Forensics and Corporate Governance Analyst, Beat the Street

Nimish Maheshwari

Forensics and Corporate Governance 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

Forensic Accounting

Brightcom Group Limited provides information technology services. The Company offers digital eco-system, communication tools, information management, and internet connection solutions. Brightcom Group serves customers worldwide.

<ul>
<li>Indian SMEs are new hot investment avenues selling stories to investors which might end to a case of pump and dump.</li>
<li>SEBI in last few months have identified such cases in SMEs and microcaps.</li>
<li>We delved into key guidelines on Indian Forensics to Identify and Avoid Storified Stocks</li>
</ul>


Indian SMEs are new hot investment avenues selling stories to investors which might end to a case of pump and dump.
SEBI in last few months have identified such cases in SMEs and microcaps.
We delved into key guidelines on Indian Forensics to Identify and Avoid Storified Stocks


Indian Forensic Playbook: Guidelines to Identify and Avoid Storified Stocks

Thematic (Sector/Industry)

<ul>
<li>FII short contracts are at an all-time high, in the past which signifies the bottom of the market.</li>
<li>But It's a <strong>myth</strong>, as Number of contracts increased in Nifty due to change in lot size.</li>
<li>Data is opposite to narrative. <strong>Believe on data, Not Narrative</strong>.</li>
</ul>


FII short contracts are at an all-time high, in the past which signifies the bottom of the market.
But It's a myth, as Number of contracts increased in Nifty due to change in lot size.
Data is opposite to narrative. Believe on data, Not Narrative.


The Myth of a Rising Short Position by FII in Nifty: A Bottom for the Market?

Add-Shop E-Retail Limited distributes agricultural and ayurvedic products. The Company offers medicine, personal care items, and food supplements, as well as animal feed items. Add-Shop E-Retail serves customers in India.

<ul>
<li>SEBI observed White Organics and Add Shop Retail used circular transaction method to inflate financial performance of respective companies</li>
<li>Promoter sell their holdings on the back of this inflated financial performance</li>
<li>The forensic analysis delves into the modus operandi of these frauds</li>
</ul>


SEBI observed White Organics and Add Shop Retail used circular transaction method to inflate financial performance of respective companies
Promoter sell their holdings on the back of this inflated financial performance
The forensic analysis delves into the modus operandi of these frauds


How an Indian SME Used Circular Transaction Tactics to Inflate Financial Performance?

Equity Bottom-Up

UPL Ltd. manufactures, distributes and exports off-patent agrochemicals. The Company also manufactures phosphorus & phosphorus-based compounds and its products include herbicides, fungicides, insecticides, fumigants and rodenticides. United Phosphorus also manufactures industrial chemicals, specialty chemicals and chloralkaline products

<ul>
<li>
<a href="https://www.smartkarma.com/entities/upl-ltd" target="_blank" data-smartkarma-citation="entities:20776:1" rel="noopener">UPL Ltd (UPLL IN)</a>'s Q4 FY23 results show a significant improvement in margins to 13% after a drastic fall to 1% in December 2023, despite a 15% YoY revenue decline.</li>
<li>Revenue drops were driven by lower prices and high-cost inventory liquidation, yet margin recovery signals operational improvements and potential future stability.</li>
<li>Planning to reduce the debt by raising capital via right issue as well as IPO of Advanta.</li>
</ul>



UPL Ltd (UPLL IN)'s Q4 FY23 results show a significant improvement in margins to 13% after a drastic fall to 1% in December 2023, despite a 15% YoY revenue decline.
Revenue drops were driven by lower prices and high-cost inventory liquidation, yet margin recovery signals operational improvements and potential future stability.
Planning to reduce the debt by raising capital via right issue as well as IPO of Advanta.


Delta Corp Limited a diversified business group having a presence in the entertainment and gaming, real estate business in India and Kenya. The Company's business includes offshore casinos, and real estate consulting & development.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/delta-corp-ltd" target="_blank" data-smartkarma-citation="entities:4627:1" rel="noopener">Delta Corp Ltd (DELTA IN)</a> sells its Nepal casino business to Ability Games amidst allegations of connections to illegal betting and money laundering.</li>
<li>The ED's investigations into Mahadev Online Book reveal a Rs 3,916 crore scam, freezing of Rs 580.78 crore assets, and involvement of companies like Ability Games.</li>
<li>CEO of <a href="https://www.smartkarma.com/entities/delta-corp-ltd" target="_blank" data-smartkarma-citation="entities:4627:1" rel="noopener">Delta Corp Ltd (DELTA IN)</a>mentioned in ED statement that they have agreed for 10Crs over and above the transaction value.</li>
</ul>



Delta Corp Ltd (DELTA IN) sells its Nepal casino business to Ability Games amidst allegations of connections to illegal betting and money laundering.
The ED's investigations into Mahadev Online Book reveal a Rs 3,916 crore scam, freezing of Rs 580.78 crore assets, and involvement of companies like Ability Games.
CEO of Delta Corp Ltd (DELTA IN)mentioned in ED statement that they have agreed for 10Crs over and above the transaction value.


Delta Corp's Links to Mahadev App Scam Reveal Cash Exchange

Nimish Maheshwari, an independent analyst and co-founder of Beat The Street, is an investing platform garnering more than 85,000+ followers across social media. 
His deep insights and forensic analysis have been featured in some of India's most prominent publications, including the Economic Times, The Morning Context, The Ken,  Dalal Street Investment Journal, Moneylife by Sucheta Dalal, and TheCore.in.
He has a keen eye for identifying red flags in Indian listed companies and has identified exclusive red flags earlier in Adani, Vedanta, Nykaa, Gland Pharma, Brightcom Group etc.