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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aarti-industries-limited" target="_blank" data-smartkarma-citation="entities:6583:1" rel="noopener">Aarti Industries (ARTO IN)</a>  is planning a huge capex of 2500 Cr, which will increase their PPE by more than 50% from current CWIP and new capex.</li>
<li>Company is targeting 1450 to 1700Cr EBITDA in next year which is almost 1.5x to 2x of the existing EBITDA.</li>
<li>Introducing new products in the value chain, which has high-value added and high margins.</li>
</ul>



Aarti Industries (ARTO IN)  is planning a huge capex of 2500 Cr, which will increase their PPE by more than 50% from current CWIP and new capex.
Company is targeting 1450 to 1700Cr EBITDA in next year which is almost 1.5x to 2x of the existing EBITDA.
Introducing new products in the value chain, which has high-value added and high margins.


The Beat Ideas: Aarti Industries Ltd.- Capex, Growth, Value Addition!

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

Thematic (Sector/Industry)

<ul><li>Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 163, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing margins</li><li>IOCL’s Q1FY25 reported EBITDA at INR 86bn (-61% YoY, -17% QoQ) and APAT at INR 26bn (-81% YoY, -45% QoQ) came in below our estimates</li><li>Earnings were impacted by weak performance from lower refining &amp; marketing margins and absorption of under-recovery on LPG</li></ul>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.

Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 163, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing marginsIOCL’s Q1FY25 reported EBITDA at INR 86bn (-61% YoY, -17% QoQ) and APAT at INR 26bn (-81% YoY, -45% QoQ) came in below our estimatesEarnings were impacted by weak performance from lower refining &amp; marketing margins and absorption of under-recovery on LPGContent 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.

HSIE Results Daily: Indian Oil Corporation, Dixon Technologies, Kalpataru Projects International

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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.

<ul><li>Chemicals&amp; Agrochemicals: In Q1FY25, we expect most of the specialty chemical companies under our coverage to show stronger performance compared to Q4FY24.</li><li>However, we remain cautious about growth prospects as a definitive upward trend is yet to be confirmed.</li><li>Particularly in the agrochemical end-user industry, the demand scenario has not shown a clear rebound. </li></ul>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.

Chemicals&amp; Agrochemicals: In Q1FY25, we expect most of the specialty chemical companies under our coverage to show stronger performance compared to Q4FY24.However, we remain cautious about growth prospects as a definitive upward trend is yet to be confirmed.Particularly in the agrochemical end-user industry, the demand scenario has not shown a clear rebound. 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.

Chemicals and Midcaps Q1FY25 Result Preview

<ul><li>Dr Reddy’s Laboratories: EBITDA grew (14% YoY) as +13% YoY sales growth (-3% QoQ US, +5% YoY in EU, +9% YoY EMs, and +34% YoY in RoW, India declined 12% YoY, adjusted growth was at 11%), steady gross margin (+65 bps YoY) and muted staff cost were offset by higher R&amp;D/SG&amp;A (+28/+22% YoY)</li><li>DRRD expects to sustain growth in the US over the next few years with steady traction in gRevlimid and new launches (20+ launches p.a for the next few years)</li><li>The company expects India to see steady growth in FY25, led by new launches, scale-up in key therapies, and in-licensing opportunities</li></ul>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.

Dr Reddy’s Laboratories: EBITDA grew (14% YoY) as +13% YoY sales growth (-3% QoQ US, +5% YoY in EU, +9% YoY EMs, and +34% YoY in RoW, India declined 12% YoY, adjusted growth was at 11%), steady gross margin (+65 bps YoY) and muted staff cost were offset by higher R&amp;D/SG&amp;A (+28/+22% YoY)DRRD expects to sustain growth in the US over the next few years with steady traction in gRevlimid and new launches (20+ launches p.a for the next few years)The company expects India to see steady growth in FY25, led by new launches, scale-up in key therapies, and in-licensing opportunitiesContent 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.

