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>Two senior executives at <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> , Reema Jain and Sameer Pande, resigned amid market challenges and leadership changes</li>
<li>
<a href="https://www.smartkarma.com/entities/allianz-se-0516b9dc-34b1-4a5b-adff-c1c95188b4ff" target="_blank" data-smartkarma-citation="entities:28601:1" rel="noopener">Allianz (AZSEY US)</a> plans a new insurance partnership with Jio Financial, following the end of its 24-year tie-up with Bajaj Group.</li>
<li>
<a href="https://www.smartkarma.com/entities/bain-capital-specialty-finan" target="_blank" data-smartkarma-citation="entities:28761:1" rel="noopener">Bain Capital Specialty Finan (BCSF US)</a> set to acquire 22% stake in <a href="https://www.smartkarma.com/entities/manappuram-finance-ltd" target="_blank" data-smartkarma-citation="entities:12559:1" rel="noopener">Manappuram Finance (MGFL IN)</a> , with plans to increase stake to 42%.</li>
</ul>


Two senior executives at Hero Motocorp (HMCL IN) , Reema Jain and Sameer Pande, resigned amid market challenges and leadership changes

Allianz (AZSEY US) plans a new insurance partnership with Jio Financial, following the end of its 24-year tie-up with Bajaj Group.

Bain Capital Specialty Finan (BCSF US) set to acquire 22% stake in Manappuram Finance (MGFL IN) , with plans to increase stake to 42%.


#123 India Insight: Hero MotoCorp Execs Resign, Allianz Partners Jio, Bain to Buy Manappuram Stake

<ul>
<li>Haldiram sells 10% to Temasek at $10B valuation, plans additional 5% pre-IPO stake sale amid mixed investor interest.</li>
<li>SBI will launch a dedicated project finance unit to back AI, fintech, and renewable energy, targeting India’s fast-evolving industries.</li>
<li>India must install 600 GW of non-fossil capacity by 2030 to manage rising power demand and reduce dependence on coal.</li>
</ul>


Haldiram sells 10% to Temasek at $10B valuation, plans additional 5% pre-IPO stake sale amid mixed investor interest.
SBI will launch a dedicated project finance unit to back AI, fintech, and renewable energy, targeting India’s fast-evolving industries.
India must install 600 GW of non-fossil capacity by 2030 to manage rising power demand and reduce dependence on coal.


#120 India Insight:Haldiram Stake Sale, SBI's New Unit, and India's 600 GW Green Energy Goal

Equities. Commodities. Metals & Mining

Rahul Jain

<ul>
<li>Alumina's wild swings have turned favourably for <a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a> . Aluminium constituted about 40% 9MFY25 EBITDA and could see significant near-term margin expansion.</li>
<li>
<a href="https://www.smartkarma.com/entities/alcoa-corp" target="_blank" data-smartkarma-citation="entities:6510:1" rel="noopener">Alcoa (AA US)</a>'s over-reliance on external alumina sales implies it could face significant margin contraction in the near-term.</li>
<li>Valuation: Both VEDL and AA trade at about 10x fwd consensus earnings. VEDL also has &gt;10% dividend yield in recent years making it a far attractive bet. </li>
</ul>


Alumina's wild swings have turned favourably for Vedanta Ltd (VEDL IN) . Aluminium constituted about 40% 9MFY25 EBITDA and could see significant near-term margin expansion.

Alcoa (AA US)'s over-reliance on external alumina sales implies it could face significant margin contraction in the near-term.
Valuation: Both VEDL and AA trade at about 10x fwd consensus earnings. VEDL also has &gt;10% dividend yield in recent years making it a far attractive bet. 


Vedanta (VEDL IN) Set for Major Margin Expansion

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hindustan-zinc-ltd" target="_blank" data-smartkarma-citation="entities:8688:1" rel="noopener">Hindustan Zinc (HZ IN)</a> is set to see significant earnings upgrades driven surge in silver prices (40% EBITDA share), local currency weakness and benign costs.</li>
<li>Planning for major US$2-2.5b growth expenditure to double output over next 3=5 years.</li>
<li>Valuations: Entering a strong earnings upgrades cycle. Stock can re-rate despite trading at slight premium to historic averages. Stake sales by key holders is a risk.</li>
</ul>



Hindustan Zinc (HZ IN) is set to see significant earnings upgrades driven surge in silver prices (40% EBITDA share), local currency weakness and benign costs.
Planning for major US$2-2.5b growth expenditure to double output over next 3=5 years.
Valuations: Entering a strong earnings upgrades cycle. Stock can re-rate despite trading at slight premium to historic averages. Stake sales by key holders is a risk.


