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>Listed corporate capex is experiencing a surge, exceeding the previous cycle peak and mirroring the pre-boom phase of 2001-2004.</li>
<li>Government capex is poised to accelerate, particularly in the second half of FY25, fuelled by election-related spending patterns.</li>
<li>India's investment rate is nearing a decadal high, reflecting a strong appetite for capital expenditure across various sectors.</li>
</ul>


Listed corporate capex is experiencing a surge, exceeding the previous cycle peak and mirroring the pre-boom phase of 2001-2004.
Government capex is poised to accelerate, particularly in the second half of FY25, fuelled by election-related spending patterns.
India's investment rate is nearing a decadal high, reflecting a strong appetite for capital expenditure across various sectors.


Thematic Report: Indian Capex Cycle Analysis- A Macro Perspective

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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.

Equity Capital Markets

Afcons Infrastructure Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/afcons-infrastructure-limited" target="_blank" data-smartkarma-citation="entities:41288:1" rel="noopener">Afcons Infrastructure Limited (6595396Z IN)</a> is looking to raise around US$650m in its India IPO.</li>
<li>Afcons Infrastructure Limited (Afcons) is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group.</li>
<li>In a previous note, we looked at the firm’s past performance. In this note, we look at the updates since, and discuss valuation.</li>
</ul>



Afcons Infrastructure Limited (6595396Z IN) is looking to raise around US$650m in its India IPO.
Afcons Infrastructure Limited (Afcons) is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group.
In a previous note, we looked at the firm’s past performance. In this note, we look at the updates since, and discuss valuation.


Afcons Infrastructure IPO - Decent Upside from the Price Range

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 286, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment with a levy of windfall tax, (2) gas price realisation too unlikely to change significantly, as APM gas price is frozen until March 2025 and 95% of ONGC’s gas sales fall under APM and (3) slower ramp-up in oil &amp; gas production</li><li>In Q1FY25, reported EBITDA stood at INR 186bn (-4% YoY, +7% QoQ), coming in above our estimate owing to lower-than-expected statutory levies</li><li>PAT at INR 89bn (-11% YoY, -9% QoQ) was below our estimate, mainly driven by higher-than-expected depreciation and depletion costs</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.

ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 286, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment with a levy of windfall tax, (2) gas price realisation too unlikely to change significantly, as APM gas price is frozen until March 2025 and 95% of ONGC’s gas sales fall under APM and (3) slower ramp-up in oil &amp; gas productionIn Q1FY25, reported EBITDA stood at INR 186bn (-4% YoY, +7% QoQ), coming in above our estimate owing to lower-than-expected statutory leviesPAT at INR 89bn (-11% YoY, -9% QoQ) was below our estimate, mainly driven by higher-than-expected depreciation and depletion costsContent 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: ONGC, TVS Motor, NCC, Bajaj Electricals, Symphony

<ul><li>Shree Cement: We maintain our ADD rating on Shree Cement, with an unchanged SOTP target price of INR 28,700/share</li><li>Cement volume growth slowed to 8% YoY as it lost four days of sales due to software migration to SAP</li><li>Reported unit EBITDA (cement) remained flattish QoQ at INR 1346/MT as lower input costs and lower advertising expenses offset the impact of a 6% QoQ NSR decline (ex-power)</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.

Shree Cement: We maintain our ADD rating on Shree Cement, with an unchanged SOTP target price of INR 28,700/shareCement volume growth slowed to 8% YoY as it lost four days of sales due to software migration to SAPReported unit EBITDA (cement) remained flattish QoQ at INR 1346/MT as lower input costs and lower advertising expenses offset the impact of a 6% QoQ NSR decline (ex-power)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.

HSIE Results Daily: Shree Cement, Oberoi Realty, Apollo Tyres, Radico Khaitan, NCC

HSIE Results Daily: Shree Cement, Oberoi Realty, Apollo Tyres, Radico Khaitan

India

NCC Ltd. is a construction company. The Group undertakes civil and structural infrastructure projects, real estate development and light engineering projects.

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NCC Ltd (NJCC IN)

Thematic Report: Indian Capex Cycle Analysis- A Macro Perspective

Corporate and government capex in India are on the rise, with investment rates nearing a decade high, signaling strong growth potential in various...

Nimish Maheshwari

Afcons Infrastructure IPO - Decent Upside from the Price Range

Afcons Infrastructure Limited (6595396Z IN) is looking to raise around US$650m in its India IPO. In this note, we look at the updates since, and...

Clarence Chu

HSIE Results Daily: ONGC, TVS Motor, NCC, Bajaj Electricals, Symphony

We maintain our REDUCE rating on ONGC, with a target price of INR 286, given: (1) limited upside potential for ONGC’s crude price realisation in...

HDFC Securities

HSIE Results Daily: Shree Cement, Oberoi Realty, Apollo Tyres, Radico Khaitan, NCC

Reported unit EBITDA (cement) remained flattish QoQ at INR 1346/MT as lower input costs and lower advertising expenses offset the impact of a 6%...

HDFC Securities

HSIE Results Daily: Shree Cement, Oberoi Realty, Apollo Tyres, Radico Khaitan

Shree Cement: We maintain our ADD rating on Shree Cement, with an unchanged SOTP target price of INR 28,700/share. Cement volume growth slowed to...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thematic Report: Indian Capex Cycle Analysis- A Macro Perspective

​Corporate and government capex in India are on the rise, with investment rates nearing a decade high, signaling strong growth potential in various...

Nimish Maheshwari

Afcons Infrastructure IPO - Decent Upside from the Price Range

Afcons Infrastructure Limited (6595396Z IN) is looking to raise around US$650m in its India IPO. In this note, we look at the updates since, and...

Clarence Chu

HSIE Results Daily: ONGC, TVS Motor, NCC, Bajaj Electricals, Symphony

We maintain our REDUCE rating on ONGC, with a target price of INR 286, given: (1) limited upside potential for ONGC’s crude price realisation in...

HDFC Securities

HSIE Results Daily: Shree Cement, Oberoi Realty, Apollo Tyres, Radico Khaitan, NCC

Reported unit EBITDA (cement) remained flattish QoQ at INR 1346/MT as lower input costs and lower advertising expenses offset the impact of a 6%...

HDFC Securities

HSIE Results Daily: Shree Cement, Oberoi Realty, Apollo Tyres, Radico Khaitan

Shree Cement: We maintain our ADD rating on Shree Cement, with an unchanged SOTP target price of INR 28,700/share. Cement volume growth slowed to...

HDFC Securities

Corporate and government capex in India are on the rise, with investment rates nearing a decade high, signaling strong growth potential in various...