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

<ul>
<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

<ul>
<li>Ashok Leyland delivered its highest-ever FY26 revenue, EBITDA and PAT, with CV volumes crossing the earlier FY19 peak.</li>
<li>The commercial vehicle cycle has moved from weak replacement demand to broad-based recovery, supported by GST-led price relief and freight activity.</li>
<li>The story is no longer only cyclical M&amp;HCV recovery; LCV, exports, defence, aftermarket and EVs now add optionality.</li>
</ul>


Ashok Leyland delivered its highest-ever FY26 revenue, EBITDA and PAT, with CV volumes crossing the earlier FY19 peak.
The commercial vehicle cycle has moved from weak replacement demand to broad-based recovery, supported by GST-led price relief and freight activity.
The story is no longer only cyclical M&amp;HCV recovery; LCV, exports, defence, aftermarket and EVs now add optionality.


Ashok Leyland: The Leading Player in India’s Commercial Vehicle Segment

<ul>
<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

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

Ashok Leyland is an Indian multinational automotive manufacturer and a flagship company of the Hinduja Group. It is the second-largest manufacturer of commercial vehicles in India and the fourth-largest manufacturer of buses globally, offering a comprehensive range of trucks, buses, light commercial vehicles, power solution systems, and defense vehicles. The company was founded in 1948 and is headquartered in Chennai, Tamil Nadu, India.

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Ashok Leyland (AL IN)