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.

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Thematic (Sector/Industry)

<ul>
<li>In FY25, India Inc. showed strong resilience despite global challenges, with a sharp earnings rebound in Q4 offsetting earlier softness. </li>
<li>A standout trend was the clear earnings outperformance of mid- and small-cap (SMID) companies, which led in 15 out of 19 sectors. </li>
<li>Sectors like consumer durables, capital goods, and chemicals led SMID gains, and their momentum is expected to sustain in FY26 amid steady capex and demand.</li>
</ul>


In FY25, India Inc. showed strong resilience despite global challenges, with a sharp earnings rebound in Q4 offsetting earlier softness. 
A standout trend was the clear earnings outperformance of mid- and small-cap (SMID) companies, which led in 15 out of 19 sectors. 
Sectors like consumer durables, capital goods, and chemicals led SMID gains, and their momentum is expected to sustain in FY26 amid steady capex and demand.


Thematic Report : FY25 Earnings Report: Sector Leaders and What’s Shaping FY26

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.

<ul><li>Jun’25 Wholesale Volumes: The overall domestic 2W industry witnessed 2% marginal uptick (and 10% YoY without HMSI) in volumes, led by outperformance in exports (up 35% YoY) while the domestic industry witnessed 3% YoY decline.</li><li>Domestic PV industry sales volume was down 7-8% YoY, due to declines in Hyundai /TaMo /Maruti being partly offset by strong volumes by M&amp;M and JSW MG, followed by Toyota.</li><li>The domestic CV industry (proxy) saw a degrowth of 4% YoY, while the domestic tractor industry (proxy) registered 15% YoY volume growth in Jun’25.</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.

Jun’25 Wholesale Volumes: The overall domestic 2W industry witnessed 2% marginal uptick (and 10% YoY without HMSI) in volumes, led by outperformance in exports (up 35% YoY) while the domestic industry witnessed 3% YoY decline.Domestic PV industry sales volume was down 7-8% YoY, due to declines in Hyundai /TaMo /Maruti being partly offset by strong volumes by M&amp;M and JSW MG, followed by Toyota.The domestic CV industry (proxy) saw a degrowth of 4% YoY, while the domestic tractor industry (proxy) registered 15% YoY volume growth in Jun’25.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

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

<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

<ul><li>May’25 Wholesale Volumes: The overall domestic 2W industry witnessed a 3% marginal uptick (and 7% YoY without HMSI) in volumes led by outperformance in TVS, RE, Suzuki Motorcycles (Bajaj/ Hero grew by 2% each).</li><li>Domestic PV industry sales volumes were flat YoY. While Toyota, M&amp;M, JSW, MG, and Kia reported strong volumes, this was offset by volume declines in Hyundai, TaMo, and Maruti.</li><li>The domestic CV industry saw a degrowth of 1% YoY, while the domestic tractor industry registered 8% YoY volume growth.</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.

May’25 Wholesale Volumes: The overall domestic 2W industry witnessed a 3% marginal uptick (and 7% YoY without HMSI) in volumes led by outperformance in TVS, RE, Suzuki Motorcycles (Bajaj/ Hero grew by 2% each).Domestic PV industry sales volumes were flat YoY. While Toyota, M&amp;M, JSW, MG, and Kia reported strong volumes, this was offset by volume declines in Hyundai, TaMo, and Maruti.The domestic CV industry saw a degrowth of 1% YoY, while the domestic tractor industry registered 8% YoY volume growth.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.

<ul>
<li>India's exports are set to surpass $1 trillion by FY26, driven by trade diversification, FTAs, and robust sector growth.</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> warns of rare earth magnet shortage impacting India's EV production by July, urging quick approval for imports.</li>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services Ltd (0117739D IN)</a> is close to SEBI approval for a $1.5 bn IPO, set to become India's largest shadow bank listing.</li>
</ul>


India's exports are set to surpass $1 trillion by FY26, driven by trade diversification, FTAs, and robust sector growth.

Bajaj Auto Ltd (BJAUT IN) warns of rare earth magnet shortage impacting India's EV production by July, urging quick approval for imports.

HDB Financial Services Ltd (0117739D IN) is close to SEBI approval for a $1.5 bn IPO, set to become India's largest shadow bank listing.


#156 India Insight: India's Exports to Hit $1T in FY26, EV Production Setback, HDB Financial's IPO

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)

Thematic Report : FY25 Earnings Report: Sector Leaders and What’s Shaping FY26

India Inc. displayed strong resilience in FY25, with mid- and small-cap companies leading in earnings outperformance across various sectors,...

Sudarshan Bhandari

Auto Monthly Sales Volume - June 2025

Domestic PV industry sales volume was down 7-8% YoY, due to declines in Hyundai /TaMo /Maruti being partly offset by strong volumes by M&M and JSW...

Axis Direct

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

Auto Monthly Sales Volume - May 2025

The overall domestic 2W industry witnessed a 3% marginal uptick (and 7% YoY without HMSI) in volumes led by outperformance in TVS, RE, Suzuki...

Axis Direct

#156 India Insight: India's Exports to Hit $1T in FY26, EV Production Setback, HDB Financial's IPO

India's export growth to exceed $1 trillion by FY26, Bajaj Auto warns of rare earth magnet shortage for EVs, HDB Financial Services nears SEBI...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thematic Report : FY25 Earnings Report: Sector Leaders and What’s Shaping FY26

​India Inc. displayed strong resilience in FY25, with mid- and small-cap companies leading in earnings outperformance across various sectors,...

Sudarshan Bhandari

Auto Monthly Sales Volume - June 2025

Domestic PV industry sales volume was down 7-8% YoY, due to declines in Hyundai /TaMo /Maruti being partly offset by strong volumes by M&M and JSW...

Axis Direct

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

Auto Monthly Sales Volume - May 2025

The overall domestic 2W industry witnessed a 3% marginal uptick (and 7% YoY without HMSI) in volumes led by outperformance in TVS, RE, Suzuki...

Axis Direct

#156 India Insight: India's Exports to Hit $1T in FY26, EV Production Setback, HDB Financial's IPO

​India's export growth to exceed $1 trillion by FY26, Bajaj Auto warns of rare earth magnet shortage for EVs, HDB Financial Services nears SEBI...

Sudarshan Bhandari

India Inc. displayed strong resilience in FY25, with mid- and small-cap companies leading in earnings outperformance across various sectors,...

India's export growth to exceed $1 trillion by FY26, Bajaj Auto warns of rare earth magnet shortage for EVs, HDB Financial Services nears SEBI...