External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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.

Equity Bottom-Up

<ul><li>International Market: Bajaj Auto delivered a strong performance in international markets in Q2, with export volumes up 24% YoY to over 550,000 units, marking the highest-ever quarterly export revenue.</li><li>The company outpaced industry growth in its top 30 emerging markets, which collectively grew ~14% with Bajaj growing at 1.5x, indicating market share gains.</li><li>LATAM posted its best-ever quarter, led by Colombia and Mexico, while the Brazil subsidiary crossed 8,000 units in Q2 and is now profitable, supported by localised manufacturing. </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.

International Market: Bajaj Auto delivered a strong performance in international markets in Q2, with export volumes up 24% YoY to over 550,000 units, marking the highest-ever quarterly export revenue.The company outpaced industry growth in its top 30 emerging markets, which collectively grew ~14% with Bajaj growing at 1.5x, indicating market share gains.LATAM posted its best-ever quarter, led by Colombia and Mexico, while the Brazil subsidiary crossed 8,000 units in Q2 and is now profitable, supported by localised manufacturing. 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 Auto Ltd - Exports Upswing, 3W Leadership, & Captive Finance Flywheel in Motion

<ul><li>International Market: Q1FY26 exports touched an all-time high (~$500 Mn) in revenue terms despite volume still being ~20-25% below FY22 levels, highlighting pricing power and premium mix benefits.</li><li>As per management, LATAM and Southeast Asia (apart from Nigeria, Africa) are in an upward cycle, and Brazil—a structurally tough market—is now showing clear traction (7,000 units).</li><li>Dominar, Pulsar 400Z, and KTM export momentum is expected to sustain. Capacity expansion in Brazil is expected to unlock the next leg of volume growth (50,000 units per annum). </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.

International Market: Q1FY26 exports touched an all-time high (~$500 Mn) in revenue terms despite volume still being ~20-25% below FY22 levels, highlighting pricing power and premium mix benefits.As per management, LATAM and Southeast Asia (apart from Nigeria, Africa) are in an upward cycle, and Brazil—a structurally tough market—is now showing clear traction (7,000 units).Dominar, Pulsar 400Z, and KTM export momentum is expected to sustain. Capacity expansion in Brazil is expected to unlock the next leg of volume growth (50,000 units per annum). 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 Auto Ltd - Riding Multiple Growth Engines with Long-Term Strategic Clarity

<ul><li>The e3W industry grew ~60% YoY in FY25, and Bajaj’s market share increased from 17% to 33%.</li><li>Following the introduction of the GoGo brand, the e3W business now contributes 20% of commercial vehicle revenue.</li><li>In e2Ws, Chetak witnessed market share rising from 13% to 25% YoY, driven by the successful launch of the 35 Series in Dec’24.</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.

The e3W industry grew ~60% YoY in FY25, and Bajaj’s market share increased from 17% to 33%.Following the introduction of the GoGo brand, the e3W business now contributes 20% of commercial vehicle revenue.In e2Ws, Chetak witnessed market share rising from 13% to 25% YoY, driven by the successful launch of the 35 Series in Dec’24.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.

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

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

Event-Driven

<ul>
<li>We cover the multiple factors which led to the operational and financial mess at Pierer Mobility AG, the holding company of KTM.</li>
<li>This insight highlights the past not so great track record of Indian companies acquiring European businesses due to cultural, operational integration and higher restructuring costs.</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> remains strong domestically, but KTM's losses, debt, and integration hurdles risk compressing margins and return ratios at the consolidated level. We recommend Shorting Bajaj Auto.</li>
</ul>


We cover the multiple factors which led to the operational and financial mess at Pierer Mobility AG, the holding company of KTM.
This insight highlights the past not so great track record of Indian companies acquiring European businesses due to cultural, operational integration and higher restructuring costs.

Bajaj Auto Ltd (BJAUT IN) remains strong domestically, but KTM's losses, debt, and integration hurdles risk compressing margins and return ratios at the consolidated level. We recommend Shorting Bajaj Auto.


