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

Cross Asset Strategy

<ul>
<li>March 2025 was a great month for electric two wheeler sales. However mid month April registration numbers show steep decline in volumes.</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> and <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> witness steep decline in volume versus March 2025.</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> leads the table with the highest registration.</li>
</ul>


March 2025 was a great month for electric two wheeler sales. However mid month April registration numbers show steep decline in volumes.

Bajaj Auto Ltd (BJAUT IN) and TVS Motor (TVSL IN) witness steep decline in volume versus March 2025.

Ola Electric (OLAELEC IN) leads the table with the highest registration.


Mid-Month Electric Two-Wheeler Update: Bajaj Auto and TVS Motor Witness Steep Decline

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

LG Electronics India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> is looking to raise US$1.5bn+ via part-selling its stake in <a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India</a>.</li>
<li>LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our previous note. In this note, we talk about valuations.</li>
</ul>



LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India.
LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.
We have looked at the company’s past performance and undertaken a peer comparison in our previous note. In this note, we talk about valuations.


LG Electronics India Pre-IPO - Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> is looking to raise US$1.5bn+ via part-selling its stake in <a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India</a>.</li>
<li>LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we undertake a peer comparison.</li>
</ul>



LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India.
LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.
We have looked at the company’s past performance in our previous note. In this note, we undertake a peer comparison.


LG Electronics India Pre-IPO - Peer Comparison - Largest but One of the Slowest

Thematic (Sector/Industry)

<ul>
<li>March recorded the highest electric two-wheeler sales since the last festive season. But will this momentum sustain, or is it just a year-end sales push?</li>
<li>EV penetration in two-wheeler sales has reached its highest level in the financial year 2025.</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>,<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> are the top picks in the electric two wheeler category.<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>has been the most inconsistent player despite having major volumes.</li>
</ul>


March recorded the highest electric two-wheeler sales since the last festive season. But will this momentum sustain, or is it just a year-end sales push?
EV penetration in two-wheeler sales has reached its highest level in the financial year 2025.

Bajaj Auto Ltd (BJAUT IN),TVS Motor (TVSL IN) are the top picks in the electric two wheeler category.Ola Electric (OLAELEC IN)has been the most inconsistent player despite having major volumes.


Electrifying 2W Sales in March – Bajaj Auto Takes the Lead

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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/skf-india-ltd" target="_blank" data-smartkarma-citation="entities:4984:1" rel="noopener">SKF India Ltd (SKF IN)</a> has announced the demerger of its industrial business, which will be listed separately for enhanced focus and operational efficiency in both segments.</li>
<li>The company’s automotive business has high volume but low margins, whereas the industrial segment offers higher margins, highlighting a significant contrast in profitability between the two business segments.</li>
<li>The automotive business would attract investors seeking long-term, steady growth, while the industrial segment would appeal to investors focused on higher margins and more lucrative returns.</li>
</ul>



SKF India Ltd (SKF IN) has announced the demerger of its industrial business, which will be listed separately for enhanced focus and operational efficiency in both segments.
The company’s automotive business has high volume but low margins, whereas the industrial segment offers higher margins, highlighting a significant contrast in profitability between the two business segments.
The automotive business would attract investors seeking long-term, steady growth, while the industrial segment would appeal to investors focused on higher margins and more lucrative returns.


Event Driven- SKF India Demerger: The Automotive & Industrial Split

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)

Mid-Month Electric Two-Wheeler Update: Bajaj Auto and TVS Motor Witness Steep Decline

March'25 saw surge in EV 2W sales, but mid-April registrations show a significant decline in volumes, with Bajaj Auto and TVS Motor experiencing...

Sreemant Dudhoria,CFA

LG Electronics India Pre-IPO - Thoughts on Valuation

LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India. In this note, we talk about valuations.

Sumeet Singh

LG Electronics India Pre-IPO - Peer Comparison - Largest but One of the Slowest

LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Elec India. We have looked at its past performance...

Sumeet Singh

Electrifying 2W Sales in March – Bajaj Auto Takes the Lead

March saw a surge in electric two-wheeler sales. Bajaj Auto Ltd and TVS Motor are top picks in the category. Ola Electric, despite high volumes,...

Sreemant Dudhoria,CFA

Event Driven- SKF India Demerger: The Automotive & Industrial Split

SKF India Ltd to demerge industrial business for enhanced focus and operational efficiency, highlighting significant contrast in profitability...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mid-Month Electric Two-Wheeler Update: Bajaj Auto and TVS Motor Witness Steep Decline

​March'25 saw surge in EV 2W sales, but mid-April registrations show a significant decline in volumes, with Bajaj Auto and TVS Motor experiencing...

Sreemant Dudhoria,CFA

LG Electronics India Pre-IPO - Thoughts on Valuation

LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India. In this note, we talk about valuations.

Sumeet Singh

LG Electronics India Pre-IPO - Peer Comparison - Largest but One of the Slowest

LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Elec India. We have looked at its past performance...

Sumeet Singh

Electrifying 2W Sales in March – Bajaj Auto Takes the Lead

​March saw a surge in electric two-wheeler sales. Bajaj Auto Ltd and TVS Motor are top picks in the category. Ola Electric, despite high volumes,...

Sreemant Dudhoria,CFA

Event Driven- SKF India Demerger: The Automotive & Industrial Split

​SKF India Ltd to demerge industrial business for enhanced focus and operational efficiency, highlighting significant contrast in profitability...

Nimish Maheshwari

March'25 saw surge in EV 2W sales, but mid-April registrations show a significant decline in volumes, with Bajaj Auto and TVS Motor experiencing...

March saw a surge in electric two-wheeler sales. Bajaj Auto Ltd and TVS Motor are top picks in the category. Ola Electric, despite high volumes,...

SKF India Ltd to demerge industrial business for enhanced focus and operational efficiency, highlighting significant contrast in profitability...