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>Big Tech companies are already generating significant revenue from AI. Microsoft expects to reach $10 billion in AI revenue by the next quarter, making it their fastest-growing area.</li>
<li>In the third quarter of 2024 alone <strong>Microsoft, Google, and Meta</strong> collectively spent over $42 billion on AI infrastructure, primarily on building data centers and purchasing computing equipment.</li>
<li>Companies are projecting continued high spending on AI into 2025 to meet growing demand. However, challenges remain, including supply constraints for AI chips</li>
</ul>


Big Tech companies are already generating significant revenue from AI. Microsoft expects to reach $10 billion in AI revenue by the next quarter, making it their fastest-growing area.
In the third quarter of 2024 alone Microsoft, Google, and Meta collectively spent over $42 billion on AI infrastructure, primarily on building data centers and purchasing computing equipment.
Companies are projecting continued high spending on AI into 2025 to meet growing demand. However, challenges remain, including supply constraints for AI chips


Thematic Report: AI Wave- Big Tech's Spending Spree

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>India is experiencing a slowdown in capital expenditure (capex), both in the government and private sectors. This slowdown, largely attributed to the general elections in the Q1 of FY25.</li>
<li>The central government has set an ambitious target of 50.5% capex growth in the second half of FY25 to compensate for the sluggish first half.</li>
<li>The capex slowdown has resulted in reduced investment in crucial infrastructure projects, impacting key sectors such as defense, roads, and railways.</li>
</ul>


India is experiencing a slowdown in capital expenditure (capex), both in the government and private sectors. This slowdown, largely attributed to the general elections in the Q1 of FY25.
The central government has set an ambitious target of 50.5% capex growth in the second half of FY25 to compensate for the sluggish first half.
The capex slowdown has resulted in reduced investment in crucial infrastructure projects, impacting key sectors such as defense, roads, and railways.


Thematic Report: India's Capex Growth Ambitions Vs. Reality

<ul>
<li>SEBI’s study reveals rising royalty payments by listed companies to related parties, highlighting doubling of payments to Rs. 10,779 crore in FY23 over a decade.</li>
<li>25% of firms pay royalties exceeding 20% of net profits, raising concerns about transparency, governance, and shareholder returns versus royalty prioritization.</li>
<li>SEBI's findings stress the urgency for enhanced royalty disclosures, policy revisions, and better scrutiny to protect minority shareholders and corporate governance standards.</li>
</ul>


SEBI’s study reveals rising royalty payments by listed companies to related parties, highlighting doubling of payments to Rs. 10,779 crore in FY23 over a decade.
25% of firms pay royalties exceeding 20% of net profits, raising concerns about transparency, governance, and shareholder returns versus royalty prioritization.
SEBI's findings stress the urgency for enhanced royalty disclosures, policy revisions, and better scrutiny to protect minority shareholders and corporate governance standards.


SEBI Study: Royalty Payments by Listed Companies to Related Parties

<ul>
<li>SEBI is proposing significant changes to the SME IPO framework, including increasing the minimum application size, restricting the OFS component, and introducing a monitoring agency.</li>
<li>SEBI proposes changes in  the allocation methodology for non-institutional investors, increasing the minimum number of allottees in an SME public issue, and introducing a mandatory profitability benchmark for companies</li>
<li>The proposed changes aim to address concerns regarding investor protection and market integrity in the SME segment. </li>
</ul>


SEBI is proposing significant changes to the SME IPO framework, including increasing the minimum application size, restricting the OFS component, and introducing a monitoring agency.
SEBI proposes changes in  the allocation methodology for non-institutional investors, increasing the minimum number of allottees in an SME public issue, and introducing a mandatory profitability benchmark for companies
The proposed changes aim to address concerns regarding investor protection and market integrity in the SME segment. 


SEBI Proposes Sweeping Changes to SME IPO Framework

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Revenues of $7.05 billion were marginally higher than midpoint of $6.93 billion, up 4% QoQ and up 5% YoY.  Guided current quarter at $7.15 billion +1.5% QoQ , +10.5% YoY</li>
<li>Most WFE share prices have retreated to early 2022 levels, matching with when annual revenues first exceeded the $100 billion level</li>
<li>After a 44% growth spurt in 2021, we have had three years with mostly no growth. We expect the same in 2025. Invest accordingly</li>
</ul>


Revenues of $7.05 billion were marginally higher than midpoint of $6.93 billion, up 4% QoQ and up 5% YoY.  Guided current quarter at $7.15 billion +1.5% QoQ , +10.5% YoY
Most WFE share prices have retreated to early 2022 levels, matching with when annual revenues first exceeded the $100 billion level
After a 44% growth spurt in 2021, we have had three years with mostly no growth. We expect the same in 2025. Invest accordingly


For Its WFE Q324 Season Finale, AMAT Returns ASML's Favour & Sinks Semis Yet Again

Russia
Insights on Russia

Thematic Report: AI Wave- Big Tech's Spending Spree

Big Tech companies like Microsoft are seeing massive revenue growth from AI, with projections of $10 billion in AI revenue by next quarter.

Sudarshan Bhandari

Thematic Report: India's Capex Growth Ambitions Vs. Reality

India's capital expenditure is slowing down due to elections, prompting the government to aim for 50.5% growth in the second half of FY25 to make...

Nimish Maheshwari

SEBI Proposes Sweeping Changes to SME IPO Framework

SEBI is proposing changes to the SME IPO framework to enhance investor protection and market integrity, including increasing minimum application...

Nimish Maheshwari

For Its WFE Q324 Season Finale, AMAT Returns ASML's Favour & Sinks Semis Yet Again

AMAT's so-so quarter & outlook tanked semis as earnings season ends, just like ASML did when it began. Most WFE share prices are now back at early...

William Keating

Thematic Report: AI Wave- Big Tech's Spending Spree

​Big Tech companies like Microsoft are seeing massive revenue growth from AI, with projections of $10 billion in AI revenue by next quarter.

Sudarshan Bhandari

Thematic Report: India's Capex Growth Ambitions Vs. Reality

​India's capital expenditure is slowing down due to elections, prompting the government to aim for 50.5% growth in the second half of FY25 to make...

Nimish Maheshwari

SEBI Study: Royalty Payments by Listed Companies to Related Parties

​SEBI study shows listed companies increasing royalty payments to related parties, raising transparency and governance concerns, urging for better...

Nimish Maheshwari

SEBI Proposes Sweeping Changes to SME IPO Framework

​SEBI is proposing changes to the SME IPO framework to enhance investor protection and market integrity, including increasing minimum application...

Nimish Maheshwari

For Its WFE Q324 Season Finale, AMAT Returns ASML's Favour & Sinks Semis Yet Again

AMAT's so-so quarter & outlook tanked semis as earnings season ends, just like ASML did when it began. Most WFE share prices are now back at early...

William Keating

Big Tech companies like Microsoft are seeing massive revenue growth from AI, with projections of $10 billion in AI revenue by next quarter.

India's capital expenditure is slowing down due to elections, prompting the government to aim for 50.5% growth in the second half of FY25 to make...

SEBI study shows listed companies increasing royalty payments to related parties, raising transparency and governance concerns, urging for better...

SEBI is proposing changes to the SME IPO framework to enhance investor protection and market integrity, including increasing minimum application...