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

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

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>The global auto industry faces significant tariff exposure. Option implied volatility offers a forward-looking assessment of risk.</li>
<li>Chinese car makers started to increase in implied volatility more than the other markets at the beginning of February. They now show the highest risk.</li>
<li>Recent implied volatility trends, asymmetric pricing (skew), and the term structure all seem to indicate that the Indian auto sector is the least exposed to international trade relations.</li>
</ul>


The global auto industry faces significant tariff exposure. Option implied volatility offers a forward-looking assessment of risk.
Chinese car makers started to increase in implied volatility more than the other markets at the beginning of February. They now show the highest risk.
Recent implied volatility trends, asymmetric pricing (skew), and the term structure all seem to indicate that the Indian auto sector is the least exposed to international trade relations.


EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

Emmvee Photovoltaic Power Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emmvee-photovoltaic-power-limited" target="_blank" data-smartkarma-citation="entities:45501:1" rel="noopener">Emmvee Photovoltaic Power Limited (0198068D IN)</a> (EPPL) is looking to raise about US$327m in its India IPO.</li>
<li>EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.</li>
<li>In this note, we have a look at the company’s past performance, as well as talk about the peer comp and implied valuations in the price range.</li>
</ul>



Emmvee Photovoltaic Power Limited (0198068D IN) (EPPL) is looking to raise about US$327m in its India IPO.
EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.
In this note, we have a look at the company’s past performance, as well as talk about the peer comp and implied valuations in the price range.


Emmvee Photovoltaic Power IPO - Integrated Scale, Bright Prospects

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Thematic (Sector/Industry)

<ul>
<li>India is intensifying its electric mobility push to achieve 30% EV sales by 2030, focusing on mandates, financing, and targeted city-level saturation to accelerate adoption.</li>
<li>The EV transition will reduce oil imports, cut emissions, enhance renewable energy integration, and position India as a global clean mobility leader amid slow early progress.</li>
<li>A decisive shift from incentives to mandates, coupled with focused financing, R&amp;D, and urban pilot programs, can fast-track India’s electric mobility transformation over the next five years.</li>
</ul>


India is intensifying its electric mobility push to achieve 30% EV sales by 2030, focusing on mandates, financing, and targeted city-level saturation to accelerate adoption.
The EV transition will reduce oil imports, cut emissions, enhance renewable energy integration, and position India as a global clean mobility leader amid slow early progress.
A decisive shift from incentives to mandates, coupled with focused financing, R&amp;D, and urban pilot programs, can fast-track India’s electric mobility transformation over the next five years.


Thematic Report: India’s EV Curve Is Accelerating into Untapped Segments

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)

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

EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...

Gaudenz Schneider

Emmvee Photovoltaic Power IPO - Integrated Scale, Bright Prospects

Emmvee Photovoltaic Power Ltd is looking to raise about US$327m in its India IPO. In this note, we have a look at its past performance, and talk...

Akshat Shah

Thematic Report: India’s EV Curve Is Accelerating into Untapped Segments

India aims for 30% EV sales by 2030 to reduce oil imports, cut emissions, and position as a global clean mobility leader through mandates,...

Sudarshan Bhandari

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

​Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...

Gaudenz Schneider

Emmvee Photovoltaic Power IPO - Integrated Scale, Bright Prospects

Emmvee Photovoltaic Power Ltd is looking to raise about US$327m in its India IPO. In this note, we have a look at its past performance, and talk...

Akshat Shah

Thematic Report: India’s EV Curve Is Accelerating into Untapped Segments

​India aims for 30% EV sales by 2030 to reduce oil imports, cut emissions, and position as a global clean mobility leader through mandates,...

Sudarshan Bhandari

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

Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...

India aims for 30% EV sales by 2030 to reduce oil imports, cut emissions, and position as a global clean mobility leader through mandates,...