Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Thematic (Sector/Industry)

<ul>
<li>Blinkit turned adjusted EBITDA positive (INR370mn in Q4 FY26) while Instamart's FY26 loss widened to INR35,119mn, profitability divergence is now the sector's defining trade.</li>
<li>Zepto's SEBI-filed IPO (INR 8,010 crore) will provide public-market valuation benchmark for the sector's other unlisted players.</li>
<li>Amazon Now and Flipkart Minutes are scaling into incumbents' most profitable catchments. Per Bernstein, top-eight cities host 3,800+ dark stores, ~3,600 with profitability potential.</li>
</ul>


Blinkit turned adjusted EBITDA positive (INR370mn in Q4 FY26) while Instamart's FY26 loss widened to INR35,119mn, profitability divergence is now the sector's defining trade.
Zepto's SEBI-filed IPO (INR 8,010 crore) will provide public-market valuation benchmark for the sector's other unlisted players.
Amazon Now and Flipkart Minutes are scaling into incumbents' most profitable catchments. Per Bernstein, top-eight cities host 3,800+ dark stores, ~3,600 with profitability potential.


India Quick Commerce: Sector Enters the Monetization Phase; Profitability Divergence Now Measurable

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

Avaada Electro Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avaada-electro-limited" target="_blank" data-smartkarma-citation="entities:58612:1" rel="noopener">Avaada Electro Limited (2596819D IN)</a> is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.</li>
<li>Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Avaada Electro Limited (2596819D IN) is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.
Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.
In this note, we look at the firm’s past performance.


Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

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

<ul>
<li>
India's domestic gas supply collapsed after the US-Iran war shut the Strait of Hormuz, cutting 85-90% of natural gas imports and triggering emergency government rationing.</li>
<li>
Ceramics, QSR chains, food delivery, and gig workers face severe disruption; induction appliance makers and domestic-focused CGD operators emerge as clear structural beneficiaries.</li>
<li>
 Duration determines the damage: a short shock(Scenario-1) is a blip, but a prolonged crisis(Scenario-3) permanently rewires India's cooking fuel mix and equity positioning across sectors.</li>
</ul>



India's domestic gas supply collapsed after the US-Iran war shut the Strait of Hormuz, cutting 85-90% of natural gas imports and triggering emergency government rationing.

Ceramics, QSR chains, food delivery, and gig workers face severe disruption; induction appliance makers and domestic-focused CGD operators emerge as clear structural beneficiaries.

 Duration determines the damage: a short shock(Scenario-1) is a blip, but a prolonged crisis(Scenario-3) permanently rewires India's cooking fuel mix and equity positioning across sectors.


India's LPG Shock: Mapping the Multiplier Effect Across 10 Sectors

<ul>
<li>India's central government has cleared a series of regulatory reforms, culminating in a fast-track cross-border merger route triggering a wave of reverse domiciliation by Indian unicorns from Singapore &amp; US.</li>
<li>Over a dozen unicorns, including Flipkart, Razorpay, Meesho, Zepto, and Groww, are redomiciling to India.</li>
<li>The regulatory arc is decisively favorable, but tax costs remain steep and Press Note 3 compliance adds a sovereign-risk layer for China-funded cap tables.</li>
</ul>


India's central government has cleared a series of regulatory reforms, culminating in a fast-track cross-border merger route triggering a wave of reverse domiciliation by Indian unicorns from Singapore &amp; US.
Over a dozen unicorns, including Flipkart, Razorpay, Meesho, Zepto, and Groww, are redomiciling to India.
The regulatory arc is decisively favorable, but tax costs remain steep and Press Note 3 compliance adds a sovereign-risk layer for China-funded cap tables.


Reverse Flip: Why Indian Startups Are Coming Back Home Again?

