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

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a>’s April Slump: Operational, Not Structural Temporary plant shutdowns dragged volumes; normalization expected. <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> : Domestic Drag, Exports Hold Up.</li>
<li>
<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> : Momentum + Execution = Strong across domestic, exports, and EVs. Growth outperformance could justify its valuation premium — but how long can it hold?</li>
<li>
Demand Tailwinds Strengthen into May : Favorable marriage seasonality, recovering rural sentiment, and lean channel inventory suggest a stronger May — key for stocks at current levels.</li>
</ul>



Hero Motocorp (HMCL IN)’s April Slump: Operational, Not Structural Temporary plant shutdowns dragged volumes; normalization expected. Bajaj Auto Ltd (BJAUT IN) : Domestic Drag, Exports Hold Up.

TVS Motor (TVSL IN) : Momentum + Execution = Strong across domestic, exports, and EVs. Growth outperformance could justify its valuation premium — but how long can it hold?

Demand Tailwinds Strengthen into May : Favorable marriage seasonality, recovering rural sentiment, and lean channel inventory suggest a stronger May — key for stocks at current levels.


Two-Wheeler Sales – April 2025; Divergent Trends. Top Takeaways

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>Automobile industry is expected to witness a mixed performance in FY25 Volume growth, with robust growth in tractors, moderate increases in 2W’s and PV’s, and a slight decline in CV’s</li>
<li>Favorable farmer sentiment driving tractor demand and substantial export opportunities for 2W’s are key growth triggers anticipated.</li>
<li>
<a href="https://www.smartkarma.com/entities/escorts-kubota-ltd" target="_blank" data-smartkarma-citation="entities:6773:1" rel="noopener">Escorts Kubota Limited (ESCORTS IN)</a> with a revenue share of 80% from tractor business, foresees significant growth driven by a robust domestic market and double-digit growth in their export business. </li>
</ul>


Automobile industry is expected to witness a mixed performance in FY25 Volume growth, with robust growth in tractors, moderate increases in 2W’s and PV’s, and a slight decline in CV’s
Favorable farmer sentiment driving tractor demand and substantial export opportunities for 2W’s are key growth triggers anticipated.

Escorts Kubota Limited (ESCORTS IN) with a revenue share of 80% from tractor business, foresees significant growth driven by a robust domestic market and double-digit growth in their export business. 


Automobile Industry FY25: Expectations for Different Verticals

<ul>
<li>The Indian two-wheeler industry experienced subdued performance in February 2025, with listed companies reporting modest domestic sales figures. Exports were the only bright spot.</li>
<li>This insight provides a detailed analysis of sales performance of key players- <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a>,<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> and <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a>.</li>
<li>Although companies have indicated an improvement in the domestic market following the festival of Holi, it remains to be seen how the demand scenario unfolds.</li>
</ul>


The Indian two-wheeler industry experienced subdued performance in February 2025, with listed companies reporting modest domestic sales figures. Exports were the only bright spot.
This insight provides a detailed analysis of sales performance of key players- Hero Motocorp (HMCL IN),Bajaj Auto Ltd (BJAUT IN) , TVS Motor (TVSL IN) and Eicher Motors (EIM IN).
Although companies have indicated an improvement in the domestic market following the festival of Holi, it remains to be seen how the demand scenario unfolds.


Weak Domestic Consumer Sentiment Impacts Two-Wheeler Sales in India

<ul>
<li>The Indian commercial vehicle industry witnessed a subdued performance in February 2025, with listed companies reporting modest sales figures.</li>
<li>This insight provides detailed analysis of sales performance of key players-<a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a>,<a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a>,<a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a>,<a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)&amp; </a><a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN).</a>
</li>
<li>Industry reports and management insights indicate that the commercial vehicle market is expected to remain largely stable in FY2025, with hopes for positive growth in FY2026.</li>
</ul>


The Indian commercial vehicle industry witnessed a subdued performance in February 2025, with listed companies reporting modest sales figures.
This insight provides detailed analysis of sales performance of key players-Tata Motors Ltd (TTMT IN),Mahindra &amp; Mahindra (MM IN),Ashok Leyland (AL IN),Eicher Motors (EIM IN)&amp; Maruti Suzuki India (MSIL IN).

Industry reports and management insights indicate that the commercial vehicle market is expected to remain largely stable in FY2025, with hopes for positive growth in FY2026.


