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

Equity Bottom-Up

Tata Investment Corporation / Equity Bottom-Up

Tata Investment Corporation (TATAINVE IN)

<ul>
<li>This insight details about the monthly changes in the holding company discount in India.</li>
<li>We track the reasons for change in the holdco discount if any and where the most action is happening.</li>
<li>While this note captures 4 holding companies, we intend to add <a href="https://www.smartkarma.com/entities/bombay-burmah-trading-corp-ltd" target="_blank" data-smartkarma-citation="entities:20010:1" rel="noopener">Bombay Burmah Trading Corporation (BBTC IN)</a> to our coverage in coming days.</li>
</ul>


This insight details about the monthly changes in the holding company discount in India.
We track the reasons for change in the holdco discount if any and where the most action is happening.
While this note captures 4 holding companies, we intend to add Bombay Burmah Trading Corporation (BBTC IN) to our coverage in coming days.


HoldCo Monthly (September 2026): Where’s the Discount?

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.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>India’s Defense Acquisition Council approved INR 2.38 lakh crore proposals on March 27, 2026, taking total FY26 approvals to ~INR 9.3 lakh crore across Army, Air Force, and Coast Guard.</li>
<li>The pace and scale of approvals reinforce a multi-year procurement cycle, with indigenization becoming structural, expanding opportunities for domestic defence PSUs and private sector players.</li>
<li>
Stronger order visibility led by BEL, improving execution clarity for HAL, BDL’s indigenization progress, and Astra Microwave’s restructuring position the sector for sustained growth momentum.</li>
</ul>


India’s Defense Acquisition Council approved INR 2.38 lakh crore proposals on March 27, 2026, taking total FY26 approvals to ~INR 9.3 lakh crore across Army, Air Force, and Coast Guard.
The pace and scale of approvals reinforce a multi-year procurement cycle, with indigenization becoming structural, expanding opportunities for domestic defence PSUs and private sector players.

Stronger order visibility led by BEL, improving execution clarity for HAL, BDL’s indigenization progress, and Astra Microwave’s restructuring position the sector for sustained growth momentum.


Thematic Report: India Defense Sector - Moving Into Growth Phase

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>The global aerospace supply chain is undergoing a structural de-risking from a “just-in-time” model, moving towards diversified “just-in-case” sourcing, catalyzed by post-COVID capacity exits.</li>
<li>This shift is creating a multi-decade, geopolitical trust arbitrage opportunity, positioning Indian Tier-2/3 precision component manufacturers as critical partners for global OEMs and Tier-1s.</li>
<li>The combination of a massive global order backlog, India’s certified capabilities, and supportive policy creates a multi-year compounding runway for select, high-execution Indian players.</li>
</ul>


The global aerospace supply chain is undergoing a structural de-risking from a “just-in-time” model, moving towards diversified “just-in-case” sourcing, catalyzed by post-COVID capacity exits.
This shift is creating a multi-decade, geopolitical trust arbitrage opportunity, positioning Indian Tier-2/3 precision component manufacturers as critical partners for global OEMs and Tier-1s.
The combination of a massive global order backlog, India’s certified capabilities, and supportive policy creates a multi-year compounding runway for select, high-execution Indian players.


Thematic Report on India’s Aerospace Manufacturing: From Chaos to Competitiveness

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>Bajaj FinServ: Bajaj FinServ (BJFIN) delivered a strong performance during H1FY26 across all its key operating businesses</li><li>BAGIC clocked 9% YoY GDPI growth, even as profitability clocked in marginally ahead of estimates on the back of higher realized capital gains and a favourable loss ratio</li><li>BALIC continued to benefit from a strategic shift in product mix, witnessing strong 47% VNB growth and a 560bps improvement in margins, despite 8% decline in APE</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.

