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

Thematic (Sector/Industry)

<ul>
<li>GOI launches a 4.83% stake sale in Mazagon Dock at an 8% discount, causing a 6.4% stock dip.</li>
<li>SEBI may investigate <a href="https://www.smartkarma.com/entities/gensol-engineering-limited" target="_blank" data-smartkarma-citation="entities:44470:1" rel="noopener">Gensol Engineering (GENSOL IN)</a> over related-party EV leases and falsified debt servicing documents.</li>
<li>
<a href="https://www.smartkarma.com/entities/aditya-birla-fashion-and-retail-ltd" target="_blank" data-smartkarma-citation="entities:19048:1" rel="noopener">Aditya Birla Fashion and Retail Ltd (ABFRL IN)</a> shifts focus to organic growth with plans to double revenue and hit 70% ROCE in lifestyle brands which drives strong re-rating potential.</li>
</ul>


GOI launches a 4.83% stake sale in Mazagon Dock at an 8% discount, causing a 6.4% stock dip.
SEBI may investigate Gensol Engineering (GENSOL IN) over related-party EV leases and falsified debt servicing documents.

Aditya Birla Fashion and Retail Ltd (ABFRL IN) shifts focus to organic growth with plans to double revenue and hit 70% ROCE in lifestyle brands which drives strong re-rating potential.


#133 India Insight: GOI Trims 4.83% in Mazagon OFS, Gensol Faces SEBI Scrutiny, ABFRL’s 2x Rev Plan

<ul>
<li>U.S. imposes 26% tariff on Indian imports to be enforced in two phases i.e. 10% from April 5 and 16% from April 10 , although India sees no major setback.</li>
<li>
<a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> to raise India’s iPhone output to 25% by 2028 from 14% in FY24, boosting local manufacturing and to meet the projected demand.</li>
<li>SEBI warns HDFC Bank for non-compliance; analysts project a 12% upside in share price.</li>
</ul>


U.S. imposes 26% tariff on Indian imports to be enforced in two phases i.e. 10% from April 5 and 16% from April 10 , although India sees no major setback.

Apple (AAPL US) to raise India’s iPhone output to 25% by 2028 from 14% in FY24, boosting local manufacturing and to meet the projected demand.
SEBI warns HDFC Bank for non-compliance; analysts project a 12% upside in share price.


#132 India Insight: U.S. 26% Tariff on India, Apple’s 25% Output Surge, HDFC Bank Regulatory Warning

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Global Semi revenues are good, up 17% YoY, on a plateau of high growth (~20%) for the 14th month. But worries about potential tariffs have boosted demand since Nov-24. </li>
<li>Building up precautionary inventory ahead of tariffs could morph into the opposite from April-25: if you now expect demand destruction, you’ll squeezing down inventories as much as possible. </li>
<li>This is where the 2008-9 period is instructive. Semi revenues contracted by an average -20% YoY for a long period of 12 months (Nov-08 to Oct-09). </li>
</ul>


Global Semi revenues are good, up 17% YoY, on a plateau of high growth (~20%) for the 14th month. But worries about potential tariffs have boosted demand since Nov-24. 
Building up precautionary inventory ahead of tariffs could morph into the opposite from April-25: if you now expect demand destruction, you’ll squeezing down inventories as much as possible. 
This is where the 2008-9 period is instructive. Semi revenues contracted by an average -20% YoY for a long period of 12 months (Nov-08 to Oct-09). 


Semi Revenues: Feb-25 Revenues Are Good. Let’s Have a Look Back at 2008-09 for a Worst-Case Scenario

<ul>
<li>
<a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a> acquires Aditya Birla’s pulp &amp; paper unit in an all-cash INR 3,498 Cr deal, boosting its market dominance in specialty paperboards and 60% capacity expansion.</li>
<li>GOI hikes APM gas rates by 4% after two years, making CNG and piped cooking gas costlier, impacting households and transport.</li>
<li>
<a href="https://www.smartkarma.com/entities/hindustan-aeronautics-ltd" target="_blank" data-smartkarma-citation="entities:26747:1" rel="noopener">Hindustan Aeronautics (HNAL IN)</a> signs India’s biggest defence deal of Rs. 62,700 Cr to supply 156 Light Combat Helicopters, sending its stock soaring 7%.</li>
</ul>



ITC Ltd (ITC IN) acquires Aditya Birla’s pulp &amp; paper unit in an all-cash INR 3,498 Cr deal, boosting its market dominance in specialty paperboards and 60% capacity expansion.
GOI hikes APM gas rates by 4% after two years, making CNG and piped cooking gas costlier, impacting households and transport.

Hindustan Aeronautics (HNAL IN) signs India’s biggest defence deal of Rs. 62,700 Cr to supply 156 Light Combat Helicopters, sending its stock soaring 7%.


#131 India Insight: ITC’s 3.5k Paper Unit Acquisition, GOI 4% AMP Gas Hike, HAL’s Huge Defence Win

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>Copper prices started the year roaring: +26% YTD. US futures prices outpaced LME prices.</li>
<li>Much of the trade was driven by re-allocation of copper inventories to beat potential US tariffs. The  White House yesterday exempted copper from any import tariffs.</li>
<li>Copper miners show a mixed bag, our basket of favorites was led by <a href="https://www.smartkarma.com/entities/arras-minerals-corp" target="_blank" data-smartkarma-citation="entities:40384:1" rel="noopener">Arras Minerals (ARK V EQUITY)</a> which increased 182% YTD.</li>
</ul>


Copper prices started the year roaring: +26% YTD. US futures prices outpaced LME prices.
Much of the trade was driven by re-allocation of copper inventories to beat potential US tariffs. The  White House yesterday exempted copper from any import tariffs.
Copper miners show a mixed bag, our basket of favorites was led by Arras Minerals (ARK V EQUITY) which increased 182% YTD.


Junior Copper Miners: An Update After 1Q25

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