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.

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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

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>In Q1FY26, companies under our coverage posted strong financial performance, with YoY growth of 10% in volumes, 16% in revenue, 40% in EBITDA, and 45% in PAT, all exceeding our expectations.</li><li>EBITDA margins expanded sharply by 350 bps YoY, supported by higher realisations (+4% YoY) and volumes (+10% YoY), resulting in EBITDA/tonne of Rs 1,070, a 30% YoY increase.</li><li>Blended realisation per tonne improved to Rs 5,510, while cost per tonne declined 1% YoY to Rs 4,441, aided by a 7% drop in power and fuel costs.</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.

In Q1FY26, companies under our coverage posted strong financial performance, with YoY growth of 10% in volumes, 16% in revenue, 40% in EBITDA, and 45% in PAT, all exceeding our expectations.EBITDA margins expanded sharply by 350 bps YoY, supported by higher realisations (+4% YoY) and volumes (+10% YoY), resulting in EBITDA/tonne of Rs 1,070, a 30% YoY increase.Blended realisation per tonne improved to Rs 5,510, while cost per tonne declined 1% YoY to Rs 4,441, aided by a 7% drop in power and fuel costs.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 Q1FY26”

<ul><li>Companies under our coverage delivered YoY growth of 10% in volume, 16% in revenue, 40% in EBITDA and 45% in PAT, beating our expectations.</li><li>This compares to forecasted growth of 10% in volume, 14% in revenue, 39% in EBITDA, and 25% in PAT.</li><li>EBITDA/tonne during the quarter improved notably. EBITDA margins expanded by 350 bps YoY, supported by higher volumes and realisation, which grew by 10% and 4% respectively. Sequentially, margins remained flattish at 19.7%.</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 delivered YoY growth of 10% in volume, 16% in revenue, 40% in EBITDA and 45% in PAT, beating our expectations.This compares to forecasted growth of 10% in volume, 14% in revenue, 39% in EBITDA, and 25% in PAT.EBITDA/tonne during the quarter improved notably. EBITDA margins expanded by 350 bps YoY, supported by higher volumes and realisation, which grew by 10% and 4% respectively. Sequentially, margins remained flattish at 19.7%.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>UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with a revised target price of INR 12,800 (valuing it at 17x Mar-27E consolidated EBITDA)</li><li>In Q1FY26, UTCEM’s delivered 10% volume growth (sub-par +3% LTL), aided by India Cements (ICEM) consolidation</li><li>Unit EBITDA expanded INR 72/MT QoQ to INR 1,197/ MT on healthy pricing</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.

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with a revised target price of INR 12,800 (valuing it at 17x Mar-27E consolidated EBITDA)In Q1FY26, UTCEM’s delivered 10% volume growth (sub-par +3% LTL), aided by India Cements (ICEM) consolidationUnit EBITDA expanded INR 72/MT QoQ to INR 1,197/ MT on healthy pricingContent 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: UltraTech Cement, Havells India, JK Cement, Can Fin Homes, Mastek

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)

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

Top Conviction Ideas - “Consolidated Q1FY26”

In Q1FY26, companies under our coverage posted strong financial performance, with YoY growth of 10% in volumes, 16% in revenue, 40% in EBITDA, and...

Axis Direct

Top Conviction Ideas - “Cement”

Companies under our coverage delivered YoY growth of 10% in volume, 16% in revenue, 40% in EBITDA and 45% in PAT, beating our expectations.

Axis Direct

HSIE Results Daily: UltraTech Cement, Havells India, JK Cement, Can Fin Homes, Mastek

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with a revised target price of INR 12,800 (valuing it at 17x Mar-27E consolidated EBITDA)

HDFC Securities

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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

Top Conviction Ideas - “Consolidated Q1FY26”

In Q1FY26, companies under our coverage posted strong financial performance, with YoY growth of 10% in volumes, 16% in revenue, 40% in EBITDA, and...

Axis Direct

Top Conviction Ideas - “Cement”

Companies under our coverage delivered YoY growth of 10% in volume, 16% in revenue, 40% in EBITDA and 45% in PAT, beating our expectations.

Axis Direct

HSIE Results Daily: UltraTech Cement, Havells India, JK Cement, Can Fin Homes, Mastek

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with a revised target price of INR 12,800 (valuing it at 17x Mar-27E consolidated EBITDA)

HDFC Securities

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.