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

Equity Bottom-Up

<ul>
<li>Ambuja Cements (ACEM) has raised its FY28 capacity target to 155 million tonnes per annum and secured the acquisition of Jaiprakash Associates’ (JAL) cement business. 
</li>
<li>This aggressive scale-up, underpinned by a target cost reduction of INR 550/t and a green power push, is expected to drive EBITDA to INR 15000/t over FY26-28E. 
</li>
<li>ACEM’s integrated strategy of inorganic growth and operational efficiency suggests a strong re-rating potential, justifying a deeper review of core fundamentals. 
</li>
</ul>


Ambuja Cements (ACEM) has raised its FY28 capacity target to 155 million tonnes per annum and secured the acquisition of Jaiprakash Associates’ (JAL) cement business. 

This aggressive scale-up, underpinned by a target cost reduction of INR 550/t and a green power push, is expected to drive EBITDA to INR 15000/t over FY26-28E. 

ACEM’s integrated strategy of inorganic growth and operational efficiency suggests a strong re-rating potential, justifying a deeper review of core fundamentals. 



The Beat Ideas: Ambuja Cements From Consolidation to Cost Leadership - Unpacking the 155 MTPA Plan

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN) </a>is looking to raise around US$607m in its upcoming India IPO.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.</li>
</ul>



Meesho (1546271D IN) is looking to raise around US$607m in its upcoming India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.


Meesho Ltd IPO - Value-Led Play, Moderately Priced

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>Volume Growth Backed by Robust Capacity Expansion Plans: The company’s capacity expansion is on track.</li><li>Its total grinding capacity in India stands at 187 mtpa after acquiring India Cement’s assets.</li><li>It plans to add 11 mtpa in FY26 and another 15 mtpa in FY27, raising its cement manufacturing capacity to 212 mtpa. </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.

Volume Growth Backed by Robust Capacity Expansion Plans: The company’s capacity expansion is on track.Its total grinding capacity in India stands at 187 mtpa after acquiring India Cement’s assets.It plans to add 11 mtpa in FY26 and another 15 mtpa in FY27, raising its cement manufacturing capacity to 212 mtpa. 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 Ltd - Operating Performance Largely Inline; Retain BUY

<ul><li>Capacity expansion to drive volume growth: The company’s capacity expansion is on track.</li><li>Its total grinding capacity in India stands at 183 mtpa after acquiring India Cement’s assets.</li><li>It plans to add 12 mtpa in FY26 and another 15 mtpa in FY27, raising its cement manufacturing capacity to 209 mtpa, including Kesoram’s 10.8.mtpa Following the second and third phases of expansion, consolidated grinding capacity will reach 216 mtpa. </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.

Capacity expansion to drive volume growth: The company’s capacity expansion is on track.Its total grinding capacity in India stands at 183 mtpa after acquiring India Cement’s assets.It plans to add 12 mtpa in FY26 and another 15 mtpa in FY27, raising its cement manufacturing capacity to 209 mtpa, including Kesoram’s 10.8.mtpa Following the second and third phases of expansion, consolidated grinding capacity will reach 216 mtpa. 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 Limited - Operating Performance Largely Inline; Retain BUY

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>FY25 EBITDA growth was primarily volume-driven, with EBITDA/ton declining to Rs988 due to flat realizations and initial dilution from acquisitions.</li>
<li> UltraTech is investing Rs1,800 crore to enter the cables and wires segment, targeting December 2026 commissioning and leveraging its existing retail and B2B networks.</li>
<li>At Rs12,000 per share, the stock trades at 51–53x FY26E EPS, supported by expectations of sustained volume growth and operational efficiency gains.</li>
</ul>


FY25 EBITDA growth was primarily volume-driven, with EBITDA/ton declining to Rs988 due to flat realizations and initial dilution from acquisitions.
 UltraTech is investing Rs1,800 crore to enter the cables and wires segment, targeting December 2026 commissioning and leveraging its existing retail and B2B networks.
At Rs12,000 per share, the stock trades at 51–53x FY26E EPS, supported by expectations of sustained volume growth and operational efficiency gains.


Strong Volumes Offset by Declining Margins and Capital Efficiency at UltraTech

India

Ultra Tech Cement Ltd. produces a wide range of cement products. This Company represents the cement operations of Larsen & Toubro which were spun-off into a separate entity in which Grasim Industries holds a majority interest.

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Ultratech Cement (UTCEM IN)

The Beat Ideas: Ambuja Cements From Consolidation to Cost Leadership - Unpacking the 155 MTPA Plan

Ambuja Cements raises capacity target to 155 million tonnes, acquires Jaiprakash Associates' cement business, aims for cost reduction and green...

Nimish Maheshwari

Meesho Ltd IPO - Value-Led Play, Moderately Priced

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s implied valuations in the...

Akshat Shah

UltraTech Cement Ltd - Operating Performance Largely Inline; Retain BUY

Volume Growth Backed by Robust Capacity Expansion Plans: The company’s capacity expansion is on track. Its total grinding capacity in India stands...

Axis Direct

UltraTech Cement Limited - Operating Performance Largely Inline; Retain BUY

Capacity expansion to drive volume growth: The company’s capacity expansion is on track. Its total grinding capacity in India stands at 183 mtpa...

Axis Direct

Strong Volumes Offset by Declining Margins and Capital Efficiency at UltraTech

UltraTech's FY25 EBITDA growth driven by volume, plans Rs1,800 crore investment in cables and wires segment for December 2026 launch, stock...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

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The Beat Ideas: Ambuja Cements From Consolidation to Cost Leadership - Unpacking the 155 MTPA Plan

​Ambuja Cements raises capacity target to 155 million tonnes, acquires Jaiprakash Associates' cement business, aims for cost reduction and green...

Nimish Maheshwari

Meesho Ltd IPO - Value-Led Play, Moderately Priced

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s implied valuations in the...

Akshat Shah

UltraTech Cement Ltd - Operating Performance Largely Inline; Retain BUY

Volume Growth Backed by Robust Capacity Expansion Plans: The company’s capacity expansion is on track. Its total grinding capacity in India stands...

Axis Direct

UltraTech Cement Limited - Operating Performance Largely Inline; Retain BUY

Capacity expansion to drive volume growth: The company’s capacity expansion is on track. Its total grinding capacity in India stands at 183 mtpa...

Axis Direct

Strong Volumes Offset by Declining Margins and Capital Efficiency at UltraTech

​UltraTech's FY25 EBITDA growth driven by volume, plans Rs1,800 crore investment in cables and wires segment for December 2026 launch, stock...

Rahul Jain

Ambuja Cements raises capacity target to 155 million tonnes, acquires Jaiprakash Associates' cement business, aims for cost reduction and green...

UltraTech's FY25 EBITDA growth driven by volume, plans Rs1,800 crore investment in cables and wires segment for December 2026 launch, stock...