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>With the government’s push for consumption through tax relief, the Indian two industry is optimistic about a strong demand in coming months.</li>
<li>Domestic volumes for <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/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN) </a>declined 11% and 2%YoY,respectively,while for<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)increased 10% and 15% YoY,respectively</a>
</li>
<li>In the exports segment, <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> recorded YoY volume growth of 37%, 52%, and 141%, respectively.</li>
</ul>


With the government’s push for consumption through tax relief, the Indian two industry is optimistic about a strong demand in coming months.
Domestic volumes for Bajaj Auto Ltd (BJAUT IN) and Hero Motocorp (HMCL IN) declined 11% and 2%YoY,respectively,while forTVS Motor (TVSL IN) and Eicher Motors (EIM IN)increased 10% and 15% YoY,respectively

In the exports segment, Bajaj Auto Ltd (BJAUT IN) , TVS Motor (TVSL IN) , and Eicher Motors (EIM IN) recorded YoY volume growth of 37%, 52%, and 141%, respectively.


Monthly Sales Overview of Indian Listed Two-Wheeler Companies (January 2025)

<ul>
<li>The 9M FY2025 sales volume of commercial vehicle(CV) companies have been soft due to the elections, uneven monsoon and slow capital expenditure.</li>
<li>In December2024, sales showed varied performance across major 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> saw slight YoY decline,while <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> &amp;<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> experienced growth in exports.</li>
<li>A recovery in sales is expected in Q4 FY2025 due to improved freight movement, resumption of construction and mining activities, and renewed government spending on infrastructural projects.</li>
</ul>


The 9M FY2025 sales volume of commercial vehicle(CV) companies have been soft due to the elections, uneven monsoon and slow capital expenditure.
In December2024, sales showed varied performance across major players. Tata Motors Ltd (TTMT IN) saw slight YoY decline,while Ashok Leyland (AL IN) &amp;Eicher Motors (EIM IN) experienced growth in exports.
A recovery in sales is expected in Q4 FY2025 due to improved freight movement, resumption of construction and mining activities, and renewed government spending on infrastructural projects.


Monthly Sales Overview of Listed Indian Commercial Vehicle Companies

<ul>
<li>December is typically a seasonally weak month for two-wheeler companies in the domestic market due to the impact of the upcoming year change and the period following peak festive demand.</li>
<li>Domestic sales volume declined for Hero and Bajaj, while TVS recorded flat sales. Eicher was an exception, reporting strong growth.</li>
<li>All the companies witnessed a steady growth in export volumes.</li>
</ul>


December is typically a seasonally weak month for two-wheeler companies in the domestic market due to the impact of the upcoming year change and the period following peak festive demand.
Domestic sales volume declined for Hero and Bajaj, while TVS recorded flat sales. Eicher was an exception, reporting strong growth.
All the companies witnessed a steady growth in export volumes.


Monthly Sales Overview of Indian Listed Two-Wheeler Companies (December 2024)

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

<ul>
<li>Reliance Jio plans a Rs. 40,000 crore IPO, with pre-IPO placements underway, leveraging AI, satellite internet, and 5G growth.</li>
<li>Eicher Motors posts 7% revenue growth, despite slight dip in Royal Enfield sales, with a strategic foray into electric vehicles.</li>
<li>VI plans aggressive 5G rollout with 15% discounted entry-level plans, targeting 75 cities and aiming to rebuild its subscriber base.</li>
</ul>


Reliance Jio plans a Rs. 40,000 crore IPO, with pre-IPO placements underway, leveraging AI, satellite internet, and 5G growth.
Eicher Motors posts 7% revenue growth, despite slight dip in Royal Enfield sales, with a strategic foray into electric vehicles.
VI plans aggressive 5G rollout with 15% discounted entry-level plans, targeting 75 cities and aiming to rebuild its subscriber base.


