 due to heatwaves. In this insight, we are covering Q4...