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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vodafone-idea-ltd" target="_blank" data-smartkarma-citation="entities:15678:1" rel="noopener">Vodafone Idea (IDEA IN)</a> faces severe financial distress due to INR 83,400 crore in mounting Adjusted Gross Revenue (AGR) dues and substantial deferred payment obligations. </li>
<li>Management warns Vi cannot operate beyond Financial Year 2026 without timely government support for AGR dues, halting crucial bank funding.  market.</li>
<li>Vi proposes payment plans and seeks substantial funding, while ARPU is growing, and the government supports a three-player</li>
</ul>



Vodafone Idea (IDEA IN) faces severe financial distress due to INR 83,400 crore in mounting Adjusted Gross Revenue (AGR) dues and substantial deferred payment obligations. 
Management warns Vi cannot operate beyond Financial Year 2026 without timely government support for AGR dues, halting crucial bank funding.  market.
Vi proposes payment plans and seeks substantial funding, while ARPU is growing, and the government supports a three-player


VIL’s Revival Impossible or a State-Backed Turnaround Feasible?

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>
<a href="https://www.smartkarma.com/entities/vodafone-idea-ltd" target="_blank" data-smartkarma-citation="entities:15678:1" rel="noopener">Vodafone Idea (IDEA IN)</a> plans to raise around US$2.2bn via a follow-on public offering.</li>
<li>The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the deal dynamics.</li>
</ul>



Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering.
The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.
In this note, we will run the deal through our ECM framework and talk about the deal dynamics.


Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

<ul>
<li>GoI converts ₹36,950 crore of spectrum dues into equity, increasing its stake to ~49%. Promoters’ stake diluted to ~25.5%, with public shareholders now owning just ~23.8%. </li>
<li>While the move eases cash outflows till H1FY28, Vodafone Idea’s AGR dues, weak subscriber base, and funding needs remain material headwinds.</li>
<li>Structural concerns remain unresolved, and further dilution risks persist along with loosing market share.</li>
</ul>


GoI converts ₹36,950 crore of spectrum dues into equity, increasing its stake to ~49%. Promoters’ stake diluted to ~25.5%, with public shareholders now owning just ~23.8%. 
While the move eases cash outflows till H1FY28, Vodafone Idea’s AGR dues, weak subscriber base, and funding needs remain material headwinds.
Structural concerns remain unresolved, and further dilution risks persist along with loosing market share.


Vodafone Idea: Another Lifeline, But Structural Challenges Persist

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<ul>
<li>Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$806m via selling a 0.6% stake in <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a>.</li>
<li>ICI had earlier sold around US$1bn in Feb and Aug 2025 while Singtel had sold US$1bn+ via 0.8% stake sales in Airtel in May 2025 and Nov 2025 as well.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$806m via selling a 0.6% stake in Bharti Airtel (BHARTI IN).
ICI had earlier sold around US$1bn in Feb and Aug 2025 while Singtel had sold US$1bn+ via 0.8% stake sales in Airtel in May 2025 and Nov 2025 as well.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Bharti Airtel Block - Third Selldown by Promoter Entity This Year

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Thematic (Sector/Industry)

<ul>
<li>India’s telecom industry added 4.4 million new subscribers in September 2025, with Jio and Bharti Airtel driving broadband and 5G FWA expansion amid stable overall tele-density of 86.65%.</li>
<li>Strong subscriber growth, rising broadband adoption, and rapid 5G rollout signal a structural shift toward a data-driven, high-speed ecosystem, reinforcing India’s position as the world’s second-largest telecom market.</li>
<li>The sector is entering a mature digital growth phase, led by Jio and Bharti Airtel through broadband and 5G investments, while BSNL and Vifocus on recovery and market stabilization.</li>
</ul>


India’s telecom industry added 4.4 million new subscribers in September 2025, with Jio and Bharti Airtel driving broadband and 5G FWA expansion amid stable overall tele-density of 86.65%.
Strong subscriber growth, rising broadband adoption, and rapid 5G rollout signal a structural shift toward a data-driven, high-speed ecosystem, reinforcing India’s position as the world’s second-largest telecom market.
The sector is entering a mature digital growth phase, led by Jio and Bharti Airtel through broadband and 5G investments, while BSNL and Vifocus on recovery and market stabilization.


Telecom Industry Snapshot- September 2025: Jio and Airtel Drive Data-Led Growth

India

Vodafone Idea Limited operates as a telecom service provider. The Company offers 2G, 3G, and 4G mobile services, as well as mobile payments, advanced enterprise offerings, and entertainment. Vodafone Idea serves customers in India.

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Vodafone Idea (IDEA IN)

VIL’s Revival Impossible or a State-Backed Turnaround Feasible?

Vodafone Idea (IDEA IN) in dire financial straits with mounting AGR dues, warns of viability beyond FY2026 without government support. ARPU...

Nimish Maheshwari

Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering. In this note, we talk about the deal dyanmics.

Sumeet Singh

Vodafone Idea: Another Lifeline, But Structural Challenges Persist

Government of India converts spectrum dues into equity, increasing stake in Vodafone Idea. Promoters' stake diluted, structural concerns and...

Nimish Maheshwari

Bharti Airtel Block - Third Selldown by Promoter Entity This Year

Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$806m via selling a 0.6% stake in Airtel.

Akshat Shah

Telecom Industry Snapshot- September 2025: Jio and Airtel Drive Data-Led Growth

India's telecom industry sees strong growth with 4.4Mn new subscribers in Sep-25, led by Jio and Bharti Airtel driving broadband and 5G expansion,...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

VIL’s Revival Impossible or a State-Backed Turnaround Feasible?

​Vodafone Idea (IDEA IN) in dire financial straits with mounting AGR dues, warns of viability beyond FY2026 without government support. ARPU...

Nimish Maheshwari

Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering. In this note, we talk about the deal dyanmics.

Sumeet Singh

Vodafone Idea: Another Lifeline, But Structural Challenges Persist

​Government of India converts spectrum dues into equity, increasing stake in Vodafone Idea. Promoters' stake diluted, structural concerns and...

Nimish Maheshwari

Bharti Airtel Block - Third Selldown by Promoter Entity This Year

Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$806m via selling a 0.6% stake in Airtel.

Akshat Shah

Telecom Industry Snapshot- September 2025: Jio and Airtel Drive Data-Led Growth

​India's telecom industry sees strong growth with 4.4Mn new subscribers in Sep-25, led by Jio and Bharti Airtel driving broadband and 5G expansion,...

Sudarshan Bhandari

Vodafone Idea (IDEA IN) in dire financial straits with mounting AGR dues, warns of viability beyond FY2026 without government support. ARPU...

Government of India converts spectrum dues into equity, increasing stake in Vodafone Idea. Promoters' stake diluted, structural concerns and...

India's telecom industry sees strong growth with 4.4Mn new subscribers in Sep-25, led by Jio and Bharti Airtel driving broadband and 5G expansion,...