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>FY25 consolidated revenue surpassed INR 10,000 crore mark, increasing 8.9% year-on-year. Emerging businesses contributed over 30% to revenue.  </li>
<li>Despite achieving the revenue milestone, Q4 performance and FY25 margins were impacted by cautious customer order patterns due to US tariff uncertainty.  </li>
<li>The company is de-risking its geographical exposure by reducing reliance on the US while focusing on the potential from the UK FTA and strengthening its domestic presence, through strategic acquisition.</li>
</ul>


FY25 consolidated revenue surpassed INR 10,000 crore mark, increasing 8.9% year-on-year. Emerging businesses contributed over 30% to revenue.  
Despite achieving the revenue milestone, Q4 performance and FY25 margins were impacted by cautious customer order patterns due to US tariff uncertainty.  
The company is de-risking its geographical exposure by reducing reliance on the US while focusing on the potential from the UK FTA and strengthening its domestic presence, through strategic acquisition.


Welspun Living: Navigating with Strategic Diversification and Domestic Focus

<ul>
<li>Welspun Living targets INR 15,000 crore revenue by FY27, focusing on debt reduction and expanding its non-core businesses, diversifying its growth and financial resilience.</li>
<li>The company’s emphasis on sustainability and innovation, including renewable energy initiatives, positions it as a leader in eco-friendly home textiles, responding to market shifts.</li>
<li>Despite fierce competition, Welspun Living’s strong brand portfolio and global presence reaffirm its leadership in the home textiles market, making it well-positioned for long-term growth.</li>
</ul>


Welspun Living targets INR 15,000 crore revenue by FY27, focusing on debt reduction and expanding its non-core businesses, diversifying its growth and financial resilience.
The company’s emphasis on sustainability and innovation, including renewable energy initiatives, positions it as a leader in eco-friendly home textiles, responding to market shifts.
Despite fierce competition, Welspun Living’s strong brand portfolio and global presence reaffirm its leadership in the home textiles market, making it well-positioned for long-term growth.


The Beat Ideas: Welspun Living- Home Textile Giant Weaving Growth

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

PNB Housing Finance Ltd / Equity Bottom-Up

<ul>
<li>Since inception on February 27, our equal-weighted Indian Mid-Cap basket has appreciated 29.4%, sharply outperforming the BSE Mid-Cap Index (18.6%). We revisit our basket and apply the relevant screens again. </li>
<li>We screen on minimum 10% EPS CAGR over next two years, maximum PEG of 1.3x, consensus rating of buy/overweight and upward revision in consensus EPS estimate over past 6 months.</li>
<li>14 stocks come up in our new India Mid-Caps basket - fewer than the 20 that we had earlier. Four stocks are common with the previous basket.</li>
</ul>


Since inception on February 27, our equal-weighted Indian Mid-Cap basket has appreciated 29.4%, sharply outperforming the BSE Mid-Cap Index (18.6%). We revisit our basket and apply the relevant screens again. 
We screen on minimum 10% EPS CAGR over next two years, maximum PEG of 1.3x, consensus rating of buy/overweight and upward revision in consensus EPS estimate over past 6 months.
14 stocks come up in our new India Mid-Caps basket - fewer than the 20 that we had earlier. Four stocks are common with the previous basket.


Asian Equities: Revisiting Indian Mid-Caps After Sharp Outperformance – A New Quant Screen

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>The record INR23,500 Cr order book, anchored by a structural demand shift for US data center gas pipelines, validates the company’s large-scale global capex strategy in the US and KSA.</li>
<li>The pivot from cyclical line pipes to stable B2C (Sintex) and structurally funded growth drivers (Vision 2030, AI energy) fundamentally de-risks the earnings profile and warrants a higher valuation multiple.</li>
<li>With net cash and improving ROCE, WCL is transitioning from a cyclical steel player to a quality infrastructure compounder; investors should focus on the strategic segment mix and execution speed.</li>
</ul>


The record INR23,500 Cr order book, anchored by a structural demand shift for US data center gas pipelines, validates the company’s large-scale global capex strategy in the US and KSA.
The pivot from cyclical line pipes to stable B2C (Sintex) and structurally funded growth drivers (Vision 2030, AI energy) fundamentally de-risks the earnings profile and warrants a higher valuation multiple.
With net cash and improving ROCE, WCL is transitioning from a cyclical steel player to a quality infrastructure compounder; investors should focus on the strategic segment mix and execution speed.


