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

Thematic (Sector/Industry)

<ul>
<li>Steelmakers are set for strong Q4 growth, with rising HRC prices and falling raw material costs boosting operating margins by INR 1,200-1,800 per tonne for steelmakers.</li>
<li>Lower input costs, particularly coking coal along with GOI's ADD will significantly improve profitability for steelmakers.</li>
<li>
<a href="https://www.smartkarma.com/entities/jsw-steel-ltd" target="_blank" data-smartkarma-citation="entities:18561:1" rel="noopener">JSW Steel Ltd (JSTL IN)</a> , <a href="https://www.smartkarma.com/entities/jindal-steel-power-ltd" target="_blank" data-smartkarma-citation="entities:6614:1" rel="noopener">Jindal Steel &amp; Power (JSP IN)</a> , <a href="https://www.smartkarma.com/entities/tata-steel-ltd" target="_blank" data-smartkarma-citation="entities:20934:1" rel="noopener">Tata Steel Ltd (TATA IN), </a> <a href="https://www.smartkarma.com/entities/steel-authority-of-india" target="_blank" data-smartkarma-citation="entities:14323:1" rel="noopener">Steel Authority of India (SAIL IN)  expects surge in PAT upto 700%.</a>
</li>
</ul>


Steelmakers are set for strong Q4 growth, with rising HRC prices and falling raw material costs boosting operating margins by INR 1,200-1,800 per tonne for steelmakers.
Lower input costs, particularly coking coal along with GOI's ADD will significantly improve profitability for steelmakers.

JSW Steel Ltd (JSTL IN) , Jindal Steel &amp; Power (JSP IN) , Tata Steel Ltd (TATA IN),  Steel Authority of India (SAIL IN)  expects surge in PAT upto 700%.



Themes of India: Revival of Indian Steel Industry Cycle In Q4 Feasible?

Senior Credit Analyst, Lucror Analytics

Tanvi Arora

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Continuum Green, JSW Steel</li>
<li>US President Donald Trump has told reporters that US tariffs on China will "come down substantially, but it won't be zero. It used to be zero".</li>
<li>Meanwhile, Mr Trump stated that he has "no intention of firing" Fed Chairman Jerome Powell, but would like to see him be "a little more active" in lowering interest rates.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Continuum Green, JSW Steel
US President Donald Trump has told reporters that US tariffs on China will "come down substantially, but it won't be zero. It used to be zero".
Meanwhile, Mr Trump stated that he has "no intention of firing" Fed Chairman Jerome Powell, but would like to see him be "a little more active" in lowering interest rates.


Metals| Industrials |Commodities

Rahul Jain

Equity Bottom-Up

Steel Authority of India / Equity Bottom-Up

<ul>
<li>SAIL has been a consistent under-performer despite having huge iron ore reserves, multi-location steel plants and wide product spectrum and exclusive sales to Indian Railways</li>
<li>Legacy plants, ageing manpower and operational inefficiencies have resulted in slower growth compared to peers and a significant loss in overall market share, high inventories and single digit RoEs</li>
<li>SAIL trades at 0.8x P/B, in line with history, but weak volume visibility and elevated debt warrant a deeper discount—0.6x book better reflects risk-reward, in our view.</li>
</ul>


SAIL has been a consistent under-performer despite having huge iron ore reserves, multi-location steel plants and wide product spectrum and exclusive sales to Indian Railways
Legacy plants, ageing manpower and operational inefficiencies have resulted in slower growth compared to peers and a significant loss in overall market share, high inventories and single digit RoEs
SAIL trades at 0.8x P/B, in line with history, but weak volume visibility and elevated debt warrant a deeper discount—0.6x book better reflects risk-reward, in our view.


Steel Authority of India: Weak on Expansion

<ul>
<li>U.S. tariff surprises triggered a sharp correction in global commodity prices and Indian metal stocks.</li>
<li>Despite limited U.S. exposure, Indian metal producers were hit hard—despite strong domestic demand and top-tier cost positioning.</li>
<li>Valuation reset appears overdone; further dips offer a compelling entry point. Vedanta, JSW Steel, Jindal Steel and Power and NMDC are best bets in our view. </li>
</ul>


U.S. tariff surprises triggered a sharp correction in global commodity prices and Indian metal stocks.
Despite limited U.S. exposure, Indian metal producers were hit hard—despite strong domestic demand and top-tier cost positioning.
Valuation reset appears overdone; further dips offer a compelling entry point. Vedanta, JSW Steel, Jindal Steel and Power and NMDC are best bets in our view. 


