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>
<a href="https://www.smartkarma.com/entities/vedanta-power-limited" target="_blank" data-smartkarma-citation="entities:48849:1" rel="noopener">Vedanta Power (TSPL IN)</a> has emerged as a separate listed power entity after the Vedanta demerger, giving investors a cleaner pure-play thermal power vehicle.</li>
<li>India’s peak demand has continued to set new records, and thermal power still forms the core source of reliable baseload supply during demand peaks.</li>
<li>The valuation case is less about the demerger event now and more about execution: Sakti Unit 2, coal-cost reduction, and free-cash-flow delivery.</li>
</ul>



Vedanta Power (TSPL IN) has emerged as a separate listed power entity after the Vedanta demerger, giving investors a cleaner pure-play thermal power vehicle.
India’s peak demand has continued to set new records, and thermal power still forms the core source of reliable baseload supply during demand peaks.
The valuation case is less about the demerger event now and more about execution: Sakti Unit 2, coal-cost reduction, and free-cash-flow delivery.


Vedanta Power: A Defensive Play from Vedanta Franchise

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<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

Event-Driven

<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 Power is an Indian power generation company that builds, owns, and operates coal-based thermal power plants across India. The company supplies electricity to various industries and state utilities. It was incorporated in 2007 and is based in Mumbai, India.

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Vedanta Power (VEDPOWER IN)

Vedanta Power: A Defensive Play from Vedanta Franchise

Vedanta Power (TSPL IN) offers investors a pure-play thermal power opportunity post-demerger, with focus on execution and coal-cost reduction for...

Sudarshan Bhandari

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 Power: A Defensive Play from Vedanta Franchise

​Vedanta Power (TSPL IN) offers investors a pure-play thermal power opportunity post-demerger, with focus on execution and coal-cost reduction for...

Sudarshan Bhandari

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 Power (TSPL IN) offers investors a pure-play thermal power opportunity post-demerger, with focus on execution and coal-cost reduction for...

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...