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

Max India Limited operates as a holding company. The Company, through its subsidiaries, offers health insurance, healthcare, and senior living services. Max conducts business in India.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/max-india-ltd-dcb6dbad-5e1f-4ae1-852b-411ca142a08e" target="_blank" data-smartkarma-citation="entities:24118:1" rel="noopener">Max India (MAXI IN)</a> , part of the historically successful Max Group, is transitioning into India’s only fully integrated senior care platform, Antara.</li>
<li>The senior care market is projected to reach USD 33 Bn by 2030 from USD  13 Bn in 2024 driven by nuclear families and increasing affluence among the elderly.</li>
<li>Key growth levers are the annual 1.5M sq. ft. development target in residences and the goal for AGEasy to reach breakeven by late FY '27.</li>
</ul>



Max India (MAXI IN) , part of the historically successful Max Group, is transitioning into India’s only fully integrated senior care platform, Antara.
The senior care market is projected to reach USD 33 Bn by 2030 from USD  13 Bn in 2024 driven by nuclear families and increasing affluence among the elderly.
Key growth levers are the annual 1.5M sq. ft. development target in residences and the goal for AGEasy to reach breakeven by late FY '27.


Max India: The Next Megatrend Play – Scaling India's Only Integrated Senior Care Ecosystem

Thematic (Sector/Industry)

<ul>
<li>Government policy, exemplified by a massive INR 7 lakh crore ($85 billion) pipeline in the last two years and accelerating export momentum, is resulting in a structural growth cycle.</li>
<li>This conversion provides multi-year revenue visibility (3-7x Book-to-Bill for key PSUs) and fundamentally shifts the industry model from import-driven acquisition to sustained indigenous manufacturing and maintenance, fueling a sustained re-rating.</li>
<li>The defence sector has crossed an point where execution is the new alpha; investors must closely monitor supply chain resilience around critical component imports, and the timing of mega-order conversions.</li>
</ul>


Government policy, exemplified by a massive INR 7 lakh crore ($85 billion) pipeline in the last two years and accelerating export momentum, is resulting in a structural growth cycle.
This conversion provides multi-year revenue visibility (3-7x Book-to-Bill for key PSUs) and fundamentally shifts the industry model from import-driven acquisition to sustained indigenous manufacturing and maintenance, fueling a sustained re-rating.
The defence sector has crossed an point where execution is the new alpha; investors must closely monitor supply chain resilience around critical component imports, and the timing of mega-order conversions.


Thematic Report on India's Defence Sector: The 'Atmanirbhar' Capex Cycle Hits Acceleration

Indian Bank is a full service bank owned by the Government of India. The Bank offers a wide range of services including a foreign currency banking unit at Colombo and specialized overseas branches at Chennai, Bangalore, and Mumbai exclusively for handling foreign exchange  transactions arising out of export, import, remittances and non resident Indian business.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indian-bank" target="_blank" data-smartkarma-citation="entities:18110:1" rel="noopener">Indian Bank (INBK IN)'s </a>management has aggressively revised its full-year GNPA guidance down to below 2% from previous targets, driven by a best-in-class NNPA ratio of 0.16% in Q2 FY26.</li>
<li>The sharp reduction in credit costs, management's confident guidance is amplifying earnings, driving a high RoE of nearly 20%, and attracting substantial, yet still value-seeking, DII flows.</li>
<li>With asset quality structurally de-risked and the core business growing robustly through high-yielding RAM segments, Indian Bank presents a compelling re-rating candidate.</li>
</ul>



Indian Bank (INBK IN)'s management has aggressively revised its full-year GNPA guidance down to below 2% from previous targets, driven by a best-in-class NNPA ratio of 0.16% in Q2 FY26.
The sharp reduction in credit costs, management's confident guidance is amplifying earnings, driving a high RoE of nearly 20%, and attracting substantial, yet still value-seeking, DII flows.
With asset quality structurally de-risked and the core business growing robustly through high-yielding RAM segments, Indian Bank presents a compelling re-rating candidate.


Indian Bank: The Unrecognized Turnaround Story in PSU Banking

<ul>
<li>ICICI Prudential AMC is the largest asset management company in India in terms of active mutual fund QAAUM with a market share of 13.3% as of Sept 2025.</li>
<li>It manages a massive INR 10.15 trillion (active) in Mutual Fund QAAUM, driven by a diversified product suite and a robust distribution network.</li>
<li>The company reported a Profit After Tax (PAT) of INR 26.5 billion for FY25, with a strong Return on Equity (RoE) of 82.8%.</li>
</ul>


ICICI Prudential AMC is the largest asset management company in India in terms of active mutual fund QAAUM with a market share of 13.3% as of Sept 2025.
It manages a massive INR 10.15 trillion (active) in Mutual Fund QAAUM, driven by a diversified product suite and a robust distribution network.
The company reported a Profit After Tax (PAT) of INR 26.5 billion for FY25, with a strong Return on Equity (RoE) of 82.8%.


ICICI Prudential AMC IPO: The Market Leader in Active Fund Management

Sona Blw Precision Forgings Lt / Equity Bottom-Up

SONA BLW Precision Forgings Limited operates as an automotive systems and components manufacturer. The Company offers differential assemblies, gears, conventional and micro-hybrid starter motors, BSG systems, EV traction motors, and motor control units. SONA BLW Precision Forgings serves automotive sector worldwide.

Sona Blw Precision Forgings Lt (SONACOMS IN)

<ul>
<li>Strong Q2 FY26 performance was driven by the accretive Railways division and domestic EV traction motors, effectively offsetting the deceleration from a major global BEV customer.  </li>
<li>The bankruptcy of three core European competitors has unlocked a substantial INR 2,500-3,000 crore opportunity, accelerating the potential for significant international market share gain and geographic de-risking. </li>
<li>The pivot into Railways, Rare Earth-Free Motors, and advanced robotics reinforces a high-visibility, multi-year growth runway that transcends near-term EV cyclicality and justifies its premium valuation.</li>
</ul>


Strong Q2 FY26 performance was driven by the accretive Railways division and domestic EV traction motors, effectively offsetting the deceleration from a major global BEV customer.  
The bankruptcy of three core European competitors has unlocked a substantial INR 2,500-3,000 crore opportunity, accelerating the potential for significant international market share gain and geographic de-risking. 
The pivot into Railways, Rare Earth-Free Motors, and advanced robotics reinforces a high-visibility, multi-year growth runway that transcends near-term EV cyclicality and justifies its premium valuation.


The Beat Ideas: Sona BLW- Capturing Europe’s Void While Building India’s Rail Future

Nimish Maheshwari, an independent analyst and co-founder of Beat The Street, is an investing platform garnering more than 1,00,000+ 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.