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

Enviro Infra Engineers / Equity Bottom-Up

<ul>
<li>EIEL is strategically expanding into high-margin Zero Liquid Discharge (ZLD) projects and the renewable energy sector, diversifying its business beyond its traditional water and wastewater treatment core.</li>
<li>This strategic shift is crucial as it addresses critical national challenges like water scarcity and sustainable energy, aligning the company with major government initiatives and creating new, high-growth revenue streams.</li>
<li>By entering these technically complex and margin-accretive segments, the company is changing its business model to a diversified infrastructure player with enhanced long-term growth and profitability potential.</li>
</ul>


EIEL is strategically expanding into high-margin Zero Liquid Discharge (ZLD) projects and the renewable energy sector, diversifying its business beyond its traditional water and wastewater treatment core.
This strategic shift is crucial as it addresses critical national challenges like water scarcity and sustainable energy, aligning the company with major government initiatives and creating new, high-growth revenue streams.
By entering these technically complex and margin-accretive segments, the company is changing its business model to a diversified infrastructure player with enhanced long-term growth and profitability potential.


The Beat Ideas: Enviro Infra Engineers Ltd - High-Margin Growth Story in Water Infra

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cochin-shipyard-ltd" target="_blank" data-smartkarma-citation="entities:24261:1" rel="noopener">Cochin Shipyard Ltd (COCHIN IN)</a>  has secured a Rs. 450 crore order to build tugboats for <a href="https://www.smartkarma.com/entities/adani-ports-special-economic-zone-ltd" target="_blank" data-smartkarma-citation="entities:246:1" rel="noopener">Adani Ports &amp; Special Economic Zone (ADSEZ IN)</a> , signalling growth in India's shipbuilding industry.</li>
<li>
<a href="https://www.smartkarma.com/entities/dixon-technologies-india-ltd" target="_blank" data-smartkarma-citation="entities:25486:1" rel="noopener">Dixon Technologies India Ltd (DIXON IN)</a>  is expanding beyond electronics manufacturing by entering the refrigerator market through a partnership with Cellecor Gadgets.</li>
<li>
<a href="https://www.smartkarma.com/entities/va-tech-wabag-ltd" target="_blank" data-smartkarma-citation="entities:9096:1" rel="noopener">VA Tech Wabag (VATW IN)</a>  is making waves with a Rs. 700 crore wastewater treatment project in Zambia, highlighting its commitment to sustainable solutions and expansion across the African market.</li>
</ul>



Cochin Shipyard Ltd (COCHIN IN)  has secured a Rs. 450 crore order to build tugboats for Adani Ports &amp; Special Economic Zone (ADSEZ IN) , signalling growth in India's shipbuilding industry.

Dixon Technologies India Ltd (DIXON IN)  is expanding beyond electronics manufacturing by entering the refrigerator market through a partnership with Cellecor Gadgets.

VA Tech Wabag (VATW IN)  is making waves with a Rs. 700 crore wastewater treatment project in Zambia, highlighting its commitment to sustainable solutions and expansion across the African market.


#76 India Insight: Cochin’s ₹450 Cr Tug Order, Dixon's Refrigerator Play, Wabag's African Expansion

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>The company is in the business of designing, construction, operation and maintenance of water and wastewater treatment plants and supply schemes with all related services.</li>
<li>It has an order book worth Rs. 1906+ cr. as of June 30, 2024 and 750Cr+ of operation &amp; maintenance order book in their hand.</li>
<li>Company has in-house capability to build and design water plants which enhance the margins of the company vs its peers. </li>
</ul>


The company is in the business of designing, construction, operation and maintenance of water and wastewater treatment plants and supply schemes with all related services.
It has an order book worth Rs. 1906+ cr. as of June 30, 2024 and 750Cr+ of operation &amp; maintenance order book in their hand.
Company has in-house capability to build and design water plants which enhance the margins of the company vs its peers. 


Enviro Infra Engineers Limited IPO Analysis

<ul>
<li>
<a href="https://www.smartkarma.com/entities/spml-infra-ltd" target="_blank" data-smartkarma-citation="entities:10767:1" rel="noopener">Spml Infra Ltd (SPML IN)</a> successfully restructuring its debt with NARCL and paid off ~30% of its debt from arbitral award as well as cash.</li>
<li>Promoters infused funds in last 3 years to strengthen the Balance Sheet to pay off the debt as well as bidding for upcoming projects. </li>
<li>Current order book of 2000Cr will be completed in 2-3 years, planning to bid for more than 10,000Cr worth of order.</li>
</ul>



Spml Infra Ltd (SPML IN) successfully restructuring its debt with NARCL and paid off ~30% of its debt from arbitral award as well as cash.
Promoters infused funds in last 3 years to strengthen the Balance Sheet to pay off the debt as well as bidding for upcoming projects. 
Current order book of 2000Cr will be completed in 2-3 years, planning to bid for more than 10,000Cr worth of order.


