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

Raymond Ltd. manufactures fabrics, rugs, blankets, shawls, furnishing fabrics and garments.  The Company also manufactures files and rasps, file making machinery, H.S.S. twist drills, alloy steel forgings, bars and rods, steel strips and Portland cement.  The Company sells its woolen fabrics, woven materials and readymade garments through their retail outlets across India.

<ul>
<li>The latest results reveal strong double-digit growth in the newly separated Engineering business, confirming the strategic shift toward high-precision manufacturing in Aerospace &amp; Defence and Auto Components.</li>
<li>Successful completion and initial performance validation of the demerger process transforms Raymond into two pure-play, specialized manufacturing entities poised to capitalize on global "China + 1" and Indian aerospace tailwinds.</li>
<li>The structural re-rating thesis remains firmly intact, driven by accelerating margins in the Aerospace vertical and long-term contract visibility.</li>
</ul>


The latest results reveal strong double-digit growth in the newly separated Engineering business, confirming the strategic shift toward high-precision manufacturing in Aerospace &amp; Defence and Auto Components.
Successful completion and initial performance validation of the demerger process transforms Raymond into two pure-play, specialized manufacturing entities poised to capitalize on global "China + 1" and Indian aerospace tailwinds.
The structural re-rating thesis remains firmly intact, driven by accelerating margins in the Aerospace vertical and long-term contract visibility.


The Beat Ideas: Raymond’s Engineering Rebirth- The Aerospace & Defence Leap?

GMR Airports Limited operates as a airport platform company. The Company engages in development, operation, and maintenance of airports, as well as provides aviation and integrated security solutions in retail, aero services, and real estates. GMR Airports serves customers worldwide.

<ul>
<li>November 2025 traffic hit a record ~11.1 million passengers, up ~7.4% YoY (ex-Cebu). Delhi led with 7.3 million passengers and its highest-ever monthly passenger and aircraft movement volumes.</li>
<li>Traffic has normalized post infrastructure disruptions. Broad-based growth across Delhi and Hyderabad, alongside ~2.7% YoY YTD international growth, improves visibility on aero and non-aero revenue expansion into FY26–27.</li>
<li>Focus shifts from recovery to sustainable compounding, led by Delhi and Hyderabad, where domestic scale and rising international connectivity act as structural growth multipliers.</li>
</ul>


November 2025 traffic hit a record ~11.1 million passengers, up ~7.4% YoY (ex-Cebu). Delhi led with 7.3 million passengers and its highest-ever monthly passenger and aircraft movement volumes.
Traffic has normalized post infrastructure disruptions. Broad-based growth across Delhi and Hyderabad, alongside ~2.7% YoY YTD international growth, improves visibility on aero and non-aero revenue expansion into FY26–27.
Focus shifts from recovery to sustainable compounding, led by Delhi and Hyderabad, where domestic scale and rising international connectivity act as structural growth multipliers.


The Beat Ideas on GMR Airports: Soaring to New Heights with Record Traffic and Strong Growth

HBL Power Systems Ltd. manufactures power systems consisting of batteries and related power electronic products.  The Company makes nickel cadmium pocket plate batteries and thyristor control power convertors.  HBL's products are used in defense, railways, petrochemical, steel, power generation and telecommunication industries.

<ul>
<li>HBL Power Systems (renamed HBL Engineering) has secured the first RDSO approval for Kavach 4.0, propelling its order book to over INR 4,000 crore as of December 2025. </li>
<li>HBL is entering its most intensive execution phase to date, with a revenue guidance of INR 3,000 crore for FY26 (a ~55% jump YoY).</li>
<li>The Railway Board has cancelled approximately 7,000 undelivered units industry-wide, effectively weeding out underperforming vendors and preparing for a massive 18,429-unit re-tender cycle.</li>
</ul>


HBL Power Systems (renamed HBL Engineering) has secured the first RDSO approval for Kavach 4.0, propelling its order book to over INR 4,000 crore as of December 2025. 
HBL is entering its most intensive execution phase to date, with a revenue guidance of INR 3,000 crore for FY26 (a ~55% jump YoY).
The Railway Board has cancelled approximately 7,000 undelivered units industry-wide, effectively weeding out underperforming vendors and preparing for a massive 18,429-unit re-tender cycle.


The Beat Idea: HBL Engineering- The "Moat" Of Kavach 4.0 and Defense Revolution

Sequent Scientific Ltd. manufactures active pharmaceutical ingredients, animal health products and specialty chemicals; and offers analytical services and custom research and manufacturing services.

<ul>
<li>The NCLT has approved the Sequent-Viyash merger. The 56:100 swap ratio consolidates two Carlyle-backed entities into an INR 8,000 Cr+ Life Sciences platform.</li>
<li>The injection of Viyash’s 9 USFDA facilities and 28% EBITDA margin profile structurally repairs Sequent’s historical profitability issues, creating a diversified CDMO + Animal Health entity.</li>
<li>With pro-forma EBITDA running at INR 760 Cr (Annualized) and a management upgrade via Dr. Hari Babu (Ex-Mylan COO), the stock is primed for a re-rating if execution holds.</li>
</ul>


The NCLT has approved the Sequent-Viyash merger. The 56:100 swap ratio consolidates two Carlyle-backed entities into an INR 8,000 Cr+ Life Sciences platform.
The injection of Viyash’s 9 USFDA facilities and 28% EBITDA margin profile structurally repairs Sequent’s historical profitability issues, creating a diversified CDMO + Animal Health entity.
With pro-forma EBITDA running at INR 760 Cr (Annualized) and a management upgrade via Dr. Hari Babu (Ex-Mylan COO), the stock is primed for a re-rating if execution holds.


The Beat Ideas: Sequent Scientific Merger - CDMO Optionality with Margin Upside

Thematic (Sector/Industry)

<ul>
<li>
 India's consumption is the core economic engine, driven by a surge in Per Capita Income and a structural shift toward premium spending.</li>
<li>
 Strong demographic tailwinds and policy catalysts are accelerating penetration across key, high-value consumer sectors like auto and e-commerce</li>
<li>The Nifty India Consumption TRI consistently delivers superior alpha and is projected to maintain a higher Return on Equity than the broader market.</li>
</ul>



 India's consumption is the core economic engine, driven by a surge in Per Capita Income and a structural shift toward premium spending.

 Strong demographic tailwinds and policy catalysts are accelerating penetration across key, high-value consumer sectors like auto and e-commerce
The Nifty India Consumption TRI consistently delivers superior alpha and is projected to maintain a higher Return on Equity than the broader market.


Chartered Insights: Indian Consumption~ A Decadal Story

India-focused Independent Equity Research Analyst

Experienced (7 years +) in Sector-Specific Deep Dives and Comprehensive Company Research.

With a sharp focus on the Indian market, I specialize in providing in-depth analysis and insights to investors. Whether it's dissecting various sectors to identify emerging trends or conducting thorough fundamental research on individual companies, I'm dedicated to uncovering valuable opportunities and delivering actionable intelligence.

Passionate about navigating the nuances of the Indian equity landscape, I thrive on deciphering complex market dynamics and distilling them into clear, concise insights. 

While covering a sector or company-specific research, I cover the following :
1. Brief about company/sector
2.  Overall Industry landscape - History, Present and Future trends
3. Thesis and Anti-Thesis
4. Valuations
5. Financial & Forensic Analysis
6. Management Review
7. Key Monitorable Events
8. Guidance and Future Way Ahead