HSIE Results Daily: Dr Reddy’s Laboratories, Lupin, IRB Infra, Max Financial

<ul><li>Chemicals &amp; Agrochemicals: In Q4FY24, we expect chemical companies under our coverage to declare sequential revenue improvement, except for commodity player Archean Chemical, as soft demand from end-user industries has led to a drop in prices.</li><li>The meaningful recovery for chemical companies will likely take another 2 quarters.</li><li>Agrochemicals demand continues to be under pressure, but there are green shoots in certain end-user industries such as dyes, pigments, and polymers, which have witnessed growth in demand and minor improvement in prices of final products. </li></ul>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.

Chemicals &amp; Agrochemicals: In Q4FY24, we expect chemical companies under our coverage to declare sequential revenue improvement, except for commodity player Archean Chemical, as soft demand from end-user industries has led to a drop in prices.The meaningful recovery for chemical companies will likely take another 2 quarters.Agrochemicals demand continues to be under pressure, but there are green shoots in certain end-user industries such as dyes, pigments, and polymers, which have witnessed growth in demand and minor improvement in prices of final products. 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.

Chemicals - Q4FY2024 - Earnings Preview (Agro-Chem SpChem)

India

Navin Fluorine International Limited manufactures fluorochemicals. The Company produces benzotrifuoride derivatives, fluoro benzene derivatives, fluoro toluene derivatives, and aliphatic fluoro compounds.

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Navin Fluorine International (NFIL IN)

The Beat Ideas: Aarti Industries Ltd.- Capex, Growth, Value Addition!

The Beat Ideas: Aarti Industries - Aarti Industries plans significant capex to boost EBITDA and expand product offerings with high margins.

Sudarshan Bhandari

HSIE Results Daily: Indian Oil Corporation, Dixon Technologies, Kalpataru Projects International

Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 163, is premised on margin pressure due to increasing petchem...

HDFC Securities

Chemicals and Midcaps Q1FY25 Result Preview

Chemicals& Agrochemicals: In Q1FY25, we expect most of the specialty chemical companies under our coverage to show stronger performance compared to...

Axis Direct

HSIE Results Daily: Dr Reddy’s Laboratories, Lupin, IRB Infra, Max Financial

DRRD expects to sustain growth in the US over the next few years with steady traction in gRevlimid and new launches (20+ launches p.a for the next...

HDFC Securities

Chemicals - Q4FY2024 - Earnings Preview (Agro-Chem SpChem)

Chemical companies with strong brands and a consistent track record are seeing traction in CSM/CDMO business opportunities as China +1 and Euro +1...

Axis Direct

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The Beat Ideas: Aarti Industries Ltd.- Capex, Growth, Value Addition!

The Beat Ideas: Aarti Industries - ​Aarti Industries plans significant capex to boost EBITDA and expand product offerings with high margins.

Sudarshan Bhandari

HSIE Results Daily: Indian Oil Corporation, Dixon Technologies, Kalpataru Projects International

Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 163, is premised on margin pressure due to increasing petchem...

HDFC Securities

Chemicals and Midcaps Q1FY25 Result Preview

Chemicals& Agrochemicals: In Q1FY25, we expect most of the specialty chemical companies under our coverage to show stronger performance compared to...

Axis Direct

HSIE Results Daily: Dr Reddy’s Laboratories, Lupin, IRB Infra, Max Financial

DRRD expects to sustain growth in the US over the next few years with steady traction in gRevlimid and new launches (20+ launches p.a for the next...

HDFC Securities

Chemicals - Q4FY2024 - Earnings Preview (Agro-Chem SpChem)

Chemical companies with strong brands and a consistent track record are seeing traction in CSM/CDMO business opportunities as China +1 and Euro +1...

Axis Direct

The Beat Ideas: Aarti Industries - Aarti Industries plans significant capex to boost EBITDA and expand product offerings with high margins.