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

Event-Driven

<ul>
<li>Vedanta Iron &amp; Steel has emerged as a standalone listed entity after Vedanta’s demerger, with a current portfolio spanning iron ore mines, ESL-Bokaro, Goa VAB assets, met coke and logistics.</li>
<li>The business is not only a steel expansion story. It has 15 MTPA current iron ore capacity, 4 BnT reserves/resources, captive logistics, and a planned shift toward value-added steel.</li>
<li>The valuation case depends on execution: iron ore volume expansion, 5 MTPA steel capacity, VAP mix improvement, Liberia delivery, and keeping net debt/EBITDA below 2x.</li>
</ul>


Vedanta Iron &amp; Steel has emerged as a standalone listed entity after Vedanta’s demerger, with a current portfolio spanning iron ore mines, ESL-Bokaro, Goa VAB assets, met coke and logistics.
The business is not only a steel expansion story. It has 15 MTPA current iron ore capacity, 4 BnT reserves/resources, captive logistics, and a planned shift toward value-added steel.
The valuation case depends on execution: iron ore volume expansion, 5 MTPA steel capacity, VAP mix improvement, Liberia delivery, and keeping net debt/EBITDA below 2x.


Vedanta Iron & Steel: A Small Listed Vehicle with a Large Integration Story

Equity Bottom-Up

<ul>
<li>Four Vedanta entities listed simultaneously on NSE and BSE, completing five-way demerger approved by NCLT Mumbai in December 2025, with combined market cap rising to Rs. 3.52 lakh crore.</li>
<li>The restructuring is India's largest conglomerate breakup in recent memory, unlocking sector-specific capital allocation, independent dividend policies, and direct investor exposure to aluminium, oil and gas, power, and steel.</li>
<li>The discount-to-SOTP trade has partially closed on day one, but debt allocation per entity and commodity cycle positioning determine whether the $100 billion ambition is trajectory or theatre.</li>
</ul>


Four Vedanta entities listed simultaneously on NSE and BSE, completing five-way demerger approved by NCLT Mumbai in December 2025, with combined market cap rising to Rs. 3.52 lakh crore.
The restructuring is India's largest conglomerate breakup in recent memory, unlocking sector-specific capital allocation, independent dividend policies, and direct investor exposure to aluminium, oil and gas, power, and steel.
The discount-to-SOTP trade has partially closed on day one, but debt allocation per entity and commodity cycle positioning determine whether the $100 billion ambition is trajectory or theatre.


Five Vedanta's, One Big Question: Where Does the Debt Land?

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a> has demerged into 5 entities to unlock value through separate strategies and the removal of the holding company discount.</li>
<li>
<a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a> is a member of the global indices, <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> and the demerger has index implications.</li>
<li>The timing of the listing of the demerged entities and the passive flows that follow will create trading opportunities.</li>
</ul>



Vedanta Ltd (VEDL IN) has demerged into 5 entities to unlock value through separate strategies and the removal of the holding company discount.

Vedanta Ltd (VEDL IN) is a member of the global indices, NSE Nifty Next 50 Index (NIFTYJR INDEX) and the demerger has index implications.
The timing of the listing of the demerged entities and the passive flows that follow will create trading opportunities.


Vedanta (VEDL IN) Demerger: Index Implications (What Stays, What Goes, When & Size)

<ul>
<li>Vedanta has replaced its fixed 30%-of-profit dividend floor with a discretionary, board-driven framework. FY26 total payout of Rs. 13,279 crore is the lowest since FY21.</li>
<li>The contractual floor was the primary anchor of Vedanta's yield stock identity. With five separate boards now governing payout decisions post-demerger, the income predictability that warranted a premium valuation disappears.</li>
<li>The policy change is structurally tied to Vedanta Resources's deleveraging roadmap: lower mandatory upstreaming from VEDL gives the parent more flexibility to prioritize debt services.</li>
</ul>


Vedanta has replaced its fixed 30%-of-profit dividend floor with a discretionary, board-driven framework. FY26 total payout of Rs. 13,279 crore is the lowest since FY21.
The contractual floor was the primary anchor of Vedanta's yield stock identity. With five separate boards now governing payout decisions post-demerger, the income predictability that warranted a premium valuation disappears.
The policy change is structurally tied to Vedanta Resources's deleveraging roadmap: lower mandatory upstreaming from VEDL gives the parent more flexibility to prioritize debt services.


India

Vedanta Iron And Steel Limited (VISL) is an India-based, fully integrated iron and steel company. It focuses on iron ore exploration, mining, and processing in India and West Africa, producing steel, wire rods, TMT bars, pig iron, Ductile Iron (DI) Pipes, Ferrosilicon, cement, and metallurgical coke. The company was founded in 1954 and is headquartered in Panjim, India.

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Vedanta Iron And Steel (VISL IN)

Vedanta Iron & Steel: A Small Listed Vehicle with a Large Integration Story

Vedanta Iron & Steel, a standalone entity post-demerger, focuses on iron ore capacity expansion, value-added steel, and maintaining financial...

Nimish Maheshwari

Five Vedanta's, One Big Question: Where Does the Debt Land?

Four Vedanta entities successfully listed on NSE and BSE after NCLT approval, marking India's largest conglomerate breakup and unlocking sector...

Nimish Maheshwari

Vedanta (VEDL IN) Demerger: Index Implications (What Stays, What Goes, When & Size)

Vedanta has continued trading after demerging multiple entities. The focus now moves to the demerged entities. When they start trading, how they...

Brian Freitas

Vedanta Ltd: Change in Dividend Policy!

Vedanta shifts from fixed dividend floor to discretionary framework, impacting payout predictability and premium valuation. Deleveraging roadmap...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Vedanta Iron & Steel: A Small Listed Vehicle with a Large Integration Story

​Vedanta Iron & Steel, a standalone entity post-demerger, focuses on iron ore capacity expansion, value-added steel, and maintaining financial...

Nimish Maheshwari

Five Vedanta's, One Big Question: Where Does the Debt Land?

​Four Vedanta entities successfully listed on NSE and BSE after NCLT approval, marking India's largest conglomerate breakup and unlocking sector...

Nimish Maheshwari

Vedanta (VEDL IN) Demerger: Index Implications (What Stays, What Goes, When & Size)

Vedanta has continued trading after demerging multiple entities. The focus now moves to the demerged entities. When they start trading, how they...

Brian Freitas

Vedanta Ltd: Change in Dividend Policy!

​Vedanta shifts from fixed dividend floor to discretionary framework, impacting payout predictability and premium valuation. Deleveraging roadmap...

Nimish Maheshwari

Vedanta Iron & Steel, a standalone entity post-demerger, focuses on iron ore capacity expansion, value-added steel, and maintaining financial...

Four Vedanta entities successfully listed on NSE and BSE after NCLT approval, marking India's largest conglomerate breakup and unlocking sector...

Vedanta shifts from fixed dividend floor to discretionary framework, impacting payout predictability and premium valuation. Deleveraging roadmap...