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>
<a href="https://www.smartkarma.com/entities/gravita-india-ltd" target="_blank" data-smartkarma-citation="entities:17385:1" rel="noopener">Gravita India (GRAV IN)</a> faced a Qualified Audit Opinion over share sale proceeds' reporting by its Employee Welfare Trust.</li>
<li>The dispute centers on whether to record these proceeds in the P&amp;L or Balance Sheet, impacting transparency and financial metrics.</li>
<li>This dispute reduced the PBT by 7.54% and EPS  by 8.66% decrease in Q4 FY24.</li>
</ul>



Gravita India (GRAV IN) faced a Qualified Audit Opinion over share sale proceeds' reporting by its Employee Welfare Trust.
The dispute centers on whether to record these proceeds in the P&amp;L or Balance Sheet, impacting transparency and financial metrics.
This dispute reduced the PBT by 7.54% and EPS  by 8.66% decrease in Q4 FY24.


A Closer Look at Gravita India's Qualified Audit Opinion

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>In FY24, <a href="https://www.smartkarma.com/entities/gravita-india-ltd" target="_blank" data-smartkarma-citation="entities:17385:1" rel="noopener">Gravita India (GRAV IN)</a> had faced qualified opinion from the auditors regarding its accounting pertaining to share based payments, which in a way boosted the earnings. </li>
<li>However, the unusual accounting behaviour is not for the company. We have seen some irregular line items in the past as well, w.r.t. gains and losses on commodities and forex. </li>
<li>Other key takeaways include negative free cash flows and difficulty in cash generation, revenues from traded goods not being in sync, fresh contingent liabilities, etc.</li>
</ul>


In FY24, Gravita India (GRAV IN) had faced qualified opinion from the auditors regarding its accounting pertaining to share based payments, which in a way boosted the earnings. 
However, the unusual accounting behaviour is not for the company. We have seen some irregular line items in the past as well, w.r.t. gains and losses on commodities and forex. 
Other key takeaways include negative free cash flows and difficulty in cash generation, revenues from traded goods not being in sync, fresh contingent liabilities, etc.


Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

Housing and Urban Development Corporation Limited / Equity Bottom-Up

Housing and Urban Development Corporation Limited

<ul>
<li>The headline Indian mid cap indices are still expensive, despite a sharp decline since late September. However, when adjusted for growth, many fundamentally attractive mid-caps are cheap.</li>
<li>We screen mid-caps with PEG&lt;1.3x, consensus Buy recommendations and increasing consensus EPS estimates over the past six months. We choose well-covered stocks so that the consensus estimates are meaningful.</li>
<li>Our basket of 20 contains six financial stocks, five materials, four industrials and three consumer discretionaries. Many pertain to the themes of renewable energy, data centers, healthcare, tourism and infrastructure.</li>
</ul>


The headline Indian mid cap indices are still expensive, despite a sharp decline since late September. However, when adjusted for growth, many fundamentally attractive mid-caps are cheap.
We screen mid-caps with PEG&lt;1.3x, consensus Buy recommendations and increasing consensus EPS estimates over the past six months. We choose well-covered stocks so that the consensus estimates are meaningful.
Our basket of 20 contains six financial stocks, five materials, four industrials and three consumer discretionaries. Many pertain to the themes of renewable energy, data centers, healthcare, tourism and infrastructure.


Asian Equities: Twenty Attractive and Cheap Indian Mid-Caps

Thematic (Sector/Industry)

<ul>
<li>The NDA's landslide victory in Maharashtra has ushered in a period of political stability, boosting market sentiment and investor confidence. This will increase government spending on infrastructure &amp; rural development.</li>
<li>Analysts predict a modest recovery in corporate earnings in the second half of the fiscal year, potentially triggering a "mini risk-on rally". </li>
<li>While women-centric welfare schemes contributed to the NDA's success, concerns arise regarding their potential strain on state finances. </li>
</ul>


The NDA's landslide victory in Maharashtra has ushered in a period of political stability, boosting market sentiment and investor confidence. This will increase government spending on infrastructure &amp; rural development.
Analysts predict a modest recovery in corporate earnings in the second half of the fiscal year, potentially triggering a "mini risk-on rally". 
While women-centric welfare schemes contributed to the NDA's success, concerns arise regarding their potential strain on state finances. 


Maharashtra Elections Inject Optimism into Indian Markets

Asia Ex Japan; Technology and Consumption.

