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

Forensic Accounting

<ul>
<li>The Mahadev Betting Scam exposed the infiltration of illegal gambling money into the stock market, manipulating small-cap stocks through offshore shell companies and pump-and-dump strategies.</li>
<li>This scandal demonstrates how vulnerable markets are to operator-driven speculation, leading to artificial stock price surges, which mislead investors and undermine market integrity, creating systemic risks.</li>
<li>The episode emphasizes the need for heightened due diligence, transparency, and scrutiny of foreign portfolio investors, encouraging investors to be more cautious of unexplained stock movements and shell company involvement.</li>
</ul>


The Mahadev Betting Scam exposed the infiltration of illegal gambling money into the stock market, manipulating small-cap stocks through offshore shell companies and pump-and-dump strategies.
This scandal demonstrates how vulnerable markets are to operator-driven speculation, leading to artificial stock price surges, which mislead investors and undermine market integrity, creating systemic risks.
The episode emphasizes the need for heightened due diligence, transparency, and scrutiny of foreign portfolio investors, encouraging investors to be more cautious of unexplained stock movements and shell company involvement.


India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Thematic (Sector/Industry)

<ul>
<li>Tata Play and Airtel Digital TV are merging, with Airtel taking majority stake, to consolidate DTH, broadband, and telecom services.</li>
<li>Indian IT sector set for 5.1% growth in FY25, with $300 billion target by FY26, adding 126,000 jobs.</li>
<li>
<a href="https://www.smartkarma.com/entities/hcl-technologies-ltd" target="_blank" data-smartkarma-citation="entities:20025:1" rel="noopener">HCL Technologies (HCLT IN)</a> CEO C Vijayakumar highlights that GenAI disrupts IT's traditional model, pushing for productivity and specialized skills over headcount.</li>
</ul>


Tata Play and Airtel Digital TV are merging, with Airtel taking majority stake, to consolidate DTH, broadband, and telecom services.
Indian IT sector set for 5.1% growth in FY25, with $300 billion target by FY26, adding 126,000 jobs.

HCL Technologies (HCLT IN) CEO C Vijayakumar highlights that GenAI disrupts IT's traditional model, pushing for productivity and specialized skills over headcount.


#110 India Insight: Tata Play-Airtel Merger, 5.1% IT Growth in FY25, HCLTech CEO on GenAI

<ul>
<li>Adani plans to raise Rs 40,000 crore via NCDs from retail investors, diversifying funding sources.</li>
<li>Reliance secures 10 GWh battery storage under India’s PLI scheme, advancing clean energy goals.</li>
<li>Nazara partners with Telangana to launch an AI Centre, driving innovation in gaming and emerging tech.</li>
</ul>


Adani plans to raise Rs 40,000 crore via NCDs from retail investors, diversifying funding sources.
Reliance secures 10 GWh battery storage under India’s PLI scheme, advancing clean energy goals.
Nazara partners with Telangana to launch an AI Centre, driving innovation in gaming and emerging tech.


# 56 India Insight: HDB Targets IPO $9 Billion, Reliance PLI for 10GWh Battery Storage, Nazara AI

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yatra-online-ltd" target="_blank" data-smartkarma-citation="entities:40288:1" rel="noopener">Yatra (YATRA IN)</a> had its IPO recently and is the third largest OTA players in India (among key OTA players) in F23. </li>
<li>When it comes to the financials and forensics, there are several red alarms that catch our attention. </li>
<li>These include weak internal controls as highlighted by auditors, poor earnings quality, revenue recognition woes, high litigation liabilities off the books, etc. </li>
</ul>



Yatra (YATRA IN) had its IPO recently and is the third largest OTA players in India (among key OTA players) in F23. 
When it comes to the financials and forensics, there are several red alarms that catch our attention. 
These include weak internal controls as highlighted by auditors, poor earnings quality, revenue recognition woes, high litigation liabilities off the books, etc. 


Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Equity Bottom-Up

<ul>
<li>We visited the core of the Hindi Hinterland, the "City of Patna," the capital and largest city of Bihar, the country's third most populous state.</li>
<li>While the trip paints an opportunistic and optimistic picture of Bihar, the situation of unemployment is something that still warrants attention.</li>
<li>Focus companies: <a href="https://www.smartkarma.com/entities/aditya-vision-ltd" target="_blank" data-smartkarma-citation="entities:40299:1" rel="noopener">Aditya Vision (AVL IN)</a> , <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a>  , <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> and <a href="https://www.smartkarma.com/entities/fino-payments-bank-ltd" target="_blank" data-smartkarma-citation="entities:35042:1" rel="noopener">Fino Payments Bank Ltd (FINOPB IN)</a>. </li>
</ul>


We visited the core of the Hindi Hinterland, the "City of Patna," the capital and largest city of Bihar, the country's third most populous state.
While the trip paints an opportunistic and optimistic picture of Bihar, the situation of unemployment is something that still warrants attention.
Focus companies: Aditya Vision (AVL IN) , Eicher Motors (EIM IN)  , Hero Motocorp (HMCL IN) and Fino Payments Bank Ltd (FINOPB IN). 


Postcard from Patna | Breaking Sterotypes

India

Easy Trip Planners Limited operates as a travel company. The Company offers ticket booking, transport arrangement, tour planning, and accommodation services. Easy Trip Planners serves customers in India.

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Easy Trip Planners (EASEMYTR IN)

India's Biggest Small-Cap Shell Game

The Mahadev Betting Scam reveals the dangers of illegal gambling money infiltrating the stock market, manipulating small-cap stocks and creating...

Nimish Maheshwari

#110 India Insight: Tata Play-Airtel Merger, 5.1% IT Growth in FY25, HCLTech CEO on GenAI

Tata Play and Airtel Digital TV merge to consolidate DTH, broadband, and telecom services, Indian IT sector poised for growth with focus on...

Sudarshan Bhandari

# 56 India Insight: HDB Targets IPO $9 Billion, Reliance PLI for 10GWh Battery Storage, Nazara AI

Adani, Reliance, and Nazara make strategic moves to raise funds, advance clean energy goals, and drive innovation in gaming and emerging tech.

Sudarshan Bhandari

Yatra Online Ltd- Forensic Analysis

Yatra's recent IPO reveals concerning financials and red flags including weak internal controls, poor earnings quality, revenue recognition...

Nitin Mangal

Postcard from Patna | Breaking Sterotypes

Visited Patna, the capital of Bihar, showcasing its potential but highlighting the issue of unemployment. Focus companies: Aditya Vision, Eicher...

Pranav Bhavsar

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India's Biggest Small-Cap Shell Game

​The Mahadev Betting Scam reveals the dangers of illegal gambling money infiltrating the stock market, manipulating small-cap stocks and creating...

Nimish Maheshwari

#110 India Insight: Tata Play-Airtel Merger, 5.1% IT Growth in FY25, HCLTech CEO on GenAI

​Tata Play and Airtel Digital TV merge to consolidate DTH, broadband, and telecom services, Indian IT sector poised for growth with focus on...

Sudarshan Bhandari

# 56 India Insight: HDB Targets IPO $9 Billion, Reliance PLI for 10GWh Battery Storage, Nazara AI

​Adani, Reliance, and Nazara make strategic moves to raise funds, advance clean energy goals, and drive innovation in gaming and emerging tech.

Sudarshan Bhandari

Yatra Online Ltd- Forensic Analysis

​Yatra's recent IPO reveals concerning financials and red flags including weak internal controls, poor earnings quality, revenue recognition...

Nitin Mangal

Postcard from Patna | Breaking Sterotypes

​Visited Patna, the capital of Bihar, showcasing its potential but highlighting the issue of unemployment. Focus companies: Aditya Vision, Eicher...

Pranav Bhavsar

The Mahadev Betting Scam reveals the dangers of illegal gambling money infiltrating the stock market, manipulating small-cap stocks and creating...

Tata Play and Airtel Digital TV merge to consolidate DTH, broadband, and telecom services, Indian IT sector poised for growth with focus on...

Adani, Reliance, and Nazara make strategic moves to raise funds, advance clean energy goals, and drive innovation in gaming and emerging tech.

Yatra's recent IPO reveals concerning financials and red flags including weak internal controls, poor earnings quality, revenue recognition...

Visited Patna, the capital of Bihar, showcasing its potential but highlighting the issue of unemployment. Focus companies: Aditya Vision, Eicher...