February 2025: A Challenging Month for India’s Commercial Vehicle Industry

<ul>
<li>The YTD FY2025 sales volume of commercial vehicle(CV) companies has been soft due to elections,sluggish government capital expenditure and less replacement demand. However,Jan2025 saw a modest uptick in wholesale volume.</li>
<li>Domestic volumes for <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a>,<a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a>,and <a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a> grew by 21%, 2%,and 3% YoY, respectively,while <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> declined by 2%.</li>
<li>According to industry reports and management interviews, the commercial vehicle industry is expected to remain largely flat in FY2025 and hopes for a positive growth in FY2026.</li>
</ul>


The YTD FY2025 sales volume of commercial vehicle(CV) companies has been soft due to elections,sluggish government capital expenditure and less replacement demand. However,Jan2025 saw a modest uptick in wholesale volume.
Domestic volumes for Eicher Motors (EIM IN),Mahindra &amp; Mahindra (MM IN),and Ashok Leyland (AL IN) grew by 21%, 2%,and 3% YoY, respectively,while Tata Motors Ltd (TTMT IN) declined by 2%.
According to industry reports and management interviews, the commercial vehicle industry is expected to remain largely flat in FY2025 and hopes for a positive growth in FY2026.


Monthly Sales Overview of Listed Indian Commercial Vehicle Companies (January 2025)

India

Eicher Motors Limited is an Indian multinational automotive company that manufactures motorcycles and commercial vehicles. It is the parent company of Royal Enfield, a manufacturer of middleweight motorcycles, and operates a joint venture with Volvo Group for Eicher branded trucks and buses. The company is headquartered in New Delhi, India, and was founded in 1948.

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Eicher Motors (EIM IN)

Two-Wheeler Sales – April 2025; Divergent Trends. Top Takeaways

Hero Motocorp's April slump due to temporary plant shutdowns, while TVS Motor shows strong momentum and execution. Demand tailwinds expected to...

Sreemant Dudhoria

Automobile Industry FY25: Expectations for Different Verticals

Mixed performance expected in FY25 for automobile industry with strong growth in tractors, moderate increases in 2W’s and PV’s, and slight decline...

Nimish Maheshwari

Weak Domestic Consumer Sentiment Impacts Two-Wheeler Sales in India

Indian two-wheeler industry sees subdued performance in Feb 2025, with exports shining. Detailed analysis of key players' sales provided. Domestic...

Sreemant Dudhoria

February 2025: A Challenging Month for India’s Commercial Vehicle Industry

Indian commercial vehicle industry had a subdued performance in Feb-25, with all listed companies reporting flat or negative growth. Analysis and...

Sreemant Dudhoria

Monthly Sales Overview of Listed Indian Commercial Vehicle Companies (January 2025)

Retail Sales Update: Federation of Automobile Dealers Associations(FADA)’s January 2025 update shows a 8.22% YoY and 38.04% MoM rise in commercial...

Sreemant Dudhoria

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Two-Wheeler Sales – April 2025; Divergent Trends. Top Takeaways

​Hero Motocorp's April slump due to temporary plant shutdowns, while TVS Motor shows strong momentum and execution. Demand tailwinds expected to...

Sreemant Dudhoria

Automobile Industry FY25: Expectations for Different Verticals

​Mixed performance expected in FY25 for automobile industry with strong growth in tractors, moderate increases in 2W’s and PV’s, and slight decline...

Nimish Maheshwari

Weak Domestic Consumer Sentiment Impacts Two-Wheeler Sales in India

​Indian two-wheeler industry sees subdued performance in Feb 2025, with exports shining. Detailed analysis of key players' sales provided. Domestic...

Sreemant Dudhoria

February 2025: A Challenging Month for India’s Commercial Vehicle Industry

​Indian commercial vehicle industry had a subdued performance in Feb-25, with all listed companies reporting flat or negative growth. Analysis and...

Sreemant Dudhoria

Monthly Sales Overview of Listed Indian Commercial Vehicle Companies (January 2025)

Retail Sales Update: Federation of Automobile Dealers Associations(FADA)’s January 2025 update shows a 8.22% YoY and 38.04% MoM rise in commercial...

Sreemant Dudhoria

Hero Motocorp's April slump due to temporary plant shutdowns, while TVS Motor shows strong momentum and execution. Demand tailwinds expected to...

Mixed performance expected in FY25 for automobile industry with strong growth in tractors, moderate increases in 2W’s and PV’s, and slight decline...

Indian two-wheeler industry sees subdued performance in Feb 2025, with exports shining. Detailed analysis of key players' sales provided. Domestic...

Indian commercial vehicle industry had a subdued performance in Feb-25, with all listed companies reporting flat or negative growth. Analysis and...