Bajaj FinServ: Bajaj FinServ (BJFIN) delivered a strong performance during H1FY26 across all its key operating businessesBAGIC clocked 9% YoY GDPI growth, even as profitability clocked in marginally ahead of estimates on the back of higher realized capital gains and a favourable loss ratioBALIC continued to benefit from a strategic shift in product mix, witnessing strong 47% VNB growth and a 560bps improvement in margins, despite 8% decline in APEContent 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.

HSIE Results Daily: Bajaj FinServ, ONGC, BSE, Bharat Forge, Ather Energy...

<ul><li>While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see it play out meaningfully from Q3FY25</li><li>The shortage of truck trailers for vehicle transport has led to deferment of some wholesales from September to October, thus capping the wholesale volumes in Q2FY25</li><li>The key auto ancillary companies continue to face global headwinds on softer demand, partial tariff-related cost absorption.</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.

While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see it play out meaningfully from Q3FY25The shortage of truck trailers for vehicle transport has led to deferment of some wholesales from September to October, thus capping the wholesale volumes in Q2FY25The key auto ancillary companies continue to face global headwinds on softer demand, partial tariff-related cost absorption.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.

Autos (Q2FY26 Results Preview): Indian market well-poised amid global softness

India

Bharat Forge is an Indian multinational company and a global leader in manufacturing high-performance, safety-critical forged and machined components for the automotive, aerospace, defense, railways, and industrial equipment sectors. The company provides a wide range of products including crankshafts, connecting rods, chassis components, and powertrain solutions. Bharat Forge was founded on June 19, 1961, and is headquartered in Pune, Maharashtra, India.

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Bharat Forge (BHFC IN)

HoldCo Monthly (September 2026): Where’s the Discount?

Insight details about the monthly changes in the holding company discount in India - Reasons for change in the discount if any and where the most...

Sreemant Dudhoria

Thematic Report: India Defense Sector - Moving Into Growth Phase

India's Defense Acquisition Council approved INR 2.38 lakh crore proposals, reinforcing a multi-year procurement cycle and boosting opportunities...

Sudarshan Bhandari

Thematic Report on India’s Aerospace Manufacturing: From Chaos to Competitiveness

Global aerospace supply chain shifting to "just-in-case" sourcing post-COVID, creating opportunity for Indian precision component manufacturers to...

Nimish Maheshwari

HSIE Results Daily: Bajaj FinServ, ONGC, BSE, Bharat Forge, Ather Energy...

BAGIC clocked 9% YoY GDPI growth, even as profitability clocked in marginally ahead of estimates on the back of higher realized capital gains and a...

HDFC Securities

Autos (Q2FY26 Results Preview): Indian market well-poised amid global softness

While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HoldCo Monthly (September 2026): Where’s the Discount?

Insight details about the monthly changes in the holding company discount in India - Reasons for change in the discount if any and where the most...

Sreemant Dudhoria

Thematic Report: India Defense Sector - Moving Into Growth Phase

​India's Defense Acquisition Council approved INR 2.38 lakh crore proposals, reinforcing a multi-year procurement cycle and boosting opportunities...

Sudarshan Bhandari

Thematic Report on India’s Aerospace Manufacturing: From Chaos to Competitiveness

​Global aerospace supply chain shifting to "just-in-case" sourcing post-COVID, creating opportunity for Indian precision component manufacturers to...

Nimish Maheshwari

HSIE Results Daily: Bajaj FinServ, ONGC, BSE, Bharat Forge, Ather Energy...

BAGIC clocked 9% YoY GDPI growth, even as profitability clocked in marginally ahead of estimates on the back of higher realized capital gains and a...

HDFC Securities

Autos (Q2FY26 Results Preview): Indian market well-poised amid global softness

While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see...

HDFC Securities

India's Defense Acquisition Council approved INR 2.38 lakh crore proposals, reinforcing a multi-year procurement cycle and boosting opportunities...

Global aerospace supply chain shifting to "just-in-case" sourcing post-COVID, creating opportunity for Indian precision component manufacturers to...