Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<ul>
<li>With the "Postcard" series, our objective is to bring to our readers on-ground insights based on interactions across key channels located in tier 2 and tier 3 locations.</li>
<li>For this Postcard, we traveled to Mandya, a city in the southern state of Karnataka, also known as the 'Sugar City,' on a rented E6 by <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a>.  </li>
<li>Sectors in focus include Consumer Finance, Mortgage Lenders, and Retailers.</li>
</ul>


With the "Postcard" series, our objective is to bring to our readers on-ground insights based on interactions across key channels located in tier 2 and tier 3 locations.
For this Postcard, we traveled to Mandya, a city in the southern state of Karnataka, also known as the 'Sugar City,' on a rented E6 by BYD (1211 HK).  
Sectors in focus include Consumer Finance, Mortgage Lenders, and Retailers.


Postcard from Mandya | Cruising Around the Sugar City in a BYD

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

<ul>
<li>Following on from our previous note, we now identify inexpensive consistent compounders from the small and mid-cap universe in Asia ($1 - $5 bn in market capitalization).</li>
<li>28 stocks are on our list - 18 from onshore China, 5 from India, 2 each from Japan and Taiwan and 1 from Hong Kong.</li>
<li>Industrials, technology, healthcare and financials dominate the list. The list of large and mid-cap compounders shall largely form the backbone of our top stock choices for 2025.</li>
</ul>


Following on from our previous note, we now identify inexpensive consistent compounders from the small and mid-cap universe in Asia ($1 - $5 bn in market capitalization).
28 stocks are on our list - 18 from onshore China, 5 from India, 2 each from Japan and Taiwan and 1 from Hong Kong.
Industrials, technology, healthcare and financials dominate the list. The list of large and mid-cap compounders shall largely form the backbone of our top stock choices for 2025.


External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 827.6/86.1/52.7bn, a miss of 0.7/2.4/8.6%, marked by disruptions in supply chain in the Middle East and slower execution in water projects in FY26</li><li>P&amp;M margins stood at 7.8% in FY26 (FY25: 7.8%)</li><li>Robust order inflows of INR 4.4trn (+22% YoY) in FY26, driven by upward private capex momentum and in segments such as green energy and Hydrogen</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.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 827.6/86.1/52.7bn, a miss of 0.7/2.4/8.6%, marked by disruptions in supply chain in the Middle East and slower execution in water projects in FY26P&amp;M margins stood at 7.8% in FY26 (FY25: 7.8%)Robust order inflows of INR 4.4trn (+22% YoY) in FY26, driven by upward private capex momentum and in segments such as green energy and HydrogenContent 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: Larsen & Toubro, Mahindra & Mahindra, APL Apollo Tubes

<ul><li>Bajaj FinServ: Bajaj FinServ (BJFIN) delivered a strong performance during H1FY26 across all its key operating businesses</li><li>BAGIC clocked 9% YoY GDPI growth, even as profitability clocked in marginally ahead of estimates on the back of higher realized capital gains and a favourable loss ratio</li><li>BALIC continued to benefit from a strategic shift in product mix, witnessing strong 47% VNB growth and a 560bps improvement in margins, despite 8% decline in APE</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.

Bajaj FinServ: Bajaj FinServ (BJFIN) delivered a strong performance during H1FY26 across all its key operating businessesBAGIC clocked 9% YoY GDPI growth, even as profitability clocked in marginally ahead of estimates on the back of higher realized capital gains and a favourable loss ratioBALIC continued to benefit from a strategic shift in product mix, witnessing strong 47% VNB growth and a 560bps improvement in margins, despite 8% decline in APEContent 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: Bajaj FinServ, ONGC, BSE, Bharat Forge, Ather Energy...

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

<ul>
<li>Demand outside gold remains soft; co‑funding costs show early easing; asset quality stress is shifting, with vehicle finance and micro‑LAP emerging as pain points.</li>
<li>The divergence across NBFC subsegments (gold, affordable housing, vehicle finance, micro-LAP) is widening, making sector-level staging less helpful - selective bets will matter more.</li>
<li>We remain biased toward affordable HFCs, gold financiers (to ride momentum), and select diversified NBFCs. Vigilance is needed to combat NIM pressure and rising unsecured stress.</li>
</ul>


Demand outside gold remains soft; co‑funding costs show early easing; asset quality stress is shifting, with vehicle finance and micro‑LAP emerging as pain points.
The divergence across NBFC subsegments (gold, affordable housing, vehicle finance, micro-LAP) is widening, making sector-level staging less helpful - selective bets will matter more.
We remain biased toward affordable HFCs, gold financiers (to ride momentum), and select diversified NBFCs. Vigilance is needed to combat NIM pressure and rising unsecured stress.


NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

India

Aavas Financiers Ltd. is a retail-focused housing finance company primarily serving the low and middle-income segments, particularly self-employed individuals, in semi-urban and rural areas of India. The company specializes in providing home loans, including for construction, purchase, renovation, and extension, along with MSME loans and loans against property, to customers often excluded from formal credit due to a lack of documented income. Aavas Financiers Ltd. is headquartered in Jaipur, Rajasthan, India, and was founded on February 23, 2011.

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Aavas Financiers (AAVAS IN)

Postcard from Mandya | Cruising Around the Sugar City in a BYD

In one of its first decisions, the newly formed NDA government, convened in its inaugural cabinet meeting on Monday, resolved to extend support to...

Pranav Bhavsar

Asian Equities: The SMID Compounders

We identify 28 inexpensive consistent compounders among the Asian small and mid-cap stocks. Onshore China (18) and India (5) dominate the list, as...

Manishi Raychaudhuri

HSIE Results Daily: Larsen & Toubro, Mahindra & Mahindra, APL Apollo Tubes

Robust order inflows of INR 4.4trn (+22% YoY) in FY26, driven by upward private capex momentum and in segments such as green energy and Hydrogen

HDFC Securities

HSIE Results Daily: Bajaj FinServ, ONGC, BSE, Bharat Forge, Ather Energy...

BAGIC clocked 9% YoY GDPI growth, even as profitability clocked in marginally ahead of estimates on the back of higher realized capital gains and a...

HDFC Securities

NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...

Sudarshan Bhandari

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Postcard from Mandya | Cruising Around the Sugar City in a BYD

In one of its first decisions, the newly formed NDA government, convened in its inaugural cabinet meeting on Monday, resolved to extend support to...

Pranav Bhavsar

Asian Equities: The SMID Compounders

We identify 28 inexpensive consistent compounders among the Asian small and mid-cap stocks. Onshore China (18) and India (5) dominate the list, as...

Manishi Raychaudhuri

HSIE Results Daily: Larsen & Toubro, Mahindra & Mahindra, APL Apollo Tubes

Robust order inflows of INR 4.4trn (+22% YoY) in FY26, driven by upward private capex momentum and in segments such as green energy and Hydrogen

HDFC Securities

HSIE Results Daily: Bajaj FinServ, ONGC, BSE, Bharat Forge, Ather Energy...

BAGIC clocked 9% YoY GDPI growth, even as profitability clocked in marginally ahead of estimates on the back of higher realized capital gains and a...

HDFC Securities

NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

​Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...

Sudarshan Bhandari

Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...