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

Thematic (Sector/Industry)

<ul>
<li>Telcos Bid INR 11,000 Crore in First Day of 5G Spectrum Auction</li>
<li>UltraTech Cement Revises RAKWCT Acquisition from 31.6% to 25% Stake </li>
<li>Bajaj Auto Achieves Over 7 Million Unit Production Capacity in FY24</li>
</ul>


Telcos Bid INR 11,000 Crore in First Day of 5G Spectrum Auction
UltraTech Cement Revises RAKWCT Acquisition from 31.6% to 25% Stake 
Bajaj Auto Achieves Over 7 Million Unit Production Capacity in FY24


#19 India Insight: Telcos Bid for 5G Spectrum, UltraTech Acquisition, Bajaj Auto Expands Capacity

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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>On 4th June 2024, three election results were due 1) Loksabha election 2024, 2) State election results of Andra pradesh, and 3) State election results of Odisha.</li><li>In all three elections, including the central as well as state, the ruling party NDA has won the mandate and will easily be able to form the government.</li><li>However, at the central level, it fell short of market expectations. As per the latest number, NDA won 292 seats which is well behind the exit poll numbers but still above the minimum mark of 272 (The minimum number to form the government).</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.

On 4th June 2024, three election results were due 1) Loksabha election 2024, 2) State election results of Andra pradesh, and 3) State election results of Odisha.In all three elections, including the central as well as state, the ruling party NDA has won the mandate and will easily be able to form the government.However, at the central level, it fell short of market expectations. As per the latest number, NDA won 292 seats which is well behind the exit poll numbers but still above the minimum mark of 272 (The minimum number to form the government).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.

Equity Investment Strategy: Post Lok Sabha Election 2024

<ul><li>The companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of 12%/9%/28%/36% YoY against expectations of 9%/8%/24%/20%.</li><li>EBITDA margins improved by 290bps YoY, driven by higher volume, operating leverage and lower power/fuel costs.</li><li>On a QoQ basis, EBITDA margin declined by 80bps as realization/tonne decline by 4% to Rs 5,524 for coverage universe. </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.

The companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of 12%/9%/28%/36% YoY against expectations of 9%/8%/24%/20%.EBITDA margins improved by 290bps YoY, driven by higher volume, operating leverage and lower power/fuel costs.On a QoQ basis, EBITDA margin declined by 80bps as realization/tonne decline by 4% to Rs 5,524 for coverage universe. 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.

Q4FY24 Cement Review – Higher Volume & Easing Cost Pressure Drive EBITDA Growth

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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>UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 10,820 (16.5x Mar-26E consolidated EBITDA)</li><li>We continue to like UTCEM for its robust growth and margin outlook and balance sheet management</li><li>During Q4FY24, UTCEM reported all-around performance: volumes rose 11/28% YoY/QoQ and the margin remained flattish and strong at INR 1173/MT</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.

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 10,820 (16.5x Mar-26E consolidated EBITDA)We continue to like UTCEM for its robust growth and margin outlook and balance sheet managementDuring Q4FY24, UTCEM reported all-around performance: volumes rose 11/28% YoY/QoQ and the margin remained flattish and strong at INR 1173/MTContent 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: UltraTech Cement, Trent, Supreme Industries

<ul><li>Demand firmed up but at the expense of pricing: In our view, cement demand again firmed up in Q4FY24 on a strong pick-up in non-trades sales</li><li>We estimate aggregate volumes will grow 10% YoY in Q4FY24 (as against 8% YoY in Q3)</li><li>However, owing to aggressive volume push in non-trade segments (channel check suggests major players pushed volumes hard in Q4), cement pricing took a beating during the peak demand quarter</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.

Demand firmed up but at the expense of pricing: In our view, cement demand again firmed up in Q4FY24 on a strong pick-up in non-trades salesWe estimate aggregate volumes will grow 10% YoY in Q4FY24 (as against 8% YoY in Q3)However, owing to aggressive volume push in non-trade segments (channel check suggests major players pushed volumes hard in Q4), cement pricing took a beating during the peak demand quarterContent 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.

Cement (Q4FY24 Results Preview): Weak pricing dampens industry margin

India

Ultra Tech Cement Ltd. produces a wide range of cement products. This Company represents the cement operations of Larsen & Toubro which were spun-off into a separate entity in which Grasim Industries holds a majority interest.

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Ultratech Cement (UTCEM IN)

#19 India Insight: Telcos Bid for 5G Spectrum, UltraTech Acquisition, Bajaj Auto Expands Capacity

Telcos bid INR 11,000 crore for 5G spectrum, UltraTech Cement reduces stake in RAKWCT, Bajaj Auto reaches over 7 million unit production capacity...

Sudarshan Bhandari

Equity Investment Strategy: Post Lok Sabha Election 2024

On 4th June 2024, three election results were due 1) Loksabha election 2024, 2) State election results of Andra pradesh, and 3) State election...

Axis Direct

Q4FY24 Cement Review – Higher Volume & Easing Cost Pressure Drive EBITDA Growth

The companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of 12%/9%/28%/36% YoY against expectations of 9%/8%/24%/20%.

Axis Direct

HSIE Results Daily: UltraTech Cement, Trent, Supreme Industries

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 10,820 (16.5x Mar-26E consolidated EBITDA)

HDFC Securities

Cement (Q4FY24 Results Preview): Weak pricing dampens industry margin

Demand firmed up but at the expense of pricing: In our view, cement demand again firmed up in Q4FY24 on a strong pick-up in non-trades sales

HDFC Securities

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52-week Range

Market Cap (USDm)

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#19 India Insight: Telcos Bid for 5G Spectrum, UltraTech Acquisition, Bajaj Auto Expands Capacity

​Telcos bid INR 11,000 crore for 5G spectrum, UltraTech Cement reduces stake in RAKWCT, Bajaj Auto reaches over 7 million unit production capacity...

Sudarshan Bhandari

Equity Investment Strategy: Post Lok Sabha Election 2024

On 4th June 2024, three election results were due 1) Loksabha election 2024, 2) State election results of Andra pradesh, and 3) State election...

Axis Direct

Q4FY24 Cement Review – Higher Volume & Easing Cost Pressure Drive EBITDA Growth

The companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of 12%/9%/28%/36% YoY against expectations of 9%/8%/24%/20%.

Axis Direct

HSIE Results Daily: UltraTech Cement, Trent, Supreme Industries

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 10,820 (16.5x Mar-26E consolidated EBITDA)

HDFC Securities

Cement (Q4FY24 Results Preview): Weak pricing dampens industry margin

Demand firmed up but at the expense of pricing: In our view, cement demand again firmed up in Q4FY24 on a strong pick-up in non-trades sales

HDFC Securities

Telcos bid INR 11,000 crore for 5G spectrum, UltraTech Cement reduces stake in RAKWCT, Bajaj Auto reaches over 7 million unit production capacity...