Hindustan Zinc (HZ IN) Silver Rally Is a Sweetener

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-baroda" target="_blank" data-smartkarma-citation="entities:545:1" rel="noopener">Bank Of Baroda (BOB IN)</a> is looking to raise about INR 85bn (US$980m) in its upcoming qualified institutional placement (QIP).</li>
<li>In an announcement released on Feb 13, 2025, BOB mentioned its board’s approval to raise upto INR85bn via various modes including a QIP. Since then, the shares have corrected 1.2%.</li>
<li>The deal would be a relatively large one to digest at 39 days of three month ADV. The company’s last fundraise did not do well.</li>
</ul>



Bank Of Baroda (BOB IN) is looking to raise about INR 85bn (US$980m) in its upcoming qualified institutional placement (QIP).
In an announcement released on Feb 13, 2025, BOB mentioned its board’s approval to raise upto INR85bn via various modes including a QIP. Since then, the shares have corrected 1.2%.
The deal would be a relatively large one to digest at 39 days of three month ADV. The company’s last fundraise did not do well.


Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

India

Vedanta Limited mines, produces, and exports base metals. The Company mines and distributes metals such as zinc, iron ore, copper, silver, and aluminium, as well as operates power plants. Vedanta markets its products worldwide.

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Vedanta Ltd (VEDL IN)

#123 India Insight: Hero MotoCorp Execs Resign, Allianz Partners Jio, Bain to Buy Manappuram Stake

Executives resign at Hero Motocorp, Allianz forms new partnership with Jio Financial, Bain Capital to acquire stake in Manappuram Finance.

Sudarshan Bhandari

#120 India Insight:Haldiram Stake Sale, SBI's New Unit, and India's 600 GW Green Energy Goal

Haldiram sells stake to Temasek, SBI to launch project finance unit for AI, fintech, renewable energy, India needs 600 GW non-fossil capacity by...

Sudarshan Bhandari

Vedanta (VEDL IN) Set for Major Margin Expansion

Alumina price swings benefit Vedanta Ltd while Alcoa faces margin contraction. Vedanta offers better valuation and dividend yield.

Rahul Jain

Hindustan Zinc (HZ IN) Silver Rally Is a Sweetener

Hindustan Zinc poised for earnings upgrades with silver price surge, growth plans, and potential stock re-rating despite valuation concerns. Stake...

Rahul Jain

Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Bank of Baroda (BOB IN) is looking to raise upto INR85bn (US$980m) in its upcoming QIP. In Feb 2025's filing, it mentioned its board’s approval to...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

#123 India Insight: Hero MotoCorp Execs Resign, Allianz Partners Jio, Bain to Buy Manappuram Stake

​Executives resign at Hero Motocorp, Allianz forms new partnership with Jio Financial, Bain Capital to acquire stake in Manappuram Finance.

Sudarshan Bhandari

#120 India Insight:Haldiram Stake Sale, SBI's New Unit, and India's 600 GW Green Energy Goal

​Haldiram sells stake to Temasek, SBI to launch project finance unit for AI, fintech, renewable energy, India needs 600 GW non-fossil capacity by...

Sudarshan Bhandari

Vedanta (VEDL IN) Set for Major Margin Expansion

​Alumina price swings benefit Vedanta Ltd while Alcoa faces margin contraction. Vedanta offers better valuation and dividend yield.

Rahul Jain

Hindustan Zinc (HZ IN) Silver Rally Is a Sweetener

​Hindustan Zinc poised for earnings upgrades with silver price surge, growth plans, and potential stock re-rating despite valuation concerns. Stake...

Rahul Jain

Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Bank of Baroda (BOB IN) is looking to raise upto INR85bn (US$980m) in its upcoming QIP. In Feb 2025's filing, it mentioned its board’s approval to...

Akshat Shah

Executives resign at Hero Motocorp, Allianz forms new partnership with Jio Financial, Bain Capital to acquire stake in Manappuram Finance.

Haldiram sells stake to Temasek, SBI to launch project finance unit for AI, fintech, renewable energy, India needs 600 GW non-fossil capacity by...

Alumina price swings benefit Vedanta Ltd while Alcoa faces margin contraction. Vedanta offers better valuation and dividend yield.

Hindustan Zinc poised for earnings upgrades with silver price surge, growth plans, and potential stock re-rating despite valuation concerns. Stake...