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>Appointment of a digital-savvy CEO and professionalized board strengthens management, positioning Vadilal for sustained growth and corporate transformation.  </li>
<li>
Robust distribution, innovative production, and premium parlours drive competitive edge and market leadership. </li>
<li>
Resolution of internal family disputes and promoter group merger streamlines operations, though potential dilution could affect minority shareholders.</li>
</ul>


Appointment of a digital-savvy CEO and professionalized board strengthens management, positioning Vadilal for sustained growth and corporate transformation.  

Robust distribution, innovative production, and premium parlours drive competitive edge and market leadership. 

Resolution of internal family disputes and promoter group merger streamlines operations, though potential dilution could affect minority shareholders.


The Beat Ideas: Vadilal Industries - Will Professional Management Improve Operational Excellence?

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>ADF Foods is shifting from an agency-based distribution model to a brand-led, in-house manufacturing approach, focusing on the U.S. frozen food segment to improve margins and supply control.</li>
<li>This strategic pivot enhances margin stability, mitigates raw material and geopolitical risks, and deepens market penetration in mainstream international retail, positioning ADF for sustainable long-term growth and profitability.</li>
<li>Market focus should move from export volatility to ADF’s brand premiumization and successful US greenfield execution, the key drivers of sustainable growth and long-term re-rating. 
</li>
</ul>


ADF Foods is shifting from an agency-based distribution model to a brand-led, in-house manufacturing approach, focusing on the U.S. frozen food segment to improve margins and supply control.
This strategic pivot enhances margin stability, mitigates raw material and geopolitical risks, and deepens market penetration in mainstream international retail, positioning ADF for sustainable long-term growth and profitability.
Market focus should move from export volatility to ADF’s brand premiumization and successful US greenfield execution, the key drivers of sustainable growth and long-term re-rating. 



The Beat Ideas: ADF Foods - Can an Export-Heavy Model Withstand Tariff Pressures?

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

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN) </a>is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>In this note, we will talk about the IPO valuations.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
In this note, we will talk about the IPO valuations.


Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kaynes-technology-india-ltd" target="_blank" data-smartkarma-citation="entities:36436:1" rel="noopener">Kaynes Technology India (KAYNES IN)</a> Semicon to deliver India's first packaged semiconductor chips by July 2025, supported by a multi-year deal.</li>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-america-corp" target="_blank" data-smartkarma-citation="entities:278:1" rel="noopener">Bank Of America (BAC US)</a> expects RBI to cut the repo rate to 6% in April, with a target of 5.5% by year-end.</li>
<li>
<a href="https://www.smartkarma.com/entities/vadilal-industries-ltd" target="_blank" data-smartkarma-citation="entities:8782:1" rel="noopener">Vadilal Industries (VDI IN)</a> settles promoter dispute, plans leadership restructuring and board reconstitution to improve governance and growth.</li>
</ul>



Kaynes Technology India (KAYNES IN) Semicon to deliver India's first packaged semiconductor chips by July 2025, supported by a multi-year deal.

Bank Of America (BAC US) expects RBI to cut the repo rate to 6% in April, with a target of 5.5% by year-end.

Vadilal Industries (VDI IN) settles promoter dispute, plans leadership restructuring and board reconstitution to improve governance and growth.


#130 India Insight: Textile Aims $100B Exports, Wind Energy Hits 48.5 GW, Data Centers Reach $10B

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>India has become one of the most expensive markets globally, trading at a PE of close to 28. Quality stocks now trade consistently around 50-90x PEs. </li>
<li>We have screened 80 names (market cap agnostic) that trade at PEs between 5 and 45, with an average PE of 20 and an average ROEs of 26%. </li>
<li>We treat this only as a filter and aim to do due diligence on all these stocks over the next few months. </li>
</ul>


India has become one of the most expensive markets globally, trading at a PE of close to 28. Quality stocks now trade consistently around 50-90x PEs. 
We have screened 80 names (market cap agnostic) that trade at PEs between 5 and 45, with an average PE of 20 and an average ROEs of 26%. 
We treat this only as a filter and aim to do due diligence on all these stocks over the next few months. 


The "What's Left In India" Screen: 80 Stocks with High ROEs and Relatively Lower PEs

India

Vadilal Industries Ltd. manufactures and distributes ice creams and processed foods which comprises of frozen fruits, vegetables and fruit pulp, canned products, mango products, condiments and ready to eat foods. Vadilal Industries owns and operates a 100% export oriented unit for production and export of frozen &  canned fruits and vegetables.

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Vadilal Industries (VDI IN)

The Beat Ideas: Vadilal Industries - Will Professional Management Improve Operational Excellence?

Vadilal's new CEO and board, along with distribution and production innovations, position the company for growth, but potential dilution may...

Sudarshan Bhandari

The Beat Ideas: ADF Foods - Can an Export-Heavy Model Withstand Tariff Pressures?

ADF Foods is transitioning to a brand-led manufacturing model in the US frozen food segment for improved margins and long-term growth.

Nimish Maheshwari

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

#130 India Insight: Textile Aims $100B Exports, Wind Energy Hits 48.5 GW, Data Centers Reach $10B

Kaynes Technology India to deliver India's first packaged semiconductor chips by July 2025 with multi-year deal; Bank of America expects RBI to...

Sudarshan Bhandari

The "What's Left In India" Screen: 80 Stocks with High ROEs and Relatively Lower PEs

We compile a list of 80 Indian stocks based on two simple criteria: PE and ROE. Given the market's lofty valuations, we title it "The What's Left...

Sameer Taneja

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: Vadilal Industries - Will Professional Management Improve Operational Excellence?

​Vadilal's new CEO and board, along with distribution and production innovations, position the company for growth, but potential dilution may...

Sudarshan Bhandari

The Beat Ideas: ADF Foods - Can an Export-Heavy Model Withstand Tariff Pressures?

​ADF Foods is transitioning to a brand-led manufacturing model in the US frozen food segment for improved margins and long-term growth.

Nimish Maheshwari

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

#130 India Insight: Textile Aims $100B Exports, Wind Energy Hits 48.5 GW, Data Centers Reach $10B

​Kaynes Technology India to deliver India's first packaged semiconductor chips by July 2025 with multi-year deal; Bank of America expects RBI to...

Sudarshan Bhandari

The "What's Left In India" Screen: 80 Stocks with High ROEs and Relatively Lower PEs

We compile a list of 80 Indian stocks based on two simple criteria: PE and ROE. Given the market's lofty valuations, we title it "The What's Left...

Sameer Taneja

Vadilal's new CEO and board, along with distribution and production innovations, position the company for growth, but potential dilution may...

ADF Foods is transitioning to a brand-led manufacturing model in the US frozen food segment for improved margins and long-term growth.

Kaynes Technology India to deliver India's first packaged semiconductor chips by July 2025 with multi-year deal; Bank of America expects RBI to...