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>Uno Minda, a legacy auto components player, is rapidly transforming its business mix by winning high-value orders in the EV and premium segments, significantly outperforming broader industry growth.</li>
<li>A strategic pivot, fueled by capex, is set to elevate thecompany's "kit value" per vehicle, diversify revenue streams, and strengthen its leadership in the dynamic auto market.</li>
<li>With its strong order book and aggressive expansion into new technologies, Uno Minda is positioning itself for sustained, profitable growth, but its premium valuation requires a keen eye on execution.</li>
</ul>


Uno Minda, a legacy auto components player, is rapidly transforming its business mix by winning high-value orders in the EV and premium segments, significantly outperforming broader industry growth.
A strategic pivot, fueled by capex, is set to elevate thecompany's "kit value" per vehicle, diversify revenue streams, and strengthen its leadership in the dynamic auto market.
With its strong order book and aggressive expansion into new technologies, Uno Minda is positioning itself for sustained, profitable growth, but its premium valuation requires a keen eye on execution.


The Beat Ideas: Uno Minda - Can It Balance Legacy and Next-Gen Mobility?

Thematic (Sector/Industry)

<ul>
<li>The GST Council has approved rate cuts , lowering from 28-29% to 18% for 2Ws (&lt;350cc), 3Ws, CVs, tractors and small PVs, while larger cars move to 40% from 43-50%. 
</li>
<li>
Price cuts of 2–9% in mass-market vehicles could spur demand just as rural sentiment, interest rates, and fiscal transfers turn supportive, creating a multi-pronged recovery catalyst for OEMs and ancillaries.</li>
<li>The rationalization removes structural distortions, improves affordability, and positions the festive season as a turning point for sector volumes and improved margins, though premium bikes and fleet operators face headwinds.</li>
</ul>


The GST Council has approved rate cuts , lowering from 28-29% to 18% for 2Ws (&lt;350cc), 3Ws, CVs, tractors and small PVs, while larger cars move to 40% from 43-50%. 


Price cuts of 2–9% in mass-market vehicles could spur demand just as rural sentiment, interest rates, and fiscal transfers turn supportive, creating a multi-pronged recovery catalyst for OEMs and ancillaries.
The rationalization removes structural distortions, improves affordability, and positions the festive season as a turning point for sector volumes and improved margins, though premium bikes and fleet operators face headwinds.


GST Reform in Indian Auto Sector: Demand Revival Meets Margin Expansion Ahead of Festive Surge.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Gan & Lee Pharmaceuticals / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment</li>
<li>Short-Term supports to watch on ACWI-US continue to be $132 (testing now), $130, $128, $125-$126, and $123-$123.50. All signs point to the ACWI-US uptrend continuing for the foreseeable future.</li>
<li>Upgrading China to Overweight; Europe Breaking Out; Japan Also Remains Attractive. Buys in Consumer Discretionary (primarily autos/parts), Industrials, Services, Health Care, Materials, Financials, and Real Estate</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment
Short-Term supports to watch on ACWI-US continue to be $132 (testing now), $130, $128, $125-$126, and $123-$123.50. All signs point to the ACWI-US uptrend continuing for the foreseeable future.
Upgrading China to Overweight; Europe Breaking Out; Japan Also Remains Attractive. Buys in Consumer Discretionary (primarily autos/parts), Industrials, Services, Health Care, Materials, Financials, and Real Estate


Upgrading China to Overweight; Europe Breaking Out

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

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

<ul>
<li>HDFC Bank is set to close a loan sale worth over $1 billion by September 2024</li>
<li>Reliance Consumer Products Ltd. (RCPL) plans a nationwide FMCG expansion, extending its in-house brands</li>
<li>SJVN generated 8,489 million units of green energy in FY24, despite hydrological challenges</li>
</ul>


HDFC Bank is set to close a loan sale worth over $1 billion by September 2024
Reliance Consumer Products Ltd. (RCPL) plans a nationwide FMCG expansion, extending its in-house brands
SJVN generated 8,489 million units of green energy in FY24, despite hydrological challenges


# 61 India Insight: HDFC Loan Sale over $1bn, Reliance FMCG Expansion, SJVN Generated 8.4 GW

India

UNO Minda Limited designs, develops, and manufactures sales diverse auto components. The Company offers alternate fuel and air filtration systems, canisters, brake and fuel hoses, noise suppressor caps, alloy wheels, seat belts, air brakes, air ducts and washer bottle, and body sealing products. UNO Minda serves customers worldwide.

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UNO Minda (UNOMINDA IN)

The Beat Ideas: Uno Minda - Can It Balance Legacy and Next-Gen Mobility?

Uno Minda is rapidly transforming its business mix by winning high-value orders in the EV and premium segments, fueling growth and positioning...

Sudarshan Bhandari

GST Reform in Indian Auto Sector: Demand Revival Meets Margin Expansion Ahead of Festive Surge.

GST Council approves rate cuts, boosting demand for mass-market vehicles and creating a multi-pronged recovery catalyst for OEMs and ancillaries.

Sudarshan Bhandari

Upgrading China to Overweight; Europe Breaking Out

Upgrading China to Overweight. Europe Breaking Out. Japan Remains Attractive. All signs point to the $ACWI uptrend continuing for the foreseeable...

Vermilion Research

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

# 61 India Insight: HDFC Loan Sale over $1bn, Reliance FMCG Expansion, SJVN Generated 8.4 GW

HDFC Bank to close $1 billion loan sale, RCPL expanding FMCG nationwide, SJVN generates 8,489 million units of green energy despite challenges.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: Uno Minda - Can It Balance Legacy and Next-Gen Mobility?

​Uno Minda is rapidly transforming its business mix by winning high-value orders in the EV and premium segments, fueling growth and positioning...

Sudarshan Bhandari

GST Reform in Indian Auto Sector: Demand Revival Meets Margin Expansion Ahead of Festive Surge.

​GST Council approves rate cuts, boosting demand for mass-market vehicles and creating a multi-pronged recovery catalyst for OEMs and ancillaries.

Sudarshan Bhandari

Upgrading China to Overweight; Europe Breaking Out

Upgrading China to Overweight. Europe Breaking Out. Japan Remains Attractive. All signs point to the $ACWI uptrend continuing for the foreseeable...

Vermilion Research

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

# 61 India Insight: HDFC Loan Sale over $1bn, Reliance FMCG Expansion, SJVN Generated 8.4 GW

​HDFC Bank to close $1 billion loan sale, RCPL expanding FMCG nationwide, SJVN generates 8,489 million units of green energy despite challenges.

Sudarshan Bhandari

Uno Minda is rapidly transforming its business mix by winning high-value orders in the EV and premium segments, fueling growth and positioning...

GST Council approves rate cuts, boosting demand for mass-market vehicles and creating a multi-pronged recovery catalyst for OEMs and ancillaries.

HDFC Bank to close $1 billion loan sale, RCPL expanding FMCG nationwide, SJVN generates 8,489 million units of green energy despite challenges.