<ul>
<li>Blinkit has reached 2,027 dark stores as of December 2025, while Swiggy Instamart has moderated its pace to 1,136 stores, focusing instead on increasing store size and SKU depth.</li>
<li>The divergence reveals two distinct survival strategies: Blinkit is weaponizing its scale to achieve operating leverage, while Instamart betting on higher-margin non-grocery categories (32% of mix) to offset delivery costs.</li>
<li>This analysis unpacks the unit economics and management signals defining the next phase of India's Q-Commerce war.</li>
</ul>


Blinkit has reached 2,027 dark stores as of December 2025, while Swiggy Instamart has moderated its pace to 1,136 stores, focusing instead on increasing store size and SKU depth.
The divergence reveals two distinct survival strategies: Blinkit is weaponizing its scale to achieve operating leverage, while Instamart betting on higher-margin non-grocery categories (32% of mix) to offset delivery costs.
This analysis unpacks the unit economics and management signals defining the next phase of India's Q-Commerce war.


The Great Dark Store Race: Contrasting View on Expansion by Blinkit and Swiggy Instamart

India

Eternal is an Indian multinational technology and consumer-services holding company, operating various digital platforms. Its core businesses include Zomato for food delivery and dining, Blinkit for quick-commerce grocery delivery, Hyperpure for business-to-business food supply, and District for live events and online ticketing. The company was founded on January 18, 2010, as DC Foodiebay Online Services and is headquartered in Gurugram, Haryana, India.

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Eternal (ETERNAL IN)

India Quick Commerce: Sector Enters the Monetization Phase; Profitability Divergence Now Measurable

Blinkit posts positive EBITDA, Instamart's losses widen; Zepto's IPO to set benchmark; Amazon and Flipkart scaling in top cities with dark stores.

GSBR Research

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

India's LPG Shock: Mapping the Multiplier Effect Across 10 Sectors

India's gas supply crisis post US-Iran war leads to rationing, disrupting various industries; duration of crisis crucial for long-term impact and...

Nimish Maheshwari

Reverse Flip: Why Indian Startups Are Coming Back Home Again?

Indian unicorns are moving back to India from Singapore and the US due to regulatory reforms, but tax costs and compliance issues remain.

Nimish Maheshwari

The Great Dark Store Race: Contrasting View on Expansion by Blinkit and Swiggy Instamart

Blinkit and Swiggy Instamart take different approaches in the Q-Commerce war in India: Blinkit focuses on scale for operating leverage, while...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India Quick Commerce: Sector Enters the Monetization Phase; Profitability Divergence Now Measurable

​Blinkit posts positive EBITDA, Instamart's losses widen; Zepto's IPO to set benchmark; Amazon and Flipkart scaling in top cities with dark stores.

GSBR Research

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

India's LPG Shock: Mapping the Multiplier Effect Across 10 Sectors

​India's gas supply crisis post US-Iran war leads to rationing, disrupting various industries; duration of crisis crucial for long-term impact and...

Nimish Maheshwari

Reverse Flip: Why Indian Startups Are Coming Back Home Again?

​Indian unicorns are moving back to India from Singapore and the US due to regulatory reforms, but tax costs and compliance issues remain.

Nimish Maheshwari

The Great Dark Store Race: Contrasting View on Expansion by Blinkit and Swiggy Instamart

​Blinkit and Swiggy Instamart take different approaches in the Q-Commerce war in India: Blinkit focuses on scale for operating leverage, while...

Nimish Maheshwari

Blinkit posts positive EBITDA, Instamart's losses widen; Zepto's IPO to set benchmark; Amazon and Flipkart scaling in top cities with dark stores.

India's gas supply crisis post US-Iran war leads to rationing, disrupting various industries; duration of crisis crucial for long-term impact and...

Indian unicorns are moving back to India from Singapore and the US due to regulatory reforms, but tax costs and compliance issues remain.

Blinkit and Swiggy Instamart take different approaches in the Q-Commerce war in India: Blinkit focuses on scale for operating leverage, while...