Rohinee Sharma

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Gravita is a  company whose philosophy is to usher in a better tomorrow by changing and nurturing the world for the better. Sounds like corporate vaporing? But it is literally what Gravita India Ltd does - Waste Recycling!  Twenty-five years ago the company took its first step with recycling of Lead ( 84% of revenues and 93% of EBIT -FY18E  ) and over the last few years added Aluminium and PET Recycling.The company's present size (market cap: US$150M) is no deterrent to its aspiration to become the largest recycler in the world by 2023. Our analysis does not give us reasons to doubt that they are executing well. The company generates very healthy ROEs of 28% and 31% ( FY18E &amp; FY19E, vs 22.5% FY17), has impressive sales and profit growth estimates in the range of 44 % and 61% for FY18 ( 45% and 43% for FY19E). Who said you can’t make money from trash ?!

Gravita is a  company whose philosophy is to usher in a better tomorrow by changing and nurturing the world for the better. Sounds like corporate vaporing? But it is literally what Gravita India Ltd does - Waste Recycling!  Twenty-five years ago the company took its first step with recycling of Lead ( 84% of revenues and 93% of EBIT -FY18E  ) and over the last few years added Aluminium and PET Recycling.The company's present size (market cap: US$150M) is no deterrent to its aspiration to become the largest recycler in the world by 2023. Our analysis does not give us reasons to doubt that they are executing well. The company generates very healthy ROEs of 28% and 31% ( FY18E &amp; FY19E, vs 22.5% FY17), has impressive sales and profit growth estimates in the range of 44 % and 61% for FY18 ( 45% and 43% for FY19E). Who said you can’t make money from trash ?!

From Trash To Cash: A Sustainable Recycling Theme

India

Gravita India Limited manufactures lead metal and other lead products by the recycling and smelting process. The Company produces lead ingots, lead alloys, and lead oxides.

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Gravita India (GRAV IN)

A Closer Look at Gravita India's Qualified Audit Opinion

A Qualified Opinion on Gravita India due to disagreement on representation of proceeds from the sale of shares by the Employee Trust as expenses in...

Nimish Maheshwari

Gravita India Ltd- Forensic Analysis

In FY24, Gravita India faced auditor scrutiny for accounting practices, however the unusual accounting/irregularity in line items was there before...

Nitin Mangal

Asian Equities: Twenty Attractive and Cheap Indian Mid-Caps

Indian midcap indices are pricey despite recent drop, but many fundamentally strong midcaps offer value when growth is factored in. Our screen on...

Manishi Raychaudhuri

Maharashtra Elections Inject Optimism into Indian Markets

NDA's victory in Maharashtra boosts market sentiment, predicts recovery in corporate earnings, but raises concerns about strain on state finances...

Nimish Maheshwari

From Trash To Cash: A Sustainable Recycling Theme

Gravita is a company whose philosophy is to usher in a better tomorrow by changing and nurturing the world for the better. Sounds like corporate...

Rohinee Sharma

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A Closer Look at Gravita India's Qualified Audit Opinion

A Qualified Opinion on Gravita India due to disagreement on representation of proceeds from the sale of shares by the Employee Trust as expenses in...

Nimish Maheshwari

Gravita India Ltd- Forensic Analysis

​In FY24, Gravita India faced auditor scrutiny for accounting practices, however the unusual accounting/irregularity in line items was there before...

Nitin Mangal

Asian Equities: Twenty Attractive and Cheap Indian Mid-Caps

​Indian midcap indices are pricey despite recent drop, but many fundamentally strong midcaps offer value when growth is factored in. Our screen on...

Manishi Raychaudhuri

Maharashtra Elections Inject Optimism into Indian Markets

​NDA's victory in Maharashtra boosts market sentiment, predicts recovery in corporate earnings, but raises concerns about strain on state finances...

Nimish Maheshwari

From Trash To Cash: A Sustainable Recycling Theme

Gravita is a company whose philosophy is to usher in a better tomorrow by changing and nurturing the world for the better. Sounds like corporate...

Rohinee Sharma

In FY24, Gravita India faced auditor scrutiny for accounting practices, however the unusual accounting/irregularity in line items was there before...

Indian midcap indices are pricey despite recent drop, but many fundamentally strong midcaps offer value when growth is factored in. Our screen on...

NDA's victory in Maharashtra boosts market sentiment, predicts recovery in corporate earnings, but raises concerns about strain on state finances...