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

Strides Pharma Science  / Equity Bottom-Up

<ul>
<li>Strides Pharma achieved record growth in the US, launched high-ticket generics, and is spinning off OneSource CDMO with a projected valuation of $1.8-$2 billion by Q4FY25.</li>
<li>Deleveraging efforts, diversified revenue streams, and regulatory approvals position Strides for profitability recovery, with expected FY26 EBITDA of ₹1,000 crore, driving long-term growth.</li>
<li>Strides is evolving into a leaner, growth-focused entity with reduced debt, a strong US portfolio, and OneSource spin-off, offering ~25% upside from its current market valuation.</li>
</ul>


Strides Pharma achieved record growth in the US, launched high-ticket generics, and is spinning off OneSource CDMO with a projected valuation of $1.8-$2 billion by Q4FY25.
Deleveraging efforts, diversified revenue streams, and regulatory approvals position Strides for profitability recovery, with expected FY26 EBITDA of ₹1,000 crore, driving long-term growth.
Strides is evolving into a leaner, growth-focused entity with reduced debt, a strong US portfolio, and OneSource spin-off, offering ~25% upside from its current market valuation.


The Beat Ideas: Strides Pharma~ A Growth Play Post OneSource Demerger

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Event-Driven

<ul>
<li>OneSource is riding the surging demand for GLP-1 drugs, a market projected to reach $30 Billion by 2030, with its expertise in Drug-Device Combination (DDC) solutions.</li>
<li>OneSource is projected to achieve revenue of $350-$400 million over the next 3-4 years from $145 million in 2024 , with an impressive EBITDA margin approaching 40% from 25% in 2024.</li>
<li>OneSource is expected to receive Listing Approval from the Stock Exchanges during Q4 FY25</li>
</ul>


OneSource is riding the surging demand for GLP-1 drugs, a market projected to reach $30 Billion by 2030, with its expertise in Drug-Device Combination (DDC) solutions.
OneSource is projected to achieve revenue of $350-$400 million over the next 3-4 years from $145 million in 2024 , with an impressive EBITDA margin approaching 40% from 25% in 2024.
OneSource is expected to receive Listing Approval from the Stock Exchanges during Q4 FY25


Event Driven: Demerger of OneSource: A Multi-Modality CDMO

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Australia has recommended against the approval of Eisai Alzheimer’s disease drug Leqembi. Daiichi Sankyo’s Enhertu received conditional approval in China for the treatment of non-small cell lung cancer.</li>
<li>Nihon Kohden has revised its financial forecasts for H1FY25. Shanghai Junshi Biosciences’ toripalimab has been approved for marketing in India for treatment of recurrent or metastatic nasopharyngeal carcinoma.</li>
<li>Akeso Biopharma raised ~$250M, for funding its R&amp;D activities. Celltrion has filed phase 3 clinical trial application in Europe for Cosentyx biosimilar in patients with moderate to severe plaque psoriasis.</li>
</ul>


Australia has recommended against the approval of Eisai Alzheimer’s disease drug Leqembi. Daiichi Sankyo’s Enhertu received conditional approval in China for the treatment of non-small cell lung cancer.
Nihon Kohden has revised its financial forecasts for H1FY25. Shanghai Junshi Biosciences’ toripalimab has been approved for marketing in India for treatment of recurrent or metastatic nasopharyngeal carcinoma.
Akeso Biopharma raised ~$250M, for funding its R&amp;D activities. Celltrion has filed phase 3 clinical trial application in Europe for Cosentyx biosimilar in patients with moderate to severe plaque psoriasis.


APAC Healthcare Weekly (Oct 20)- Eisai, Daiichi Sankyo, Junshi Bioscience, Akeso, Celltrion, Neuren

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

Rubicon Research Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> is looking to raise about US$130m in its India IPO.</li>
<li>It is a pharmaceutical formulations company with an increasing portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Rubicon Research Limited (1453591D IN) is looking to raise about US$130m in its India IPO.
It is a pharmaceutical formulations company with an increasing portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.
In this note, we talk about the company’s historical performance.