The Beat Ideas: Welspun Corp - The Three-Continent Infrastructure Proxy, Rerating Beyond Cyclicality

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

CleanMax Enviro Energy Solutions Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cleanmax-enviro-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:45702:1" rel="noopener">CleanMax Enviro Energy Solutions Ltd (8382406Z IN)</a> (CEESL) is looking to raise US$586m in its upcoming India IPO.</li>
<li>CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise US$586m in its upcoming India IPO.
CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
In this note, we talk about the positive aspects of the deal.


CleanMax Enviro Energy Solutions Pre-IPO- The Positives- Scalable Growth with Strong Market Position

India

Welspun Living Limited is a home textile manufacturer with a global distribution network. The Company engages in home textiles, flooring solutions, advanced textiles, DI pipes, pig iron, TMT bars, stainless steel, alloy, line pipes, infrastructure, and warehousing. Welspun Living serves customers worldwide.

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Welspun Living (WELSPUNL IN)

Welspun Living: Navigating with Strategic Diversification and Domestic Focus

FY25 revenue surpasses INR 10,000 crore mark, impacted by US tariff uncertainty. Company de-risking by focusing on UK FTA and domestic market.

Sudarshan Bhandari

The Beat Ideas: Welspun Living- Home Textile Giant Weaving Growth

Welspun Living aims for INR 15,000 crore revenue by FY27 through debt reduction, sustainability, innovation, and global presence in home textiles...

Sudarshan Bhandari

Asian Equities: Revisiting Indian Mid-Caps After Sharp Outperformance – A New Quant Screen

Our Indian Mid-Cap basket (up 29.4% since Feb 27 inception) beat the BSE Mid-Cap Index (up 18.6%) sharply. We revisit the basket with the earlier...

Manishi Raychaudhuri

The Beat Ideas: Welspun Corp - The Three-Continent Infrastructure Proxy, Rerating Beyond Cyclicality

Record order book driven by demand shift to US data center gas pipelines validate company's global capex strategy, transitioning to quality...

Nimish Maheshwari

CleanMax Enviro Energy Solutions Pre-IPO- The Positives- Scalable Growth with Strong Market Position

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise US$586m in its upcoming India IPO. In this note, we will talk about the...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Welspun Living: Navigating with Strategic Diversification and Domestic Focus

​FY25 revenue surpasses INR 10,000 crore mark, impacted by US tariff uncertainty. Company de-risking by focusing on UK FTA and domestic market.

Sudarshan Bhandari

The Beat Ideas: Welspun Living- Home Textile Giant Weaving Growth

​Welspun Living aims for INR 15,000 crore revenue by FY27 through debt reduction, sustainability, innovation, and global presence in home textiles...

Sudarshan Bhandari

Asian Equities: Revisiting Indian Mid-Caps After Sharp Outperformance – A New Quant Screen

​Our Indian Mid-Cap basket (up 29.4% since Feb 27 inception) beat the BSE Mid-Cap Index (up 18.6%) sharply. We revisit the basket with the earlier...

Manishi Raychaudhuri

The Beat Ideas: Welspun Corp - The Three-Continent Infrastructure Proxy, Rerating Beyond Cyclicality

​Record order book driven by demand shift to US data center gas pipelines validate company's global capex strategy, transitioning to quality...

Nimish Maheshwari

CleanMax Enviro Energy Solutions Pre-IPO- The Positives- Scalable Growth with Strong Market Position

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise US$586m in its upcoming India IPO. In this note, we will talk about the...

Akshat Shah

FY25 revenue surpasses INR 10,000 crore mark, impacted by US tariff uncertainty. Company de-risking by focusing on UK FTA and domestic market.

Welspun Living aims for INR 15,000 crore revenue by FY27 through debt reduction, sustainability, innovation, and global presence in home textiles...

Our Indian Mid-Cap basket (up 29.4% since Feb 27 inception) beat the BSE Mid-Cap Index (up 18.6%) sharply. We revisit the basket with the earlier...

Record order book driven by demand shift to US data center gas pipelines validate company's global capex strategy, transitioning to quality...