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

NLC India Limited operates as a mining and power company. The Company focuses on lignite mining, as well as provides thermal and renewable power generation services. NLC India serves clients in India.

<ul>
<li>NLCIL has outlined a transformative Rs. 1.17 lakh crore capex plan and guided to a 42% PAT growth from FY26E to FY28E.
</li>
<li>This dual-pronged strategy balances India’s persistent base-load thermal power need with an aggressive pivot towards 10 GW of renewable energy by FY30.
</li>
<li>The substantial planned capacity additions and robust financial guidance suggest NLCIL is poised for material earnings expansion, necessitating a fresh look at long-term valuation multiples.</li>
</ul>


NLCIL has outlined a transformative Rs. 1.17 lakh crore capex plan and guided to a 42% PAT growth from FY26E to FY28E.

This dual-pronged strategy balances India’s persistent base-load thermal power need with an aggressive pivot towards 10 GW of renewable energy by FY30.

The substantial planned capacity additions and robust financial guidance suggest NLCIL is poised for material earnings expansion, necessitating a fresh look at long-term valuation multiples.


The Beat Ideas: NLC India-A 1.17 Lakh Crores Capex, Renewable Focus

Dodla Dairy Limited manufactures dairy products. The Company produces and markets milk, curd, butter, cheese, buttermilk, and ice cream products. Dodla Dairy serves customers in India.

<ul>
<li>Dodla is entering a new growth phase with its Maharashtra plant, OSAM integration, premium value-added products, and stronger Africa operations, supported by a solid procurement network.</li>
<li>With over 94% direct milk sourcing, better farmer yields through Orgafeed, and a rising VAP mix, Dodla is building a high-return, self-funded growth model.</li>
<li>As capex peaks and free cash flows inflect post-FY27, Dodla is transitioning into a structurally compounding dairy platform with improving mix, margins, and regional balance.</li>
</ul>


Dodla is entering a new growth phase with its Maharashtra plant, OSAM integration, premium value-added products, and stronger Africa operations, supported by a solid procurement network.
With over 94% direct milk sourcing, better farmer yields through Orgafeed, and a rising VAP mix, Dodla is building a high-return, self-funded growth model.
As capex peaks and free cash flows inflect post-FY27, Dodla is transitioning into a structurally compounding dairy platform with improving mix, margins, and regional balance.


The Beat Ideas: Dodla Dairy: A Story of Value Added Products & Premiumisation

Zydus Lifesciences Ltd / Equity Bottom-Up

Cadila Healthcare Ltd. manufactures, and markets healthcare solutions ranging from formulations, active pharmaceutical ingredients, vaccines, diagnostics, health and dietetic foods, animal healthcare to cosmeceuticals.  The Company's products are available in tablets, capsules, injections, liquids, dry syrups, powders, granules, and ointments.

<ul>
<li>Zydus is shifting its business from US generics toward sustained, high-margin revenue. This growth is driven by its specialty pipeline, chronic Indian business, and MedTech.</li>
<li>The successful Phase 2(B)/3 trial of Saroglitazar for Primary Biliary Cholangitis (PBC) is the key near-term catalyst, promising a long-duration, high-margin revenue stream in the US specialty market.</li>
<li>The transition to an innovation-led portfolio evidenced by robust pipeline, strong chronic growth in India, and the MedTech acquisition positions Zydus for a potential re-rating as earnings quality improves. 
</li>
</ul>


Zydus is shifting its business from US generics toward sustained, high-margin revenue. This growth is driven by its specialty pipeline, chronic Indian business, and MedTech.
The successful Phase 2(B)/3 trial of Saroglitazar for Primary Biliary Cholangitis (PBC) is the key near-term catalyst, promising a long-duration, high-margin revenue stream in the US specialty market.
The transition to an innovation-led portfolio evidenced by robust pipeline, strong chronic growth in India, and the MedTech acquisition positions Zydus for a potential re-rating as earnings quality improves. 



Zydus Lifesciences: The PBC Catalyst, From Generics Volume to Specialty Value

Waterways Leisure Tourism / Equity Bottom-Up

Waterways Leisure Tourism Limited (WLTL) is the pioneer in delivering luxury cruise holidays for Indians in India. A multi-destination cruise operator, WLTL brings the international cruising experience to India through excellence in service and niche itineraries. India’s finest entertainment shows, exquisite cuisines, and unmatched hospitality have been curated for Indian and international travellers. WLTL operates Cordelia Cruises in India.

<ul>
<li>Cordelia Cruises, India's only domestic cruise operator, is going public through an IPO of Rs. 7.27 billion. It plans to triple its fleet by 2028, expanding its passenger capacity significantly.</li>
<li>The Indian cruise market remains under-penetrated with a CAGR forecast of 35-40% from FY2025-2030, creating a prime opportunity for growth, especially for domestic players like Cordelia.</li>
<li>The IPO is a crucial step for Cordelia to expand its fleet, cater to increasing demand, and capitalize on the underpenetrated Indian cruise market.</li>
</ul>


Cordelia Cruises, India's only domestic cruise operator, is going public through an IPO of Rs. 7.27 billion. It plans to triple its fleet by 2028, expanding its passenger capacity significantly.
The Indian cruise market remains under-penetrated with a CAGR forecast of 35-40% from FY2025-2030, creating a prime opportunity for growth, especially for domestic players like Cordelia.
The IPO is a crucial step for Cordelia to expand its fleet, cater to increasing demand, and capitalize on the underpenetrated Indian cruise market.


Cordelia Cruises IPO: A Game-Changer in India's Growing Cruise Market

Thematic (Sector/Industry)

<ul>
<li>The Indian life insurance sector saw a powerful recovery in October 2025 following a temporary Q2 slowdown, driven by the GST exemption structural tailwind. </li>
<li>Q2 FY26 was marked by broad-based Value of New Business (VNB) margin expansion, signaling a successful shift toward higher-margin non-par savings and protection products.</li>
<li>Despite a temporary drag on Embedded Value (EV) from Input Tax Credit (ITC) loss, management is confident of strong H2 FY26 growth based on the GST boost and product mix.</li>
</ul>


The Indian life insurance sector saw a powerful recovery in October 2025 following a temporary Q2 slowdown, driven by the GST exemption structural tailwind. 
Q2 FY26 was marked by broad-based Value of New Business (VNB) margin expansion, signaling a successful shift toward higher-margin non-par savings and protection products.
Despite a temporary drag on Embedded Value (EV) from Input Tax Credit (ITC) loss, management is confident of strong H2 FY26 growth based on the GST boost and product mix.


India Life Insurance Sector: Post-GST Rebound, Margin Expansion, and Structural Tailwinds

India-focused Independent Equity Research Analyst

Experienced (7 years +) in Sector-Specific Deep Dives and Comprehensive Company Research.

With a sharp focus on the Indian market, I specialize in providing in-depth analysis and insights to investors. Whether it's dissecting various sectors to identify emerging trends or conducting thorough fundamental research on individual companies, I'm dedicated to uncovering valuable opportunities and delivering actionable intelligence.

Passionate about navigating the nuances of the Indian equity landscape, I thrive on deciphering complex market dynamics and distilling them into clear, concise insights. 

While covering a sector or company-specific research, I cover the following :
1. Brief about company/sector
2.  Overall Industry landscape - History, Present and Future trends
3. Thesis and Anti-Thesis
4. Valuations
5. Financial & Forensic Analysis
6. Management Review
7. Key Monitorable Events
8. Guidance and Future Way Ahead