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>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.

India Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

India 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

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>Bajaj Auto will take majority control of KTM AG by buying out its Austrian partner in Pierer Bajaj AG and injecting €800 million to close KTM’s court-approved restructuring.</li>
<li>The deal rescues a flagship European brand from insolvency, safeguards KTM’s supply chain, and vaults Bajaj into the global premium-sport segment as an OEM rather than a contract partner.</li>
<li>Bajaj’s pivot from passive investor to turnaround owner adds earnings volatility near-term, but long-term it secures technology, brand equity, and a bigger share of high-margin 400-1,000 cc bikes.</li>
</ul>


Bajaj Auto will take majority control of KTM AG by buying out its Austrian partner in Pierer Bajaj AG and injecting €800 million to close KTM’s court-approved restructuring.
The deal rescues a flagship European brand from insolvency, safeguards KTM’s supply chain, and vaults Bajaj into the global premium-sport segment as an OEM rather than a contract partner.
Bajaj’s pivot from passive investor to turnaround owner adds earnings volatility near-term, but long-term it secures technology, brand equity, and a bigger share of high-margin 400-1,000 cc bikes.


Event Driven: Bajaj Auto Acquired Majority Control of Austrian KTM

<ul><li>On 21st May, 2025, Bajaj Auto Limited’s wholly owned subsidiary, Bajaj Auto International Holdings BV (BAIH), initiated a decisive financial intervention to support the revival of KTM AG, a leading European motorcycle manufacturer facing liquidity distress.</li></ul><ul><li>Extended a secured term loan of €450 Mn (~Rs 4,365 Cr) to KTM AG.</li><li>Subscribed to €150 Mn (~Rs 1,455 Cr) worth of convertible bonds issued by Pierer Bajaj AG (PBAG), KTM’s holding company.</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.

On 21st May, 2025, Bajaj Auto Limited’s wholly owned subsidiary, Bajaj Auto International Holdings BV (BAIH), initiated a decisive financial intervention to support the revival of KTM AG, a leading European motorcycle manufacturer facing liquidity distress.Extended a secured term loan of €450 Mn (~Rs 4,365 Cr) to KTM AG.Subscribed to €150 Mn (~Rs 1,455 Cr) worth of convertible bonds issued by Pierer Bajaj AG (PBAG), KTM’s holding company.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 - Material Transaction – Bajaj Auto’s Strategic Intervention in KTM

<ul>
<li>Ola Electric reported a strong 35.5% QoQ increase in revenue, with a significant 32.7% increase in vehicle deliveries</li>
<li>Overall company showed a rebound and improvement in operational and financial performance, along with strong guidance for FY26.</li>
<li>Though the company continue to face key headwinds in terms of cost pressures, rare-earth related macro headwinds along with increased competition and regulatory challenges.</li>
</ul>


Ola Electric reported a strong 35.5% QoQ increase in revenue, with a significant 32.7% increase in vehicle deliveries
Overall company showed a rebound and improvement in operational and financial performance, along with strong guidance for FY26.
Though the company continue to face key headwinds in terms of cost pressures, rare-earth related macro headwinds along with increased competition and regulatory challenges.


Can Ola Electric Stage a Strong Comeback? Analyzing Its Current Performance & Future Potential

India

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Bajaj Auto Ltd (BJAUT IN)

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

Event Driven: Bajaj Auto Acquired Majority Control of Austrian KTM

Bajaj Auto to take majority control of KTM AG, injecting €800 million to rescue the brand, secure technology, and expand into premium-sport segment.

Nimish Maheshwari

Bajaj Auto Ltd - Material Transaction – Bajaj Auto’s Strategic Intervention in KTM

On 21st May, 2025, Bajaj Auto Limited’s wholly owned subsidiary, Bajaj Auto International Holdings BV (BAIH), initiated a decisive financial...

Axis Direct

Can Ola Electric Stage a Strong Comeback? Analyzing Its Current Performance & Future Potential

Ola Electric sees strong revenue growth and vehicle deliveries, but faces challenges from cost pressures, macro headwinds, competition, and...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Event Driven: Bajaj Auto Acquired Majority Control of Austrian KTM

​Bajaj Auto to take majority control of KTM AG, injecting €800 million to rescue the brand, secure technology, and expand into premium-sport segment.

Nimish Maheshwari

Bajaj Auto Ltd - Material Transaction – Bajaj Auto’s Strategic Intervention in KTM

On 21st May, 2025, Bajaj Auto Limited’s wholly owned subsidiary, Bajaj Auto International Holdings BV (BAIH), initiated a decisive financial...

Axis Direct

Can Ola Electric Stage a Strong Comeback? Analyzing Its Current Performance & Future Potential

​Ola Electric sees strong revenue growth and vehicle deliveries, but faces challenges from cost pressures, macro headwinds, competition, and...

Nimish Maheshwari

Bajaj Auto to take majority control of KTM AG, injecting €800 million to rescue the brand, secure technology, and expand into premium-sport segment.

Ola Electric sees strong revenue growth and vehicle deliveries, but faces challenges from cost pressures, macro headwinds, competition, and...