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

SBI Cards & Payment Services / Equity Bottom-Up

SBI Cards and Payment Services Private Limited provides credit card services. The Company offers payment products and services in the form of corporate and credit cards with incentive and rewards programs. SBI Cards and Payment Services serves customers in India.

SBI Cards & Payment Services (SBICARD IN)

<ul>
<li>Q2FY26 witnessed sequential NIM stability at 11.2%, but the adverse product mix shift toward transactors, coupled with higher operating costs, led to a lower pre-provision operating profit and PAT.</li>
<li>The company is actively sacrificing immediate yield for better asset quality and volume growth through RuPay/UPI integration, addressing key regulatory and positioning itself to capture theTier II-III consumption base.</li>
<li>If the stabilization of funding costs and the anticipated moderation of credit costs materialise, the premium valuation may be justified by renewed focus on higher-yielding revolving assets.
</li>
</ul>


Q2FY26 witnessed sequential NIM stability at 11.2%, but the adverse product mix shift toward transactors, coupled with higher operating costs, led to a lower pre-provision operating profit and PAT.
The company is actively sacrificing immediate yield for better asset quality and volume growth through RuPay/UPI integration, addressing key regulatory and positioning itself to capture theTier II-III consumption base.
If the stabilization of funding costs and the anticipated moderation of credit costs materialise, the premium valuation may be justified by renewed focus on higher-yielding revolving assets.



The Beat Ideas: SBI Cards - Is the Worst Now Behind Us?

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

lululemon athletica Inc. designs and retails athletic clothing.  The Company produces fitness pants, shorts, tops and jackets for yoga, dance, running, and general fitness. lululemon serves customers throughout the world.

<ul><li>Lululemon Athletica Inc. reported a mixed set of results for the third quarter of 2025.</li><li>The company achieved a revenue increase of 7%, recording $2.6 billion for the quarter.</li><li>The performance was bolstered by a significant 33% growth in international markets, with China Mainland standing out with a 46% increase in revenue.</li></ul>

Lululemon Athletica Inc. reported a mixed set of results for the third quarter of 2025.The company achieved a revenue increase of 7%, recording $2.6 billion for the quarter.The performance was bolstered by a significant 33% growth in international markets, with China Mainland standing out with a 46% increase in revenue.

Lululemon Athletica: Inside Its China Expansion

Rubrik, Inc. operates as a cloud data management and data security company. The Company offers a platform which helps enterprises to achieve resilience against cyber-attacks, malicious insiders, operational disruptions, cloud mobility, and regulatory compliance. Rubrik serves government, health care, education, legal, and financial industries worldwide.

<ul><li>Rubrik's third quarter fiscal year 2026 financial results reflect a period of substantial growth and ambitious strategic initiatives.</li><li>The company reported a significant rise in subscription annual recurring revenue (ARR) to $1.35 billion, marking a 34% year-over-year increase, with net new subscription ARR hitting a record $94 million.</li><li>Subscription revenue saw an impressive 52% surge, reaching $336 million.</li></ul>

Rubrik's third quarter fiscal year 2026 financial results reflect a period of substantial growth and ambitious strategic initiatives.The company reported a significant rise in subscription annual recurring revenue (ARR) to $1.35 billion, marking a 34% year-over-year increase, with net new subscription ARR hitting a record $94 million.Subscription revenue saw an impressive 52% surge, reaching $336 million.

Rubrik Inc.: Is Its Rapid Expansion Into Identity Security a Game-Changing Move?

FormFactor Inc, designs, develops, and manufactures advanced semiconductor wafer probe cards.  The Company's products are based on MicroSpring interconnect technology, which includes resilient spring-like contacts that are manufactured using micro-machining and scalable semiconductor-like wafer fabrication processes.

<ul><li>FormFactor has been making strategic headlines this December with its announcement to acquire Keystone Photonics, a move that could reshape its position in the advanced semiconductor packaging ecosystem.</li><li>The deal comes on the heels of FormFactor’s Q3 earnings beat and an optimistic Q4 outlook, where management reaffirmed its focus on achieving target-model gross margins of 47% and diversifying beyond DRAM into GPU and CPU verticals.</li><li>The acquisition is aimed at strengthening FormFactor’s foothold in the rapidly evolving silicon photonics and co-packaged optics (CPO) landscape, areas where the company is already piloting its new Triton system with key customers.</li></ul>

FormFactor has been making strategic headlines this December with its announcement to acquire Keystone Photonics, a move that could reshape its position in the advanced semiconductor packaging ecosystem.The deal comes on the heels of FormFactor’s Q3 earnings beat and an optimistic Q4 outlook, where management reaffirmed its focus on achieving target-model gross margins of 47% and diversifying beyond DRAM into GPU and CPU verticals.The acquisition is aimed at strengthening FormFactor’s foothold in the rapidly evolving silicon photonics and co-packaged optics (CPO) landscape, areas where the company is already piloting its new Triton system with key customers.

FormFactor Goes All-In on Photonics—Will Keystone Pay Off?

PayPal Holdings, Inc. operates as a technology platform company that enables digital and mobile payments on behalf of consumers and merchants. The Company offers online payment solutions. PayPal Holdings serves customers worldwide.

<ul><li>PayPal Holdings Inc. has officially submitted applications to the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions to launch a new banking entity, "PayPal Bank." If approved, this Utah-chartered industrial loan company (ILC) would significantly expand PayPal’s reach into traditional financial services, including small business lending and consumer savings products.</li><li>The application reflects a broader regulatory shift under the Trump administration, which appears more receptive to fintechs entering the banking ecosystem—evidenced by recent approvals for crypto-native firms like Circle and Paxos.</li><li>PayPal’s move comes after facilitating more than $30 billion in loans since 2013 and aims to enhance its product breadth, particularly for underserved small businesses and digital-first consumers.</li></ul>

PayPal Holdings Inc. has officially submitted applications to the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions to launch a new banking entity, "PayPal Bank." If approved, this Utah-chartered industrial loan company (ILC) would significantly expand PayPal’s reach into traditional financial services, including small business lending and consumer savings products.The application reflects a broader regulatory shift under the Trump administration, which appears more receptive to fintechs entering the banking ecosystem—evidenced by recent approvals for crypto-native firms like Circle and Paxos.PayPal’s move comes after facilitating more than $30 billion in loans since 2013 and aims to enhance its product breadth, particularly for underserved small businesses and digital-first consumers.

PayPal Wants to Become a Bank—Here’s Why Incumbents Should Care

Equity Bottom-Up
Equity Bottom-Up Insights

The Beat Ideas: SBI Cards - Is the Worst Now Behind Us?

The shift to transactors and higher costs led to lower profits. Company prioritizes asset quality and growth through RuPay/UPI integration and...

Nimish Maheshwari

Lululemon Athletica: Inside Its China Expansion

Lululemon Athletica Inc. reported a mixed set of results for the third quarter of 2025. The company achieved a revenue increase of 7%, recording...

Baptista Research

Rubrik Inc.: Is Its Rapid Expansion Into Identity Security a Game-Changing Move?

Rubrik's third quarter fiscal year 2026 financial results reflect a period of substantial growth and ambitious strategic initiatives. The company...

Baptista Research

FormFactor Goes All-In on Photonics—Will Keystone Pay Off?

FormFactor has been making strategic headlines this December with its announcement to acquire Keystone Photonics, a move that could reshape its...

Baptista Research

PayPal Wants to Become a Bank—Here’s Why Incumbents Should Care

PayPal Holdings Inc. has officially submitted applications to the Federal Deposit Insurance Corp. and the Utah Department of Financial...

Baptista Research