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>All India Consumer Products Distributors Federation (AICPDF) has again raised concerns about Mamaearth, claiming that distributors and retailers are stuck with around INR 300 crore worth of unsold products.</li>
<li>The quantum inventory concern that distributors are raising is almost 5x of what Honasa has taken the hit.</li>
<li>This could bring some serious repercussions on the company's working capital and growth plans</li>
</ul>


All India Consumer Products Distributors Federation (AICPDF) has again raised concerns about Mamaearth, claiming that distributors and retailers are stuck with around INR 300 crore worth of unsold products.
The quantum inventory concern that distributors are raising is almost 5x of what Honasa has taken the hit.
This could bring some serious repercussions on the company's working capital and growth plans


Mamaearth's Inventory Issue Could Be Bigger and Long Lasting

<ul>
<li>Mamaearth's journey to the stock market has been marred by allegations of channel stuffing, inventory mismanagement, and inconsistent communication from management. </li>
<li>The company's struggles in Q2 FY25 have raised concerns about their financial health and transparency. </li>
<li>The forensic analysis is a deeper look into the allegations, redflags and bigger problems that require investor's attention</li>
</ul>


Mamaearth's journey to the stock market has been marred by allegations of channel stuffing, inventory mismanagement, and inconsistent communication from management. 
The company's struggles in Q2 FY25 have raised concerns about their financial health and transparency. 
The forensic analysis is a deeper look into the allegations, redflags and bigger problems that require investor's attention


A Deeper Look into Mamaearth's Inventory Saga: Unpacking the Red Flags and Forensic Insights

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Honasa remains our favored pick in the sector, on better execution supporting a healthy revenue growth trend/margin expansion; this would lead to valuation re-rating.</li><li>We retain BUY on the stock, with Jun-25E TP of Rs525/sh, on 6x Jun26 sales.</li><li>The stock saw an 11% up-move last week which is likely owing to gradual comfort in the business. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Honasa remains our favored pick in the sector, on better execution supporting a healthy revenue growth trend/margin expansion; this would lead to valuation re-rating.We retain BUY on the stock, with Jun-25E TP of Rs525/sh, on 6x Jun26 sales.The stock saw an 11% up-move last week which is likely owing to gradual comfort in the business. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Honasa Consumer - Play on Execution; Re-Rating on Expected Lines

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/honasa-consumer-ltd" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer (HONASA IN)</a> raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.</li>
<li>HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Honasa Consumer (HONASA IN) raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.
HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Honasa Consumer IPO Lock-Up Expiry - US$500m+ Lockup Expiry with Everyone Well in the Money

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

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>We are back with our regular weekly updates after taking an earnings break and a Diwali vacation. </li>
<li>
<a href="https://www.smartkarma.com/entities/ishares-msci-india-small-cap" target="_blank" data-smartkarma-citation="entities:32064:1" rel="noopener">Ishares Msci India Small-Cap (SMIN US)</a>  appears to be where the most market action is currently. We also maintain a long bias on the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/honasa-consumer-ltd" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer (HONASA IN)</a> is the star of the week that is playing an innovative narrative that which street seems to like, but warrants attention. </li>
</ul>


We are back with our regular weekly updates after taking an earnings break and a Diwali vacation. 

Ishares Msci India Small-Cap (SMIN US)  appears to be where the most market action is currently. We also maintain a long bias on the NIFTY Index (NIFTY INDEX). 

Honasa Consumer (HONASA IN) is the star of the week that is playing an innovative narrative that which street seems to like, but warrants attention. 


[Week 11] Namaste India 🙏 | Honasa's Innovation or Innovative Narrative?

India

Honasa Consumer Limited, doing business as Mamaearth, provides e-commerce services. The Company offers baby, skin, body, and hair care products, as well as mosquito protection roll on and creams. Mamaearth serves customers in India.

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Honasa Consumer (HONASA IN)

Mamaearth's Inventory Issue Could Be Bigger and Long Lasting

AICPDF raises concerns about Mamaearth as distributors and retailers are stuck with INR 300 crore worth of unsold products which is almost 5x of...

Nimish Maheshwari

A Deeper Look into Mamaearth's Inventory Saga: Unpacking the Red Flags and Forensic Insights

Mamaearth's business is clouded by allegations of channel stuffing, inventory issues, and poor communication, raising concerns about financial...

Nimish Maheshwari

Honasa Consumer - Play on Execution; Re-Rating on Expected Lines

Honasa remains our favored pick in the sector, on better execution supporting a healthy revenue growth trend/margin expansion; this would lead to...

Emkay

Honasa Consumer IPO Lock-Up Expiry - US$500m+ Lockup Expiry with Everyone Well in the Money

Honasa Consumer (HONASA IN) raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.

Sumeet Singh

[Week 11] Namaste India 🙏 | Honasa's Innovation or Innovative Narrative?

Weekly updates are back after a break, with focus on iShares MSCI India Small-Cap and NIFTY Index. Honasa Consumer's innovative narrative is...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mamaearth's Inventory Issue Could Be Bigger and Long Lasting

​AICPDF raises concerns about Mamaearth as distributors and retailers are stuck with INR 300 crore worth of unsold products which is almost 5x of...

Nimish Maheshwari

A Deeper Look into Mamaearth's Inventory Saga: Unpacking the Red Flags and Forensic Insights

​Mamaearth's business is clouded by allegations of channel stuffing, inventory issues, and poor communication, raising concerns about financial...

Nimish Maheshwari

Honasa Consumer - Play on Execution; Re-Rating on Expected Lines

Honasa remains our favored pick in the sector, on better execution supporting a healthy revenue growth trend/margin expansion; this would lead to...

Emkay

Honasa Consumer IPO Lock-Up Expiry - US$500m+ Lockup Expiry with Everyone Well in the Money

Honasa Consumer (HONASA IN) raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.

Sumeet Singh

[Week 11] Namaste India 🙏 | Honasa's Innovation or Innovative Narrative?

​Weekly updates are back after a break, with focus on iShares MSCI India Small-Cap and NIFTY Index. Honasa Consumer's innovative narrative is...

Pranav Bhavsar

AICPDF raises concerns about Mamaearth as distributors and retailers are stuck with INR 300 crore worth of unsold products which is almost 5x of...

Mamaearth's business is clouded by allegations of channel stuffing, inventory issues, and poor communication, raising concerns about financial...

Weekly updates are back after a break, with focus on iShares MSCI India Small-Cap and NIFTY Index. Honasa Consumer's innovative narrative is...