Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a> enters 2026 with strong momentum. This insight discusses the various factors that benefit the company and what will drive the margins ahead.</li>
<li>Also discussed in this note are details about company's R&amp;D initiatives to reduce cyclicality and strengthen earnings quality. </li>
<li>Finally, we discuss about valuation and the potential upside from its core business and soon to be listed - Hinduja Leyland Finance.</li>
</ul>



Ashok Leyland (AL IN) enters 2026 with strong momentum. This insight discusses the various factors that benefit the company and what will drive the margins ahead.
Also discussed in this note are details about company's R&amp;D initiatives to reduce cyclicality and strengthen earnings quality. 
Finally, we discuss about valuation and the potential upside from its core business and soon to be listed - Hinduja Leyland Finance.


2026 High Conviction: Ashok Leyland- Ready with Right Masala: Upcycle, Margin Uptick, R&D &Strong MD

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<li>
<a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a> posted 38% YoY PAT growth in Q4, driven by cost efficiency, premium product mix, and strong EBITDA margin improvement.</li>
<li>HLF IPO and Switch India's PAT target for FY26 positions for significant value unlocking and improved subsidiary contribution.</li>
<li>CV demand, export momentum, and alt-fuel investments support a strong FY26 outlook, with valuations supported by improving profitability and resilient balance sheet. 4o</li>
</ul>



Ashok Leyland (AL IN) posted 38% YoY PAT growth in Q4, driven by cost efficiency, premium product mix, and strong EBITDA margin improvement.
HLF IPO and Switch India's PAT target for FY26 positions for significant value unlocking and improved subsidiary contribution.
CV demand, export momentum, and alt-fuel investments support a strong FY26 outlook, with valuations supported by improving profitability and resilient balance sheet. 4o


Ashok Leyland(AL IN)-Robust Growth ; Value Unlocking from Subsidiary Ahead

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>The global auto industry faces significant tariff exposure. Option implied volatility offers a forward-looking assessment of risk.</li>
<li>Chinese car makers started to increase in implied volatility more than the other markets at the beginning of February. They now show the highest risk.</li>
<li>Recent implied volatility trends, asymmetric pricing (skew), and the term structure all seem to indicate that the Indian auto sector is the least exposed to international trade relations.</li>
</ul>


The global auto industry faces significant tariff exposure. Option implied volatility offers a forward-looking assessment of risk.
Chinese car makers started to increase in implied volatility more than the other markets at the beginning of February. They now show the highest risk.
Recent implied volatility trends, asymmetric pricing (skew), and the term structure all seem to indicate that the Indian auto sector is the least exposed to international trade relations.


EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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>India registered 4,441 e-buses in CY2025. The December 2025 PM E-Drive mega-tender for 10,900 buses triggered the sector's sharpest competitive reshuffling yet. </li>
<li>PMI Electro and Eka Mobility cornered 80% of the order; Tata Motors (CV), JBM Auto, and VE Commercial Vehicles received zero allocations.</li>
<li>GCC Model forces manufacturers to act simultaneously as financiers, operators, and maintainers over 12-year contracts. </li>
</ul>


India registered 4,441 e-buses in CY2025. The December 2025 PM E-Drive mega-tender for 10,900 buses triggered the sector's sharpest competitive reshuffling yet. 
PMI Electro and Eka Mobility cornered 80% of the order; Tata Motors (CV), JBM Auto, and VE Commercial Vehicles received zero allocations.
GCC Model forces manufacturers to act simultaneously as financiers, operators, and maintainers over 12-year contracts. 


Indian E-Bus Market: Players, Competition, Orders & Business Model

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Delhi has drafted EV Policy 2026–2030, replacing the 2020 framework, pivoting to scrappage-linked incentives, capping subsidies to mass-market vehicles below Rs 25 lakh, and targeting 36,000 charging points by 2030.</li>
<li>With 90 lakh registered vehicles and India's most polluted urban air, Delhi's demand signal carries outsized influence on OEM product roadmaps, capex cycles, and localization timelines through 2030.</li>
<li>Legacy OEMs with established service networks (TVS, Bajaj, Hero, Tata Motors, Ashok Leyland) stand to capture disproportionate benefits; pure-play EV startups without scale face a harder road ahead.</li>
</ul>


Delhi has drafted EV Policy 2026–2030, replacing the 2020 framework, pivoting to scrappage-linked incentives, capping subsidies to mass-market vehicles below Rs 25 lakh, and targeting 36,000 charging points by 2030.
With 90 lakh registered vehicles and India's most polluted urban air, Delhi's demand signal carries outsized influence on OEM product roadmaps, capex cycles, and localization timelines through 2030.
Legacy OEMs with established service networks (TVS, Bajaj, Hero, Tata Motors, Ashok Leyland) stand to capture disproportionate benefits; pure-play EV startups without scale face a harder road ahead.


Delhi's EV Draft Policy: Who Wins the Policy Windfall of 2026–2030?

India

Ashok Leyland Limited manufactures medium and heavy duty commercial vehicles, including buses, tractors, dumpsters, haulage trucks, fire engines, and defense sector vehicles. The Company also manufactures industrial & marine engines, ferrous castings and spare parts for automobiles. Ashok Leyland sells its products in India and abroad.

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Ashok Leyland (AL IN)

2026 High Conviction: Ashok Leyland- Ready with Right Masala: Upcycle, Margin Uptick, R&D &Strong MD

Ashok Leyland's retail sales data from Vahan database, shows robust growth likely to be reported in the month of February'26. Till 25th February,...

Sreemant Dudhoria