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

Thematic (Sector/Industry)

<ul>
<li>EV sales rose 9% MoM in May, showing early signs of recovery post-April dip; YoY growth strong at 29%.</li>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> ’s market share slipped to 19%, while <a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)</a> and <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> remained steady; market concentration continues.</li>
<li>Affordability challenges remain, as lower subsidies pressure entry-level demand; OEM pricing and rollout strategies in focus.</li>
</ul>


EV sales rose 9% MoM in May, showing early signs of recovery post-April dip; YoY growth strong at 29%.

Ola Electric (OLAELEC IN) ’s market share slipped to 19%, while TVS Motor (TVSL IN) and Bajaj Auto Ltd (BJAUT IN) remained steady; market concentration continues.
Affordability challenges remain, as lower subsidies pressure entry-level demand; OEM pricing and rollout strategies in focus.


Bajaj, TVS Overtake Ola as EV 2W Market Consolidates

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>India's Electric Two-Wheeler (E2W) market is expected to surge from 5.1% penetration in FY2024 to 35-40% by FY2031, growing at a CAGR of 41-44%.</li>
<li>The E2W sector's growth is driven by government support, rising fuel costs, air pollution concerns, and a young, tech-savvy population, making it a key player in India’s sustainable mobility transition.</li>
<li>E2Ws are set to dominate India’s two-wheeler market, offering consumers cost-effective, eco-friendly alternatives, reshaping mobility and providing new investment opportunities in the automotive and energy sectors.</li>
</ul>


India's Electric Two-Wheeler (E2W) market is expected to surge from 5.1% penetration in FY2024 to 35-40% by FY2031, growing at a CAGR of 41-44%.
The E2W sector's growth is driven by government support, rising fuel costs, air pollution concerns, and a young, tech-savvy population, making it a key player in India’s sustainable mobility transition.
E2Ws are set to dominate India’s two-wheeler market, offering consumers cost-effective, eco-friendly alternatives, reshaping mobility and providing new investment opportunities in the automotive and energy sectors.


Thematic Report: Electric Two-Wheeler Market in India

<ul>
<li>Ashok Hinduja assures support for <a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> after a steep stock fall from derivative losses, citing strong financials.</li>
<li>Adani’s Vizhinjam Port secures green clearance for expansion, positioning India to reclaim transshipment volumes lost to foreign ports.</li>
<li>India’s cotton imports may double as domestic output lags demand, forcing a shift in trade dynamics and impacting global prices.</li>
</ul>


Ashok Hinduja assures support for Indusind Bank (IIB IN) after a steep stock fall from derivative losses, citing strong financials.
Adani’s Vizhinjam Port secures green clearance for expansion, positioning India to reclaim transshipment volumes lost to foreign ports.
India’s cotton imports may double as domestic output lags demand, forcing a shift in trade dynamics and impacting global prices.


#118 India Insight: Promoter Backs IndusInd, Adani’s Vizhinjam Port Gets Nod, Cotton Imports Surge

<ul>
<li>India's E-2W market witnessed a major shakeup in Feb-2025.<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a>'s sales nosedived,causing the company to fall from the No. 1 position in January to No. 4 in February.</li>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> led the market with 21,335 units, followed by <a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)</a> at 18,743 units and <a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy (1207922D IN)</a> at 11,788 units.</li>
<li>Market continues to be highly competitive,with top three players vying for leadership. Increasing consumer adoption,new product launches, and potential IPOs from key companies indicate dynamic year ahead for E-2W industry.</li>
</ul>


India's E-2W market witnessed a major shakeup in Feb-2025.Ola Electric (OLAELEC IN)'s sales nosedived,causing the company to fall from the No. 1 position in January to No. 4 in February.

Bajaj Auto Ltd (BJAUT IN) led the market with 21,335 units, followed by TVS Motor (TVSL IN) at 18,743 units and Ather Energy (1207922D IN) at 11,788 units.
Market continues to be highly competitive,with top three players vying for leadership. Increasing consumer adoption,new product launches, and potential IPOs from key companies indicate dynamic year ahead for E-2W industry.


