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>Biocon, a global biopharmaceutical company, saw Mylan exit its entire 5.64% stake through a INR 3,680 crore block deal, removing a major ownership overhang.</li>
<li>The transaction is earnings-neutral but improves liquidity and price discovery, allowing investors to refocus on FY27 biosimilar launches, generics utilisation, deleveraging and Syngene recovery.</li>
<li>With integration largely done and deleveraging underway, FY27 is the year Biocon has to prove the biosimilars-insulin-GLP-1 bet actually pays for itself.</li>
</ul>


Biocon, a global biopharmaceutical company, saw Mylan exit its entire 5.64% stake through a INR 3,680 crore block deal, removing a major ownership overhang.
The transaction is earnings-neutral but improves liquidity and price discovery, allowing investors to refocus on FY27 biosimilar launches, generics utilisation, deleveraging and Syngene recovery.
With integration largely done and deleveraging underway, FY27 is the year Biocon has to prove the biosimilars-insulin-GLP-1 bet actually pays for itself.


<ul>
<li>The NCLT has approved the Sequent-Viyash merger. The 56:100 swap ratio consolidates two Carlyle-backed entities into an INR 8,000 Cr+ Life Sciences platform.</li>
<li>The injection of Viyash’s 9 USFDA facilities and 28% EBITDA margin profile structurally repairs Sequent’s historical profitability issues, creating a diversified CDMO + Animal Health entity.</li>
<li>With pro-forma EBITDA running at INR 760 Cr (Annualized) and a management upgrade via Dr. Hari Babu (Ex-Mylan COO), the stock is primed for a re-rating if execution holds.</li>
</ul>


The NCLT has approved the Sequent-Viyash merger. The 56:100 swap ratio consolidates two Carlyle-backed entities into an INR 8,000 Cr+ Life Sciences platform.
The injection of Viyash’s 9 USFDA facilities and 28% EBITDA margin profile structurally repairs Sequent’s historical profitability issues, creating a diversified CDMO + Animal Health entity.
With pro-forma EBITDA running at INR 760 Cr (Annualized) and a management upgrade via Dr. Hari Babu (Ex-Mylan COO), the stock is primed for a re-rating if execution holds.


The Beat Ideas: Sequent Scientific Merger - CDMO Optionality with Margin Upside

<ul>
<li>
Biocon Ltd has confirmed its board, via a committee first formed on May 8, 2025, is formally evaluating a reverse merger of its unlisted arm, Biocon Biologics, into the parent.</li>
<li>This merger is a financial de-risking move designed to immediately address $1.2 billion in acquisition debt and unlock a 'conglomerate discount' on the Rs.2,721 crore revenue biosimilars business.</li>
<li>The move would eliminate the parent's holding company discount, but the key hurdle is the valuation and swap ratio required to satisfy minority shareholders, chiefly Serum Institute.</li>
</ul>



Biocon Ltd has confirmed its board, via a committee first formed on May 8, 2025, is formally evaluating a reverse merger of its unlisted arm, Biocon Biologics, into the parent.
This merger is a financial de-risking move designed to immediately address $1.2 billion in acquisition debt and unlock a 'conglomerate discount' on the Rs.2,721 crore revenue biosimilars business.
The move would eliminate the parent's holding company discount, but the key hurdle is the valuation and swap ratio required to satisfy minority shareholders, chiefly Serum Institute.


Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock?

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Viatris delivered a strong second quarter for 2025, despite some notable challenges.</li><li>The company achieved 3% divestiture-adjusted operational revenue growth, propelled by strong performance in Europe and Greater China.</li><li>Viatris's diversified global business allowed it to overcome disruptions such as the impact from its Indore manufacturing facility, which negatively affected revenues.</li></ul>

Viatris delivered a strong second quarter for 2025, despite some notable challenges.The company achieved 3% divestiture-adjusted operational revenue growth, propelled by strong performance in Europe and Greater China.Viatris's diversified global business allowed it to overcome disruptions such as the impact from its Indore manufacturing facility, which negatively affected revenues.

Viatris Inc.: Will Its Efforts Towards Cost Management Result In Near-Term Margin Expansion?

