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

Equity Bottom-Up

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<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> posted its highest-ever revenue and EBITDA in Q1FY26, with 20% topline growth. Strong export recovery (+39%) and robust EV sales (+35%) helped offset modest domestic growth.</li>
<li>Strong Festive Outlook: Management expects festive demand, rural recovery, and new launches—including EVs and Norton bikes—to drive strong H2 FY26 performance.</li>
<li>But the Valuation At 57x P/E TTM EPS, TVS commands a steep premium over peers.Despite the sustained outperformance in EV adoption,export monetization, and upcoming premium product launches, we retain HOLD.</li>
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TVS Motor (TVSL IN) posted its highest-ever revenue and EBITDA in Q1FY26, with 20% topline growth. Strong export recovery (+39%) and robust EV sales (+35%) helped offset modest domestic growth.
Strong Festive Outlook: Management expects festive demand, rural recovery, and new launches—including EVs and Norton bikes—to drive strong H2 FY26 performance.
But the Valuation At 57x P/E TTM EPS, TVS commands a steep premium over peers.Despite the sustained outperformance in EV adoption,export monetization, and upcoming premium product launches, we retain HOLD.


TVS Motor (TVSL) – The Juggernaut; Solid Outlook

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

WeWork India Management Ltd / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> is looking to raise about US$407m in its upcoming India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
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WeWork India Management Ltd (1690124D IN) is looking to raise about US$407m in its upcoming India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
In this note, we talk about the not-so-positive aspects of the deal.


WeWork India Pre-IPO - Lease Mismatch and Structural Strains

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

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<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

Thematic (Sector/Industry)

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<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>
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<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>
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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

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<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>
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<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

India

Eicher Motors Ltd. manufactures light commercial vehicles which are sold domestically and are also exported to other countries. Eicher Motors also manufactures two-wheelers and automotive gears.

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Eicher Motors (EIM IN)

TVS Motor (TVSL) – The Juggernaut; Solid Outlook

TVS Motor continues with its Juggernaut performance, but valuation at 57x P/E TTM EPS is a concern. Expects strong H2FY26 performance driven by...

Sreemant Dudhoria,CFA

WeWork India Pre-IPO - Lease Mismatch and Structural Strains

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

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

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,CFA

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

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TVS Motor (TVSL) – The Juggernaut; Solid Outlook

​TVS Motor continues with its Juggernaut performance, but valuation at 57x P/E TTM EPS is a concern. Expects strong H2FY26 performance driven by...

Sreemant Dudhoria,CFA

WeWork India Pre-IPO - Lease Mismatch and Structural Strains

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

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

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,CFA

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

TVS Motor continues with its Juggernaut performance, but valuation at 57x P/E TTM EPS is a concern. Expects strong H2FY26 performance driven by...

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

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...