Tariff Shock Creates Overreaction: Indian Metal Stocks Poised for a Tactical Rebound

<ul>
<li>India proposes a 12% safeguard duty on key flat steel imports for 200 days, targeting low-cost shipments from FTA partners like Japan and South Korea.</li>
<li>The move supports domestic steelmakers like <a href="https://www.smartkarma.com/entities/jsw-steel-ltd" target="_blank" data-smartkarma-citation="entities:18561:1" rel="noopener">JSW Steel Ltd (JSTL IN)</a> and <a href="https://www.smartkarma.com/entities/tata-steel-ltd" target="_blank" data-smartkarma-citation="entities:20934:1" rel="noopener">Tata Steel Ltd (TATA IN)</a> by restoring pricing power, creating room for further price hikes of INR 1,000–1,500/Ton.</li>
<li>Near-Term profitability looks up for flat-steel players, but risks from WTO pushback, MSME cost pressures, and the policy’s temporary nature warrant cautious optimism.</li>
</ul>


India proposes a 12% safeguard duty on key flat steel imports for 200 days, targeting low-cost shipments from FTA partners like Japan and South Korea.
The move supports domestic steelmakers like JSW Steel Ltd (JSTL IN) and Tata Steel Ltd (TATA IN) by restoring pricing power, creating room for further price hikes of INR 1,000–1,500/Ton.
Near-Term profitability looks up for flat-steel players, but risks from WTO pushback, MSME cost pressures, and the policy’s temporary nature warrant cautious optimism.


India’s 12% Safeguard Duty: A Tailwind for Domestic Steelmakers or a Risk to Downstream Industries?

India

JSW Steel Limited is an integrated steel producer with manufacturing facilities in Karnataka, Tamil Nadu and the western state of Maharashtra. The Company produces products including hot rolled coils, cold rolled coils, wire rods, galvanized coils and sheets.

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JSW Steel Ltd (JSTL IN)

Themes of India: Revival of Indian Steel Industry Cycle In Q4 Feasible?

Steelmakers in India are poised for strong Q4 growth, with rising HRC prices and falling RM costs boosting OPM by INR 1,200-1,800/ tonne, leading...

Nimish Maheshwari

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Continuum Green, JSW Steel

Lucror Analytics

Steel Authority of India: Weak on Expansion

Despite its vast resources, SAIL's operational inefficiencies have led to underperformance and a loss in market share. A deeper discount on its...

Rahul Jain

Tariff Shock Creates Overreaction: Indian Metal Stocks Poised for a Tactical Rebound

U.S. tariff shocks led to a global commodity price drop, impacting Indian metal stocks despite strong fundamentals. Valuation reset may present...

Rahul Jain

India’s 12% Safeguard Duty: A Tailwind for Domestic Steelmakers or a Risk to Downstream Industries?

India proposes safeguard duty on flat steel imports to support domestic steelmakers like JSW Steel and Tata Steel, allowing for price hikes but...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Themes of India: Revival of Indian Steel Industry Cycle In Q4 Feasible?

​Steelmakers in India are poised for strong Q4 growth, with rising HRC prices and falling RM costs boosting OPM by INR 1,200-1,800/ tonne, leading...

Nimish Maheshwari

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Continuum Green, JSW Steel

Lucror Analytics

Steel Authority of India: Weak on Expansion

​Despite its vast resources, SAIL's operational inefficiencies have led to underperformance and a loss in market share. A deeper discount on its...

Rahul Jain

Tariff Shock Creates Overreaction: Indian Metal Stocks Poised for a Tactical Rebound

​U.S. tariff shocks led to a global commodity price drop, impacting Indian metal stocks despite strong fundamentals. Valuation reset may present...

Rahul Jain

India’s 12% Safeguard Duty: A Tailwind for Domestic Steelmakers or a Risk to Downstream Industries?

​India proposes safeguard duty on flat steel imports to support domestic steelmakers like JSW Steel and Tata Steel, allowing for price hikes but...

Nimish Maheshwari

Steelmakers in India are poised for strong Q4 growth, with rising HRC prices and falling RM costs boosting OPM by INR 1,200-1,800/ tonne, leading...

Despite its vast resources, SAIL's operational inefficiencies have led to underperformance and a loss in market share. A deeper discount on its...

U.S. tariff shocks led to a global commodity price drop, impacting Indian metal stocks despite strong fundamentals. Valuation reset may present...

India proposes safeguard duty on flat steel imports to support domestic steelmakers like JSW Steel and Tata Steel, allowing for price hikes but...