KTM Saga, Short Bajaj Auto – There's a Lot to Chew On

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

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

Forensic Accounting

<ul>
<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> since its IPO has been under scanner. The management presented a very optimistic narrative in Q1FY26, hoping to turn tides, increase volumes, along with better profitability.</li>
<li>As things stand, volumes continue to hit new lows, market share continues to tumble and the new narrative of Auto EBITDA positive could possibly be an eye wash.</li>
<li>The company’s strategic mismanagement is unmasked and and with internal controls disappearing . Ultimately, the promoter sell off could be a final nail in the coffin.</li>
</ul>



Ola Electric (OLAELEC IN) since its IPO has been under scanner. The management presented a very optimistic narrative in Q1FY26, hoping to turn tides, increase volumes, along with better profitability.
As things stand, volumes continue to hit new lows, market share continues to tumble and the new narrative of Auto EBITDA positive could possibly be an eye wash.
The company’s strategic mismanagement is unmasked and and with internal controls disappearing . Ultimately, the promoter sell off could be a final nail in the coffin.


2026 High Conviction Idea- Ola Electric: Mismanagement Masterclass

India

Bajaj Auto Limited manufactures and distributes motorized two-wheeled and three-wheeled scooters, motorcycles and mopeds.

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Bajaj Auto Ltd (BJAUT IN)

Bajaj Auto Ltd - Exports Upswing, 3W Leadership, & Captive Finance Flywheel in Motion

Bajaj Auto delivered a strong performance in international markets in Q2, with export volumes up 24% YoY to over 550,000 units, marking the highest...

Axis Direct

Bajaj Auto Ltd - Riding Multiple Growth Engines with Long-Term Strategic Clarity

Q1FY26 exports touched an all-time high (~$500 Mn) in revenue terms despite volume still being ~20-25% below FY22 levels, highlighting pricing...

Axis Direct

Axis Punch: Bajaj Auto - 24th June, 2025

The e2W network stands at 310 Chetak Experience Centres and over 3,000 sales points. Further product line expansion is planned for FY26 to capture...

Axis Direct

KTM Saga, Short Bajaj Auto – There's a Lot to Chew On

Bajaj Auto International Holdings B.V. (BAIH), a wholly owned subsidiary of Bajaj Auto, has exercised its call option to acquire 26,000 shares of...

Sreemant Dudhoria,CFA

2026 High Conviction Idea- Ola Electric: Mismanagement Masterclass

Ola's struggles continue as management's optimistic narrative is detached from reality, with market share tumbling and strategic mismanagement...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bajaj Auto Ltd - Exports Upswing, 3W Leadership, & Captive Finance Flywheel in Motion

Bajaj Auto delivered a strong performance in international markets in Q2, with export volumes up 24% YoY to over 550,000 units, marking the highest...

Axis Direct

Bajaj Auto Ltd - Riding Multiple Growth Engines with Long-Term Strategic Clarity

Q1FY26 exports touched an all-time high (~$500 Mn) in revenue terms despite volume still being ~20-25% below FY22 levels, highlighting pricing...

Axis Direct

Axis Punch: Bajaj Auto - 24th June, 2025

The e2W network stands at 310 Chetak Experience Centres and over 3,000 sales points. Further product line expansion is planned for FY26 to capture...

Axis Direct

KTM Saga, Short Bajaj Auto – There's a Lot to Chew On

Bajaj Auto International Holdings B.V. (BAIH), a wholly owned subsidiary of Bajaj Auto, has exercised its call option to acquire 26,000 shares of...

Sreemant Dudhoria,CFA

2026 High Conviction Idea- Ola Electric: Mismanagement Masterclass

​Ola's struggles continue as management's optimistic narrative is detached from reality, with market share tumbling and strategic mismanagement...

Nitin Mangal

Ola's struggles continue as management's optimistic narrative is detached from reality, with market share tumbling and strategic mismanagement...