Rubicon Research Pre-IPO - Robust Product Development Pipeline Driving Revenue Growth

External broker reports(aggregated public sources), Geojit BNP Paribas

Geojit

External broker reports(aggregated public sources)

<p>Strides reported a weak quarter witnessing a de-growth across revenues of 12% YoY to Rs.688cr during Q1FY22 owing to major sector headwinds such as high logistics cost, price erosion and increased competition. US markets saw a decline of -25% due to double digit price erosion, lower prescription rates and elective surgeries. Other regulated markets were at $30m from $35m in Q1FY21 due to lockdowns in the UK leading to supply chain disruptions. Institutional business was subdued by 33% on account of lower take off of TLD in the quarter.</p><div class="content-highlight"><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></div>

Strides reported a weak quarter witnessing a de-growth across revenues of 12% YoY to Rs.688cr during Q1FY22 owing to major sector headwinds such as high logistics cost, price erosion and increased competition. US markets saw a decline of -25% due to double digit price erosion, lower prescription rates and elective surgeries. Other regulated markets were at $30m from $35m in Q1FY21 due to lockdowns in the UK leading to supply chain disruptions. Institutional business was subdued by 33% on account of lower take off of TLD in the quarter.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.

Strides Pharma Science: Unanticipated De-Growth Across Markets..

India

Strides Pharma Science Limited operates as a pharmaceutical company. The Company provides research and development of biotherapeutic drugs and devices including biosimilars, biobetters, novel formulations, and drug loaded devices.

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Strides Pharma Science (STR IN)

The Beat Ideas: Strides Pharma~ A Growth Play Post OneSource Demerger

Strides Pharma's record growth in the US, high-ticket generics, and spin-off of OneSource CDMO set the stage for profitability recovery and long...

Sudarshan Bhandari

Event Driven: Demerger of OneSource: A Multi-Modality CDMO

OneSource poised for growth in the booming GLP-1 drug market, projecting revenue of $350-$400 million by 2024 with strong EBITDA margin and...

Nimish Maheshwari

APAC Healthcare Weekly (Oct 20)- Eisai, Daiichi Sankyo, Junshi Bioscience, Akeso, Celltrion, Neuren

This insight collates key news in APAC healthcare last week. With the earnings season beginning to unfold along with major pharma and healthcare...

Tina Banerjee

Rubicon Research Pre-IPO - Robust Product Development Pipeline Driving Revenue Growth

Rubicon Research Limited is looking to raise about US$130m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Strides Pharma Science: Unanticipated De-Growth Across Markets..

Strides reported a weak quarter witnessing a de-growth across revenues of 12% YoY to Rs.688cr during Q1FY22 owing to major sector headwinds such as...

Geojit

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: Strides Pharma~ A Growth Play Post OneSource Demerger

​Strides Pharma's record growth in the US, high-ticket generics, and spin-off of OneSource CDMO set the stage for profitability recovery and long...

Sudarshan Bhandari

Event Driven: Demerger of OneSource: A Multi-Modality CDMO

​OneSource poised for growth in the booming GLP-1 drug market, projecting revenue of $350-$400 million by 2024 with strong EBITDA margin and...

Nimish Maheshwari

APAC Healthcare Weekly (Oct 20)- Eisai, Daiichi Sankyo, Junshi Bioscience, Akeso, Celltrion, Neuren

This insight collates key news in APAC healthcare last week. With the earnings season beginning to unfold along with major pharma and healthcare...

Tina Banerjee

Rubicon Research Pre-IPO - Robust Product Development Pipeline Driving Revenue Growth

Rubicon Research Limited is looking to raise about US$130m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Strides Pharma Science: Unanticipated De-Growth Across Markets..

Strides reported a weak quarter witnessing a de-growth across revenues of 12% YoY to Rs.688cr during Q1FY22 owing to major sector headwinds such as...

Geojit

Strides Pharma's record growth in the US, high-ticket generics, and spin-off of OneSource CDMO set the stage for profitability recovery and long...

OneSource poised for growth in the booming GLP-1 drug market, projecting revenue of $350-$400 million by 2024 with strong EBITDA margin and...