#78 India Insight: Jio’s ₹40,000 Cr IPO, Eicher Motors' 7% Rev Growth, and VI’s 5G Rollout

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Premiumization is reshaping India's consumer market, with rising demand for high-quality products across FMCG, automobiles, electronics, and luxury goods driven by growing affluence and aspirations.</li>
<li>India’s per capita GDP surpassing $2,500 and increasing digitalization have unlocked significant growth in premium categories, positioning India as a global hotspot for aspirational consumption.</li>
<li>The shift from affordability to quality signals immense opportunities in premium segments, making it essential for businesses to innovate while balancing premium and budget-friendly offerings.</li>
</ul>


Premiumization is reshaping India's consumer market, with rising demand for high-quality products across FMCG, automobiles, electronics, and luxury goods driven by growing affluence and aspirations.
India’s per capita GDP surpassing $2,500 and increasing digitalization have unlocked significant growth in premium categories, positioning India as a global hotspot for aspirational consumption.
The shift from affordability to quality signals immense opportunities in premium segments, making it essential for businesses to innovate while balancing premium and budget-friendly offerings.


Thematic Report: India- World’s Next Hotspot for Premium Brands

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)

Monthly Sales Overview of Indian Listed Two-Wheeler Companies (January 2025)

Retail Sales Update: Federation of Automobile Dealers Associations(FADA)’s Jan'25 update shows a 4.15% YoY and 27.39% MoM rise in two-wheeler...

Sreemant Dudhoria

Monthly Sales Overview of Listed Indian Commercial Vehicle Companies

Commercial vehicle sales in FY2025 have been impacted by elections, monsoons, and slow capex, but a Q4 recovery is expected with improved freight...

Sreemant Dudhoria

Monthly Sales Overview of Indian Listed Two-Wheeler Companies (December 2024)

December saw mixed results for two-wheeler companies in the domestic market, with Eicher being the exception with strong growth. Export volumes...

Sreemant Dudhoria

#78 India Insight: Jio’s ₹40,000 Cr IPO, Eicher Motors' 7% Rev Growth, and VI’s 5G Rollout

Reliance Jio, Eicher Motors, and VI are all making strategic moves in the tech and telecom industry to drive growth and innovation.

Sudarshan Bhandari

Thematic Report: India- World’s Next Hotspot for Premium Brands

India's rising affluence and aspirations are driving demand for high-quality products across various sectors, making the country a global hotspot...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Monthly Sales Overview of Indian Listed Two-Wheeler Companies (January 2025)

Retail Sales Update: Federation of Automobile Dealers Associations(FADA)’s Jan'25 update shows a 4.15% YoY and 27.39% MoM rise in two-wheeler...

Sreemant Dudhoria

Monthly Sales Overview of Listed Indian Commercial Vehicle Companies

​Commercial vehicle sales in FY2025 have been impacted by elections, monsoons, and slow capex, but a Q4 recovery is expected with improved freight...

Sreemant Dudhoria

Monthly Sales Overview of Indian Listed Two-Wheeler Companies (December 2024)

​December saw mixed results for two-wheeler companies in the domestic market, with Eicher being the exception with strong growth. Export volumes...

Sreemant Dudhoria

#78 India Insight: Jio’s ₹40,000 Cr IPO, Eicher Motors' 7% Rev Growth, and VI’s 5G Rollout

​Reliance Jio, Eicher Motors, and VI are all making strategic moves in the tech and telecom industry to drive growth and innovation.

Sudarshan Bhandari

Thematic Report: India- World’s Next Hotspot for Premium Brands

​India's rising affluence and aspirations are driving demand for high-quality products across various sectors, making the country a global hotspot...

Nimish Maheshwari

Commercial vehicle sales in FY2025 have been impacted by elections, monsoons, and slow capex, but a Q4 recovery is expected with improved freight...

December saw mixed results for two-wheeler companies in the domestic market, with Eicher being the exception with strong growth. Export volumes...

Reliance Jio, Eicher Motors, and VI are all making strategic moves in the tech and telecom industry to drive growth and innovation.

India's rising affluence and aspirations are driving demand for high-quality products across various sectors, making the country a global hotspot...