The Beat Ideas: SPML Infra Limited- A Water Infra Turnaround Candidate

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There are 3 adds and 2 deletes for the <a href="https://www.smartkarma.com/entities/ishares-global-clean-energy-etf" target="_blank" data-smartkarma-citation="entities:32855:1" rel="noopener">iSharesGlobal Clean Energy ETF</a> while there are 2 adds and 2 deletes for the <a href="https://www.smartkarma.com/entities/ishares-global-water-ucits-etf-usd-dist" target="_blank" data-smartkarma-citation="entities:25600:1" rel="noopener">iShares Global Water UCITS ETF</a>.</li>
<li>With US$5bn benchmarked to the <a href="https://www.smartkarma.com/entities/ishares-global-clean-energy-etf" target="_blank" data-smartkarma-citation="entities:32855:1" rel="noopener">iSharesGlobal Clean Energy</a> and related ETFs, and US$3.5bn benchmarked to the <a href="https://www.smartkarma.com/entities/ishares-global-water-ucits-etf-usd-dist" target="_blank" data-smartkarma-citation="entities:25600:1" rel="noopener">iShares Global Water</a> and related ETFs, there is multiple days of ADV to trade.</li>
<li>We see a noticeable rise in cumulative excess volume over the last two trading sessions, so there will be positioning in the stocks. </li>
</ul>


There are 3 adds and 2 deletes for the iSharesGlobal Clean Energy ETF while there are 2 adds and 2 deletes for the iShares Global Water UCITS ETF.
With US$5bn benchmarked to the iSharesGlobal Clean Energy and related ETFs, and US$3.5bn benchmarked to the iShares Global Water and related ETFs, there is multiple days of ADV to trade.
We see a noticeable rise in cumulative excess volume over the last two trading sessions, so there will be positioning in the stocks. 


Clean Energy & Global Water ETFs: Changes for Asia & Impact

India

VA Tech Wabag Ltd. designs and builds water and sewage treatment plants. The Company constructs sewage treatment, processed and drinking water treatment, effluents treatment, sludge treatment, desalination and reuse plants.  VA Tech Wabag serves municipalities and customers in the power, steel, and oil and gas industries.

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VA Tech Wabag (VATW IN)

The Beat Ideas: Enviro Infra Engineers Ltd - High-Margin Growth Story in Water Infra

EIEL strategically expands into high-margin ZLD projects and renewable energy sector, diversifying beyond water treatment to address national...

Sudarshan Bhandari

#76 India Insight: Cochin’s ₹450 Cr Tug Order, Dixon's Refrigerator Play, Wabag's African Expansion

Cochin secures Rs. 450 cr order to build tugboats for Adani Ports. Dixon Technologies expands into refrigerator market. VA Tech Wabag undertakes...

Sudarshan Bhandari

Enviro Infra Engineers Limited IPO Analysis

A company specializing in water and wastewater treatment plants has a strong order book and in-house design capabilities, boosting margins...

Nimish Maheshwari

The Beat Ideas: SPML Infra Limited- A Water Infra Turnaround Candidate

Spml Infra Ltd restructures debt, pays off 30% with arbitral award and cash, promoters infuse funds to strengthen balance sheet for upcoming...

Sudarshan Bhandari

Clean Energy & Global Water ETFs: Changes for Asia & Impact

There are 3 adds and 2 deletes for the iSharesGlobal Clean Energy ETF while there are 2 adds and 2 deletes for the iShares Global Water UCITS ETF....

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: Enviro Infra Engineers Ltd - High-Margin Growth Story in Water Infra

​EIEL strategically expands into high-margin ZLD projects and renewable energy sector, diversifying beyond water treatment to address national...

Sudarshan Bhandari

#76 India Insight: Cochin’s ₹450 Cr Tug Order, Dixon's Refrigerator Play, Wabag's African Expansion

​Cochin secures Rs. 450 cr order to build tugboats for Adani Ports. Dixon Technologies expands into refrigerator market. VA Tech Wabag undertakes...

Sudarshan Bhandari

Enviro Infra Engineers Limited IPO Analysis

​A company specializing in water and wastewater treatment plants has a strong order book and in-house design capabilities, boosting margins...

Nimish Maheshwari

The Beat Ideas: SPML Infra Limited- A Water Infra Turnaround Candidate

​Spml Infra Ltd restructures debt, pays off 30% with arbitral award and cash, promoters infuse funds to strengthen balance sheet for upcoming...

Sudarshan Bhandari

Clean Energy & Global Water ETFs: Changes for Asia & Impact

There are 3 adds and 2 deletes for the iSharesGlobal Clean Energy ETF while there are 2 adds and 2 deletes for the iShares Global Water UCITS ETF....

Brian Freitas

EIEL strategically expands into high-margin ZLD projects and renewable energy sector, diversifying beyond water treatment to address national...

Cochin secures Rs. 450 cr order to build tugboats for Adani Ports. Dixon Technologies expands into refrigerator market. VA Tech Wabag undertakes...

A company specializing in water and wastewater treatment plants has a strong order book and in-house design capabilities, boosting margins...

Spml Infra Ltd restructures debt, pays off 30% with arbitral award and cash, promoters infuse funds to strengthen balance sheet for upcoming...