Cards Flip: Ola’s Market Share Falls; India Electric Two-Wheeler Sales Trend – February 2025

<ul>
<li>India's E-2W witnessed strong performance in January'2025,with registrations reaching 97,680 units. While this marked a recovery from the dip in December'2024,it remained lower than peak months of March and October'2024.</li>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> led the market,closely followed by <a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)&amp;</a><a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a>.<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy (1207922D IN)</a>,<a href="https://www.smartkarma.com/entities/greaves-electric-mobility-ltd-geml" target="_blank" data-smartkarma-citation="entities:44227:1" rel="noopener">Greaves Electric Mobility Ltd (GEML) (1295040D IN) </a>also showed steady growth.</li>
<li>Market continues to be highly competitive,with top three players vying for leadership. Increasing consumer adoption,new product launches, and potential IPOs from key companies indicate dynamic year ahead for E-2W industry.</li>
</ul>


India's E-2W witnessed strong performance in January'2025,with registrations reaching 97,680 units. While this marked a recovery from the dip in December'2024,it remained lower than peak months of March and October'2024.

Ola Electric (OLAELEC IN) led the market,closely followed by TVS Motor (TVSL IN)&amp;Bajaj Auto Ltd (BJAUT IN).Ather Energy (1207922D IN),Greaves Electric Mobility Ltd (GEML) (1295040D IN) also showed steady growth.
Market continues to be highly competitive,with top three players vying for leadership. Increasing consumer adoption,new product launches, and potential IPOs from key companies indicate dynamic year ahead for E-2W industry.


India –Electric Two-Wheeler Sales Trend – January 2025

India

Ather Energy Private Limited manufactures and sells electric scooters. The Company offers scooters and related accessories, and also manages two wheeler fast charging grid network. Ather Energy serves customers in India.

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Ather Energy (1207922D IN)

Bajaj, TVS Overtake Ola as EV 2W Market Consolidates

Indian EV industry is concerned with China’s ban on the export of high-rare-earth (HRE) magnets to Indian auto makers. Many auto OEMs including...

Sreemant Dudhoria

Thematic Report: Electric Two-Wheeler Market in India

India's Electric Two-Wheeler market poised for explosive growth, set to dominate with eco-friendly options and new investment opportunities in...

Sudarshan Bhandari

#118 India Insight: Promoter Backs IndusInd, Adani’s Vizhinjam Port Gets Nod, Cotton Imports Surge

Hinduja offers support to Indusind Bank amid stock fall, Adani's Vizhinjam Port gets green light for expansion, India's cotton imports set to...

Sudarshan Bhandari

India –Electric Two-Wheeler Sales Trend – January 2025

India's E-2W market saw strong performance in Jan'25, led by Ola Electric,TVS Motor & Bajaj Auto. Competition remains fierce with potential IPOs &...

Sreemant Dudhoria

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bajaj, TVS Overtake Ola as EV 2W Market Consolidates

Indian EV industry is concerned with China’s ban on the export of high-rare-earth (HRE) magnets to Indian auto makers. Many auto OEMs including...

Sreemant Dudhoria

Thematic Report: Electric Two-Wheeler Market in India

​India's Electric Two-Wheeler market poised for explosive growth, set to dominate with eco-friendly options and new investment opportunities in...

Sudarshan Bhandari

#118 India Insight: Promoter Backs IndusInd, Adani’s Vizhinjam Port Gets Nod, Cotton Imports Surge

​Hinduja offers support to Indusind Bank amid stock fall, Adani's Vizhinjam Port gets green light for expansion, India's cotton imports set to...

Sudarshan Bhandari

Cards Flip: Ola’s Market Share Falls; India Electric Two-Wheeler Sales Trend – February 2025

​India's E-2W market saw a major shift in Feb-2025 as Ola Electric's sales plummeted. Top players compete for leadership in a dynamic industry with...

Sreemant Dudhoria

India –Electric Two-Wheeler Sales Trend – January 2025

​India's E-2W market saw strong performance in Jan'25, led by Ola Electric,TVS Motor & Bajaj Auto. Competition remains fierce with potential IPOs &...

Sreemant Dudhoria

India's Electric Two-Wheeler market poised for explosive growth, set to dominate with eco-friendly options and new investment opportunities in...

Hinduja offers support to Indusind Bank amid stock fall, Adani's Vizhinjam Port gets green light for expansion, India's cotton imports set to...

India's E-2W market saw a major shift in Feb-2025 as Ola Electric's sales plummeted. Top players compete for leadership in a dynamic industry with...

India's E-2W market saw strong performance in Jan'25, led by Ola Electric,TVS Motor & Bajaj Auto. Competition remains fierce with potential IPOs &...