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

Thematic (Sector/Industry)

<ul>
<li>India is rapidly scaling solar PV manufacturing, supported by strong policies, rising demand, and a surge of new companies entering the sector.</li>
<li>Despite fast growth, the sector shows wide valuation gaps and cost-driven dynamics, highlighting the importance of technology, efficiency, and operational strength.</li>
<li>India’s solar PV push is impactful and accelerating, but long-term sustainability depends on fundamentals like capacity, costs, and technology readiness.</li>
</ul>


India is rapidly scaling solar PV manufacturing, supported by strong policies, rising demand, and a surge of new companies entering the sector.
Despite fast growth, the sector shows wide valuation gaps and cost-driven dynamics, highlighting the importance of technology, efficiency, and operational strength.
India’s solar PV push is impactful and accelerating, but long-term sustainability depends on fundamentals like capacity, costs, and technology readiness.


Thematic Report: Decoding India’s Solar PV Sector- Strong Growth, Big Valuation Divergence

Equity Bottom-Up

Karamtara Engineering Ltd / Equity Bottom-Up

<ul>
<li>Karamtara Engineering opens its Rs.875 crore IPO on September 9, 2026, with a price band of Rs.241 to Rs.254 per share, closing September 11.</li>
<li>The company is India's largest integrated maker of solar mounting structures, growing revenue at a 33% CAGR over FY24 to FY26, though supplier and customer concentration are both rising.</li>
<li>At close to 32 times FY26 earnings at the top of the band, issue prices at premium to most listed peers, making capacity ramp-up and cost control the key monitorables.</li>
</ul>


Karamtara Engineering opens its Rs.875 crore IPO on September 9, 2026, with a price band of Rs.241 to Rs.254 per share, closing September 11.
The company is India's largest integrated maker of solar mounting structures, growing revenue at a 33% CAGR over FY24 to FY26, though supplier and customer concentration are both rising.
At close to 32 times FY26 earnings at the top of the band, issue prices at premium to most listed peers, making capacity ramp-up and cost control the key monitorables.


Karamtara Engineering IPO: India's Largest Solar Structures Maker

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Waaree secured ALMM List-II approval for 5.25 GW of solar cells, becoming the first Indian manufacturer to be listed simultaneously across modules and cells at this scale.</li>
<li>Government's ALMM expansion to cells (mandatory from June 2026) and proposed extension to ingots and wafers creates a structural entry barrier. </li>
<li>Waaree is the only company actively investing across all four layers of the domestic supply chain, is best positioned to capture this captive demand.</li>
</ul>


Waaree secured ALMM List-II approval for 5.25 GW of solar cells, becoming the first Indian manufacturer to be listed simultaneously across modules and cells at this scale.
Government's ALMM expansion to cells (mandatory from June 2026) and proposed extension to ingots and wafers creates a structural entry barrier. 
Waaree is the only company actively investing across all four layers of the domestic supply chain, is best positioned to capture this captive demand.


How Waaree Energies(The Moat Builder) Is Wiring Together India's Entire Solar Stack?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, a number of deals were launched at the end of the week.</li>
<li>On the placement front, there was a flurry of deals across the region, along with news of a possible large cross-shareholding unwind in <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP).</a>
</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, a number of deals were launched at the end of the week.
On the placement front, there was a flurry of deals across the region, along with news of a possible large cross-shareholding unwind in Toyota Motor (7203 JP).



Aequitas ECM Weekly (2 March 2026)- Toyota Motors, Nintendo, IBIDEN, Estun, PayPay, CleanMax

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

SAEL Industries Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sael-industries-ltd" target="_blank" data-smartkarma-citation="entities:46005:1" rel="noopener">SAEL Industries Ltd (2600245D IN)</a> is looking to raise about US$516m in its upcoming India IPO.</li>
<li>SAEL is a vertically integrated renewable energy independent power producer in India, with capabilities spanning solar module manufacturing, engineering, procurement and construction, and operations and maintenance for power projects.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



SAEL Industries Ltd (2600245D IN) is looking to raise about US$516m in its upcoming India IPO.
SAEL is a vertically integrated renewable energy independent power producer in India, with capabilities spanning solar module manufacturing, engineering, procurement and construction, and operations and maintenance for power projects.
In this note, we talk about the company’s historical performance.


Aequitas: SAEL Industries Pre-IPO - Scalable Growth Amid Profitability Headwinds

India

Vikram Solar Private Limited provides solar energy solutions. The Company provides PV module manufacturing and EPC solutions, as well as offers installation and designing services for solar projects. Vikram Solar serves customers worldwide.

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Vikram Solar (0490158D IN)

Thematic Report: Decoding India’s Solar PV Sector- Strong Growth, Big Valuation Divergence

India's booming solar PV manufacturing sector faces valuation gaps and cost challenges, emphasizing the need for technology and operational...

Sudarshan Bhandari

Karamtara Engineering IPO: India's Largest Solar Structures Maker

Karamtara Engineering opens its Rs.875 crore IPO on September 9, 2026, with a price band of Rs.241 to Rs.254 per share, closing September 11.

Sudarshan Bhandari

How Waaree Energies(The Moat Builder) Is Wiring Together India's Entire Solar Stack?

Waaree secures approval for 5.25 GW of solar cells, positioned to benefit from ALMM expansion and entry barrier in Indian market.

Nimish Maheshwari

Aequitas ECM Weekly (2 March 2026)- Toyota Motors, Nintendo, IBIDEN, Estun, PayPay, CleanMax

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas: SAEL Industries Pre-IPO - Scalable Growth Amid Profitability Headwinds

SAEL Industries Ltd is looking to raise about US$516m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thematic Report: Decoding India’s Solar PV Sector- Strong Growth, Big Valuation Divergence

​India's booming solar PV manufacturing sector faces valuation gaps and cost challenges, emphasizing the need for technology and operational...

Sudarshan Bhandari

Karamtara Engineering IPO: India's Largest Solar Structures Maker

Karamtara Engineering opens its Rs.875 crore IPO on September 9, 2026, with a price band of Rs.241 to Rs.254 per share, closing September 11.

Sudarshan Bhandari

How Waaree Energies(The Moat Builder) Is Wiring Together India's Entire Solar Stack?

​Waaree secures approval for 5.25 GW of solar cells, positioned to benefit from ALMM expansion and entry barrier in Indian market.

Nimish Maheshwari

Aequitas ECM Weekly (2 March 2026)- Toyota Motors, Nintendo, IBIDEN, Estun, PayPay, CleanMax

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas: SAEL Industries Pre-IPO - Scalable Growth Amid Profitability Headwinds

SAEL Industries Ltd is looking to raise about US$516m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

India's booming solar PV manufacturing sector faces valuation gaps and cost challenges, emphasizing the need for technology and operational...

Waaree secures approval for 5.25 GW of solar cells, positioned to benefit from ALMM expansion and entry barrier in Indian market.