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>Natco specializes in complex generics with a catalogue of 30 Para IV filings (14 approved), demonstrating strong R&amp;D expertise and a track record of successful high-value launches most prominently gRevlimid.</li>
<li>Its current pipeline include potential blockbuster drugs like generic versions of Evrysdi, Ozempic/Wegovy (GLP-1), Kyprolis, and Imbruvica, which could drive future growth and offset concerns about declining Revlimid revenues post-FY26.</li>
<li>We estimate Natco (ex-Revlimid) can generate ~2,500cr in revenues with profit of 320-350cr. Its 3,500cr cash-in-hand, Para IV optionalities and NCE investments (Gene therapy) make its current valuation attractive.</li>
</ul>


Natco specializes in complex generics with a catalogue of 30 Para IV filings (14 approved), demonstrating strong R&amp;D expertise and a track record of successful high-value launches most prominently gRevlimid.
Its current pipeline include potential blockbuster drugs like generic versions of Evrysdi, Ozempic/Wegovy (GLP-1), Kyprolis, and Imbruvica, which could drive future growth and offset concerns about declining Revlimid revenues post-FY26.
We estimate Natco (ex-Revlimid) can generate ~2,500cr in revenues with profit of 320-350cr. Its 3,500cr cash-in-hand, Para IV optionalities and NCE investments (Gene therapy) make its current valuation attractive.


Natco Pharma (NTCPH IN): Getting Ready for the Next Moonshot

United States

Viatris Inc. operates as a pharmaceutical company. The Company produces medicines for patients across broad range of major therapeutic areas spanning both noncommunicable and infectious diseases. Viatris serves clients worldwide.

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Viatris (VTRS US)

Biocon: Can It Be Next Laurus Labs?

Biocon sees Mylan exit its stake, improving liquidity and refocusing on upcoming launches and deleveraging to prove biosimilar bet pays off.

Sudarshan Bhandari

The Beat Ideas: Sequent Scientific Merger - CDMO Optionality with Margin Upside

NCLT approves Sequent-Viyash merger, creating INR 8,000 Cr+ Life Sciences platform with 56:100 swap ratio and management upgrade.

Sudarshan Bhandari

Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock?

Biocon Ltd is considering a reverse merger with Biocon Biologics to address debt and unlock value, but faces hurdles with minority shareholders.

Sudarshan Bhandari

Viatris Inc.: Will Its Efforts Towards Cost Management Result In Near-Term Margin Expansion?

Viatris delivered a strong second quarter for 2025, despite some notable challenges. The company achieved 3% divestiture-adjusted operational...

Baptista Research

Natco Pharma (NTCPH IN): Getting Ready for the Next Moonshot

Natco excels in complex generics, with a strong R&D track record and potential blockbuster drugs in its pipeline, positioning it for future growth...

Himanshu Dugar

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Biocon: Can It Be Next Laurus Labs?

​Biocon sees Mylan exit its stake, improving liquidity and refocusing on upcoming launches and deleveraging to prove biosimilar bet pays off.

Sudarshan Bhandari

The Beat Ideas: Sequent Scientific Merger - CDMO Optionality with Margin Upside

​NCLT approves Sequent-Viyash merger, creating INR 8,000 Cr+ Life Sciences platform with 56:100 swap ratio and management upgrade.

Sudarshan Bhandari

Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock?

​Biocon Ltd is considering a reverse merger with Biocon Biologics to address debt and unlock value, but faces hurdles with minority shareholders.

Sudarshan Bhandari

Viatris Inc.: Will Its Efforts Towards Cost Management Result In Near-Term Margin Expansion?

Viatris delivered a strong second quarter for 2025, despite some notable challenges. The company achieved 3% divestiture-adjusted operational...

Baptista Research

Natco Pharma (NTCPH IN): Getting Ready for the Next Moonshot

​Natco excels in complex generics, with a strong R&D track record and potential blockbuster drugs in its pipeline, positioning it for future growth...

Himanshu Dugar

Biocon sees Mylan exit its stake, improving liquidity and refocusing on upcoming launches and deleveraging to prove biosimilar bet pays off.

NCLT approves Sequent-Viyash merger, creating INR 8,000 Cr+ Life Sciences platform with 56:100 swap ratio and management upgrade.

Biocon Ltd is considering a reverse merger with Biocon Biologics to address debt and unlock value, but faces hurdles with minority shareholders.

Natco excels in complex generics, with a strong R&D track record and potential blockbuster drugs in its pipeline, positioning it for future growth...